500 Banks Could Close - Goldman Sachs Fails Stress Test

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Bank failures are likely to continue increasing due to rising interest rates, as it causes their commercial paper and treasuries to become devalued. To prevent a severe economic downturn, it is necessary to implement a freeze on interest rates. Simultaneously, the White House should support the industry in boosting gas and oil production to lower fuel prices. The anti-oil stance only contributes to higher energy costs, leading to inflation throughout the economy. By reducing interest rates, tightening the money supply, cutting government expenditures, and increasing the availability of affordable fuel, inflation will decrease, and the economy will thrive. Unfortunately, various conflicting agendas make it unlikely for all these measures to be implemented, resulting in a recession and persistent inflation.

We have been debt free for a few years,its a good feeling. Old cars still run, live extremely frugal. We both still work self-employed. Thank you God for courage and strength ❤

Thank goodness I did not go for the 3000 sq ft " dream house". Instead I bought a 650 sq ft old waterman's cottage out in the rural areas. Got rid of my employees sold my customer list and retired. I can now live off my SS and moderate Portfolio. A few side jobs I do now and keep all the net after expenses. No employees to manage pay, provide benefits, hire fire repeat all at great expense for little productivity because young Americans don't like real work these days. They all think they are going to become video game millionaires.

You were so smart to listen to your brother when he told you to clean up those finances! And, you were smart to take heed and do the hard work to get it done ASAP. Peace of mind, especially in unstable times, is golden. 🏆

I am really worried about the current bank crisis/interest rates, these are all the signs of yet another 2008 market crash 2.0 , so my question is do I still save in the United States dollar or is this a good time to buy gold?

I've done without so much the last year and a half, no shopping, no eating out. I paid off my car last month and it only has 38k miles on it, paying off a personal loan and all three of my credit cards by the end of July. Still owe on my parent plus loan because my kids dropped out of school but now i can double up on those payments. Ill never go into debt again. Getting out of debt feels so good.

I was medically retired in 2008 from the military due to a severe injury while serving in Iraq in 2005. Initially it took almost a decade to mentally accept my newest state of life. But once i did. I began an aggressive effort to eliminate my debt fully. I'm down to my car and about $2000 in unsecured debt. At most, because of the car, I'll be debt free in two years. I'm positioning myself, at the same time, to be independently comfortable and moving in the direction of being wealthy. Wealthy is not Rich and I'm fine with that. These actions have been the most liberating and beneficial actions I've done in my life. Finding common thinkers like you, Dan, was a real blessing in disguise. Thanks to you, and others like you, that I've found, i have a clearer path to wealthy than i ever could've had on my own. Thank you for all you do and offer us. Keep up the great work. Tim

25 years ago my husband was IT and went to Santa Monica for work. Even then San Francisco was transporting their homeless to Santa Monica. He was taking a walk and tried to use the public restroom and a park ranger told him not to go into there because they were hosing off the homeless. Gross. He is glad he is reared now and doesn't have to go there or San Francisco anymore.

Dan I started living out of my car 3 years ago. I just bought a mobile home in Michigan. I don't regret making the decision to stop paying rent. Although deciding to live out of my car was an extreme choice, it was my way of saying enough is enough...I only plan to live in this mobile home for around a year I was only 10,000 but there's a lot rent however it was a temporary solution....these are crazy times....I only commented because your friend said he was ready to out of his car and save 3,000 a month not as crazy as it sounds...... more and more people are saying enough is enough

Thank you Dan. I checked your links, my bank is #2. I made the switch last April. I’m keeping both my hands fingers crossed, because in my opinion we are heading for another Great Depression.

I'm not doing anything else to my house right now until all this mess works itself out. We were going to go ahead and paint and get our new windows put in and put our new roof on but our property value raised 7,000 just because we took out a utility door and put in a new patio door causing our property insurance to raise about $187 a month. They actually have State Farm Reps out driving around town. I have never seen that in my life. They must be pretty desperate right now for money or something?

Who realizes if the government admits the true inflation rate, it puts us in an extended recession a period exceeding 60 months, and that is by definition DEPRESSION. I went through a defaulted student loan, had horrible credit, so at 57 years old I have NEVER had a credit card. I have about 40 bucks to my name, but I own my house and I have no debts.

Just drove through the HIP part of town and couldn't believe the number of for lease and empty store rooms on the main drag. Ten years ago all you heard was this was the place to move to, it was the "IN" area according to the realtors selling the area. Last time I drove through there was maybe five years ago. Comparing then, to what I saw today, it is a quickly dying community. One thing killing the area is the Bars and Crime. Things are so bad that I saw a closed Super Cuts. If Super Cuts couldn't make it, what chance does any other business have.

Bobs stores in Connecticut is closing all locations along with eastern mountain sports. It's like 20-30 locations. Been in business 70 years

"Those alcoholics who want one more drink to keep the party going." "She's a boozehound!" I love knowing there's a man out there who's as annoyed with drinkers as I am. Dan is the only one with enough balls to call them on it.

You have a much more important reach on people than you may know. Keep it up 👍

I find it a little incredulous that the Fed found no issues with the banking sector BEFORE the debate. Now there are problems galore. Headline: Federal Reserve says ALL 31 banks in annual stress test withstood a severe hypothetical downturn

Awesome that you were able to pay off the yacht. No debt is the way to go.

You know you say "everyone is broke right now"... Honestly if it wasn't for watching YouTube and a few other channels, I wouldn't really notice. Yea, groceries are more expensive, but people are still throwing money around like drunkin' sailors. I'm in Chicago and this place has so many people going out and spending, restaurants, malls, NASCAR last weekend, Navy Pier... Gas prices haven't changed in months... I do not see a slow down around here. I believe it's happening, maybe somewhere else.