The 10 Largest US Credit Unions Posted Total Smoothed Net Income of $4,391 Mil in Annual 2022. But Not Included in 2022 Net Income Was Their Estimated Total Economic Losses of a Massive $8,760 Mil From the Annual 2022 Decline in the Fair Market Value of Their Available-For-Sale Debt Investment Securities. In Addition, Also Not Included in 2022 Net Income Was Their Estimated Total Economic Losses of $1,193 Mil From the Annual 2022 Decline in the Fair Market Value of Their Held-to-Maturity Debt Investment Securities.

From iBanknet, the table below shows the Audited Smoothed Net Income in annual 2022 and also the huge Estimated Economic Losses from the annual 2022 decline in the Fair Market Values of both their Available-For-Sale and their Held-to-Maturity Debt Investment Securities of each of the 10 largest in Total Assets US Credit Unions.

The Big Four US Banks Posted Total Smoothed Net Income of $92.9 Bil in Annual 2022. But Not Included in 2022 Net Income Was Their After-Tax Economic Losses of $33.7 Bil From the Annual 2022 Decline in the Fair Market Value of Their Available-For-Sale Debt Investment Securities. But Much More Importantly, Also Not Included in 2022 Net Income Was Their Pre-tax Economic Losses of a Massive $201.7 Bil From the Annual 2022 Decline in the Fair Market Value of Their Held-to-Maturity Debt Investment Securities.

From their SEC filings, the table below shows the Audited Smoothed Net Income in annual 2022 and also their huge Economic Losses from the annual 2022 decline in the Fair Market Values of both their Available-For-Sale and their Held-to-Maturity Debt Investment Securities of each of what are considered to be the Big Four US Banks ..... JPMorgan Chase, Bank of America, Wells Fargo and Citigroup.

The 96 US Banks, Excluding the Big Four Banks, With Stock Market Caps Above $1 Bil Posted Total US GAAP Net Income of $79.865 Bil in Annual 2022, Up 1876% From Such Income of $4.042 Bil in the US Financial Meltdown Year of 2008. But These Same 96 US Banks Reported Total Bottom Line Economic Losses of $40.458 Bil in Annual 2022, 239% Worse Than Such Losses of $11.947 Bil in 2008. Why Such an Incredible Divergence? Well, Predominately It Was That In Annual 2022, These 96 Banks Reported a Massive $120 Bil of Economic Losses Which Bypassed US GAAP Net Losses and Instead Were Buried in Annual 2022 Other Comprehensive Losses. These $120 Bil of Economic Losses Resulted From the Annual 2022 Decline in the Market Value of Their Available-For-Sale Debt Investment Securities, Due Predominately to the US Fed's Spastic Interest Rate Increases.

The 96 publicly-held US Banks with Stock Market Caps above $1 Bil and that disclosed its Financial Statements in both annual 2022 and in annual 2008 in its SEC filings reported Total Economic Losses of $11.947 Bil in annual 2008, the worst year for earnings for US Banks during the horrific 2008-2009 US Financial Meltdown.

So what happened in annual 2022?

Well, unfortunately these 96 US Banks posted Total Economic Losses of $40.458 Bil, predominately due to the US Fed's spastic interest rate actions which caused US Banks' Heavy Investments in Debt Securities to decline precipitously in value by $120 Bil just for their Available-For-Sale Debt Investment Securities in annual 2022.

In addition, 29 of these 96 Banks had material Unrecorded, Off-the-Books, Unrealized But Real Pretax Total Economic Losses of an additional $30.6 Bil at December 31, 2022 related to their Held-to-Maturity Debt Investment Securities.

From SEC filings, the table below shows this financial information for each of these 96 publicly-held US Banks.

The 34 Smaller US Banks With Stock Market Caps Between $1 Bil and $2 Bil Posted Total Bottom Line Economic Losses of $235 Mil in the US Financial Meltdown Year of 2008. But in Annual 2022, These Same 34 Banks Posted Total Economic Losses of $1.778 Bil, an Incredible 657% Decline From That in Annual 2008. On the Other Hand, These 34 US Banks Posted Total US GAAP Net Income in Annual 2022 That Increased By an Off-the-Charts 4,192% From That in Annual 2008. Why Such an Incredible Divergence? Well, In Annual 2022, These 34 Banks Reported $7.1 Bil of Economic Losses Which Bypassed US GAAP Net Income and Instead Were Buried in 2022 Other Comprehensive Losses. These $7.1 Bil of Economic Losses Resulted From the Annual 2022 Decline in the Market Value of Their Available-For-Sale Debt Investment Securities, Due Predominately to the US Fed's Spastic Interest Rate Increases.

