End time Bible! Ezekiel 33:6 But if the watchman sees the sword come, and blow not the trumpet, and the people be not warned; if the sword comes and take any person from among them, he is taken away in his iniquity; but his blood will I require at the watchman’s hand.
The banking collapse in the year 2008 was because of hundreds of billions of dollars in loans to home buyers were repackaged into securities called collateralized debt obligations, known as CDOs.
When the housing market took a hit, the federal government stepped in to rescue the big banks and forestall a panic.
Many Americans suffered as a result of the crash, losing homes, jobs, and wealth. An already troubling gap between America’s haves and have-nots grew wider still.
To prevent the next crisis, Congress in 2010 passed the Dodd-Frank Act.
“So what did the banks do”?
They did it again, except this time in place of loans made to home buyers are loans made to businesses specifically, troubled businesses called collateralized loan obligation, known as CLOs.
These are loans made to companies that can no longer borrow anymore and can no longer sell bonds directly to investors or qualify for a traditional bank loan. Instead of calling them CDOs, they called them CLOs.
Loan defaults are already happening and there were more in April than ever before. Bankruptcy courts are pushed to its limits under the weight of new filings.
During a two-week period in May, J.Crew, Neiman Marcus, and J. C. Penney all filed for bankruptcy. Loans of concern in April were AMC Entertainment, Bob’s Discount Furniture, California Pizza Kitchen, the Container Store, Lands’ End, Men’s Wearhouse, and Party City.
Then we have the small businesses going under or going under soon because of the shutdown. During the shutdown, they still had to pay rent, utilities, and other business expenses.
And the eviction nightmare coming soon to just not families but to businesses as well. Nearly half of renters aged 18 to 64 reported that they were having trouble paying their rent or utilities, were food insecure, or couldn’t afford needed medical care.
With the bad economy because of the Covid-19 shutdown, it will only get worst into next year.
“Remember this is just America, the whole world shut down their economy”.
If we do manage to make it through this year without waking up to a collapse of the banks, next year should be interesting and most likely the financial apocalypse is soon to come.
Luke 21:11 And great earthquakes shall be in divers places, and famines, and diseases; and fearful sights and great signs shall there be from heaven.
Luke 21:25 And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity; the sea and the waves roaring;
Luke 21:28 And when these things begin to come to pass, then look up, and lift up your heads; for your redemption draweth nigh.
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