BREAKING NEWS – The U.S. Treasury, Federal Reserve Board, FDIC and Joe Biden collectively announce that *all* depositors with Silicon Valley Bank (SVB) will have access to their funds – regardless of amount deposited. Also, all senior bank management has been terminated.
This announced action appears to cover those under FDIC protection ($250k or less) and those above FDIC protection (deposits greater than $250k). The only vulnerability is that SVB “shareholders and certain unsecured debtholders will not be protected.”
WASHINGTON DC – The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe. (LINK)
Will this action help stop any contagion related to California’s largest bank?
…The odds are, yes.
Despite Friday’s action to stop trading of FRB, with this action, I doubt First Republic Bank (FRB) is now at risk.
This is an excellent explanation of what the Deep State is pulling off.
End Of The American Dream…Life As You Have Known It Will Never Be The Same Again…The Federal Reserve Just Made An Emergency Decision Which Will Fundamentally Change Banking In America Forever
March 12, 2023
by Michael
Did you think that the Federal Reserve was just going to stand by and watch the U.S. banking system completely collapse? In response to the stunning failures of Silicon Valley Bank and Signature Bank, the Federal Reserve announced a rescue plan on Sunday evening that is going to radically change banking in America forever. All deposits at Silicon Valley Bank and Signature Bank will be fully guaranteed and will be available on Monday. Of course the Federal Reserve can’t just make an exception for these two banks. If they are going to do this for them, that means that they are going to have to do it for everyone else too. So what this means is that from this point forward the Federal Reserve is essentially promising to guarantee every bank account in America. Considering the fact that more than 19 trillion dollars is deposited with U.S. banks, that is quite a promise to make.
I want to show you that I am not exaggerating one bit….
…Keep Reading, it is an excellent article….
http://endoftheamericandream.com/the-federal-reserve-just-made-an-emergency-decision-which-will-fundamentally-change-banking-in-america-forever/
Here is how the Federal Reserve and the FDIC and the Biden Bandits are now going to guarantee every bank account in the country to unlimited amounts….those accounts currently hold more than $19 TRILLION….so that is quite a large guarantee.
They are going to raise FDIC insurance assessments against all other banks to cover it. That means services and fees will increase in price for all depositors. Government was going to screw us one way or another
In some way, they will gradually twist this, if they “guarantee” the accounts, then they have authority to CONTROL the accounts, to they own the accounts, to you will own nothing and be happy.
Have you hit the nail on the head. Banks don’t make anything physical. They circulate your money. They want more they just widen the gap on interest or raise service fees. Depositors pay. Depositors are taxpayers.
CBDC will be here before 2024. They are creating something that will be irreversible when Trump gets reelected.
If that happens more money will flee the banks. Why pay all those fees when there are other options
What options?? Where does money go?
Remove all of your money from the bank. Leave just enough to cover monthly bills. Buy gold/silver.
One at a time is a strategy. Coordinated can be a weapon. I drained the financial industry (savings, investments, retirement) awhile back. Ten percent of PDJT voters do the same this week and we have an economic weapon.
I actually think draining the local and regional banks will help the enemy. If these small banks go under the big banks will gobble them up…and FORCE CBDC on us.
I think a healthy community centered local banking system is what we desperately need right now.
If we could bring down the big international banks but keep a robust local banking system we could ensure our freedom for a while longer.
How does BofA, Fidelity, Vanguard, PNC, JPMC, sound? That’s what I did.
At this point, I do not believe the government takes advantage
of any crisis that comes their way.
I believe the government creates the crisis initially.
And gold just went over 1900 an ounce last night.
gold/silver to purchase what?
from whom?
and where do you sell it back to when you need the cash? I don’t undertand silver and gold but I am intereted to learn
Good question. Home safes, precious metals, building projects, equipment purchase’s, hard assets…inflation here we come.
Maybe goes into stocks and Treasuries and brokerage accounts…
I remember asking an FDIC official about this bank insurance years ago when I was working in Commercial Life Insurance. I ask him about how they determined the number of banks that would go broke. Where were their actuarial tables? He replied there were no actuarial tables. They just had to guess and increase the fees they charged the banks when collapses went higher.
Suspending moral hazard is the ultimate moral BANKruptcy. Gd apportions fate, good and bad, to move the story of history forward. Judas didn’t get a trophy. Even Janet Yellen can’t fix that.
I wish she’d just retire already.
