THE MORNING RANT – Here We Go Again? Major (Super-Woke) Tech Bank Fails

The nation’s 16th largest bank, Silicon Valley Bank (SVB), just failed and went into receivership by the FDIC. Are we about to see another economic crisis along the lines of the dot-com bust in 1999 or the financial crisis in 2008? I hope not, but I won’t be surprised.

All the experts who didn’t see this this bank failure coming are also the ones now saying they don’t see any reason why SVB’s failure would be “contagious.” My observation over the years is that politicians and regulators tend to be heavily influenced and persuaded by the financial masters of the universe, while also barely understanding what gambles they are taking.

A very short summation of SVB’s failure is that it was awash in deposits, so it invested heavily in bonds. The market value of a bond goes down when interest rates rise, thus with rising rates the market value of those bonds subsequently decreased, and SVB did not hedge the interest rate risk. With the tech industry starting to struggle over the past year, SVB’s deposits started to decrease. To replace the departed cash, SVB had to sell bonds at a huge loss. SVB then went to the capital markets to try to raise more cash to prop up its balance sheet because of the bond losses. That spooked depositors who started rapidly withdrawing cash, and it also spooked investors who started dumping the stock. Last Friday the FDIC took control of the bank.

The bank apparently had about $175 billion in deposits, of which about $150 billion was not FDIC insured. (The FDIC insures up to $250,000 per customer at a bank.) Reports are that withdraws on Thursday March 9 alone were $42 billion. The bank failed the next day.

Investors are likely wiped out. The stock peaked at over $700 per share in October 2021, and was at $275 per share just a week ago before tumbling to $106 per share when trading was suspended. SVB was one of the stocks in the S&P 500, but it was replaced in that index on Friday.

Did I mention that experts really don’t understand what financiers are doing? CNBC’s stock market “expert” and carnival barker Jim Cramer was advising people to buy SVB stock just last month at $320 per share.

One month ago, Jim Cramer urged investors to buy Silicon Valley Bank stock $SIVB.

Today, the bank was closed by California regulators, making it the 2nd largest banking failure in US history. pic.twitter.com/5jgjqTGxld
— Watcher.Guru (@WatcherGuru) March 10, 2023

Did I also mention that federal regulators have too close a relationship with the financial wizards who can tank our economy? Unsurprisingly, the CEO of Silicon Valley Bank, Greg Becker, was a Director at the Federal Reserve Bank of San Francisco until the bank failed last week.

Speaking of CEO Greg Becker, whose total compensation in 2022 was estimated at $14.2 million, many of you are likely concerned how SVB’s failure might financially impact him. Like you, I am heartsick at the thought of Becker losing his 8-figure compensation package, but there is some good news for him, as he shrewdly sold over 12,000 SVB shares less than two weeks ago – shares that would now be worthless.

SVB Chief Sold $3.6 Million in Stock Days Before Bank’s Failure

Silicon Valley Bank Chief Executive Officer Greg Becker sold $3.6 million of company stock under a trading plan less than two weeks before the firm disclosed extensive losses that led to its failure. The sale of 12,451 shares on Feb. 27 was the first time in more than a year that Becker had sold shares…

Lucky timing, probably.

The significance of what happens as a result of SVB’s failure isn’t just the immediate financial impact, it’s also the behavioral impact that ricochets elsewhere. If large depositors lose some of their uninsured deposits, it could also cause bank runs at other banks. [Late breaking news: the Treasury Department announced Sunday night that uninsured depositors at Silicon Valley Bank and Signature Bank, another bank that failed over the weekend, will not lose any uninsured deposits. There are no guarantees about other banks, but the message being sent is that depositors need not fear losing their money if a bank fails due to a bank run. All actions have unforeseen consequences, as will this one. – Buck]

In addition, there has been a perception of a dot-com type tech bust happening. Will the failure of the flagship bank of tech culture serve as an accelerator for the decline of the tech industry?

There could be many ripples from SVB’s failure that we’ll only be able to see in hindsight. Or maybe there will be none. But when well-connected financiers start imploding, history tells me to be wary. I doubt FTX and Silicon Valley Bank will be the last big financial implosions in the news this year.

And finally, was Silicon Valley Bank another woke, left-wing corporation spouting off about diversity and decarbonization? Of course it was. From its 2022 Environmental, Social and Governance (ESG) Report

SVB’s ESG program centers on the positive impact its innovative clients make and is built around six strategic initiatives designed to support long-term sustainability for the company:
• Engaging and empowering employees,
• Building a culture of diversity, equity and inclusion at SVB,
• Championing inclusion in the innovation economy,
• Supporting its communities,
• Advancing the transition to a sustainable, low-carbon world, and
• Practicing responsible corporate governance.

From the mouth of CEO Becker:

Our ability to make a meaningful difference for people and the planet, and to address the systemic risk that climate change presents, is magnified by the outsized impact our innovative clients make.
Over the last 12 years, our Climate Tech and Sustainability and Project Finance teams, for example, have supported hundreds of companies that are working to accelerate the transition to a more sustainable, low carbon world.

There’s more:

SVB Commits 5 billion to Sustainability.JPG

Get woke, go broke.

Seriously, Silicon Valley Bank’s failure occurred at the intersection of net-zero, wokeness, asset-less tech companies riding a bubble, fancy financiers, and business/political corruption. They reap the rewards when their gambles pay off, then they pass the burden to taxpayers when their gambles fail. As a taxpayer I am fed up with bailing these people out.

[buck.throckmorton at protonmail dot com]

Posted by: Buck Throckmorton at 11:00 AM

Comments

(Jump to bottom of comments)

1 First!

Posted by: TJM's phone at March 12, 2023 04:39 PM (LvTSG)

2 Buck, I'm guessing this should have shown up about 18.25 hours from now.

Congratulations, TJM's phone, on the kind of FIRST we don't brag about (I've had one, too).

Posted by: Nazdar at March 12, 2023 04:46 PM (g5pdH)

3 1

Posted by: Skip at March 13, 2023 11:00 AM (C+qwo)

4 Go woke, go broke. The axiom lives.

Posted by: Martini Farmer at March 13, 2023 11:02 AM (Q4IgG)

5 Or another podium

With everyone playing with funny money it has to be going to happen again soon

Posted by: Skip at March 13, 2023 11:02 AM (C+qwo)

6 My gold investment is doing very well this morning. Very well.

Buy ammo.

Posted by: Maj. Healey at March 13, 2023 11:02 AM (DMyTF)

7 Silicon Valley Bank Chief Executive Officer Greg Becker sold $3.6 million of company stock under a trading plan less than two weeks before the firm disclosed extensive losses that led to its failure. The sale of 12,451 shares on Feb. 27 was the first time in more than a year that Becker had sold shares…

If that isn't insider trading, nothing is.

Posted by: rickb223 at March 13, 2023 11:03 AM (G8h7g)

8 Isn't there some investment vehicle that takes the opposite position of anything Cramer recommends? Time to take a second look at that?

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:03 AM (eYoxG)

9 A very short summation of SVB’s failure is that it was awash in deposits, so it invested heavily in bonds. The market value of a bond goes down when interest rates rise, thus with rising rates the market value of those bonds subsequently decreased, and SVB did not hedge the interest rate risk.

How is that even possible? The entire world knew there was a rise in interest rates coming. What would you say you do here?

Posted by: Archimedes at March 13, 2023 11:03 AM (eOEVl)

10 Meanwhile, Senator E. Warren (D-Mass) goes on a rant about bailing out a woke failed bank while the Senate dodders on about student loan bailouts.

Posted by: mrp at March 13, 2023 11:04 AM (rj6Yv)

11 How many congresschumps got a heads up and bailed?

Posted by: BignJames at March 13, 2023 11:05 AM (AwYPR)

12 How many congresschumps got a heads up and bailed?

All of them?

Posted by: Archimedes at March 13, 2023 11:05 AM (eOEVl)

13 It's going to be bad.

In 2008, there was a lot of upsides, despite the housing bubble.

In 2023, we have major companies across multiple industries investing in obvious boondogles because they are "green".

They are going to hurt a lot of people.

Posted by: Formerly Virginian at March 13, 2023 11:05 AM (zjgNU)

14 I hate this game because we all know how tedious it can be in its predictability, BUT:

Imagine if a major bank collapsed under Trump...

Posted by: The Central Scrutinizer at March 13, 2023 11:06 AM (KbCG3)

15 So government over regulation helped this failure. And as a result SVB got caught with knickers down at the ankles and bent over.

Reagan's words are always true, the greatest danger arises from government 'help.'

Posted by: Anna Puma at March 13, 2023 11:06 AM (ELtLg)

16 Trump's America.

/

Posted by: ShainS -- The Abolition of The West is from Men Without Chests at March 13, 2023 11:07 AM (WAbsG)

17 And as a result SVB got caught with knickers down at the ankles and bent over.

Ah, but who is the eggman?

Posted by: Archimedes at March 13, 2023 11:07 AM (eOEVl)

18 The Silicon Breast Bank. . . demonkeyized itself with . . . with . . . with you . . . know. . the . . . the. . . variable bombs markets. . . making the. . . divestors picnic.

Posted by: Joe Biden at March 13, 2023 11:07 AM (lf83v)

19 15 So government over regulation helped this failure. And as a result SVB got caught with knickers down at the ankles and bent over.

Reagan's words are always true, the greatest danger arises from government 'help.'
Posted by: Anna Puma at March 13, 2023 11:06 AM (ELtLg)

I would say it's more a the case of govt letting the banking industry write it's own regulations.

Posted by: sniffybigtoe at March 13, 2023 11:07 AM (Y5qcH)

20 Lieawatcha has never been logically consistent, she is just trying to stay ahead of the mob to stay in power.

Posted by: Anna Puma at March 13, 2023 11:07 AM (ELtLg)

21 @BrianRommelle

Largest sector stock halting in history as multiple US regional banks are frozen from stock trading.

