This seems significant. This is like Defcon 2 for Banks or something.https://twitter.com/DeItaone/status/1281240783178420229 …
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Replying to @DanielleFong
It seems this would exclude most Americans? What am I missing? Am I just severely underpaid?
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Replying to @Pravduh15
Wells Fargo also sent major lay off warnings, there have been persistent rumours about the instability of Wells Fargo *as a bank* for many months. This strengthens that narrative.
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Replying to @DanielleFong
Wouldn't mortgage defaults HELP a bank? They get real estate to resell. What am I missing?
1 reply 0 retweets 0 likes
maybe it is over levered and illiquid and perhaps not supported by the administration, being a Californian bank. in general mortgage defaults will not help an overleveraged bank because real estate defaults and housing prices are highly correlated.
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