About half of the world’s derivatives market is controlled by the five largest banks in America. What happens if this market goes south like it did in 2008? Well… now that the FDIC is backstopping all deposits it would mean that the country would go belly-up. If they’re going to backstop all deposits then it’s time to bring back the Glass-Steagall act. We need to separate commercial and investment banking now more than ever. What we have now is like letting a toddler play with a loaded handgun, it’s just a matter of time before something really bad happens.
Just looked it up and it’s 90% of derivative holdings are held by 4 US banks as of 2018. Scary.
https://www.trustnodes.com/2018/06/22/just-four-banks-account-90-200-trillion-derivatives-says-occ-report
Thank goodness they aren’t bailing out the bank.
So the shareholders will be on the hook? I wonder what short options trading might reveal.
Another emergency. Another federal takeover. Next will it be digital money? We are almost there already. What if the mints were closed on some pretext “temporarily” of course, requiring “emergency” regulations and actions.
Nah, that’s crazy talk.
In the US, government causes a problem, provides solution which centralizes monetary policy even more?
One would think the solution would be quite different, no?
And some believe this is chaotic and not the plan?
The Obama government takeover of the Student Loan programs (to save administrative dollars lol) is the precedent for what is going on right now.
More central government control and more surveillance of your assets/income/wealth/lifestyle.
Which combined with hyperinflation in future, leads us to a digital currency.
Time to plan.
Somewhere in Russia, Putin et al are having themselves a strong belly laugh.
Fed started raising rates one month after Russia invaded Ukraine.
Who are they not protecting? Shareholders.
In a rational market, that should elevate risk eroding equity as a capital source for banks.
I imagine those firms who don’t toe the government line from now on will have difficulty getting their (actually our) money out of SVB.
Since the Biden regime is going to have its FDIC and Federal Reserve make good on all deposits in SVB, many Chinese tech companies are sighing with relief – a significant portion are China-owned accounts. The SVB has provided massive amounts of funding to the China venture capital sector. The South China Morning Post noted the bridge between the bank and China in article below. The regime wouldn’t want it’s CCP friends to lose out, now would they?
https://www.scmp.com/tech/big-tech/article/3213259/collapse-silicon-valley-bank-rocks-chinas-tech-start-ups-venture-capital-industry
FDIC fun facts – source Schwab.
Thank you for this, beachbum.
We were waiting to see what the Fed would do this week with interest rates before committing some money to a CD. Intervening events then caused us to have a rethink. What you posted here just firmed up our decision to wait.
I’m getting decent rates at Schwab on money market and can withdraw or transfer funds at any time.
I don’t understand why you wouldn’t buy T-bills at current rates. That way you don’t have to pay state and local taxes on the income.
Thank you, BV. Where we have what money we have we, too, are in a money market for the very same reasons.
We are retired and have been decimated over the past more than ten years by the dual weapons of financial repression and now inflation. We are simply trying to keep from eating into our seed corn further. In the end it is a losing battle.
At this point access trumps what few coppers we would gain by being in a CD.
Again, thank you for your wise words.
“as with _all_ deposits”…
this is FDIC policy, not schwab’s.
they give themselves unlimited time to pay up.
unbelievable fine print fact.
Always in the fine print…sometimes written in invisible ink.
I like how they say “losses won’t be borne by taxpayers”, a feel good statement for the dummies who might hear something just happened.
Cagey wording because they are preventing losses by using taxpayer money to make the depositors whole.
In other words taxpayers are absolutely funding the entire debacle.
And the “depositors” they mention is mostly multimillionaire/billionaire venture capitalist loan sharks who don’t like getting shorted.
What can we do to personify the mantra that Sundance preaches here, to ‘throw sand in the machinery’?
Any ideas? I’ve read the entire discussion and marvel at the in-depth and thoughtful analysis of the problem. What are we going to do about it? What have we learned from history? How can we take that knowledge and make choices in the here and now to advance our goals, our missions,our philosophies of living?
Bullets would work better than sand. Dead criminals cannot commit anymore crimes. Charles Bronson.
My opinion is to operate outside the banking system as much as is humanly possible.
Grow your own food. Beans/bullets/bandaids. Get out of debt. Barter. Pay in cash where possible. Make silver great again.
I don’t know.
Do all of your “banking” through your local credit union. Credit unions are member owned and do not fall under the FDIC regulations. Deposits are insured by NCUSIF to the same $250K.
I’ve said it before, but really wish that Donald Trump would open the “America First Credit Union”. Or maybe we should start our own CTH Credit Union? It would take some work, but it would solve a whole host of issues for us.