Posted by: JackStraw at March 13, 2023 11:07 AM (ZLI7S)

22 I haven't looked at SVB's most recent Statement of Condition, but if the large bulk of its assets were bonds instead of loans, then this was entirely foreseeable.

I would also add that a bank heavily invested in bonds either isn't serving its "community" or else there is a lack of loan demand which merits a close watch by investors.

Posted by: Kam Fong as Chin Ho at March 13, 2023 11:08 AM (gf7Ez)

23 fIRST wORLD pRObLEMs

Posted by: kallisto at March 13, 2023 11:08 AM (dCxaZ)

24 from last thread:

364 At the same time he is saying that all accounts will be paid. Since this is SVB and it's employees donate overwhelmingly to Democrats I'm gonna go way out on a limb and say there is indeed going to be a bailout even if it's called something else.
Posted by: JackStraw at March 13, 2023 11:02 AM (ZLI7S)

In Janet Yellen's own words this morning - no, there won't be a bailout, but we are going to pay back everyone's deposits without any cuts even though 95% of them are uninsured.

In extremely similar news, Fauci this morning said that just because Covid came out of the viral research lab, that doesn't mean it's creation wasn't "natural".

Posted by: Tom Servo at March 13, 2023 11:08 AM (trdmm)

25 I hate this game because we all know how tedious it can be in its predictability, BUT:

Imagine if a major bank collapsed under Trump...
Posted by: The Central Scrutinizer at March 13, 2023 11:06 AM (KbCG3)

If Trump were still president, what are the odds that SVB would have failed in the first place. Even if it did, a competent Trump administration would have had SVB all packed up and ready for sale within 48 hours.

Posted by: mrp at March 13, 2023 11:08 AM (rj6Yv)

26 Howdy Buck. Thanks for your excellent "very short summation of SVB’s failure" above.

Posted by: Doof at March 13, 2023 11:09 AM (6uyrZ)

27 So, basically, SVB did its own version of debt forgiveness.

Awesome.

Posted by: Adirondack Patriot at March 13, 2023 11:09 AM (lf83v)

28 "Did I also mention that federal regulators have too close a relationship with the financial wizards who can tank our economy? Unsurprisingly, the CEO of Silicon Valley Bank, Greg Becker, was a Director at the Federal Reserve Bank of San Francisco until the bank failed last week."

The Federal Reserve is a bank of banks. Its shareholders are banks. SVB was a part owner so not really abnormal for them to have a Director.

There does tend to be a revolving door between regulatory agencies and private businesses, but this is more of how the Federal Reserve is structured to begin with than a revolving door thing.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:09 AM (eYoxG)

29 As much as I'd love to attach yet another crisis to the faux biden administration, the economy seems to be a non-starter. For all the wailing and gnashing of teeth, the collapse of Silicon Valley Bank looks to be a big nothing burger. The market is up almost 300 points right now. Things look bright, and it seems that any claims of an economic crisis were premature. On this issue, unfortunately, the administration is unassailable.

Posted by: E. A. Blair at March 13, 2023 11:09 AM (5a2xV)

30 We don't need banks we have Crypto!

Posted by: Pudinhead at March 13, 2023 11:09 AM (J7wri)

31 Not Jim Kramer's only recent "winner"...

@zerohedge
*FIRST REPUBLIC BANK SINKS BY RECORD 67% AT THE OPEN
https://tinyurl.com/mtrwn3zc

[meme]

Posted by: andycanuck (Vwz3I) at March 13, 2023 11:09 AM (Vwz3I)

32 When you have bankers openly putting the DEI agenda over the fiduciary duty to safeguard client funds this is the inevitable result.

It will only get worse.

Posted by: sven at March 13, 2023 11:10 AM (Lzpvj)

33 We don't need banks we have Crypto!
Posted by: Pudinhead

^^^^ This.

Posted by: FTX at March 13, 2023 11:10 AM (lf83v)

34 22 I haven't looked at SVB's most recent Statement of Condition, but if the large bulk of its assets were bonds instead of loans, then this was entirely foreseeable.

I would also add that a bank heavily invested in bonds either isn't serving its "community" or else there is a lack of loan demand which merits a close watch by investors.
Posted by: Kam Fong as Chin Ho at March 13, 2023 11:08 AM (gf7Ez)

Even if it were loans, most loans are fixed rate and not very fungible so it's still easy to blow up.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:11 AM (eYoxG)

35 Staircase wit: Alternate title from the art in the art thread: Don't Piss On the Plissken!

Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at March 13, 2023 11:11 AM (FVME7)

36 When you see AMC spike its time to sell.

Posted by: Pudinhead at March 13, 2023 11:11 AM (J7wri)

37 29 As much as I'd love to attach yet another crisis to the faux biden administration, the economy seems to be a non-starter. For all the wailing and gnashing of teeth, the collapse of Silicon Valley Bank looks to be a big nothing burger. The market is up almost 300 points right now. Things look bright, and it seems that any claims of an economic crisis were premature. On this issue, unfortunately, the administration is unassailable.
Posted by: E. A. Blair at March 13, 2023 11:09 AM (5a2xV)

The market is up b/c it believes rates will now freeze or possibly even drop within the next 6 months.

Posted by: Nova Local at March 13, 2023 11:11 AM (exHjb)

38 If that isn't insider trading, nothing is.

Posted by: rickb223 at March 13, 2023 11:03 AM (G8h7g)

---------

"It depends upon what the definition of 'insider' is."

-- Stuff W. Jefferson Clinton Said, Vol. II

Posted by: ShainS -- The Abolition of The West is from Men Without Chests at March 13, 2023 11:11 AM (WAbsG)

39 here does tend to be a revolving door between regulatory agencies and private businesses, but this is more of how the Federal Reserve is structured to begin with than a revolving door thing.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:09 AM (eYoxG)

Major financial companies like Goldman Sachs even have regulatory compensation packages. It you go work at the SEC for a few years, they will pay you a bonus when you come back to GS.

Posted by: sniffybigtoe at March 13, 2023 11:11 AM (Y5qcH)

40 BTW, Joe also said everyone running the failed/failing banks would be fired.

Posted by: andycanuck (Vwz3I) at March 13, 2023 11:12 AM (Vwz3I)

41 Isn't there some investment vehicle that takes the opposite position of anything Cramer recommends? Time to take a second look at that?

https://www.inversecrameretf.com/

Posted by: Blanco Basura - Z28.310 at March 13, 2023 11:12 AM (Bd6X8)

42 "The future's so bright gotta wear shades."

Once again Wylie Coyote Super Genius meets a southbound train.

Posted by: Anna Puma at March 13, 2023 11:12 AM (ELtLg)

43 The Wall Street boys have halted trading for MANY bank shares already this morning.

It's gonna be a bumpy ride.

https://is.gd/CxvjiG

Posted by: Rodrigo Borgia at March 13, 2023 11:12 AM (bW8dp)

44 40 Posted by: andycanuck (Vwz3I) at March 13, 2023 11:12 AM (Vwz3I)

Plugz says lots of things.

Go to opensecrets and look at their donor levels.

They will be fine.

Posted by: sven at March 13, 2023 11:12 AM (Lzpvj)

45 the reason I would bet against any great immediate financial crisis rising from this: The Fed will invent however many trillions of dollars are needed to keep things going. DJIA will go to 100,000 before it ever falls much, and then it will go to 1.000,000 because that's where all the loose change out of the feds pockets (a few billion here, a few billion there) is going to land. Of course a Big Mac will cost $50 at the end of this and gasoline will be $20 per gallon, but they've chosen the Form of the Destructor.

Posted by: Tom Servo at March 13, 2023 11:12 AM (trdmm)

46
In Janet Yellen's own words this morning - no, there won't be a bailout, but we are going to pay back everyone's deposits without any cuts even though 95% of them are uninsured.

In extremely similar news, Fauci this morning said that just because Covid came out of the viral research lab, that doesn't mean it's creation wasn't "natural".
Posted by: Tom Servo at March 13, 2023 11:08 AM (trdmm)

So far the plan seems to be to have the Federal Reserve (ie other banks) foot the bill.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:13 AM (eYoxG)

47 ...aaaaaaaand it's gone.

Posted by: BourbonChicken at March 13, 2023 11:13 AM (44ww/)

48 40 BTW, Joe also said everyone running the failed/failing banks would be fired.
-----------------------------------
Does that include Yellen?

Posted by: Pudinhead at March 13, 2023 11:13 AM (J7wri)

49 I'm glad to hear depositors/investors that lost their all can at least can feel good since Diversity and Sustainability were top of the list of the company's mission.

Posted by: Ripley at March 13, 2023 11:13 AM (cUYo/)

50 Husband is nauseous today. His investors owned over 3 million in debt in Signature Bank.

Posted by: Miss Issippi at March 13, 2023 11:13 AM (sI15f)

51 > Isn't there some investment vehicle that takes the opposite position of anything Cramer recommends?

Sure. Just find any person who isn't a screeching retard and ask him what investments to buy.

Cramer is the Paul Krugman of stock trading.

Posted by: Rodrigo Borgia at March 13, 2023 11:13 AM (bW8dp)

52 I wonder how many federal regulators have actually taken an accounting class? Econ 101?
Balance a checkbook?
Oh...right...math be like raycist 'n shit!

Posted by: Diogenes at March 13, 2023 11:14 AM (anj39)

53 40 BTW, Joe also said everyone running the failed/failing banks would be fired.
Posted by: andycanuck (Vwz3I) at March 13, 2023 11:12 AM (Vwz3I)

He left out the "but not if they're Democrats" part. But we know that's the rule.

Posted by: Tom Servo at March 13, 2023 11:14 AM (trdmm)

54 On this issue, unfortunately, the administration is unassailable.

If you're using the DOW and S and P 500 to support this claim, you may want to look again. Minimal gains since 2021.

Posted by: kallisto at March 13, 2023 11:14 AM (dCxaZ)

55 Moderna just went in a hiring freeze the essentially double its workforce.

Be warned.

