U.S. Banks in Trouble Again
HTML-код
- Опубликовано: 9 сен 2024
- Live from Washington Federal's headquarters in Seattle, WA with banks CEO, Brent Beardall and Maxfield on Banks Founder, John Maxfield to discuss the current U.S banking crisis.
#usbankingcrisis #useconomy #usrecession
Todd Sachs is a Maryland Real Estate Broker and not a Lender, CPA, Attorney, or Financial Advisor.
Any information provided in this and any of Sachs Realty's videos and/or descriptions are for entertainment purposes only and not to be construed as broker representation, legal, financial or tax advice. All content written, spoken or implied is for informational purposes and deem to be accurate, but not guaranteed. It is your sole responsibility to verify any and all information for accuracy and correctness.
Todd Sachs or Sachs Realty is not representing you unless you have a written representation agreement. This is not an advertisement for a property for sale, and if you're currently represented by another Real Estate Brokerage, this is not an attempt to solicit your representation.
Sachs Realty is REAL ESTATE WHEVER YOU ARE!
Looking to buy or sell? We efficiently assist buyers, sellers, landlords and tenants in Maryland with both residential and commercial real estate services.
NOT IN MARYLAND? We offer nationwide assistance to buyers and sellers through our PREFERRED BROKER REFERRAL of great real estate professionals like us!
If you're in need of residential or commercial assistance, you can always expect timely, reliable and top-notch service from Sachs Realty or any referral agent we recommend.
What's your real estate need? We want to hear from you! Email Todd Sachs directly at ts@sachsrealty.com with your inquiries.
Main Office: Sachs Realty 443-318-4514
Maryland Broker License Number 607720
Equal Housing Opportunity
Since the cornerstone of banking is confidence, we should expect bankers to lie during a crisis.
YES
Don't trust these bankers
When the gentleman said that the banks are doing really good basically saying, there’s nothing to worry about then I knew he was full of crap
So you both didn't hear them both say that some banks will fail...
They know the music has stopped you can see it on their faces.
The US is stuck and they know it. Nothing to do but go through it. It's going to burn real bad. Those three guys will be fine.
I 1000% agree with you
Utter bullshit
What a clever exposé. I'm surprised other viewers didn't see what Todd was doing here to get the bankers to show their true colors.
sad we are a dept driven commodity …… we were not before we started exporting our resources and importing good we used to make here
I agree, he toed the line. He was focused. That's why I appreciate his efforts, he's the real deal
I agree
Todd is the only realtor I trust. It's pretty clear to me he cares about the average person.
This guy John Maxfield sandbagged the serious questions. Both of them wallpaper over the question around it’s clearly worst for a large population out there compared to the past 5 to 10 years.
Respectfully, guests were detached from the reality of most people.
Yeah the private jet 🛩️
THE ECONOMY SUCKS .AND SHITS ABOUT TO HIT THE FAN !!
@@Wagyuing This has nothing to do with politics. It doesn't take a genius and more than a day's worth of research to see the dire state the financial system is in. Bank overexposure to commercial real estate along with record debt and delinquency on auto loans, credit cards, and student loans as US consumers deal with inflation paints a picture of the obvious.
@@Wagyuing Okay, let's talk delusion and facts/statistics.
The stock market is detached from economic reality and is propped up by hedge funds, the government, and both domestic and foreign investment.
Wage growth outpacing inflation? What's glaringly absent from that metric is exclusion of the fact that people are getting second and third jobs in order to keep up with their mortgage, increasing rent, property taxes, insurance, utilities, gas, and food. Do you know that layoffs recently hit a 10 month high and that January was actually the largest month for layoffs in the past 15 years and 2nd highest on record? That jobs report was also a total farce as it didn't include the fact that people are getting PART-TIME work to supplement their FULL-TIME careers and it was inflated by seasonal work. 82k full-time jobs were actually LOST in January.