America First Credit Union already exists, and has since the late 1930s. No need to “open” it, just open an account and you’re there.
Silver then gold. And if you have to use banks, find the smallest and spread your money around. We have paper set aside for a BIG emergency, but it won’t be worth anything if TSHTF. trying to talk the better half into buying more silver.
Folks talk about armed confrontation, but frankly they will up and pay taxes for the big nothing they get from the feds come April 15th. Bullets vefrsus sand? If the crooks are scrambling for cash and the people say no..not until..what can they do..erect barbed wire around the country and call us jailed?
It will be indirectly borne by taxpayers. They will make a special assessment against banks raising the FDIC insurance rates to cover this. So the depositors at all the other banks will see fees for services raised to cover those increased FDIC insurance assessments.
For those of you who still believe this is NOT a bailout, excellent article on zerohedge confirming it is… Translation: the Fed’s hiking cycle is dead and buried, and here comes the next round of massive liquidity injections. It also means that the Fed, Treasury and FDIC have just experienced the most devastating humiliation in recent history – just 4 days ago Powell was telling Congress he could hike 50bps and here we are now using taxpayer funds to bail out banks that have collapsed because they couldn’t even handle 4.75% and somehow the Fed has no idea!
To summarize:
As Zerohedge posted earlier on twitter, “this is a regulatory failure of historic proportions by both the Fed and Treasury. Instead of preventing billions in losses, the Fed was worrying about board diversity and Yellen was flying to Ukraine. Everyone should be sacked immediately. https://t.co/XDd5LTI6hF
Oh, and if the Fed really thinks that $25 billion from the ESF will be enough to backstop a bank run on $18 trillion of deposits… good luck!
Source: https://www.zerohedge.com/markets/svb-latest-developments-live-blog-fdic-auction-failed-svb-assets-underway
There isn’t enough to actually stop a run on all banks, in the same way there aren’t enough police, if EVERYONE stops obeying the law.
Look at prisons. People love their cages! 10,000 prisoners vs 100 guards. Do you see them breaking out?
There must be something deep in the human psyche that tells it, it deserves it.
Convenience, the easy route, and then death… If only we could all be Trump
So, what does this really accomplish. Wont people and commercial accounts either close their account or split them up and a Blackrock come in and pick over the charred carcus?
What are the odds that the senile old crow went to Ukraine on the taxpayer’s dime?
“Signature Bank de-banked Trump after Jan 6—now the regulators have shut them down”‘On January 12, 2021, the bank told The New York Post that it had begun the process of closing Trump’s two personal accounts and “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”’
https://thepostmillennial.com/signature-bank-de-banked-trump-after-jan-6-now-the-regulators-have-shut-them-down
FDIC is a Con; it was created by FDR, to prevent massive bank runs, by giving the illusion of Security, like making people take off their shoes before boarding a plane.
If ALL or a significant # of banks experienced bank runs, the system would collapse, because banks typically don’t keep the $ sitting in the vault in cash, they INVEST it.
FDIC can “step in” for individual banks, like this one, to give false assurances that if your bank “fails” your $ is ‘secure’ so that you WON’T try to withdraw it.
And we all go along,”pretending not to know”.
FDIC is “corportion”…at the end of the day, like other ‘insurance companies’….will they want to pay up to the ‘insured’?
Look at how homeowners ‘insurance’ is operated in Florida.
Big health care insurers?
Ultimately, all banking depends on faith.
I don’t think it’s that we’re pretending not to know.
The faith part is the faith we have that a bank won’t blow all our money on risky investments.
The government is supposed to regulate the banks to prevent them from doing this.
The bad part is, despite all the evidence, the government always sides with the bankers, loosens the rules, banks fail, and we have to pick up the pieces. All the officers of these banks should be relieved of any money they made selling shares in their banks.
NOT THE SHAREHOLDERS! THEY ARE SCREWED!!!! METHINKS!!
“…No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer….”
That there is a Biden-magnitude lie.
indirect losses,
like inflation and monetary devaluation,
will be borne by all taxpayers (and non-taxpayers).
printing press goes bbrrrrr.
If you are not mad at this you are not paying attention.
The Criminals are running the asylum. Everyone should be mad, Biden Crime family has been robbing the American people to the tune of 30% per annum since they stole the election.
So now they’ll pretend the very crisis that they themselves caused to begin with.
