the market collapse has just been officially confirmed today i want to talk about the latest gdp data from the atlanta fed i want to talk about uk and u.s household incomes and i also want to talk about some mortgage lenders and some major banks already collapsing so stay tuned and let's make some money and i want to dive straight in with the information so zero hedge just tweeted the official quarter one gdp figures showing negative growth of one point six percent he also tweeted the latest atlanta fed estimate for quarter two gdp which is also negative growth of one percent on top of that two straight quarters of negative growth is officially determined as a recession an election wizard tweeted saying breaking news the federal reserve bank of atlanta revises their quarter two gdp prediction down now predicting a negative one percent gdp growth signaling possible official start of the us recession recently they were estimating about a 0.5 percent growth in the economy but that's recently been reduced to now a negative 1 growth or an entire 1 shrinkage now i have said for some time i do think we are already in a recession many major bankers and many major economists are estimating a recession in quarter three quarter four or maybe even in quarter one of 2023 however when the official data is released for quarter two gdp and it does show this negative one percent reduction in the us gdp we will officially already be in a recession in only quarter two of 2022 that means the economy has officially been shrinking for the last six months and therefore we are officially in a recession and alessio tweeted saying uk household incomes are in the longest ever run of declines u.s household incomes are also mirroring this same result the bloomberg article says real incomes have fallen for four straight quarters from the latest ons data and figures are highlighting the severity of the cost of living crisis it says uk household incomes are on their longest downward trend on record as the nation's cost of living crisis saps the spending power of british households this chart shows the real incomes are on their longest run of declines in 67 years of record keeping and the exact same thing is being seen in the us as well inflation is obviously off the charts in both the u.s and in the uk but obviously wages aren't increasing alongside it says incomes rose during the quarter but prices rose more quickly with an index of household expenditure at 5.5 percent from a year earlier the fall in spending power highlights the strain on consumers struggling to keep up with soaring prices of everything from energy and food to motor fuel and clothing and this is ultimately why the gdp figures are reducing because wages aren't really increasing and inflation is eroding any such increases in those wages and this article talks about an australian bank collapsing with thousands of customers told to withdraw funds immediately before it closes all accounts on tuesday vault bank announced that it was closing its deposit taking business on wednesday and the 140 staff will be left without a job once the business shuts next tuesday vault bank will be returning its banking license after they couldn't raise enough funds to stay afloat it says volt had been seeking to raise 200 million dollars in investor funding through a series f round launched in february but as worldwide economy stalled this year the investors it had lined up began backing out citing uncertain financial markets this is obviously very similar to those recent crypto companies that have struggled to receive funding and funders that had committed verbally to a deal have been backing out but it's not only crypto companies that are struggling to raise capital it's basically any company even major banks that are struggling and this is why i think over the next few weeks we're likely to see many many more especially loss making businesses but also any kind of business really collapsing over the next few weeks obviously any business seeking to raise cash that relies on this raising of cash that can't raise any cash will end up going under and wall street silver has also tweeted saying how is no one looking at this and saying what the hell is happening the repo chart has hit its maximum level in history yesterday the reverse repo saw a new record of 2.32 trillion dollars as i spoke about it was only maybe a month ago the reverse repo facility was set at 1.8 trillion that's now increased by around half a trillion to around 2.3 and if you didn't already know from umu's latest customer agreement they officially state they do not benefit from your order flow and they do not sell your orders to market makers like citadel or to clearing houses like apex clearing in fact they clear their trades themselves with their own clearing broker photo incorporated which again does not sell your order flow so moomoo is brilliant for buying those amc shares and if you sign up to moomoo right now use the link in the description below you can currently get 10 free stocks worth up to 25 000 in total and a guaranteed free share of lucid on top of that they've said the fed is quietly handing out 250 million dollars to a handful of happy recipients every single day now this 250 million dollars relates solely to the interest received by these individual parties every single day we know there's around 2.3 trillion dollars in this reverse repo facility and there's around 90 counterparties so that's nearly around 25 billion dollars lent to every individual counterparty every single day and as enables tweeted all of this is cumulatively showing the collapsing of dominoes and he said it's happening in real time buckle up not only are we seeing household spending and household saving decreasing which is causing gdp to full as inflation is spiraling out of control but this is also impacting on major businesses as well as they struggle to raise capital obviously these big banks and major investment funds know about the uncertain outlook for the economy and therefore they're peeling back their investments but that's causing tons of crypto companies tons of tech companies and many other companies around the world to collapse and obviously when one domino falls it knocks over all of the remaining dominoes in the line therefore as more and more companies end up collapsing more and more banks end up collapsing more and more crypto companies end up collapsing as well it will eventually impact on the hedge funds and obviously as more and more hedge funds end up collapsing and are forced to sell off their long positions it will continue to crash the market eventually end up liquidating those hedge funds that are currently shorting stocks as well even though these hedge funds that are shorting amc benefit when amc falls the majority of their portfolio is still long on the overall market yes they are short in amc but they're still long on apple microsoft amazon google tesla and many many other companies and therefore their fund will collapse when the market continues to crash enough and when it does collapse they will be forced to close out of their short positions and to show just how bad it really is at the moment zero hedge tweeted saying the s p 500 caps off the first half plunging 21 which is the worst fall since 1970 and the nasdaq 100 finishes the first half down 30 as well which is the largest since 2002 just after or just during the dot-com bubble crash and tesla is currently having its worst quarter ever and the amazon drop is its deepest since 2001. i think this current recession that we are in right now isn't going to be like the 2008 recession i think it's going to be more akin to the dot-com bubble crash in the 2000 era i think we're going to see tech companies being hit the hardest out of all the companies in the s p 500 and that's why the nasdaq 100 is already down 30 percent and will continue falling while we may only see the s p 500 full to say 30 or 40 percent from its very highs i do think we could see the nasdaq in total falling 60 or more and as unusual wales tweeted they said the market indicator is still in the extremely bearish territory for its third straight week from the bank of america report bank of america have this nice little chart which is their bull and bear indicator as you go higher up the indicator it dictates an extremely bullish territory this is obviously when stocks are exploding and growing at their fastest but right now we're currently in the extremely bearish territory it had fallen down to 0.3 out of 10 but right now for the third straight week it sat at 0.0 out of 10. therefore bank of america is still the most bullish they can possibly be and it shows no sign of shifting and again another one of those dominoes is unusual wells tweeting that meta or facebook has cut plans to hire engineers by at least 30 percent this year mark zuckerberg told employees as he warned them to brace for a deep economic downturn so again not just coinbase and blockfire cutting employees but even facebook is firing grads and just cutting hiring plans and bracing for a deep economic downturn and finally a post from a venture consulting he said a major storm is brewing right now first guarantee mortgage corporation a large mortgage lender out of dallas just declared bankruptcy today and star wars capital one of america's largest corporate landlords just announced they're unloading a one billion dollar single family portfolio so it's not just tech stocks and crypto companies that are struggling right now it's even major mortgage lenders and major corporate landlords that are struggling as well they know not only is the stock market about to crash but as a result of this deep economic downturn they believe the housing market is about to crash as well and he said buckle up folks things are about to get very bumpy but guys be sure to let me know what you think down in the comments below and as 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