Real wages are still down, purchasing power is down, health care costs are still high, inflation is still high, house prices all time high, credit card debt all time high, national debt all time high, Chapter 11 bankruptcies up 73% from previous year, mortgage rates to income ratio all time high, rent all time high, average monthly car payment all time high, repossessions highest in 30 years, increasing delinquencies across the board, student loan debt all time high, 401k hardship withdrawals all time high, personal savings all time low, homelessness all time high, suicide rate all time high, and people are having to get supplemental income just to pay their bills and put food on the table while the government sends billions overseas. There is nothing healthy about this economy and the Fed can't fix this shit show.
Facts/statistics > feelings/anecdotes.
@@DeadIron They are crashing the banks, not hiring workers, you walk inside, and it looks like a ghost town, no one answers the phones, "Wells Fargo", an assistant manager said they are going digital. CDBC? I bank with a credit bank so not so bad but they are still involved with the fed. All states need Sovereign State Gold Bullion backed banks. Like ND, Tenn working on it. Cathern Austin Fitts on bit Shute is very active with this.
@@Wagyuing Stay in your mom's basement where you're sheltered from the real world with no idea how statistics are calculated, child.
@@DeadIron Spot on information!
Good job exposing them, Todd.
“Relative to what?”
Relative to 2019, 2018, 2017, 2016, 2015, 2014.
“But we live in cycles”
Ok, so we’re going to have a downward part of the cycle?
He got put in a corner.
“Relative to what” is my new argument to any hard questions I can’t admit are shit.
@@agentcrypto7741Todd mauled him with this question.
I watch your shows religiously. I was not a fan of your guests tonight. The Wafed CEO started off with how he has to show confidence or his customers lose faith in his bank business. So of course he is only going to say good things about the industry. The 2 guests seemed like biased cheerleaders of the banking industry. Just my 2 cents.
Bravo Todd, a real man of the people 👏 🙌
“Let them eat cake!” - Marie Antoinette
These two grifters are so far removed from the life of the real world wage earners and entrepreneurial producers, it’s sickening. They fail to mention that they get paid to sit on money parked at the Fed from borrowing arbitrage and checking deposits. So essentially they are living off of the money and wealth we earn and require inflation to keep that in place.
This Maxfield guy has no idea.
I agree what a clown.
Things are collapsing right now… and your guests absolutely know this…
Lehman was fine… until it wasn’t.
Todd, it was very difficult watching the entire pod tonight. Both guests presented with too much word salad on t h e difficult questions. The guest should at least tie his shoes, is another post that I saw over and over.
I really do not believe either guests could come within two dollars of knowing the price of a loaf of bread.
Just read the comments. Give tonight's pod a C-
Usually a much better program. Both guests need to get out in the real world once in awhile.
If they are returning guests, I'll be watching a tv rerun😊
I do love the programing or I would be here every Tuesday
You're an idiot if you think ANY guests available to consumers on youtube are going to tell you something valuable
Meaning, the consumer is not allowed to hear the truth about what he is witnessing in broad daylight
It is full spectrum dominance, only their agents can talk to us
While watching ….. I thought ……what does your non interest in-dressing with class and respect to yourself have to do with the ? asked
Their wives probably buy the Groceries and just blindly fork over the cash.
Banker that shops at Costco is a tool.
Very annoying
He looks and kind of acts like Mr Van Driesand, the teacher from Beavis and Butthead lol
Almost everybody shops at Costco just like almost everybody showers everyday
No wonder Americans are in trouble with people like this
Literally never seen people so disconnected from reality
I wear Costco pants. Because i spend my hundreds of millions on yahts. Also: everyone is doing great if you compare it to the civil war.
Yea, everything is relative, for the 1percent against the 99 percent rest of us!
Yeah what a clown argument lol
Also not liking bankers is un American lol
Often whenever Todd or a caller asked an important question, Maxfield jumped in to divert. I feel he was brought in to protect Brent and the bank. When Todd asked about institutional home buying, John jumped in and diverted the question and we never got an answer.