Posted by: nurse ratched at March 13, 2023 11:14 AM (U2p+3)

56 BTW, Joe also said everyone running the failed/failing banks would be fired.

Well, gee, that's a relief. Don't want those people running those banks anymore even though they've been shut down.

Posted by: Blanco Basura - Z28.310 at March 13, 2023 11:14 AM (Bd6X8)

57 When you have bankers openly putting the DEI agenda over the fiduciary duty to safeguard client funds this is the inevitable result.

Fiduciary. They keep using that word. I don't think it means what they think it means.

Posted by: Inigo Montoya at March 13, 2023 11:14 AM (AiZBA)

58 Hiring SPREE dammit

Posted by: nurse ratched at March 13, 2023 11:14 AM (U2p+3)

59 37 The market is up b/c it believes rates will now freeze or possibly even drop within the next 6 months.

Posted by: Nova Local at March 13, 2023 11:11 AM (exHjb)

Isn't that a good thing, then? And all the SVB drama is irrelevant? Asking seriously.

Posted by: E. A. Blair at March 13, 2023 11:14 AM (5a2xV)

60 >>The Wall Street boys have halted trading for MANY bank shares already this morning.

When you essentially freeze trading on the sector that is in crisis it tends to give an unrealistic view of the market as a whole.

Turn those shares loose and then let's see where the market goes.

Posted by: JackStraw at March 13, 2023 11:15 AM (ZLI7S)

61 I gather that Yellen's "no bailout" is another semantic trick, because they plan on "loaning" the money to backstop the banking system instead of outright giving it to them.

Chances that the money will, in fact, be paid back: 0%
Chances that the taxpayer will take it in the shorts: 100%

https://tinyurl.com/3565xzsy

Posted by: Archimedes at March 13, 2023 11:15 AM (eOEVl)

62 Fuck these people. Let the bank fail, pay the FDIC insurance amount, ang go home learning a hard ass lesson.

Cramer is a douchebag. I am surprised he is still on TV screaming.

Posted by: Deplorable Ian Galt at March 13, 2023 11:15 AM (ufFY8)

63 So what Im reading about this is:

Apparently Peter Thiel found out about the HTM bonds, and realized they were basically cash-poor... and because of rising interest rates, and the locked in bonds... the bank ended up upside down with assets that couldn't cover their loans.

So he gets wind of it... and calls all the VC's he's invested in, and tells them to get their money out.

Peter Thiel is apparently who caused the crisis... and then other companies attempted to run payroll, and the bank simply didn't hold enough liquid funds to send payroll.

they were saying that it's worse than you'd think... because the companies were sending payroll for paychecks on the 15th

So... those company employees may not get paid. Etsy sellers won't get paid...etc.

Gonna be a wild show

Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:15 AM (VTu1l)

64 I've been watching videos on how to make a direct burial safe out of 6 inch PVC and two stout end caps. You can make it as long as you want. Add desiccant sacks.

Posted by: Maj. Healey at March 13, 2023 11:16 AM (DMyTF)

65 Pretty sure Silicon Valley will invent an Iphone app that makes solves this problem.

Posted by: Pudinhead at March 13, 2023 11:16 AM (J7wri)

66 The world is experiencing a psychotic break.

Posted by: Notorious BFD at March 13, 2023 11:16 AM (Xrfse)

67 59 37 The market is up b/c it believes rates will now freeze or possibly even drop within the next 6 months.

Posted by: Nova Local at March 13, 2023 11:11 AM (exHjb)

Isn't that a good thing, then? And all the SVB drama is irrelevant? Asking seriously.
Posted by: E. A. Blair at March 13, 2023 11:14 AM (5a2xV)

It depends. If SVB collapse causes the recession everyone has been saying will happen, it'll be a bad thing if it weren't already priced in (hard to say).

If there's no recession and rates just go down, that'll be good for stock prices and such.

There's still the other possibility of rates continuing to go up and this causing a recession though.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:16 AM (eYoxG)

68 Hiring SPREE dammit
Posted by: nurse ratched at March 13, 2023 11:14 AM (U2p+3)

Freeze, spree. In Newspeak they mean whatever one wants them to mean.

Posted by: Napoleon XIV at March 13, 2023 11:17 AM (AiZBA)

69 64 I've been watching videos on how to make a direct burial safe out of 6 inch PVC and two stout end caps. You can make it as long as you want. Add desiccant sacks.
Posted by: Maj. Healey at March 13, 2023 11:16 AM (DMyTF)

This is about me, isn't it?

Posted by: Nancy Pelosi at March 13, 2023 11:17 AM (Y5qcH)

70 I wonder what Thousand Millimeter Reich will say on this.

After all he used the IMF to bail out Mexico which in turn saved his buddies on Wall Street from losing their shirts.

Posted by: Anna Puma at March 13, 2023 11:17 AM (ELtLg)

71 BTW my heart just bleeds at the thought that woketarded etsy sellers selling junk items with PRIDE logos and colors may lose ungodly sums of money and have to close down their shops

it bleeds i says

so bleedy

Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:17 AM (VTu1l)

72 We recently were encouraged to invest in various bonds as the interest rates were climbing. Prior to last week I think we may have had about 3 bonds and/or securities that invested in bonds.

As of 11:15 this morning I'm up $16K. By 12:30 I'll probably be down 25K so...

Posted by: Martini Farmer at March 13, 2023 11:17 AM (Q4IgG)

73 Cramer is closed.

Posted by: Yellin out front should've told you at March 13, 2023 11:17 AM (DhOHl)

74 52 I wonder how many federal regulators have actually taken an accounting class? Econ 101?
Balance a checkbook?
Oh...right...math be like raycist 'n shit!
Posted by: Diogenes at March 13, 2023 11:14 AM (anj39)

Saw a bit of Ted Cruz questioning Biden's appointee to head the FAA. In a few easy questions, Cruz made it clear that this guy doesn't even know the most rudimentary things about flight operations. He's just being put there as a payoff for political services rendered.

Posted by: Tom Servo at March 13, 2023 11:17 AM (trdmm)

75 Biden blames Trump for SVB's failure. Sure big guy. Is there nothing the evil Trump can't do? Make trains derail, banks fail, draconian energy policies that has most Americans taking it in the shorts, sky-high grocery prices, and on, and on.

If your morning coffee tasted bitter, you can bet it was Trump's fault.

Posted by: Cheri at March 13, 2023 11:17 AM (oiNtH)

76 Low carbon world is another way to say you peons will be scrounging for firewood in order to keep warm.

Posted by: Sasquatch, the Original Trans-Wookie at March 13, 2023 11:18 AM (BVk3Y)

77 The left: Companies should not focus on profits. That's white supremacist capitalism!

Also the left: Why are all these businesses failing and the money the government is getting from taxes so low?

Posted by: 18-1 at March 13, 2023 11:18 AM (lc5cP)

78 63 So what Im reading about this is:

Apparently Peter Thiel found out about the HTM bonds, and realized they were basically cash-poor... and because of rising interest rates, and the locked in bonds... the bank ended up upside down with assets that couldn't cover their loans.

So he gets wind of it... and calls all the VC's he's invested in, and tells them to get their money out.

Peter Thiel is apparently who caused the crisis... and then other companies attempted to run payroll, and the bank simply didn't hold enough liquid funds to send payroll.

Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:15 AM (VTu1l)

That's kind of hilarious actually. Thiel is the big VC guru, lots of money just blindly follows whatever he does.

He's also gay but has some right-wing sympathies.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:18 AM (eYoxG)

79 Hmmm. Their points 2,3, and 5 are at odds with 6 "Responsible corporate government" I think half of point 1 is too. Sure employees should not feel like they are being treated as just a disposable cog that the company will over-use until it breaks. But over-empowered employees is like trying to run the company by oversized committee, a recipe for failure.

Posted by: PaleRider at March 13, 2023 11:18 AM (3cGpq)

80 I wonder how many investors/depositors in this turkey were not Democrats?

Posted by: Alberta Oil Peon at March 13, 2023 11:18 AM (tkR6S)

81 >>Peter Thiel is apparently who caused the crisis... and then other companies attempted to run payroll, and the bank simply didn't hold enough liquid funds to send payroll.

I think it's more accurate to say SVB caused the crisis, Thiel just happened to be the guy who looked behind the curtain.

The VCs didn't take their money out because Thiel told them too. They did it because they know agree with Thiel.

Posted by: JackStraw at March 13, 2023 11:19 AM (ZLI7S)

82 66 The world is experiencing a psychotic break.
Posted by: Notorious BFD at March 13, 2023 11:16 AM (Xrfse

That happened in 2020, or maybe even 2012. Now we're in the running down the street stark naked screaming while high on PCP phase.

Posted by: Tom Servo at March 13, 2023 11:19 AM (trdmm)

83 Biden blames Trump for SVB's failure. Sure big guy. Is there nothing the evil Trump can't do? Make trains derail, banks fail, draconian energy policies that has most Americans taking it in the shorts, sky-high grocery prices, and on, and on.

There is no statute of limitations on Trump's failures. He'll eventually be blamed for the heat death of the universe.

Posted by: Archimedes at March 13, 2023 11:19 AM (eOEVl)

84 Nice Morning Rant, Buck. Thanks.

It's just a repetitous game, played on our backs. To keep it going, "woke" has been added.

Taxing the rich: The record under Obama
by Jeanne Sahadi @CNNMoney January 30, 2015
The White House has already revealed many of President Obama's proposals to raise taxes on the rich that will be in his 2016 budget, due out Monday. Among them: A plan to increase investment taxes and get rid of the so-called "trust fund loophole" in the estate tax.

The idea is to help pay for other measures aimed at helping low- and middle-income families. They may also be used to help pay for increased government spending.

