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- More Problems With the Banks: JPMorgan Chase, Bank of America and Wells Fargo Have All Had Their Ratings Downgraded
More Problems With the Banks: JPMorgan Chase, Bank of America and Wells Fargo Have All Had Their Ratings Downgraded
by Michael Snyder The Economic Collapse Blog
There is a reason why I am watching the banks so carefully. The banks are the beating heart of our economic system, and so if they get into big trouble we will all feel the pain. That is precisely what happened in 2008, and that is precisely what is happening again right now. In recent months there have been endless banking “glitches”, banks have been shutting down hundreds of branches and laying off thousands of workers, and lenders are getting really tight with their money because they are sitting on hundreds of billions of dollars of unrealized losses. And just in time for Thanksgiving, three of our “too big to fail” banks have had their ratings downgraded by Moody’s Investors Service…