Yup. There to make Brent look better.
Brent is the Pat$y
Ha, they seem to be on damage control duty.
“Bankers out on the frontlines”. There’s a first lol
What brave, courageous soldiers 💪 🥹🤣🤪
How could he say the jobs market is going great when all these companies are laying off? 😮
My thoughts exactly. What a joke.
He watches CNN and listens to the fed.
I love that Todd will question the interviewees and speak up about his opinions even when he disagrees.
I’ve seen so many people (not necessarily just on this topic) who will just agree and go along with whoever they are interviewing.
These guys are naive and oblivious if if 60 plus percent of people are living paycheck to paycheck how is that good if people are using credit cards to the point of over 1 trillion dollars of credit card debt for all households plus buy now pay later skyrocketing how is that a good economy. These guys need to take an economics class and Todd you should be ripping them a new one. Prices of houses are starting to go down inventory is low and that's the only reason why house prices have even remained that high is because inventory is down. And this guy's little Pitbull barking up a storm say that everything is good if you looked at leading indicators the only one indicator that Mexia economy look good is the stock market the other nine out of the 10 are all recessionary. Manufacturing has been in recession for like 2 years. And I bet you they don't dig under the hood with the jobs numbers to find out how many government jobs were made how many full-time jobs were lost and how the pay day has gone down
John and Powell being surprised that high interest rates haven’t impacted home prices is a very important point. My opinion is this is because we are at a three decade low of sales volume so the impact of the rates hasn’t been felt yet. Once we get back to normal sales volume, we will see the impact in the resale market. I bet home builders would agree with this!
You’re show is always so valuable. Thank you for what you do. I appreciate the guests sharing their point of view but some of their comments were way off when it comes to affordability. A good example was when they said “money is still cheap when compared to previous periods.” Assets are overly inflated and interest rates make purchasing unaffordable.
I was waiting for Todd to ask... and where do you think FDIC gets their funding? Can we not bring these two guys back? They're a waste of air time.
There’s reality in banking when tangible money is in use and there’s a fallacy in banking whenever a fiat debt system is in play. These two systems are completely opposite of each other in one being real with people’s asset’s (gold, silver, land, etc) as a true one to one collateral in bank holdings and the other in fiat means is just derivatives of fiat holdings where everything is lent into existence. The two banking guests admitted that this premise of confidence in fiat banking is critical in keeping it alive. Duh.. the banking executives expect to pull the wool over the public’s eyes to say the banking sector looks much better than 2007-08. In reality, the debt system in banking is ready for a collapse as the most informed will admit. A derivative banking sector works as a Ponzi scheme as it all requires more continual debt to be issued to stay up and running. This is a house of cards but banking executives will never actually admit the truth. People are tapped out so the Federal Reserve will say more debt issuance will push the inevitable can or avalanche down the road. Eventually the collapse will happen with great consequences. Never ask the devil for an ice cube to cool off!
If I was anyone at this bank I would take my money out asap.
A really great example of how bad things are in 2024: Brent talks about how prior to The Great Recession, the only people bidding on homes were the people who wanted to live there. That should be the #1 goal again. Create laws so supply and demand is actually set by the people who live there.
I think these guys are a little out of touch with us. They seem to have drunk the Kool Aid.
Adding stimulus so people can spend money into the economy is not a sign of a good economy you're giving them a handout because they're struggling and because they actually spend what you gave them doesn't mean it's a good economy this guy does not know what he's talking about
I learned one useful thing in this podcast, and that is why all the good houses that look almost affordable are pending.
Maybe you can ask this guy if he's done a budget and look at his own utility bills and his insurance bill and how the price of gas is gone up and then you explain to him if people are on a fixed income or don't make that much money and barely making ends meet and then you get a rise in these costs you think they're going to be able to survive absolutely not
I think someone in that situation probably looks at their rent and asks if it's cheaper to own than to rent and it's as simple as that. And the answer is for many it simply foesnt make sense to buy right now. At the same time for many it simply doesn't make sense to sell. And so yeah it's a bad market. But that doesn't require 100% either direction of price action or rate action to come about from here. Some kind of "correction" in either, maybe both, may probably occur over time. But that time frame is completely unknown too.