Calling for higher taxes on the rich has been a feature of every one of Obama's budgets since 2009. Remember the Buffett Rule? That would have imposed a minimum 30% effective federal tax rate on the very wealthy.
-----
Joe Biden for President (2020) - A Tale Of Two Tax Policies: Trump Rewards Wealth, Biden Rewards Work
----
UK Guardian, Sep 28, 2021 -
Barack Obama: tax the rich, including me, to fund Biden spending plan

Posted by: Lola at March 13, 2023 11:19 AM (GshMh)

85 Fuck Joe Biden.

Posted by: Mr Aspirin Factory at March 13, 2023 11:19 AM (CZBWZ)

86 And why did SVB need to sell those bonds at a loss to raise some cash? Because a couple of years ago the experts at the FED lowered the reserve requirements to zero (0) in its efforts to flood the economy with money (see fractional reserve banking). The function of reserves, as any Econ 101 student can tell you, is to meet any large and unexpected demand for withdrawals. To misquote South Park--
1)No reserves---
2)Run on bank----
3)Bankrupt bank-
Who could have known?

Posted by: timactual at March 13, 2023 11:19 AM (Cmxuw)

87 Bidet's nominee for the FAA is just like Joey himself, scum.

Posted by: Anna Puma at March 13, 2023 11:19 AM (ELtLg)

88 BTW, Joe also said everyone running the failed/failing banks would be fired.

-
I'd prefer they be burned.

Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at March 13, 2023 11:19 AM (FVME7)

89 81 >>Peter Thiel is apparently who caused the crisis.."

the little boy who said the Emperor had no clothes on was a traitor.

Posted by: Tom Servo at March 13, 2023 11:20 AM (trdmm)

90 Now we're in the running down the street stark naked screaming while high on PCP phase.

Now I'm bummed, I thought this would be the fun part.

Posted by: Blanco Basura - Z28.310 at March 13, 2023 11:20 AM (Bd6X8)

91 Rates still need to increase but the outrageous spending has to stop first. Which it won't.

Posted by: polynikes at March 13, 2023 11:20 AM (PlEV5)

92 So glad we are in a credit union. I know nothing is entirely foolproof, but a credit union is definitely better than the old timey bank setup. We still get "I'm Super Sorry" notes from Wells Bargle.

Getting a nice nest egg for our move to Anywhere But Colorado. Currently I am looking at Torrington WY.

Posted by: Pug Mahon, Keith's Son at March 13, 2023 11:20 AM (UQUAY)

93 Get woke, go broke.

Razorfist has suggested that it's actually the reverse. Companies who are going broke, go woke to try and delay the inevitable... probably to give the "leadership" time to milk a few more dollars from the dupes.

https://www.youtube.com/watch?v=Gdr01HQhPaQ

Posted by: I used to have a different nic at March 13, 2023 11:21 AM (GYIa4)

94 > He's also gay but has some right-wing sympathies.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:18 AM (eYoxG)

In other words, I'm gay, not stupid.

Posted by: Peter Thiel at March 13, 2023 11:21 AM (bW8dp)

95 I've been watching videos on how to make a direct burial safe out of 6 inch PVC and two stout end caps. You can make it as long as you want. Add desiccant sacks.
Posted by: Maj. Healey

Just know, depending on length, burying it vertically will be a bitch digging it out.

Posted by: rickb223 at March 13, 2023 11:21 AM (G8h7g)

96 I haven't watched Financial channels in years.
Is Liz Claman still around with her red hair and big tits?

She might be a bit long in the tooth now.

Posted by: anchorbabe fashion cop at March 13, 2023 11:21 AM (ufFY8)

97 That happened in 2020, or maybe even 2012. Now we're in the running down the street stark naked screaming while high on PCP phase.
Posted by: Tom Servo at March 13, 2023 11:19 AM (trdmm)

Then comes the face-eating bath salt phase.

Posted by: Mr Aspirin Factory at March 13, 2023 11:22 AM (CZBWZ)

98 Now we're in the running down the street stark naked screaming while high on PCP phase.

It would seem that way.

Posted by: Notorious BFD at March 13, 2023 11:22 AM (Xrfse)

99 Anyone know if the First Bank of Equity and Diversity of Brattleburo is selling shares?

Posted by: Diogenes at March 13, 2023 11:22 AM (anj39)

100 Things look bright, and it seems that any claims of an economic crisis were premature. On this issue, unfortunately, the administration is unassailable.
Posted by: E. A. Blair at March 13, 2023 11:09 AM (5a2xV)

Dammit! Stop that incessant whistling.

Posted by: The Graveyard at March 13, 2023 11:22 AM (tkR6S)

101 You forgot to mention that svb paid out full bonuses to all staff literally hours before being taken over by the govt

Posted by: FIB agent Brandon at March 13, 2023 11:22 AM (dUvBM)

102 I think it's more accurate to say SVB caused the crisis, Thiel just happened to be the guy who looked behind the curtain.

***************

Yeah i would say he triggered it, but isnt it nice all them rich people get the down low on whats happening and have a chance to sell their assets before it crashes while the rest of humanity gets fucked up the boony boon

yay

Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:22 AM (VTu1l)

103 Plan A right now is having the banks bailout each other(which is why the Federal Reserve was created originally, to do what JP Morgan did back in the day).

Plan B is the Treasury backstopping this stuff.

It remains to be seen whether Plan A will be particularly stressed, the scale and losses involved so far don't necessarily indicate that it'll be an issue.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:23 AM (eYoxG)

104 CBS says we not only funded the Wuhan lab, but we accidentally gave them TWICE AS MUCH MONEY

-
We double paid them and then the pandemic was a bust!

Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at March 13, 2023 11:23 AM (FVME7)

105 Joey Plugs just approved a new oil drilling project in Alaska. Communists and envirowhackos are lighting up Twatter.

Me, I'm still looking for the hidden hook in that bait. Hopefully it's as simple as "someone slipped 10% to the Big Guy".

Posted by: Rodrigo Borgia at March 13, 2023 11:23 AM (bW8dp)

106 Oh. I guess it isn't a bailout of VC titans and Roku because the burden will be borne by ppl who have bank deposits and not taxpayers. I hadn't considered that these are in reality two distinct groups. Wait...

Posted by: Thesokorus at March 13, 2023 11:23 AM (1ais2)

107 Where's JP Morgan when you need him ?

Posted by: polynikes at March 13, 2023 11:23 AM (PlEV5)

108 I have the opposite issue with my IRA. When I hear bonds I think of cities and states that will go broke or need a bailout in near future because their pensions are built on having 15% or some other stupidly optimistic annual return on the pension investments and GM where Obama bailed out the company but GM bond holders got screwed. Any of the "lower risk" mutual funds are because of investing in "safe bond markets" so I'm in the higher risk fund(s)

Posted by: PaleRider at March 13, 2023 11:23 AM (3cGpq)

109 BTW, Joe also said everyone running the failed/failing banks would be fired.
Posted by: andycanuck (Vwz3I) at March 13, 2023 11:12 AM (Vwz3I)

Can't give them a gummint job if they are already employed.

Posted by: Alberta Oil Peon at March 13, 2023 11:24 AM (tkR6S)

110 United Spot, hilarious:

Rumble link.

https://is.gd/5X7DqM

Posted by: Taq, Rickrolled by Jesus at March 13, 2023 11:24 AM (iKBwy)

111 I have a business idea, please invest, 1000% return!!!! Tulip Bulbs. That's right, gorgeous one of a kind Tulip bulbs. People will pay through the "nose" for these flowers. Its foolproof.

Posted by: Its turtles all the way down at March 13, 2023 11:24 AM (eRk30)

112 The market is a roller-coaster today . Futures last nit were up 300 , down 300 this am . When market opened went up to about 300, then down about 100 , now up 253.
Second fun fact: who was one of Signature Banks board of directors from2015-2020. That noted financial wiz Barney Frank. Signature Bank was closed by ny regulators. After1/6 Signature Bank forced Trump to remove his money an trust from a couple of accounts. Nice virtue signaling. Get woke go broke

Posted by: Smell the Glove at March 13, 2023 11:25 AM (3fyU/)

113 Finally, a little humor in the form of Schadenfreude!

Disney is slashing bookings for its Star Wars hotel because oddly nobody wants to drop $10,000 on a two-day cosplay at a Ramada Inn

Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at March 13, 2023 11:25 AM (FVME7)

114 Are we Sponge-less this morning?

Posted by: Bulgaroctonus at March 13, 2023 11:25 AM (sjxgf)

115 91 Rates still need to increase but the outrageous spending has to stop first. Which it won't.
Posted by: polynikes at March 13, 2023 11:20 AM (PlEV5)

That's the trap we're in. If we ever start spending less, much of this economy collapses because so much of it is being supported only by the spending. So we have to keep spending more and more and more until the entire system collapses under the weight of it all. A Choose the Form of the Destructor moment for our entire society.

Posted by: Tom Servo at March 13, 2023 11:25 AM (trdmm)

116 Trading was stopped for 30 banks this morning....so far. Big losses and they feared it would only get worse. It will.

Posted by: Cheri at March 13, 2023 11:26 AM (oiNtH)

117
Yeah i would say he triggered it, but isnt it nice all them rich people get the down low on whats happening and have a chance to sell their assets before it crashes while the rest of humanity gets fucked up the boony boon

yay
Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:22 AM (VTu1l)

Anyone who was closely following public information from the banks could've been aware of it. Rising rates and duration mismatches are a classic examples of leadups to banking crises. I don't think Thiel would've needed to rely on any private information, there are loads of people who could see this coming (if they are in the business of examining that bank). Thiel's job is knowing all about VC and things tied to VC, it's how he got rich.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:26 AM (eYoxG)

118 All the experts who didn’t see this this bank failure coming are also the ones now saying they don’t see any reason why SVB’s failure would be “contagious.”
++++
From what I understand of the failure - in essence, duration mismatch and poor balance sheet management - I see no reason to fear contagion. Unlike in 2008, when banks were falling like dominoes due to their interconnected complex of fraud and lies, this one looks more or less like a traditional - albeit large - bank failure that is getting a ton of press more because of what it does and who it serves (tech VC and a ton of tech companies) than how it failed.

