It was reported earlier Wednesday that people with knowledge of a fraud incident disclosed Tuesday (Sept. 9) by Fifth Third Bank said banks including Fifth Third, JPMorgan Chase and Barclays were preparing to suffer hundreds of millions of dollars in combined losses from loans tied to Tricolor.
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In addition to being a subprime lender, Tricolor is the seventh-largest independent used-car retailer in the country, and it is focused on selling vehicles to people with poor credit or without permanent residency documents.
In related news (and I believe posted elsewhere here)
Auto loan delinquencies have surged to a 15-year high, reflecting increasing economic stress among American consumers. This rise in defaults has affected both subprime and prime borrowers, indicating a broader trend of financial struggle tied to escalating car payments.
Which canary would that be? The huge heretofore unseen cyclical recession that happens all the time?
Gen Z hiring nightmare is real: ‘Kids coming out of college…are having a hard time finding jobs’
I remember once I had a hard time It was a real nightmare
“….“kids coming out of college and younger people, minorities, are having a hard time finding jobs.”
How hard is “hard”?
Recent labor reports indicate that, indeed, it’s hard out there. The Black unemployment rate climbed above 7% in August, while the rate for recent graduates has surged above the overall rate for the first time in recent history.
Unfortunate but hardly a nightmare. And how recent is “recent history”? Sounds like a cherry picked piece of information especially when not giving dates.
So, even when unemployment has been at record lows for years and is still low, one jobs report says the scars of unemployment will “reverberate” into the future without quantifying it. 3-6 months? 6-9 months? 1 years 10-30 years? Another low information article. Just being scary.
PS: I’m not critiquing the economy. It’s the article. The economy will flounce and then recover and then flounce again. I don’t see how articles like this add anything, other than, perhaps, you have the Fed guy making comments. Is there a reliable market timing system that relies on The Fed Guy making remarks?