Deja Vu

Roll Tape!

Th big banks just posted some rather significant write-offs, to the tune of about $5 million.

It's beginning to seem a lot like early 2008:

The largest banks in the US are reportedly taking big hits to their bottom line as borrowers default on billions of dollars worth of loans.

Citing data compiled by Bloomberg, the Financial Times says that JPMorgan Chase, Bank of America (BofA), Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley appear to have written off a combined $5 billion worth of loans in Q2 of this year as consumers feel the negative impacts of inflation and higher interest rates.

The write-offs essentially mean the banks have decided to officially recognize major losses in the value of assets on their balance sheets.

On the bright side, while the Federal Reserve is Jonesing for a recession, they are also hurting the bankers that they really serve.

There are a f%$# ton of zombie corporations owing a f%$# ton of loans, and the banks are going to take a major hit on this fi they go under.