I am not deep inside SVB's books or anything and so it could be worse than it looks, but it looks more like a run of the mill bank failure than a massive structural crack breaking open like what happened in 2007-2009.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:26 AM (t0OGg)

119 That happened in 2020, or maybe even 2012. Now we're in the running down the street stark naked screaming while high on PCP phase.
Posted by: Tom Servo at March 13, 2023 11:19 AM (trdmm)

You say that like it's a bad thing.

Posted by: Rodney King at March 13, 2023 11:26 AM (ufFY8)

120 The irony of all this is the FDIC itself only maintains a fractional reserve. The plan was always to have the Fed print money to cover deposits.

But at least the FDIC was created by Congress. The Fed covering deposits >$250,000 has no basis in law.

Posted by: sniffybigtoe at March 13, 2023 11:26 AM (Y5qcH)

121 The entire creaking, groaning edifice of our banking, financial and economic systems rest on the backs of some very tired turtles.

It's going break and when it breaks, it's going to break bad.

Posted by: Thomas Bender at March 13, 2023 11:27 AM (XFPre)

122 In order for the government to successfully backstop the banks, the government needs to be seen as at least competent and certainly not an extension of the banks.

That may never have been true but now the PR campaign failed too.

Posted by: Oschisms at March 13, 2023 11:27 AM (0A5+1)

123 Trump "helped" fix the banking system by overturning Dodd-Frank, just like his "helped" with infant formula, agriculture products, rail safety, and C-19. Democrats- cleaning up after Republicans for at least the last 60 years.

he did his job I mean, he works for Putin, and his job in office was to weaken (or destroy if possible) the U.S., NATO, and democracy in general. He did pretty well at it; we will never completely recover from the damage he inflicted,

And the oligarchy! Don't forget the billionaires! red don is their greatest friend--gets the rube vote to enact massive tax cuts.

The bill revoking Dodd-Frank wouldn't have made it to his desk without bipartisan support 17 Dems joined republicans to defeat a filibuster in the senate to pass this bill. 😢🤬

Posted by: Intrepid Democratic Underground AoS Liaison at March 13, 2023 11:27 AM (JCZqz)

124 103 Plan A right now is having the banks bailout each other(which is why the Federal Reserve was created originally, to do what JP Morgan did back in the day).

Plan B is the Treasury backstopping this stuff.

It remains to be seen whether Plan A will be particularly stressed, the scale and losses involved so far don't necessarily indicate that it'll be an issue.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:23 AM (eYoxG)

There is more than a nominal diff btwn A and B?

They'll buy back at par. This seems sig. Greece might be a little angry.

Has the USD been redefined as a T-bill?

Posted by: Thesokorus at March 13, 2023 11:27 AM (1ais2)

125 Sponge less?

Try a lufa instead.

Posted by: Anna Puma at March 13, 2023 11:27 AM (ELtLg)

126 Morning.

*Sips coffee*

I say fuck 'em all.

Posted by: Robert at March 13, 2023 11:27 AM (1Yy3c)

127 That's the trap we're in. If we ever start spending less, much of this economy collapses because so much of it is being supported only by the spending. So we have to keep spending more and more and more until the entire system collapses under the weight of it all. A Choose the Form of the Destructor moment for our entire society.
Posted by: Tom Servo at March 13, 2023 11:25 AM (trdmm)

I don't agree with the belief that reduced government spending is recessionary.

When you pay a guy to dig pointless ditches, his labor is just being used for that instead of something productive. Ceasing to pay him for that purpose and allowing him to be employed elsewhere strengthens an economy, it doesn't weaken it.

The demilitarization after WWII is a great example. People thought there'd be a massive recession and massive unemployment with all the ex-soldiers about. Didn't happen.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:28 AM (eYoxG)

128 Anyone who was closely following public information from the banks could've been aware of it.

*************

its possible, but that seems like a full time job to track whats going on and also requires some knowledge of how the banking system works, something I would imagine most normies who are busy working two jobs to buy eggs likely wouldnt be able to do

Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:28 AM (VTu1l)

129 But at least the FDIC was created by Congress. The Fed covering deposits >$250,000 has no basis in law.
Posted by: sniffybigtoe at March 13, 2023 11:26 AM (Y5qcH)

you say that like you think it matters.

Posted by: Tom Servo at March 13, 2023 11:28 AM (trdmm)

130 I'm a little disappointed, although not unexpected, at some conservatives feeding the fear by dark forecasts of how bad it would be if this spread.

Some with the, "they're gonna force us to digital currency" and others on the "you could lose your money at your bank."

Neither are true but the conservative instincts to conserve is being used against us again. Nothing about the current banking system favors limiting the size, scope and reach of government. Everything about the current banking system is designed to control and enslave the people to the rich and the government.

Why are we bothering to protect the hand that whips us merely because it holds our few grains of corn in the other?

Posted by: People's Hippo Voice at March 13, 2023 11:28 AM (XuB58)

131 I just want to tell you good luck, Mr. Cramer. We're all counting on you.

Posted by: Dr. Rumack at March 13, 2023 11:29 AM (Lwmfp)

132 Janet Yellen is just an older Pete Bootyjudge

Posted by: Yo! Ultra maga at March 13, 2023 11:29 AM (a+qPg)

133 Joey Plugs just approved a new oil drilling project in Alaska. Communists and envirowhackos are lighting up Twatter.

Me, I'm still looking for the hidden hook in that bait. Hopefully it's as simple as "someone slipped 10% to the Big Guy".

Posted by: Rodrigo Borgia

Got into it with some people on Facebook about salt water desalination plants. Someone mentioned solar stills. Another group made fun and said solar doesn't scale up.

I told them, if solar doesn't scale up for a desalination plant, it'll never work for every home, business and recharge 300 million vehicles overnight. Every day.

Yeah. Oil and coal isn't going anywhere.

Posted by: rickb223 at March 13, 2023 11:29 AM (G8h7g)

134 Investors are likely wiped out.
++++
As it should be. When banks fail, the assets are sold off. Depositors are made whole first, then senior bondholders, then subordinate bond holders, then unsecured bond holders, then equity owners. There is rarely any equity left when a bank fails (it had equity, it probably wouldn't have failed).

There is no reason - any bank run even remotely honestly - for depositors to ever lose money. The FDIC is more of a bridge than a true insurer. The FDIC gets makes the depositors whole (up to the limits), then gets made whole itself in the liquidation. Then down the capital chain until the money runs out.

So yeah, SVB junior bondholders and equity holders are likely going to see those investments go to zero. Senior bondholders will probably get something. Unless the FDIC decides to bail out the whole bank and play bond insurer like they have such a rich history of doing.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:29 AM (t0OGg)

135 I recommend watching: Too Big to Fail

All about the 2008 meltdown, and machinations to save "the economy"

*****

If we're going to bail out these fine fellows (fellas), I want to include a claw back on all salary and bonuses for all the executive level team...AT MINIMUM.

Posted by: browndog Official Mascot of Team Gizzard at March 13, 2023 11:29 AM (CCSxw)

136
Out: Inflation & Recessions have been redefined out of existence.
In: Lab Leaks & Bailouts have been redefined out of existence.

[At least unless and until there's another R POTUS.]

Posted by: ShainS -- The Abolition of The West is from Men Without Chests at March 13, 2023 11:29 AM (EN9A4)

137 BTW, Joe also said everyone running the failed/failing banks would be fired.

Oh!
Just like in the Ukraine?

Posted by: Diogenes at March 13, 2023 11:29 AM (anj39)

138 There is more than a nominal diff btwn A and B?

They'll buy back at par. This seems sig. Greece might be a little angry.

Has the USD been redefined as a T-bill?
Posted by: Thesokorus at March 13, 2023 11:27 AM (1ais2)

There is.

Under Plan A, the banks and their shareholders are largely eating the losses. The Federal Reserve is a privately owned banking cartel, losses to it are losses to the shareholders, which are banks.

Under Plan B, the taxpayer is eating the losses. This is the government stepping in when the banks collectively cannot stem the panic.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:29 AM (eYoxG)

139 Cramer is a douchebag. I am surprised he is still on TV screaming.
Posted by: Deplorable Ian Galt at March 13, 2023 11:15 AM (ufFY

-----

Someone once did a comparison...take Kramer's advice, versus investing in a fund invested in the S&P 500? was it? Anyway, as you can guess, the fund did much better than Kramer.

Posted by: Blake - semi lurker at large at March 13, 2023 11:29 AM (2YtOq)

140 Are banks going to have to wear masks to flatten the curve?

Posted by: NR Pax at March 13, 2023 11:30 AM (4olE8)

141 I'm glad to hear depositors/investors that lost their all can at least can feel good since Diversity and Sustainability were top of the list of the company's mission.

Posted by: Ripley at March 13, 2023 11:13 AM (cUYo/)

yes tonight when their heads hit their downy pillows they can happily dream on the incontrovertible fact that "Love is Love h8r"

Posted by: kallisto at March 13, 2023 11:30 AM (dCxaZ)

142 @118. A couple of other banks have similar bond profiles. The Fed and other agencies are going to be playing wack a mole with banks and financial institutions over the next year because the easy money allowed for too many bad decisions . Might not be the same reasons but the root cause is the same

Posted by: Smell the Glove at March 13, 2023 11:30 AM (3fyU/)

143 I am not deep inside SVB's books or anything and so it could be worse than it looks, but it looks more like a run of the mill bank failure than a massive structural crack breaking open like what happened in 2007-2009.
Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:26 AM (t0OGg)

Looks to me like Fed wants to continue raising bps in a context of massive systemic risk of insufficient liquidity. Due to rules allowing huge non-hedged positions in UST.

QE by another name.

Posted by: Thesokorus at March 13, 2023 11:30 AM (1ais2)

144 Larry Fink, the CEO of BlackRock, devised the ESG scoring system. Aside from controlling ~$11 trillion in assets, Fink is also a prominent board member of the World Economic Forum. BlackRock's AI Aladdin, which Fink oversees, is the most sophisticated AI ever constructed, and is said to be able to predict the (short-term) future, specifically economic trends, with uncanny accuracy.