The 34 smaller US Banks with Stock Market Caps between $1 Bil and $2 Bil and that disclosed its Financial Statements in both annual 2022 and in annual 2008 in its SEC filings reported Total Economic Losses of $235 Mil in annual 2008, the worst year for earnings for US Banks during the horrific 2008-2009 US Financial Meltdown.

So what happened in annual 2022?

Well, unfortunately these 34 smaller US Banks posted Total Economic Losses of $1.778 Bil, predominately due to the US Fed's spastic interest rate actions which caused US Banks' Heavy Investments in Debt Securities to decline precipitously in value in annual 2022.

In addition, 7 of these 34 Banks had material Unrecorded, Off-the-Books, Unrealized But Real Pretax Total Economic Losses of an additional $1.758 Bil at December 31, 2022 related to their Held-to-Maturity Debt Investment Securities.

From SEC filings, the table below shows this financial information for each of these 34 smaller US Banks.

The 37 US and Puerto Rico Banks With Stock Market Caps Between $2 and $5 Bil Posted Total Bottom Line Economic Income of $303 Mil in the US Financial Meltdown Year of 2008. But in Annual 2022, These Same 37 Banks Posted Total Economic Losses of $3.026 Bil, an Incredible 1,099% Decline From That in Annual 2008.

The 37 US and Puerto Rico Banks with Stock Market Caps between $2 and $5 Bil and that disclosed Financial Statements in both 2022 and in 2008 reported Total Economic Income of $303 Mil in annual 2008, by far the worst year for earnings for US Banks during the 2008-2009 horrific US Financial Meltdown.

So what happened in annual 2022?

Well, unfortunately these 37 US and Puerto Rico Banks posted Total Economic Losses of $3.026 Bil, predominately due to the US Fed's spastic interest rate actions which caused US Banks' Heavy Investments in Debt Securities to decline precipitously in value in annual 2022.

In addition, 14 of these 37 Banks had material Unrecorded, Off-the-Books, Unrealized But Real Pretax Total Economic Losses of an additional $6.687 Bil at December 31, 2022 related to their Held-to-Maturity Debt Investment Securities.

From SEC filings, the table below shows this financial information for each of these 37 smaller US and Puerto Rico Banks.

The 12 US Banks With Stock Market Caps Between $5 and $10 Bil Posted Total Bottom Line Economic Income of $290 Mil in the US Financial Meltdown Year of 2008. But in Annual 2022, These Same 12 US Banks Posted Total Economic Losses of $8.824 Bil, a Staggering 3,143% Decline From That in Annual 2008.

The 12 US Mid-Sized Banks with Stock Market Caps between $5 and $10 Bil had Total Economic Income of $290 Mil in annual 2008, by far the worst year for earnings for US Banks during the 2008-2009 horrific US Financial Meltdown.

So what happened in annual 2022?

Well, unfortunately these 12 US Banks posted Total Economic Losses of $8.824 Bil, predominately due to the US Fed's spastic interest rate actions which caused US Banks' Heavy Investments in Debt Securities to decline precipitously in value in annual 2022.

From SEC filings, the table below shows this financial information for each of these 12 mid-sized US Banks.

Isolating Out the Big Four US Banks, the Other 13 US Banks With Stock Market Caps Above $10 Bil posted Total Bottom Line Economic Losses of $12.3 Bil in the US Meltdown Year of 2008, But Guess What? These Total Economic Losses More Than Doubled to $26.8 Bil in Annual 2022.

Excluding the Big Four US Banks (JPMorgan Chase, Bank of America, Wells Fargo and Citigroup), the other 13 US Banks with Stock Market Caps above $10 Bil and that reported both annual 2022 and annual 2008 financial statements with the SEC incredibly saw their Total Economic Losses more than double, going from annual 2008's $12.305 Bil, the worst year for US Financial Companies during the horrific 2008-2009 US Financial Meltdown, to the US Fed-driven annual 2022's $26.830 Bil Total Economic Losses.

In addition, 6 of these 13 US Banks had material Unrecorded, Off-the-Books, Unrealized But Real Pretax Total Economic Losses of an additional $20.5 Bil at December 31, 2022 related to their Held-to-Maturity Debt Investment Securities.

From SEC filings, the table below shows this financial information for each of these 13 large US Banks.

PNC Financial Services Group's Annual 2022 Bottom-Line Net Economic Losses Were $1.640 Bil, $1,023 Better Than Its Annual 2008 Such Economic Losses of $2.663 Bil.

 

The second largest US Regional Bank in current stock market capitalization now is Pittsburgh, PA-based PNC Financial Services Group.

From US SEC filings, PNC Financial reported blowout audited Smoothed Net Income of $6.113 mil in annual 2022, which was an increase of a massive $5.317 mil or 7.7 times the $796 mil in annual 2008, which was by far the worst year for the earnings of US Financial Companies during the horrific 2008-2009 US Financial Meltdown.

