If you have followed this blog you know I am a fan of Bill Bartmann. He is a rags to billionaire riches story and most of his wealth came during an economic climate similar but actually less serious than what we are facing today. I follow Bill because he deals in reality and looks for the opportunity in what other see as a disaster.
This email I received from highlights some startling fact about our economy. Personally I some direct experience with our financial institution industry and if anything Bill may be understating the pending failures. As for the opportunity Bill suggests, that is up to you. I am not an affiliate, I am not paid to publish this on my blog, I make no money from sharing this with you. I feel Bill is on the mark and come to your own conclusions.
I have been on several of Bill’s calls and I have studied his book Bailout Riches which I highly recommend if you have an interest in the details of how this works. If you are intrigued you now have the information on the next steps.
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On Friday, FDIC shut down two more banks – which will have billions in losses.
The bank failure total for the year is now 95 and includes three of the largest and most troubled — Guaranty Bank in Austin, Colonial Bank in Birmingham and Corus in Chicago.
We project the number will top 1,000 over the next year and a half. The majority of the banks that will fail are Community Banks and Regional Banks where the impact will devastate entire communities. The FDIC is running out of money and will soon have to tap taxpayers – only the second time in the 75 year history of the FDIC that it had to do so.
Personal bankruptcies will hit a record 1.4 million this year.
Business bankruptcies are 250% over their previous high – and rising.
Unemployment is at 9.7 – heading for 10% (Department of Labor says real unemployment rate is 16%).
Credit Card charge-offs are at 10.5% and Moody’s predicts they will go to 12%.
Mortgage foreclosures and “walk-aways” continue at record pace.
Any discussion of the Recession ending and the recovery beginning are based on wishful thinking, while ignoring the brutal facts.
The Commercial Real Estate market is about to implode the same way “sub-prime residential real estate” did two years ago. The economic impact of this implosion will compound every category mentioned above which will result in increased bank failures, increase personal and business bankruptcies, higher unemployment, higher credit card and mortgage default.
Sounds terrible, doesn’t it?
Well, it is terrible – but it is also some of the best news you could ask to hear!
Why? Because the last time I saw this environment, I made $5 billion just picking up the pieces of all those credit defaults and failed banks and by helping good banks dispose of their bad loans.
Now, a $5 billion net worth may sound unbelievable. I assure you it was real and I was not the only person who made a lot of money helping all those consumers put their lives back together and helping the government and the banks solve those problems. That is how big the opportunity was 20 years ago.
Guess what? We are back in that same situation again today! Banks are failing left and right. Bad loans are everywhere you look. The US Treasury and the FDIC are looking for people like you and me to help solve this problem. Just this past week the FDIC closed on the very first tranaction under the Legacy Loan Program. The Legacy Loan Program allows a generous leverage that magnifies the return for the Investor.
This first transaction under the Legacy Loan Program was a pool of residential real estate loans. Now, I have no interest in real estate and neither should you. But, first comes the real estate and then comes everything else and that is where the great opportunities are.
Those of us who participate and take advantage of this program could potentially make millions of dollars. T
he Legacy Loan Program not only makes a tremendous amount of loans available for purchase at a steep discount to true value, they it provides a government funding source.
The Legacy Loan Program is not the end of the good news and the great opportunities. The market is rapidly filling with charged off loans available for purchase at very steep discount from banks that have not failed — banks like Chase, US Bank, Bank of America, Citibank, Wells Fargo and all the other names you have known for years.
Here is your chance to get a piece of the “Bailout!”
Here is your chance to take advantage of what will be a “once in a lifetime opportunity.”
Finally, a Bailout Plan that is aimed at all of us on “Main Street” instead of those fat cats on “Wall Street.”
It gets even better than that. I am offering my students a chance to become a full-fledged business partner with me in this industry.
Join me and Larry Genkin, Creator of the Thought Leadership Marketing Methodology, as I explain how we (you and me) can take advantage of this wonderful opportunity.
This one-hour teleseminar is scheduled for 7:00 pm – Central (8:00 pm Eastern, 6:00 pm Mountain, 5:00 pm Pacific) on Wednesday, September 23, 2009.
Click Here to register for this teleseminar.
Click Here to convert the call to your local time zone.