Multiple “crises” are being manufactured around the world with the intent purpose of facilitating the nationalization of the means of production and the enforced removal of human rights. Just ask the Dutch farmers.
They will attack your wallet and bank account, your food supply, your DNA, your right to vote, your security on the street, your physical and mental health, your sources of information, your faith, even your right to life. It’s all on purpose, all going according to plan, and all dependent upon enough gaslit sheep willing to submit when crunch time is ushered in.
We have been at active war since late-2019. The Davos Crew + Axis are doing everything a belligerent would. It doesn’t matter if we refuse to acknowledge it or not.
Our government is a terrorist organization at this point and we’re at war. Full stop.
And the response?
The sound of crickets…
waiting patiently for the trains…
This SVB situation isn’t about a bank failure, it’s about a failure of ‘wokism’:
“SVB had NO head of ‘risk assessment’ for nine months before it collapsed… as woke boss for Europe, Middle East and Africa was busy organizing a month-long Pride campaign and a ‘Lesbian Visibility Day’.”
https://www.dailymail.co.uk/news/article-11848705/Woke-head-risk-assessment-Silicon-Valley-Bank-accused-prioritizing-diversity-issues.html
Look up who Jay Ersepah is. Rather than prioritizing the Silicon Valley Bank fiduciary responsibility to its depositors, there was an emphasis on pursuing personal preferences, unrelated to the core business of banking.
Americans are currently seeing this type of things in many sectors of business (Gillette: razor blades, Mars: M&M’s, Nabisco: Oreo cookie, Kroger: groceries, etc.).
Anyone in business (or is an investor in a business) needs to ask themselves: “Do we make or sell products that delight customers, or do we exist to push an ideological agenda? Which one is going to make money? Which is going to alienate customers?” In business, personnel *is* policy.
Jay Ersepah should have been fired for gross negligent incompetence. This is a problem of Ersepah’s failure to prioritize the bank’s business, and SVB’s failure to deal with an employee not doing their job.
In other words the Treasury and the Fed just raised corporate taxes on banks. Any body with even a hint of knowledge of economics knows that corporations don’t pay taxes, their customers pay the taxes. Banks aren’t going to pay the increase in FDIC fees their customers will. This is a stealth, taxpayer bailout.
I posted yesterday that this all goes back to the Dodd-Frank Bill that was passed by Obama and the Democrats. The bill left taxpayers on the hook for any future bailouts of the banking industry. This bill was passed right after the financial meltdown which cost the taxpayers trillions, directly and indirectly. The banks got their payback for their campaign contributions. Banks still have no incentive not to make risky investments because there isn’t any consequences. It’s heads I win, and tails I win again.
Of course, because you’re a winner! Go ahead and give yourself a nice bonus too.
Sarc/
“Any body with even a hint of knowledge of economics knows that corporations don’t pay taxes, their customers pay the taxes.”
I sure don’t see knowledge like this posted anywhere often enough. When I try to explain to people that corporations don’t pay taxes, they look at me like I grew a third eye.
In return for safety we will be transitioned to a digital financial system. Follow the crisis.
Is it just me, or does the fact that the “Toxic Assets” that need relief this time are US Treasury Bonds seem more than a little Karmic?
Look on the bright side…
Or, the Biden regime is bailing out its friends and donors.
The reason the fed is trying to prop up banks is because:
The banks were invested in government secured bonds.
People took their money out of the bank because they saw the writing on the wall for the bank.
The writing on the wall said this:
This bank is invested in government bonds. Government bonds are secured by the us govment.
The us govment has become a risk because of crazy spending and printing of money.
US govment bonds are very risky investments now because of crazy spending by us govment.
We are going to get our money out of this bank while still we can because this bank isn’t a safe place to keep our money.
Today people are going to find out that their individual banks also invest in govment bonds in various amounts.
What do you think ther going to do?
I know.
They are going to take their money out of their bank when they become aware that their bank is invested in govment bonds that ARE NOT A SAFE INVESTMENT!
Geat ready for another depression soon.
Prepare.
https://www.marketwatch.com/story/20-banks-that-are-sitting-on-huge-potential-securities-lossesas-was-svb-c4bbcafa
Just crank up the press, hmmm…it has a familiar ring to it? Oh that’s right, the Weimar Republic, you know wheelbarrows full of cash for a loaf of bread, or eggs in our case.
Just like in 08 the same group of witless ninnies have the helm and stupid is what they excel at, for me there was never a doubt. “To big to fail”.
Party on Garth!