But to arrive at Bottom-Line Real After-Tax Economic Income or Losses for these two years, you must also include the Economic Losses arising in both years from the decline in value of the massive amount of the Available-For-Sale Debt Securities these US Regional Banks held.

It gets a bit tricky to determine these Economic Losses in 2022 and especially so in 2008, but it can be done because they are disclosed in footnotes to their SEC-filed financial statements.

PNC Financial reported arising Economic Losses of $7,753 mil from the decline in the value of their massive Debt Investments portfolio in annual 2022 as compared to much lower arising Economic Losses of $3,459 mil in annual 2008.

Thus, PNC Financial had Bottom-Line Real After-Tax Economic Losses of $1,640 mil in annual 2022 versus such Economic Losses of $2,663 mil in annual 2008.

U. S. Bancorp's Annual 2022 Bottom-Line Net Economic Losses Were $4.078 Bil, $6.030 Worse Than Its Annual 2008 Economic Income of $1.952 Bil.

Next I will address a comparison of the Bottom-Line After-Tax Net Economic Income or Losses in annual 2022 to that in annual 2008 for the publicly-held US Regional Banks.

There are different views on which are the US Regional Banks. I decided to take the Yahoo Finance's broad perspective here.

The largest US Regional Bank in current stock market capitalization now is Minneapolis, Minnesota-based U. S. Bancorp.

From US SEC filings, U. S. Bancorp reported audited Smoothed Net Income of $5,838 mil in annual 2022 and of $3,012 mil in annual 2008, by far the worst year for the earnings of US Financial Companies during the horrific 2008-2009 US Financial Meltdown.

But to arrive at Bottom-Line Real After-Tax Economic Income or Losses for these two years, you must also include the Economic Losses arising in both years from the decline in value of the massive amount of the Available-For-Sale Debt Securities these US Regional Banks held.

It gets a bit tricky to determine these Economic Losses in 2022 and especially so in 2008, but it can be done because they are disclosed in footnotes to their SEC-filed financial statements.

U.S. Bancorp reported arising Economic Losses from the decline in the value of their massive Debt Investments portfolio of $9,916 mil in annual 2022 and of $1,060 mil in annual 2008.

Thus, U.S. Bancorp had Bottom-Line Real After-Tax Economic Losses of $4,078 in annual 2022 versus an Economic Income of $1,952 in annual 2008.

Yeah, US Bancorp's Bottom-Line Real After-Tax Economic Losses in annual 2022 was an astonishing $6 Bil worse than that in 2008.

I guess the 2008 George Bush Administration is looking a bit better to U. S. Bancorp than the 2022 Biden Administration and his US Fed.

So in plain language, why is there this massive $9.916 Bill Economic Loss arising in annual 2022?

Well, this Bank had a massive amount of its money received from bank depositors which was invested in Debt Investment Securities and the value of these Securities flat-out plummeted in annual 2022.

Just to give you a perspective, US Government Bonds Declined in Value By Nearly 25% From the Summer of 2020 To Early in the Past Week.

This 25% Decline was by far the steepest decline in US history.

PepsiCo's Very High Price Increases Continue in the Third Quarter of 2023

PepsiCo just announced its Third Quarter 2023 Worldwide Pretax Income, which increased by 22% from the third quarter 2022.

The problem with this is that it's all due to its Worldwide Price Increases of an amazing 11% in the third quarter 2023.

In North America Frito-Lay, its Price Increases were 8% and in North America PepsiCo Beverages, its Price Increases were 12%, both in the third quarter 2023.

Corporate CEOs and Business Owners determine their Companies' Pricing Increases and thus also determine overall US and Worldwide Inflation.

There was a substantial transfer of financial wealth in the third quarter 2023, just like there was in each of the previous 10 quarters, from US and Worldwide consumers to PepsiCo's bottom-line earnings.

US Government Bonds Declined In Value By Nearly 25% From the Summer of 2020 To Early in the Past Week

 US Government Bonds have now declined in value by nearly 25% since the summer of 2020 ..... their steepest decline in US history.

Who is primarily responsible for this?

It's clearly the US Fed under the leadership of US Fed Chair Jerome Powell.

And it's also the two US Presidents who appointed Jerome Powell as US Fed Chair: Donald Trump and Joe Biden.

And it's also the more than 80% of the US Senate who confirmed Jerome Powell as US Fed Chair both times he was appointed.

The two US political parties have already effectively coronated both Trump and Biden as their US Presidential nominee for 2024.

And close to 70% of the American people have said that they do not want either Trump or Biden to run for US President in 2024.

Given that, is the US now really a Democracy?