All that is happening is intentional.

Posted by: troyriser at March 13, 2023 11:30 AM (7Cx1V)

145 You all know what I am going to say... don't you...

Posted by: Chip Diller at March 13, 2023 11:30 AM (flINI)

146 Some with the, "they're gonna force us to digital currency" and others on the "you could lose your money at your bank."

************

never let a crisis go to waste

believe every conspiracy

Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:31 AM (VTu1l)

147 Under Plan A, the banks and their shareholders are largely eating the losses. The Federal Reserve is a privately owned banking cartel, losses to it are losses to the shareholders, which are banks.

Under Plan B, the taxpayer is eating the losses. This is the government stepping in when the banks collectively cannot stem the panic.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:29 AM (eYoxG)

The Venn of people paying are two distinct circles?

Posted by: Thesokorus at March 13, 2023 11:31 AM (1ais2)

148 All actions have unforeseen consequences, as will this one.
++++
Yup. They're trying to avoid bank runs by offering a mealy-mouthed, unbacked "backstop" like they did for decades with Fannie Mae. "There is no government insurance for any Fannie Mae instrument."

Until the chips were down, when they paid anyway. This is likely a similar motivation in this case. Promise nothing, but set the expectation that it will happen. The FDIC can't afford it, but they're betting that they won't need to. They'll step in over maximums whenver needed but get made whole in the liquidation or via the Fed. That bet has worked so far. It is a bad bet on an indefinite time scale, though.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:31 AM (t0OGg)

149 Joey Plugs just approved a new oil drilling project in Alaska. Communists and envirowhackos are lighting up Twatter.

Me, I'm still looking for the hidden hook in that bait. Hopefully it's as simple as "someone slipped 10% to the Big Guy".

Posted by: Rodrigo Borgia

Call me when the drilling starts. Would guess this approval is accompanied by the world's most onerous regulations, leading to not a single drop of oil being produced.

But hey, in the debate, Joey can say that he approved it.

Posted by: The Central Scrutinizer at March 13, 2023 11:32 AM (KbCG3)

150
Just back from moving sizable dollars from regional bank to my credit union. No free toaster or alarm clock. Bummed.

Posted by: Divide by Zero at March 13, 2023 11:32 AM (enJYY)

151 Let's stop EBT cards for a real crash.

Personal debt and spending are a real issue, and this inflation will cause some things to break.

Posted by: Deplorable Ian Galt at March 13, 2023 11:32 AM (ufFY8)

152 126 Morning.

*Sips coffee*

I say fuck 'em all.
Posted by: Robert at March 13, 2023 11:27 AM (1Yy3c)

May I:

https://tinyurl.com/mskzpe53

It's evergreen...

Posted by: browndog Official Mascot of Team Gizzard at March 13, 2023 11:32 AM (CCSxw)

153 Is there ever a reason to pay attention to Jim Cramer?

Posted by: Dr. Claw at March 13, 2023 11:32 AM (YohY1)

154 I doubt that SVB's wokeness is all that relevant in their collapse. This likes like a good old fashioned case of balance sheet and duration mismanagement. Now, did the focus on woke shit cause them to take their eyes off the ball or lose people competent enough to do a good job? There, I have no idea.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:33 AM (t0OGg)

155 Yellen looks like she smells of cat piss.

Posted by: Mr Aspirin Factory at March 13, 2023 11:33 AM (CZBWZ)

156 > Disney is slashing bookings for its Star Wars hotel because oddly nobody wants to drop $10,000 on a two-day cosplay at a Ramada Inn
Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at March 13, 2023 11:25 AM (FVME7)

Especially not when you know it's going to be 100% wokescold lectures, 0% fun.

Posted by: Rodrigo Borgia at March 13, 2023 11:33 AM (bW8dp)

157 Who bought SVB's bonds they sold at a loss?

Someone thought they were worth having.

Posted by: torabora at March 13, 2023 11:33 AM (5eyqn)

158 Is there ever a reason to pay attention to Jim Cramer?
Posted by: Dr. Claw at March 13, 2023 11:32 AM (YohY1)
++++
Yes, to learn what to sell.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:33 AM (t0OGg)

159 One more thing; One of the functions of the Federal Reserve is to be a "lender of last resort".
From "Investopedia"--

" A lender of last resort provides emergency credit to financial institutions that are struggling financially and near collapse.
The Federal Reserve, or other central bank, typically acts as the lender of last resort to banks that no longer have other available means of borrowing, and whose failure to obtain credit would dramatically affect the economy.
Some argue that having a lender of last resort encourages moral hazard: that banks can take excessive risks knowing that they will be bailed out."

Posted by: timactual at March 13, 2023 11:33 AM (Cmxuw)

160 When you pay a guy to dig pointless ditches, his labor is just being used for that instead of something productive. Ceasing to pay him for that purpose and allowing him to be employed elsewhere strengthens an economy, it doesn't weaken it.

The demilitarization after WWII is a great example. People thought there'd be a massive recession and massive unemployment with all the ex-soldiers about. Didn't happen.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:28 AM (eYoxG)

In a pure and theoretical sense, you're correct. Our problem is the debt load, which now is so high that it can never be repaid. In order to get back to being a productive economy, all debts have to be defaulted on - and yes that means the collapse of the Social Security system and all private and government pensions. No one is willing to face the reality of that, so we are going to just keep stumbling along in an ad hoc scrambling everytime some piece of the system goes bad, until it all collapses at once.

I get why younger people are so depressed - there really is no long term hope for any of this. My biggest hope is that I die before the worst happens.

Posted by: Tom Servo at March 13, 2023 11:33 AM (trdmm)

161 Disney is slashing bookings for its Star Wars hotel because oddly nobody wants to drop $10,000 on a two-day cosplay at a Ramada Inn
Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at March 13, 2023 11:25 AM (FVME7)
++++
$5k a night for a Star Wars themed hotel (probably nice, but still...) and convention? Seriously?

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:34 AM (t0OGg)

162 PS
It ain't rocket science, folks.

Posted by: timactual at March 13, 2023 11:34 AM (Cmxuw)

163 When you pay a guy to dig pointless ditches, his labor is just being used for that instead of something productive. Ceasing to pay him for that purpose and allowing him to be employed elsewhere strengthens an economy, it doesn't weaken it.

The demilitarization after WWII is a great example. People thought there'd be a massive recession and massive unemployment with all the ex-soldiers about. Didn't happen.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:28 AM (eYoxG)

The Great North American Dignity Canal is scarcely pointless.

Posted by: Alberta Oil Peon at March 13, 2023 11:34 AM (tkR6S)

164 In this new church, parents give more to the church than their own children.
Just like Repo Man.

Posted by: humphreyrobot at March 13, 2023 11:34 AM (el3fG)

165 128 Anyone who was closely following public information from the banks could've been aware of it.

*************

its possible, but that seems like a full time job to track whats going on and also requires some knowledge of how the banking system works, something I would imagine most normies who are busy working two jobs to buy eggs likely wouldnt be able to do
Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:28 AM (VTu1l)

Yeah, it is a full time job, which is why there are people who have full time jobs dedicated to it. While I have a skillset(many minimally experienced college grads could) that could determine this information if I looked at them, my job doesn't involve looking at them so I didn't see this coming. It just wasn't on my radar.

He's not cheating with inside information(at least most likely, it's also possible he is), but he's got an obvious edge from all the time and effort he dedicates to it.

Markets are not fair in the sense of everyone being equally knowledgeable and skilled.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:34 AM (eYoxG)

166 @127

>> A Choose the Form of the Destructor moment for our entire society.

This is called The Tiki Lounge Theory of Economic Function.

They're busting the joint out while their is still something to bust out.

Posted by: Thomas Bender at March 13, 2023 11:34 AM (XFPre)

167 Rep. Matt Gaetz @RepMattGaetz · 45m

@MariaTeresa says the quiet part out loud on @MeetThePress

Silicon Valley Bank is the “Democrats’ ATM”

Maybe this is why they got a corrupt bailout without so much as a VOTE by the elected representatives of the people.

Sickening!

Posted by: andycanuck (Vwz3I) at March 13, 2023 11:35 AM (Vwz3I)

168 In a pure and theoretical sense, you're correct. Our problem is the debt load, which now is so high that it can never be repaid. In order to get back to being a productive economy, all debts have to be defaulted on - and yes that means the collapse of the Social Security system and all private and government pensions. No one is willing to face the reality of that, so we are going to just keep stumbling along in an ad hoc scrambling everytime some piece of the system goes bad, until it all collapses at once.

I get why younger people are so depressed - there really is no long term hope for any of this. My biggest hope is that I die before the worst happens.
Posted by: Tom Servo at March 13, 2023 11:33 AM (trdmm)

Is it the debt load or the debt service?

Posted by: Thesokorus at March 13, 2023 11:35 AM (1ais2)

169 JRB "No losses will be — and this is an important point — no losses will be borne by the taxpayers; let me repeat that, no losses will be borne by the taxpayer," Biden said Monday in remarks delivered from the White House. "Instead the money will come from the fees that banks pay into the Deposit Insurance Fund."

FDIC (Reform): To restore confidence in banks and encourage savings, Congress created the FDIC to ensure bank customers against the loss of up to $5,000 of their deposits if their bank should fail. Created by the Glass-Steagall Banking Reform Act of 1933, the FDIC is still in existence.

Posted by: Lola at March 13, 2023 11:36 AM (GshMh)

170
Joey Plugs just approved a new oil drilling project in Alaska. Communists and envirowhackos are lighting up Twatter.

Me, I'm still looking for the hidden hook in that bait. Hopefully it's as simple as "someone slipped 10% to the Big Guy".

Posted by: Rodrigo Borgia

Is that the one called "Willow?"

