As someone who's been following this a little too closely - the banks are about to implode again. They cooked the books in their latest earnings report to show the highest profits ever in their April 15 earnings reports, and just issued billions of corporate bonds.

This is not financial advice - but they're looking for bagholders - pull your money out and wait for it to crash.

Positions:

112 $GME

1 $800 July 16 $GME call

    • Koolio [any]M
      ·
      4 years ago

      They've overextended themselves in the exact same way as 2008 - they've given like 10x loans to hedgefunds that make insanely risky bets and are getting clapped. The first domino to really fall and the canary in the coalmine is Billionaire Bill Hwang's Archegos capital in the biggest margin call ever. Where there's one there's more. All of the big players like Warren Buffet, and Blackrock are all selling their bank stocks and are holding onto more cash than ever waiting for it to crash. Back in 08 they hyped up Leeman Brothers et al before them all collapsing.

      TLDR: Nothing's changed, don't believe the bank's inflated earnings - they're looking for bagholders. Them asking for all kinds of loan money says they don't have enough money to go around.

      https://www.cnbc.com/2021/04/15/jim-cramer-big-bank-stocks-are-dirt-cheap-after-posting-earnings.html

      • ass [he/him,comrade/them]
        ·
        4 years ago

        is there a good link i can send to my parents to warn them? they're pretty literate but not economists.

        • Koolio [any]M
          ·
          4 years ago

          Maybe:

          https://www.scmp.com/comment/opinion/article/3128329/archegos-chaos-raises-spectre-2008-financial-crisis

          or

          https://www.nytimes.com/2021/03/31/business/archegos-stock-market-swaps.html

          along with saying that right before 2008 all the news channels were hyping banks saying everything was fine just days / hours before the actual crash.