This guy is the Costco jeans has no idea how expensive it is to live right now. It’s a joke. Very tone deaf.
Mortgage rates aren’t the problem for the people it’s the over priced value of homes
I've appreciated finding this channel. You've been informative and insightful with the housing, banking and other topics. Even though technology causes issues with our live streams, we understand. Keeping calm during issues shows your patience. Keep doing what you are doing.
I’m from Maryland, and I now live in Seattle. Glad to see you touching each area of the country Todd!
Clearly their reality not mosts. 2 different worlds we live in.
They can spin anything. Bravo
So the guy says the 1920’s were absolutely horrible… he’s never heard of the roaring 20’s?
Great guests. Banks and banking are incredibly interesting, important and problematic. I believe that it's ultimately unfortunate and destructive that the we've created a system that anchors money creation to asset purchases rather than productive activity. The trading of real estate assets and the price inflation and speculation encouraged by collateralized lending add no real productive capacity to our society, yet we are reliant on this activity to fuel economic growth by expanding the money supply with credit money creation.
Todd, some veiwers may not be happy with your guests responses, but I think their expectations are too high. These guys are no different then you and I, they have no crystal ball, just a unique perception of the banking system. Im an engineer, do you really expect to be able to design a system because I spoke about what I do for 45 minutes in a podcast?
Thanks for toeing the line and thanks to your guests for getting in the hot seat
Todd Sachs is the most knowledgeable and honest realtor there is. I’ve been in the business over 30 years. Fantastic interview.
Thank you for your kind words 🙏
Just cause a person wears street clothes doesn't mean jack s--t.
This banker just toes the line, said it in the beginning when they said they have to be carful about what they say, the same way Powell does, because it affects the market.
im a framer in florida.all i saw when the banking system and the goverment attempted to lower houseing cost was a take over of greed i mean lumer and building materials went up at least 200 percent subcontractors as weii as building contractors jacked there prices up which saved a lot of them because the increase in material cost where changing over night no one is talking aout the greed..thats what kept the american home buy from bentifiting with what should have been lower housing cost new buisnesses also where affected by simplely price c gouging
Price! Price! Price! Prices need to come down.
I believe these banks missed the point. Many like me, middle aged and don’t know how to determine if we should buy a home now or wait. I could buy with cash or should I keep my money in the bank and finance all or part? I don’t have another 20 years to wait for market adjustments or take any additional risks.
Who is this for?
The reports on employment are flawed and always have been... As is the actual inflation amount. With such skewed numbers, we will never find a way out of this mess.
This is hilarious these guys know what’s going on just more gas lighting.
Oof this was a tough one to get through. Especially since I’m recovering from ruptured appendix.. that Maxfield buffoon made my pain worse. Beware of men who use a ton of big words to sound smart. I truly hope this was an expose.
Tod does a great job of getting us the full spectrum of people within the market. Also his guest our generous with their thoughts and insights.
you guys should add detailed timestamps, it would improve viewer comprehension and viewer retention ❤
The Great Depression was misery for the rich.
Not for the poor.
Todd is kind credible and very well informed....he speaks the truth. I really apprciate his commentary. These bankers....????????
Todd, the truth is that there would be no shale revolution without the bank credit supporting otherwise nonviable shale business. In essence banks extended our standard of living for another decade or so after GFC with the cost of high indebtedness across the board.
What a inspiring testimony from these bankers.
They don’t want to hear negative talking points on housing because they’re heavily vested in it.
Are those bankers crazy??? So, if the house you have owned for a long time has doubled in a few short years, than those people feel wealthy. I've been an adult for decades and it has never been worse. I went overseas and came back to hell, what a shock.