The Federal Reserve just allowed for the effects of hyperinflation in the future while maintaining treasury markets.
They will just absorb the paper to maturity from banks who did not hedge properly for interest risk.
Problem solved.
Until it isn’t.
Where is New California? You wait any longer, it’s just going to hurt alot more.
Is FDIC fully funded?
The FDIC reserve fund has never been fully funded; in fact, the FDIC is normally short of its total insurance exposure by more than 99%. Congress granted the FDIC the power to borrow up to $500 billion from the Department of the Treasury, making the system effectively backed by the Federal Reserve.
So, what about the officers and directors that withdrew their money a day before the collapse? Isn’t that the perfect definition of “insider trading?” Will they face any penalties like Martha Stewart?
Once you figure out they are doing all this ON PURPOSE to crash the US economy in order to usher in a Central Bank Digital Currency to enslave every American and ultimately every world citizen, it makes A LOT more sense. They are NOT idiots making “mistakes”. It’s all planned. All coordinated. Pure evil.
Yes it is.
My question is, would the Fed intervene if my savings and deposits are at risk (if more than $250k) if my small regional bank goes down? Or this only applies to the Venture Capitalists and the politically connected and super wealthy of the East and West Coasts?
your answer is a question – do you trust the government and any of its agencies?
Outright nationalization of the American Banking System…another huge win for Democratic Socialists
So once again the American middle class are going to have to bail out the wealthy. This time it’s VCs and Silicon Valley millionaires who are SVBs core customers who had no reservations about exceeding protection limits. They play, you pay. They will be protected because the belong to the wealthy, woke protected class
The idea that the American producing class (tax slaves) won’t be the one that ultimately foots this bill is fantasy. Digital currency units will be created ex nihilo which dilutes your savings instantly. This flood of newly created digital currency units will make the price you pay for everything go up – by a LOT! This is exactly how “they” will fund their “rescue” of the (mostly leftist well connected) depositors. Moral hazard anyone?
“C-Level Executives Sold Shares Weeks Before”
FTA:
A bank failure of this proportion has not been seen since 2008 when Washington Mutual failed. The majority of deposits in Silicon Valley Bank (SVB) are uninsured, meaning the FDIC’s $250,000 protection does not apply. Uninsured depositors will be provided receivership certificates and should receive an advanced dividend this week. The FDIC must sell off the remaining assets of SVC to determine how much it can provide to those uninsured depositors. The FDIC is encouraging borrowers to continue paying their existing loans. The bank was said to host $209 billion in assets and $175.4 billion in deposits as of December 2022. Washington Mutual held around $307 billion in assets when it went down.
Tons of people and businesses will be completely screwed over. Who could have seen it coming? Silicon Valley Bank CEO, CFO, and CMO sold off millions in stock over the past two weeks. President and CEO Greg Becker sold 12,451 shares on February 27 for $3.6 million at $287.42 per share. Later that day, he purchased options for the same amount of shares at $105.18 a piece. He did the same thing in December 2021, as this is not an uncommon albeit unethical practice. Banks commonly trade against their own clients. Becker sold about $3.57 million worth of SVB stock over the past two weeks and is now making TV appearances saying he did not see this coming.
There were signs of trouble, but the talking heads said otherwise. Forbes even listed SVB Financial Group as #20 on its list of America’s Best Banks in an article published on February 14, 2023. Talking/screaming head Jim Cramer came out last month to say that SVB Financial would become one of the top performers on the S&P. This is why you cannot listen to information based on biased opinions. I hesitate to call this negligence technical analysis.
Companies are now at a complete loss, many cannot make payroll, and this situation will only worsen once the uninsured depositors realize their IOUs are worthless.
https://www.armstrongeconomics.com/world-news/corruption/c-level-executives-sold-shares-weeks-before-svb-failed/
all senior bank management has been terminated.
But not indicted.
William K. Black, author of “The Best Way to Rob a Bank is to Own One: How Corporate Executives and Politicians Looted the S&L Industry” on the GFC fraud, largely due to ratings agencies which are also involved in the latest incident:
They are too busy indicting Catholic parents to bother with SVB executives!
I want to know when people are going to get sick enough of crap like this to really do something about it. According to the covid debacle, the sheep will keep right on submitting. Makes it hard on non-sheep.
Because the proper people weren’t jailed during the Global Financial Crisis and will probably not be jailed this time, it will be endless.
Until everything REALLY falls apart…
I have noticed the practice of IFF has gained more precision as these operations have matured. IFF is Identify Friend Foe. I can size up enemies a lot quicker now and avoid or prepare their appointment with God more effectively.
