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Breaking Points with Krystal and Saagar
1/16/23: More Classified Biden Documents/Debt Ceiling Showdown/George Santos Uses Fake Name/Banks Preparing for Recession/FDA Failures/Davos Elites
Jan 16, 2023
01:10:20
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Karine Jean Pierre advocates for no compromise with Republicans on Debt Ceiling Limit. Discussion includes the never ending leak of classified documents found in Biden's office, George Santos using a fake name, banks preparing for a recession, FDA failures on American obesity, and a critical look at the Davos elites.
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Quick takeaways
- Major banks are increasing reserves in anticipation of loan losses and a potential recession in 2023.
- The banking industry's cautious approach suggests a potential tightening of lending standards, making it harder for individuals to obtain loans.
Deep dives
Banks Increase Reserves as Economy Deteriorates
Major banks like Bank of America, Wells Fargo, and JP Morgan Chase are bolstering reserves to protect against anticipated loan losses and a potential recession in 2023. The banks are reporting resilient profits for 2022 but remain cautious about deteriorating economic conditions. Wells Fargo has set aside over a billion dollars more in reserves than usual, while Bank of America and JP Morgan Chase are preparing for a mild recession later this year. This move indicates a concern that customers may struggle to repay loans and highlights the potential impact on the overall US economy.
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