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Second Largest Bank Failure in U.S. History…
- Thread starter Ingomike
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You guys worry too much..... The banking system is safe and sound. obiden says so.
www.theguardian.com
Oh, and state is looking at guaranteeing all deposits:
www.bloomberg.com
I mean really, what could go wrong?
Biden says banking system is ‘safe and sound’ despite First Republic collapse – as it happened
President praises takeover by JP Morgan after California bank fails
Oh, and state is looking at guaranteeing all deposits:
US Studies Ways to Insure All Bank Deposits If Crisis Grows
US officials are studying ways they might temporarily expand Federal Deposit Insurance Corp. coverage to all deposits, a move sought by a coalition of banks arguing that it’s needed to head off a potential financial crisis.
www.bloomberg.com
I mean really, what could go wrong?
Gregory Mannarino: "Prepare For The Greatest Depression" | SHTF Plan
Market analyst Greg Mannarino says that the banking system's complete collapse is accelerating and we should be preparing for "the greatest depression." He adds that it is no secret at all what's happening right now in the United States economy and central banking system.
www.shtfplan.com
Trading halted in shares of two more US lenders as fears of banking crisis mount
Regulators step in after PacWest and Western Alliance shares plunge as investors fear repeat of First Republic, SVB and Signature failures
Regulators stepped in to halt trading in the Los Angeles-based PacWest and Arizona’s Western Alliance following dramatic drops in their share prices.
It came after another mid-sized bank, First Republic, was sold to JP Morgan earlier this week. Depositors had pulled $100bn from First Republic, fearing their money was no longer safe.
PacWest had sought to calm markets on Wednesday and said it was in talks with several potential investors after its shares fell by as much as 60%. But the sell-off continued on Thursday and affected other regional banks.
Shares in PacWest fell 50% on Thursday after Bloomberg News reported that the lender was considering strategic options, including a sale or a fundraising round.
The bank sought to reassure investors by saying it had not experienced unusual deposit flows. “Recently, the company has been approached by several potential partners and investors – discussions are ongoing,” it added.
Western Alliance’s share price plummeted 45% Thursday.
Other, less well-known regional banks have also been affected. Shares in the Dallas-headquartered Comerica were down 13%, and Zions Bancorporation fell by about 16% on Thursday.
US banking crisis: Close to 190 banks could collapse, according to study
The Fed's aggressive interest rate hikes have eroded the value of bank assets such as government bonds and mortgage-backed securities.
www.usatoday.com
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I believe I heard this AM that at this point, more money has been lost in total than in the 2008 crisis.
Gregory Mannarino: "Prepare For The Greatest Depression" | SHTF Plan
Market analyst Greg Mannarino says that the banking system's complete collapse is accelerating and we should be preparing for "the greatest depression." He adds that it is no secret at all what's happening right now in the United States economy and central banking system.
View attachment 273924
Worth listening to his opinion.
Exclusive: US officials assessing possible 'manipulation' on banking shares
U.S. federal and state officials are assessing whether "market manipulation" caused the recent volatility in banking shares, a source familiar with the matter said on Thursday, as the White House vowed to monitor "short-selling pressures on healthy banks."
www.reuters.com
I think finding and proving a connection between the short sellers and the people moving the deposits may prove difficult. Still it's a profitable plan, particularly if aimed at already weak banks.
Wonder what Mike Burry is doing these days.
Wonder what Mike Burry is doing these days.
JPMorgan expects to earn $3 billion more in net interest income this year after its takeover of failed First Republic Bank
JPMorgan raised its 2023 outlook for its net interest income from $81 billion to $84 billion.
Of course that extra 3 billion is only possible because taxpayers are taking the losses of First Republic(the US Treasury is...ie you are).
Yes, that really stuck in my mind after reading/watching Michael Snyder a couple weeks ago. He stated "If you look at the banks that have already failed in 2023, (SVB, Signature and First Republic) it is greater than all 25 banks that failed in 2008 combined."
Doom Loop Will Cause Total Societal Meltdown – Michael Snyder | Greg Hunter’s USAWatchdog
By Greg Hunter’s USAWatchdog.com (Saturday Night Post) Journalist and popular author Michael Snyder says his new book “End Times” is revealing just what he predicted. The bad news is it’s going to get worse, much worse. Let’s begin with the banking crisis that is really just getting started...
usawatchdog.com
Watching this also. Seen him somewhere before. Good summary of of the meltdownGregory Mannarino: "Prepare For The Greatest Depression" | SHTF Plan
Market analyst Greg Mannarino says that the banking system's complete collapse is accelerating and we should be preparing for "the greatest depression." He adds that it is no secret at all what's happening right now in the United States economy and central banking system.
No worries. The crisis is over(Wall street Journal 5/24).
finance.yahoo.com
Or....
finance.yahoo.com
Banking Crisis Is Over, Top Executives Say
Threats to the global banking system have ebbed, but the industry might be forced to curtail lending and revamp business models in an era of higher interest rates.