There are a lot of patriots hiding in plain sight. Communication is key.
First Republic is now down 60% in pre-market trading. Despite the loan guarantees.
There are lines outside their branches.
If they do not survive the day, buckle up.
Amazing how quickly they can move to protect Silicone Valley. They all voted for Selected Joe and they’ll get their dough while those in East Palestine are still ‘pick in’ shit with the chickens who have all died .
East Palistine who?
Ukraine cash register what? J6 tapes how? What’s a Covid operation?
Yup.
This whole SVB saga reminds me of the story of the Little Dutch Boy…
Too many dikes and not enough fingers…
If it’s too big to fail, it’s too big.
The Fed, which didn’t manage interest rate risk of our economy for 10 years, now is absorbing paper of banks forced to close due to their not hedging interest rate risk?
There is irony here, no?
Taxpayers still remain holdng the bill for the fdic bailout. If you think the fdic has enough funds to cover what is going on you must still be watching cnn. Taxpayers always pay the bills.
Easy to predict a meltdown in the financial markets. Easy to predict the FED and Treasury will step in to save us. Oh wait didn’t they cause this mess largely in part by ZIRP. Years of QE and money printing. Now this. Should be a big boost for inflation.
So many reasons. So much by design. And then they take full advantage of the engineered crisis to steal more control.
But always, it is the weakest, first.
What SVB demonstrates is that woke banking and business policy, all of it fundamentally unproductive, cannot survive much above a 0.0% Fed funds rate.
The monetary policy morons will twiddle the dials, pull the levers, and stare at the gauges some more. And then throw the entire burning mess on the taxpayers’ backs, like they just did last night. You can’t fix stupid.
Plenty of money, but fantastic inflation, coming to a neighborhood near you. Welcome to Clown World.
Read about Naked Credit Default Swaps and follow the money.
The degree of incompetence at this institution is stunning. This whole thing was entirely avoidable. It’s what happens when equity is the primary corporate value. It’s also an example that many in the elite class aren’t very smart, definitely not as smart as they used to be. One reason why ivy league schools no longer accept middle class white kids-the elites are afraid their kids can’t compete with them.
A commenter on Zerohedge said:
“If there was an evil plan to collapse small banks and benefit large banks deeply connected to the Fed and the Regime – what might that plan look like?”
Trading has been halted on First Republic.
That’s a bad sign.
Western Alliance is now down 76%.
“No taxpayers funds”. The usual punchline to the cruel joke of American Banking and Finance. If the Treasury and Fed are involved, it is the American Taxpayer. Period.
Are you aWoke yet ?
No. Because the way things are heading, $100 Billion will barely buy a loaf of bread.
The joke’s on Biden. All he laundered to Ukraine was a loaf of bread.
The elites almost never pay unless guillotines or lamp posts are involved.
Powell and Yellen jack-up interest rates to fight soaring inflation caused by Biden’s cut back in oil and gas production. Instead of pushing Biden to open up drilling and pipelines both Powell and Yellen ignore the real remedies and raise interest rates in order to kill the economy and stock market. Well, this is what happens when tech stocks crash…banks fail! We are governed by idiots who cannot fix the very problems that they caused!!
When in March 2020 they began exploiting Covid1984 to take down Trump’s roaring economy, never forget how smug and complacent they all were when the Dow plummeted and thousands of small businesses had to shut down. Inside, they were drooling with delight (think: Strzok’s face) – “We’ve got Trump now, he’ll never recover from this”. Remember how they demonized anyone who protested and tried to reopen their “non-essential” business? Now that they’re in dictatorial control, the US economy is merely a weapon in their arsenal, and they are aiming at us this very minute.
“Remember how they demonized anyone who protested and tried to reopen their “non-essential” business?”
Yes, not only demonized but shuttered forcibly, bankrupted and arrested business owners who refused to comply, all under color of law.
Never forget. Revenge is a dish I prefer to serve ice cold to match the vacuum of their soulless corpse.
Es anyone believe Brandon’s Fed would have done the same if it involved banks catering to the energy industry? The Fed needs to be abolished and the gold standard restored.
By the way the entire deposits will be restored, not the former limits, guess why? Do you think that the vast majority of the people there were Uber commie rats?
Kicking the can to the next election with the one year loans to banks. The VC guys all get out while ‘we the people’ (most) will feel safe and do business as usual.
As someone on FB said