Fearing Losses, Banks Are Quietly Dumping Real Estate Loans ( www.nytimes.com )

If landlords can’t pay back loans on office buildings, the lenders will suffer. Some banks are trying to avoid that fate.

Hard times are likely ahead for a lot of people. Mind your expenses and plan to save where possible just in case. Apologies for having a doomer outlook; I'm very cynical about capitalism, especially in the USA.

afraid_of_zombies ,

Economists: don't worry we will get you those bailouts. Free money for banks! Make it rain!

Tattorack ,
@Tattorack@lemmy.world avatar

Now wheeeeere have I seen this before.....? Hmmmmmmm...

Grandwolf319 ,

https://archive.is/2c7R2

Blackmist ,

Hey, I've seen this one!

LilDumpy ,
@LilDumpy@lemmy.world avatar

What do you mean you've seen this? It's brand new.

Asafum ,

Isn't this just going to be "great recession 2 office building bugaloo?"

Part 1 was the great recession caused by sub prime loaning assholes and combined debt packages.

Similar story different players apparently...

blusterydayve26 ,

Nah, it’s a repost from late 2007.

Sorry, I mean a repeat of late 2007, the fourth or fifth “once in a lifetime economic crisis” for millennials that will somehow magically end with billionaires owning an even larger percentage of the GDP.

“How could this possibly happen, again, again, again, again,” will cry the economists billionaire simps.

LilDumpy ,
@LilDumpy@lemmy.world avatar

What's a repost?

Are you back from the future or something?

Glytch ,

They're just pointing out that history is repeating itself because we learned nothing from 2008

LilDumpy ,
@LilDumpy@lemmy.world avatar

My bad, I should have put a "/s" on all my comments in this thread.

Those lines are directly out of a movie. Except they say rerun instead of repost. It just seemed that the OP was driving one of these:

Image

tektite ,

If it makes you feel any better, I liked your joke and even read it in raccoon hat kid's voice.

LilDumpy ,
@LilDumpy@lemmy.world avatar

You know what, that does make me feel better.

But I guess those jokes stunk like manure! I hate manure!

Glytch ,

I'll take the woosh. We'll played.

Zess ,

Same reason why banks kept giving loans to Trump. He had so much debt that their best option for a long time was to just give him more money in the hopes he could use it to earn enough to repay all the loans. Sunk-cost fallacy at the major financial level.

Asafum ,

"if you owe the bank $100 that's your problem, if you owe the bank $932,514,634 that's their problem."

Etterra ,

What's that? Rich fuckers are worried about being less rich? However will I be able to sleep at night.

Burn_The_Right ,

They will never be less rich.

afraid_of_zombies ,

You will sleep after paying taxes for their bailouts.

maxinstuff ,
@maxinstuff@lemmy.world avatar

Can they dump mine please?

afraid_of_zombies ,

Nope. Bankruptcy only exists for people who will never need it.

Fedizen ,

Largest print outlet in the US: "look at these guys being quiet"

sunzu ,

If you are reading this... it is clearly not "quietly" lol

werefreeatlast ,

The churn will continue....you become a high paid employee at 50, the new kids get paid 10% below you because you're "senior". Then you all get 3% increases. You get retired. They keep getting 3% increases while you don't. Suddenly they get paid more than you. You start having trouble paying for stuff because it's so expensive. Then suddenly you gotta sell your house to have enough. A newly graduated kid gets paid the same as you, they buy your house. You can't buy a house anymore, so you move to a cheaper area where you can afford something. Then you moved again and again. Take on stamp collecting as a cheap affordable hobby. Blah blah. You end up in a retirement home. Then your kids can't afford that. Next thing you know you're under a bridge and you love the freedom for like 3 days. Then you really wanna shower but you can't. The welfare office is far from the YMCA, so you find a Walmart cart. A guy shows you where to collect soda cans and where to sell them. You two become friends but he OD's.. you inherit his cart. Then you help a new guy to find cans with you. So then you OD. And the guy in your house is retiring....the cycle continues.

HurlingDurling ,
@HurlingDurling@lemmy.world avatar

The American dream

GratefullyGodless ,
@GratefullyGodless@lemmy.world avatar

Oddly specific.

I_Miss_Daniel ,

.. and in Australia (at least) you pay a massive Stamp Duty each time you buy a new place.

Colonel_Panic_ ,
@Colonel_Panic_@lemm.ee avatar

Where can I find the used cans?

werefreeatlast ,

Hey friend 🤗! Come on man, we'll find you some cans! Place number 1 where people don't look is under cars! Just sit here, watch the cars leaving the street parking and jump in to profit! But do it quick or a Karen might just give your cart to Bob...Sorry Karen! Yeah, not all Karen's are bad! Specially not you!

Metz ,

Mind your expenses and plan to save where possible just in case

So.. like always? Nothing changed. We are already fucked.

tb_ ,
@tb_@lemmy.world avatar

Please save, and put your money in the bank.

Etterra ,

You say that like somebody who's never had to choose between rent and food before.

tb_ ,
@tb_@lemmy.world avatar

I'm saying that the banks, who appear to be struggling, would like you to save your money by putting it in their system. So they may use it.

I'm not making any other judgement.

That said, no clue where the person I replied to got their apparent quote from, as it does not appear in the article itself.

Treczoks ,

The big question is : Whereto are they dumping toxic loans? I would not put it pst some assholes to sell such "products" off to unassuming private shareholders as a "wonderful investement in business property" for their retirement...

Wes4Humanity ,

Probably selling them to our corrupt government... So we can all be left holding the bag

BeMoreCareful ,

I mean, it's proven financial strategy. Money is just a number to rich people and if you need more the government will just give it to you.

Asafum ,

Oh they don't need to do that, we've already determined that some companies don't have to suffer the consequences of their own actions because they're "tOo BiG tO fAiL" so society has to suffer the consequences.

Just remember: when they win, they win. When they lose we lose and they still win.

Our form of capitalism is a fucking joke. Socialism for the wealthy owners and rugged individualism for the poors.

Bytemeister ,

Yep. Biggest disappointment about the 2008 crisis was that all the people who caused it were able to go back to work and start doing it all over again

I say, if you crash the global economy, you ought to be relegated to fast food service for the rest of your life.

r0ertel ,

I was wondering this same thing. Who would take on a loan that a bank deems unprofitable? Is this like turning the loan over to a loan shark and the shark has means to ensure payment that banks don't due to regulations? Are they selling to the govn't? Either option is not good.

Drusas ,

Let them eat cake.

theparadox ,

Some folks have been calling this for a while.
The Bigger Short

Spacehooks ,

Anyone know how to prepare for 2008 part 2?

555_1 ,

Wait until 2012 part 2 and BUY BUY BUY

Spacehooks ,

Lol yeah but like with what capital? I expect stocks to crash with it. Do I just save in cds?

555_1 ,

Cash is king.

Spacehooks ,

Problem is cash is not inflation proof. Not sure if I should horde gold.
I bet crypto will take a hit too.

555_1 ,

I hear abortion medication could be pretty valuable in November.

Spacehooks ,

Ah pushing illegal drugs.

555_1 ,

Everything illegal is bad right?

Spacehooks ,

Only by the standard of the legal system.

For this case I'm always a fan of
"Nobody saw anything
-Signed everyone "

555_1 ,

Oh yeah, that legal system that has never been wrong before.

USSEthernet ,

And toilet paper

USSEthernet ,

And toilet paper

Spacehooks ,

ROFL let me get the pallets in my horde.

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