Your so correct sir. Painting all people with the same brush is a terrible mistake. The powers that be are still living in a archaic mindset! Just what it is!
If interest rates are historically low then why aren’t people buying?
Prayers for you Brent Beardall. Blessings to you to be here. I hope you find your way home to source on that one. 🙏
the 19th century brought 50% deflation. it is cool. i've studied it. poor monetary management and money supply is a different topic.
Well! the gentleman in the suit I might trust. The guy in the sweat shirt not so much. I'm going to check out my bank manager to see how he dresses.
So the banks were extremely incentivized by housing costs going up so they have a cushion in case a revert to mean happens in housing. Why not help a real estate bubble? It’s in their best interest until it’s not in their best interest to have those loans on their books. We are getting close to the later part of this cycle.
They should be embarrassed.
My BS meter broke half-way through 😮 Sorry Todd 😮
again they where wrong when I heard there is low housing inventory that was wrong there is about to be more inventory than expected
Thank you, Tod, for introducing this perspective it helps to understand that there are other things to consider before we take on a hopeless stance. I am on the sidelines waiting to purchase. I am educating myself with as much info as possible from all bears and bulls. I went through the GFC in 2008. I learned so much. Managed to kerp my multi family home, went through Chapter 13, sold my mom and pop business for peanuts, and lots more. I survived, but I saw so many people go under. I am ready for whatever comes next.
In 2023 the Federal Housing Finance Agency announced that starting May 1st 2023, that borrowers with a higher credit rating would pay an up front fee and on their payments to subsidize low credit rating borrowers when buying a home.
I never hear anything about this on Todd's podcasts ...did the Biden Administration go ahead with it?
Could Todd ask about it in future podcasts, please.
Guest on the left is a smart ass.
Ayyyeee I live in Seattle 😊😊 this was the best show of yours ive seen yet
So sorry I missed last night live. Looking forward to this segment.
Do they will use IA to manipulate the house market hiding inventory?
The institutions like BlackRock that were buying up the real estate at high prices could be required to hold the properties for some period of time and not allowed to dump it in large quantities on the market all at once.
@36:43 "To keep them from doing the stupid things that caused the run." The investors should have all rights to pull their money whenever they see fit. No bank or regulation should have influence on an investor and their decision to withdraw their funds.
While I'm here, 30% down for 30-year home loans is unrealistic for the majority of borrowers. It seems WAFED is accustomed to low risk, which faired well during Bidenflation. His model would not have succeeded otherwise.
I loved the part where the comments asked about having John go on a debate with peter schiff and he quickly said no. He then proceeded to give a deflecting answer about being too busy, followed by the truth when he said peter would win. These two guests, while polite, are really trying to sell the idea that the banking system isn’t corrupt by saying “don’t paint bankers with a broad brush.” Sounds like deflection to me. No one is accusing all bankers of being some cartoonishly evil villains, what we want is accountability for the decades of mishandled funds and lies that were told before and during the great recession.
Tragedy struck my life when I had my stroke at 41 trying so hard to keep my head up We have been fighting so hard to get a home loan My home is falling down & we are just trying hang on I try to keep my focus on positivity It's definitely hard to do
"The banking industry is strong we have learned so much from the gfc"
Good luck with that pal
Your podcast is professional and entertaining. Thank you all for th s wonderful channel.
I thought Todd you were a little bit soft on these characters, you’re right “they’re wrong” they’re trying to put a a smooth finish on the economy when it’s falling down all around us. This John guy said to you when you talked about high debt, high inflation,etc. He said relative to what? Relative to three years ago, is he blind? The economy is crashing all around us. It doesn’t take a genius figure that one out. If these guys were on the titanic, they would be telling everybody to stay calm there’s no problem. Life is great
This was an interesting conversation. The relative to what answer that one of the bankers keep spouting was ridiculous.
The last home I purchased in 1999 on a $100k combined salary was $150K. 25 years later on a $150K single salary (widow) looking for a car and home. Car $50K home $500K. WT flip is he talking about. Prices are outrageous.