Posted by: Bertram Cabot, Jr. at March 13, 2023 11:36 AM (63Dwl)

171 " A lender of last resort provides emergency credit to financial institutions that are struggling financially and near collapse.
The Federal Reserve, or other central bank, typically acts as the lender of last resort to banks that no longer have other available means of borrowing, and whose failure to obtain credit would dramatically affect the economy.
Some argue that having a lender of last resort encourages moral hazard: that banks can take excessive risks knowing that they will be bailed out."
Posted by: timactual at March 13, 2023 11:33 AM (Cmxuw)

Now understand that what the Fed "lends" to other banks is just an entry on it's balance sheet and therefore money printed out of thin air and you'll understand by the purchasing price of the $ goes down every single year.

Posted by: sniffybigtoe at March 13, 2023 11:36 AM (Y5qcH)

172 Who bought SVB's bonds they sold at a loss?

Someone thought they were worth having.
Posted by: torabora at March 13, 2023 11:33 AM (5eyqn)
++++
They are worth having, just not at full original cost - if, that is, you expect the borrower to pay. If the borrower is the US Federal Government, the odds of payment are quite good but the price will fall anyway because it has to. If new bonds are being issued for 95 cents on the dollar, you will not get 99 cents on the dollar for your old bonds, even though that's what you had to pay for them. You'll get 95 cents, or you have to hold the security until it matures to get your 100 cents.

If you can't afford to hold it because you've run out of money, you have to sell it and take the loss.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:36 AM (t0OGg)

173 154 I doubt that SVB's wokeness is all that relevant in their collapse. This likes like a good old fashioned case of balance sheet and duration mismanagement. Now, did the focus on woke shit cause them to take their eyes off the ball or lose people competent enough to do a good job? There, I have no idea.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:33 AM (t0OGg)

When you divert resources and hire people based on factors other than their ability to fulfill your company's mission, you're actively funding your own demise.

Was a commitment to wokeness a direct contribution? Can't prove a negative but you can say that their resource output wasn't being applied optimally.

Posted by: The Central Scrutinizer at March 13, 2023 11:36 AM (KbCG3)

174 You know...Bernie Sanders just introduced a bill that could solve these problems:

Sen. Bernie Sanders (I-Vt.) introduced legislation on Thursday that would make the minimum pay for public school teachers in the U.S. $60,000 a year, following calls from President Biden to give teachers a raise last month.

The Pay Teachers Act of 2023, co-sponsored by a number of lawmakers including Sens. Elizabeth Warren (D-Mass.) and Ed Markey (D-Mass.), would provide states with federal funds to establish minimum teacher salaries of at least $60,000 a year.

If we just make the minimum pay for all jobs $60,000 a year, everyone would have plenty of money!!!

Posted by: Intrepid Democratic Underground AoS Liaison at March 13, 2023 11:36 AM (JCZqz)

175 This is called The Tiki Lounge Theory of Economic Function.

They're busting the joint out while their is still something to bust out.
Posted by: Thomas Bender

Goodfellas.

Posted by: Mr Aspirin Factory at March 13, 2023 11:36 AM (CZBWZ)

176 I told them, if solar doesn't scale up for a desalination plant, it'll never work for every home, business and recharge 300 million vehicles overnight. Every day.

Yeah. Oil and coal isn't going anywhere.
Posted by: rickb223 at March 13, 2023 11:29 AM (G8h7g)

bingo. And the only energy source that really makes sense for desalination plants is a dedicated nuclear reactor.

Posted by: Tom Servo at March 13, 2023 11:36 AM (trdmm)

177 I'm sorry for SVB investors, who will likely lose everything, and especially for the depositors. The depositors will probably get their money back, and possibly soon if the bank is sold to a mega-bank as I expect.

But as for the bank itself and its super-woke executives? I feel so so so bad for them that I hope they get the good street corner when they're unemployed and sucking off hobos to make ends meet.

Posted by: Elric Blade at March 13, 2023 11:37 AM (iFTx/)

178 I know!
I know!
*waves hand furiously*

Put the Vice President in charge of the crises!

Posted by: torabora at March 13, 2023 11:37 AM (5eyqn)

179 Heres what I think:
If you look past the fear, and look past the happy words of the government regulators, what you see is the FDIC hiding the biggest con: They don't have any "insurance."

What they have a social security like IOUs.

They "promise" to "insure" individual deposits (taxpayers). But where is that money really going to come from? A real insurance company would have assets and investments it could liquidate.

That IOU is backed by you, the taxpayer. That's the real source of the fear-stoking-- they need to stampede the public into protecting banks lest the public find out there is no money and there is no insurance.

Posted by: People's Hippo Voice at March 13, 2023 11:37 AM (XuB58)

180 Is there ever a reason to pay attention to Jim Cramer?

-
That whole Cosmo thing was funny.

Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at March 13, 2023 11:37 AM (FVME7)

181 147 Under Plan A, the banks and their shareholders are largely eating the losses. The Federal Reserve is a privately owned banking cartel, losses to it are losses to the shareholders, which are banks.

Under Plan B, the taxpayer is eating the losses. This is the government stepping in when the banks collectively cannot stem the panic.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:29 AM (eYoxG)

The Venn of people paying are two distinct circles?
Posted by: Thesokorus at March 13, 2023 11:31 AM (1ais2)

Banks and people invested in banks are also taxpayers, but mostly they're pretty distinct. A blue collar worker with no bank stocks doesn't pay anything under Plan A.

A Federal Reserve bailout of banks is like JP Morgan(the original man) bailing out banks back in the 1900s. Other random citizens are not getting financial exposure from it.

It's what the Federal Reserve was originally created for.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:37 AM (eYoxG)

182 He's not cheating with inside information(at least most likely, it's also possible he is), but he's got an obvious edge from all the time and effort he dedicates to it.

Markets are not fair in the sense of everyone being equally knowledgeable and skilled.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:34 AM (eYoxG)

How much time should a plumber spending evaluating the hedging practices of his bank?

Posted by: Thesokorus at March 13, 2023 11:38 AM (1ais2)

183 > If we just make the minimum pay for all jobs $60,000 a year, everyone would have plenty of money!!!

Hell, just make it $1 billion per hour. Then everyone can work for one hour, and retire to a life of luxury.

That would work, right?

Posted by: Rodrigo Borgia at March 13, 2023 11:38 AM (bW8dp)

184 PJM: UNREAL HuffPost Personal Propaganda: The Harrowing Tale of a Six-Year-Old's Gender Transition

https://tinyurl.com/yc4atkhx

Posted by: Robert at March 13, 2023 11:38 AM (1Yy3c)

185 It is worth noting that historically Plan A of the banks bailing out each other fails a lot. It does succeed sometimes though.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:38 AM (eYoxG)

186 Glad to see rich assholes get it in the shorts.

Not because they are rich, but because they are assholes.

I sure do hope more rich assholes take it in the shorts in the future.

Posted by: Hairyback Guy at March 13, 2023 11:38 AM (LAno9)

187 "@MariaTeresa says the quiet part out loud on @MeetThePress

Silicon Valley Bank is the “Democrats’ ATM”

I though that was FTX? How many more Dem ATM's are going to fail?

Posted by: Ripley at March 13, 2023 11:38 AM (cUYo/)

188 IMO SVB was a poorly run bank that failed. I'd bet there are much smaller banks that have the same issues, less cash and fail all the time and there's no screaming headlines about them.

It's news because Silicon Valley, lots of money and Democrats are affected.

Posted by: Martini Farmer at March 13, 2023 11:39 AM (Q4IgG)

189 Banks and people invested in banks are also taxpayers, but mostly they're pretty distinct. A blue collar worker with no bank stocks doesn't pay anything under Plan A.

A Federal Reserve bailout of banks is like JP Morgan(the original man) bailing out banks back in the 1900s. Other random citizens are not getting financial exposure from it.

It's what the Federal Reserve was originally created for.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:37 AM (eYoxG)

The Banks wilk not pass the loss onto anyone?

Posted by: Thesokorus at March 13, 2023 11:39 AM (1ais2)

190 its possible, but that seems like a full time job to track whats going on and also requires some knowledge of how the banking system works, something I would imagine most normies who are busy working two jobs to buy eggs likely wouldnt be able to do
Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:28 AM (VTu1l)
++++
It is a full time job. And this is the full time job the regulators are supposed to be doing. This is what the "prompt corrective action" stuff at the FDIC was put into place to deal with after they were caught completely unprepared during the S&L crisis. The FDIC is supposed to be keeping close watch on the insured institutions, and is supposed to intervene early to prevent messy bank failures and avoid massive avoidable losses or contagion.

The FDIC has never done this well.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:39 AM (t0OGg)

191 > Is that the one called "Willow?"
Posted by: Bertram Cabot, Jr. at March 13, 2023 11:36 AM (63Dwl)

Yep.

Posted by: Rodrigo Borgia at March 13, 2023 11:39 AM (bW8dp)

192 182 He's not cheating with inside information(at least most likely, it's also possible he is), but he's got an obvious edge from all the time and effort he dedicates to it.

Markets are not fair in the sense of everyone being equally knowledgeable and skilled.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:34 AM (eYoxG)

How much time should a plumber spending evaluating the hedging practices of his bank?
Posted by: Thesokorus at March 13, 2023 11:38 AM (1ais2)

None if he has less than $250k with it. If you've got more than that with a bank, it's time to start looking at how to keep that money safe.

Or if he's investing money in a stock, then it also behooves him to know the company.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:40 AM (eYoxG)

193 Is it the debt load or the debt service?
Posted by: Thesokorus at March 13, 2023 11:35 AM (1ais2)

I suppose I was thinking about the debt load, but if interest rates go up too much more then the debt service could get to where it needs as much money as the entire yearly budget for everything just to keep up. And that's when you start borrowing money just to pay the interest on the borrowed money, and that's when everything really goes into overdrive.