Or....
Jamie Dimon warns of 7% Fed rate, banking crisis, bleak commercial real estate
Investing.com - The U.S. banking crisis, which has claimed a few victims since March, is the direct result of the Fed's fight against high Inflation. Uncertainty about the health of regional banks and rising yields in the money market led to a steady outflow of deposits, bringing banks' balance...
No worries. The crisis is over(Wall street Journal 5/24).
Banking Crisis Is Over, Top Executives Say
Threats to the global banking system have ebbed, but the industry might be forced to curtail lending and revamp business models in an era of higher interest rates.
Or....
Jamie Dimon warns of 7% Fed rate, banking crisis, bleak commercial real estate
Investing.com - The U.S. banking crisis, which has claimed a few victims since March, is the direct result of the Fed's fight against high Inflation. Uncertainty about the health of regional banks and rising yields in the money market led to a steady outflow of deposits, bringing banks' balance...
manifest destiny
Master
Multiple banks failing doesn't seem normal. It reminds me of the movie Young Frankenstein. Multiple banks failing is "Abby somebody. Abby Normal". I think it was the decision by the FDIC to make all depositors whole regardless of amount that made me suspicious. I decided to look in to how exactly the FDIC insurance works. The below article describes the basic tenets. It might be a bit rosy in its simplicity and certainty. I didn't realize that the FDIC is also the agency that "oversees" the banking industry. So the agency that oversees a bank's solvency didn't realize that multiple banks were at risk? Tough to believe. From attached article:
When a member FDIC bank fails, the FDIC steps in to protect deposits. When Silicon Valley Bank failed on a Friday, the FDIC took over and made sure depositors could access their money by the following Monday. However, the FDIC agreed to make all SVB account holders whole, even if they had more than $250,000 on deposit. This was the case for a large percentage of SVB’s customers, as roughly 97% of the bank’s deposits were uninsured at the time of its collapse.
So 97% of SVB's business wasn't covered? What kind of bank are they exactly and who's banking there? And the FDIC just decides to cover ALL of the losses? Sniff, sniff...
The FDIC assures solvency but 565 banks have failed in the last 23yrs? Abnormal.
The article:
www.forbes.com
Insuring Against Bank Failure
A bank failure occurs when a bank is unable to meet its financial obligations to its depositors and creditors. There have been 565 bank failures since 2000, most of which occurred in the wake of the 2008 financial crisis. Bank failures have been relatively rare in recent years—there were none in 2021 or 2022—though there have been three failures so far in 2023, starting with the failure of Silicon Valley Bank on March 10.When a member FDIC bank fails, the FDIC steps in to protect deposits. When Silicon Valley Bank failed on a Friday, the FDIC took over and made sure depositors could access their money by the following Monday. However, the FDIC agreed to make all SVB account holders whole, even if they had more than $250,000 on deposit. This was the case for a large percentage of SVB’s customers, as roughly 97% of the bank’s deposits were uninsured at the time of its collapse.
So 97% of SVB's business wasn't covered? What kind of bank are they exactly and who's banking there? And the FDIC just decides to cover ALL of the losses? Sniff, sniff...
The FDIC assures solvency but 565 banks have failed in the last 23yrs? Abnormal.
The article:
What Is The FDIC? 4 Key Facts You Need to Know
Following the collapse of Silicon Valley Bank, you might be wondering if your deposits are safe. When it comes to the security of your money, that “Member FDIC” logo you see displayed on most banks and highlighted on banking products is key. If you don’t see it, your money may be at risk. But
www.forbes.com
Loan Volumes Tumbled Last Week As Domestic US Bank Deposit Outflows Surged | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
zerohedge.com
manifest destiny
Master
^^^ I can imagine the loan volume dropping is due to higher interest rates, maybe some increased scrutiny on borrowers. The data graphs are very conflicting but I'd assume that, in general, banks don't like deposit outflow. But this item below.... Gee, what might happen in 8 months time, Ides of March?
Finally, as a reminder, banks have around 8 months left under the original 12-month BTFP Fed bailout program to find a way to stabilize their balance sheets.
Finally, as a reminder, banks have around 8 months left under the original 12-month BTFP Fed bailout program to find a way to stabilize their balance sheets.
Lots of indicators that the consumer is cracking and credit is unaffordable. Average house is $400k, 30 years at 7.7% is well over $1m. Lunacy.Loan Volumes Tumbled Last Week As Domestic US Bank Deposit Outflows Surged | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
While I get your point, folks have said similar for near 100 years. I met a lady in the late 90’s that told me what all she and her husband had gone through to get a house and a mortgage way back in the day. Still laughing at this line, “we were very worried about making a $24 per month mortgage payment. It is all relative.
More worried about all the crap they are doing that may just bring the whole country down…
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