$1,000 car payment $4,000 mortgages would wipe me out.
Maybe if the Govt. let things fall the haves can feel the pain that the rest of us live in.
There are cars under $50,000 and a home less than $500 k. Might not get as much luxuray, but they are out there. Good luck!
Banks are businesses and businesses are there to make a profit. Banks dont build or make they lend other peoples money and take a percentage off the top. If Credit Swiss collapsed- of course these small US banks can fail.
Besides being hot, she kept her cool. I was happy just having her. When is she starting her podcast?
SALES SALES SALES. They are good at selling. Lets just keep the whole thing going so we make money. You can always tell who stands to make money, or lose money, when doing housing predictions.
@1:17:25 Relative to GMO produced vice non-GMO produced food, for starters, Todd. Everything is made cheaper today, and not just monetarily. Our products are inferior compared to items previous generations made. All in the name of providing stock dividends, which is why you think the market is so good, Todd. The market has sold out the consumer base for profit.
Hello my good friend says that we in a very healthy industries and banking system if that’s true why banks are failing and shutting down hundreds branches
Gotta love rich bankers trying to understand the other 90% below then. At least he stayed casual to relate with Todd's pleb audience. Thanks guys for the credit and the off the hook lifestyle. 😐🙄
I own my house and have no debt but you guys had nothing to do with it.
30k AC systems or 50k for a van I mean wages can't keep up Its turning people into permanent debt slaves then pile on Amortization & other interests & junk fees it's so bad They don't want wages to go up
Respect for how everyone handled the internet problems
Todd, not sure why you had these guys on your show, they really didn't have an ounce of orginal thought, nothing insightful, just the stuff the mainstream media puts out everyday. i felt like rachael madcow and the msnbc crew was producing this evenings episode. you must also realize this banker guy can't tell the truth, his business depends on it. lets move on to next Tuesday and hope you find some a guest with some good information to add to the mix. I'm certain these guy felt out of place as much as your audance.
I enjoyed watching this and while we all know the economy is literally on eggshells, I think these guys answered the best way they should. "Word salad" or not. I think they said as much truth as they could. They don't want to contribute to a run on the banks! Furthermore, I think they are above and beyond more intelligent than plenty of bankers and actually analyze the data and situation, which is why they didn't fail in 2008.
I love when these paid for questions have to be corrected because the person asking them has no idea what they are talking about.
John Maxfield comes across as an ivory towel elitist in this video. Everything is fine in his world, housing prices are up, stock market is up. He appears to have no empathy for the little people that are being crushed by the boot of inflation. He says to statement people not affording houses, prices don't matter, people buy based on payment. What a tool? If prices are high and interest rates are high, the payment is high.
There is no crises for banks they create it and they always come out on top
Man Maxfield is in his bubble for sure. Brent is better. If these guys are contrarians, imagine the other 99% of banks who are “go with the flow” banks. These guys aren’t even full blown Keynesians
Will digitized currency cause banks to commit fraud? Any negative view on digitized currency?
I wonder what their "jobs" actually are. I imagine it is a lot of shmoozing and drinks over lunches
If you look at historic averages of rent to income ratios on a global scale as a pretty dumb but easy metric of quality of life i think youll probably see now is not a good time for quality of life relative to history.
Maybe the argument is just that now more of a share of income goes to roofs while less goes to healthcare or something else, but overall the share of income that goes to necessities has increased as a % of income. Now if this short trm situation is still astounding relative to long term expectations, I think a lot of Americans are in for a blatantly rude awakening....
Wish I would have asked a pointed question. The value of time labor versus value loss expanded by debt.
how can the banks defend their huge profits this year, they are making big money from the high interest rates. and why is it that banks should not have a guarantee for their customers that they can get their money. the banking system, is not the same for everyone, since we as citizens should just imagine that we can pay for the house and make an IOU, the role of the banks is to make a profit from matador money, when they have to pay out, they crash