Yes, It’s Time To Worry…Now!

… we wondered if anyone would notice it. After all the implications were profound, and as TCW had previously noted, it “was America’s smaller banks – those not in the Top 100 by asset size – that have experienced in just the recent months a surge in charge-off deterioration, which at 7.9% is on par with the last financial crisis!

Well, just a few days later, the WSJ did, and overnight so did SocGen’s Albert Edwards, who unlike the paper of record had a kind introduction to this critical inflection point in the economic data, if only for those banks which cater to the less affluent, more “regional” Americans: