April 2025 Beige Book came out today:
As an aside, MGM resorts told all of their concierge employees across all all properties except Aria and Bellagio - that they’re being laid off - this is after laying off the valet, doorman and bellman a few weeks ago and closure of the buffet at Luxor - implies their analysts are expecting recessionary consequences aka lower tourism, which has already visibly take effect. This is after raising resort fees and parking fees twice in 2024. Saw on Vegasstarfish.
ummm … have 3 daughters in Las Vegas … thinking we should check with them about this one …
In related news:
This is in line with ubereats financing, coachella financing and now, I present - grocery financing.
Dafuq
This really started a time back when grocery stores started accepting credit cards.
Not very good for your home finances.
I had posted elsewhere earlier about having been in IL back in the very early '70’s and Dominick’s being one of the first in the country to take plastic. It was all credit cards then because Debit Cards didn’t get popular or available for several more years. Carts were suddenly loaded with the GOOD STUFF – steak, lobster, shrimp, etc. A while later the COURTS were flooded with the bankruptcy petitions…
Buckle up and wear protective gear. It’s going to be a rough ride.
1st job was in grocery … started in 72 … in CA.
Credit cards came around in late 70s there. Mid 80s was on jury duty at downtown LA and another jury person was a bank examiner. He explained to us (the jury) during lunches on how one day there would be very few people who carried cash because of this new debit card. Was a little skeptical at the time because almost everyone carried cash to do everything from groceries to filling up with gas.
Before debit cards and credit cards, people use to buy groceries on time by using a check. They knew that it took 3 to 5 days to clear the system so they would buy on Tuesday or Wednesday with no money in the bank knowing their check would be deposited on Friday to cover for it. Those were the days when you got your bank statement in the mail along with your cashed checks back.
When you live long enough, you begin to have your grandparent’s knowledge and can predict the future based on past experiences … just like they did.
Beige Book - May 2025 - https://www.federalreserve.gov/monetarypolicy/beigebook202505-summary.htm
Had a meeting with our Bank president today.
He basically said the same “This is not tolerable / sustainable”
“Even being a Red Voter he can’t understand what the president is doing other than trying to tank the economy.” He was worried about what the economy in 12 months will look like on our current path & making enemies out of our former allies is not helping.
This is certainly what many shoppers are worried about, too.
When it has come to economic issues and trade, many of our allies have not behaved like friends for many years.
Just passing on the news of what a top bank guy was saying..
We have a multi-million dollar line of credit and it was time for renewal.
I think this is one of the first times he’s gone to personally meet some of the larger accounts to see how they are actually doing face to face. He/them/bank must be worried about companies defaulting in the near future.
I was unaware that business relationships were also friendships. I mean Amazon —
Touche Sir, Touche
100% correct. Our allies and friends have been taking advantage of us economically for a long, long time. As I’ve said over and over, that is not sustainable. Sometimes bold actions are required to get the change that we need. I don’t agree with everything that is being done but we can’t continue on the path we were on.
Bankers stand to gain or lose substantially as a result of current policy initiatives.
Some of us know some of the banks who stand to lose big time from China policy. We could all know if we chose to find out.
The attitudes about economic and trade policy are influenced by whether we stand to win or lose. That should be non-controversial. Whether the entire economy or a majority of Americans stand to win or lose is controversial, since everyone who has skin in the game is trying to influence public opinion to reinforce or rescind the current policies.
Economists, some of whom have been wrong in recent years are working hard to influence public perceptions as well. And that even included some at the FED.
The choices available are standing with one’s beliefs or prejudices, or going into a major anxiety attack or taking defensive actions.
No matter what happens, someone is going to make money, and someone is going to lose money.
I have a new retirement plan in case it all goes south 
Fishing, Hunting, Brewing my own Beer & Gettin me that gold!
You would like our family. We go gold hunting every week or two.
The way things are, I don’t want to fly anywhere, either.