Posted by: Tom Servo at March 13, 2023 11:40 AM (trdmm)

194 It is unbelievable that this is happening...

Posted by: Sham Bankfraud Fiend at March 13, 2023 11:40 AM (flINI)

195 Joey Plugs just approved a new oil drilling project in Alaska. Communists and envirowhackos are lighting up Twatter.

-
Won't somebody think about the moose? Mooses? Meese?

Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at March 13, 2023 11:40 AM (FVME7)

196 Let me just toss this out there: do these bank failures really surprise anyone?

I going to say that while we didn't know the specific bank which would fail, we certainly knew it was only a matter of time before something like this happened.

Posted by: Blake - semi lurker at large at March 13, 2023 11:41 AM (2YtOq)

197 137 BTW, Joe also said everyone running the failed/failing banks would be fired.

Does he have the authority to do that? I assume not but I don't actually know.

Posted by: N. Lurker at March 13, 2023 11:41 AM (eGTCV)

198 95 I've been watching videos on how to make a direct burial safe out of 6 inch PVC and two stout end caps. You can make it as long as you want. Add desiccant sacks.
Posted by: Maj. Healey

Just know, depending on length, burying it vertically will be a bitch digging it out.
Posted by: rickb223 a

Good advice. I'm planning to bury two 24" ones horizontally about 8 inches deep. One might be standing up vertically.

Posted by: Maj. Healey at March 13, 2023 11:41 AM (DMyTF)

199 The Banks wilk not pass the loss onto anyone?
Posted by: Thesokorus at March 13, 2023 11:39 AM (1ais2)

The model for passing it onto anyone would be Plan B, getting the government to somehow bail them out. Which the government has said exists as a backstop option here.

The banks also may push for more regulation as a result, killing off smaller competitors which would help profit margins.

But in the sense of someone else directly paying? No, a successfully executed plan A is only an immediate loss to the banks.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:42 AM (eYoxG)

200 People on Twitter were saying that the government is bailing out the bank. Is that true?

Someone else who is "good at" finances said it was some other program already in place that was being employed and would help some, maybe other banks buying their accounts at a discount?

Posted by: Synova at March 13, 2023 11:42 AM (BD/yx)

201 Invest your money in AOS Bank. Just click the link in the left sidebar. Deposits are not insured, and you will not receive a monthly statement. But rest assured, your money is mostly safe.

Posted by: Cat Ass Trophy at March 13, 2023 11:42 AM (c6mm0)

202 ... They "promise" to "insure" individual deposits (taxpayers). But where is that money really going to come from? A real insurance company would have assets and investments it could liquidate. ...
Posted by: People's Hippo Voice at March 13, 2023 11:37 AM (XuB5

++++
The FDIC has reserves. The participating banks pay into the insurance scheme. There's a premium paid for the insurance. If the FDIC's reserves are tapped out, that is where the "full faith and credit" piece comes in. The FDIC gets shored up by the treasury if the FDIC exhausts its reserves. The FDIC is not actuarially strong, but it is not nothing, either.

But the actuarial tables get blown to hell if you suddenly decide that there are no limits to coverage. This is why the FDIC limit is a thing, and why deciding it doesn't matter anymore gets very expensive very quickly.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:42 AM (t0OGg)

203 Trump's breath caused this bank to collapse !!!!!

Posted by: Dorcus Blimeline at March 13, 2023 11:42 AM (p3lya)

204 though that was FTX? How many more Dem ATM's are going to fail?
Posted by: Ripley at March 13, 2023 11:38 AM (cUYo/)
----

Signature Bank is another.

Posted by: Blake - semi lurker at large at March 13, 2023 11:42 AM (2YtOq)

205 How much time should a plumber spending evaluating the hedging practices of his bank?
Posted by: Thesokorus at March 13, 2023 11:38 AM (1ais2)

why don't we just deposit $1,000,000 in special bank accounts for every man, woman, and child in the US? Just have the Fed create it all out of thin air. Everyone will have money! Everyone be happy! What could go wrong?

Posted by: Tom Servo at March 13, 2023 11:43 AM (trdmm)

206 Wasn’t Cramer the one who kicked off the Tea Party movement in Obummer’s first term?

Posted by: Bulgaroctonus at March 13, 2023 11:43 AM (sjxgf)

207 @175

>>Goodfellas

How things actually work in the real world can be deciphered from watching GoodFellas, Office Space and Invasion of The Body Snatchers.

Posted by: Thomas Bender at March 13, 2023 11:43 AM (XFPre)

208 Cramer endorsed SIGNATURE BANK as well, just saw a clip posted of him telling people to buy it

Posted by: Patrick From Ohio at March 13, 2023 11:44 AM (zz9et)

209 This calls for the magic Biden powers up falling up a set of stairs.

Posted by: Pudinhead at March 13, 2023 11:44 AM (J7wri)

210 God knows I'm not defending Becker on this, but usually officers of a company have to declare well in advance they want to trade shares in their own company and there is only a narrow window each quarter in which they can buy or sell their own company's stock. At least that use to be my experience in dealing with this years ago. Maybe someone can help me on current rules.

Posted by: ID Gent at March 13, 2023 11:44 AM (gFw4A)

211 64
' I've been watching videos on how to make a direct burial safe out of 6 inch PVC and two stout end caps. You can make it as long as you want. Add desiccant sacks.'

For what? A low budget funeral?

Posted by: Dr. Claw at March 13, 2023 11:44 AM (YohY1)

212 Two of them have failed so far. Both heavy ESG celeb favorites banks (Sparkle Markle and Harry for example had millions in Silicon Valley Bank).

Posted by: Christopher R Taylor at March 13, 2023 11:44 AM (0hOvj)

213 206 Wasn’t Cramer the one who kicked off the Tea Party movement in Obummer’s first term?
Posted by: Bulgaroctonus

I think it was the Italian guy. Skintanelli or something.

Posted by: Maj. Healey at March 13, 2023 11:44 AM (DMyTF)

214
Two major banks in two major blue states fail. Both states losing major population to FL and TX. Interesting.

Almost as if there is a free market solution to stolen elections.

Posted by: Divide by Zero at March 13, 2023 11:44 AM (enJYY)

215 Yet somehow the market is up.

Total disconnect from reality.

Posted by: Diesel Jones, Biologist to the Stars at March 13, 2023 11:44 AM (Vu7A1)

216 Wasn’t Cramer the one who kicked off the Tea Party movement in Obummer’s first term?
Posted by: Bulgaroctonus

Rick Santelli

Posted by: Mr Aspirin Factory at March 13, 2023 11:45 AM (CZBWZ)

217 The FDIC has never done this well.
Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:39 AM (t0OGg)

The FDIC is a scam.

Posted by: sniffybigtoe at March 13, 2023 11:45 AM (Y5qcH)

218 " As a taxpayer I am fed up with bailing these people out."

you, me, a whole lotta other people, but our opinions carry zero weight (maybe even the opposite) in the counsels of Our Self-Appointed Smarters and Betters.

sorry, but I'm voting as hard as I can already, anyone got suggestions on exactly how to go about this?
/sarc

Posted by: sock_rat_eez - we are being gaslighted 24/365 at March 13, 2023 11:45 AM (VohFI)

219 Someone else who is "good at" finances said it was some other program already in place that was being employed and would help some, maybe other banks buying their accounts at a discount?
Posted by: Synova at March 13, 2023 11:42 AM (BD/yx)
++++
That's the FDIC's preferred choice when they fail a bank. Sell the deposits to another bank, usually at a discount. This will include some of the failed banks better assets. The FDIC makes up the difference. Then the failed bank has no depositors and a pile of assets, some of which are worthless. The remaining asset-filled shell of a bank is then liquidated. The FDIC makes itself whole first, replenishing what they paid out to get the depositors moved to another bank. Then it goes down the capital chain until there's nothing left.

That's how the model is supposed to work. The FDIC brokers the deal to move depositors and some (or most) of the assets to the recipient bank, plugs the holes where needed, then oversees liquidation.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:45 AM (t0OGg)

220 197 137 BTW, Joe also said everyone running the failed/failing banks would be fired.

Does he have the authority to do that? I assume not but I don't actually know.
Posted by: N. Lurker at March 13, 2023 11:41 AM

It's an incredibly stupid statement on many levels, even for Joe. The failed banks have failed. They're over, what's left of them is being parted out. The jobs of those who ran them don't exist anymore - there's not anything left for them to be fired from.

Posted by: Tom Servo at March 13, 2023 11:45 AM (trdmm)

221 For what? A low budget funeral?
Posted by: Dr. Claw at March 13, 2023 11:44 AM (YohY1)

See right there, they have many uses.

Posted by: Maj. Healey at March 13, 2023 11:45 AM (DMyTF)

222 154 I doubt that SVB's wokeness is all that relevant in their collapse. This likes like a good old fashioned case of balance sheet and duration mismanagement. Now, did the focus on woke shit cause them to take their eyes off the ball or lose people competent enough to do a good job? There, I have no idea.
Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:33 AM (t0OGg)
________________

I agree, It was a combination of heavy balance sheet leverage, overly restrictive depositor account requirements (eg, exclusivity) that put all eggs in one basket, risky loans and debt extended to risky VC and PE industry, and incompetent management bordering on retardation.

Plus, as has long been predicted, I think the VC/PE industry is on the verge of collapse, at least for the more insanely speculative companies. The lifeblood of this industry was always a combination of dirt-cheap debt and oceans of investor money. That kept a lot of stupid companies with no real prospects in business. No more.

Posted by: Elric Blade at March 13, 2023 11:45 AM (iFTx/)

223 FDIC dot gov: Deposit Insurance Fund - Historical Information

About the FDIC:
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system. The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.

Posted by: Lola at March 13, 2023 11:46 AM (GshMh)

224 Good advice. I'm planning to bury two 24" ones horizontally about 8 inches deep. One might be standing up vertically.
Posted by: Maj. Healey at March 13, 2023 11:41 AM (DMyTF)

A searcher using a metal detector could find those, unless the "money" is all in greenbacks.

Posted by: Alberta Oil Peon at March 13, 2023 11:46 AM (tkR6S)

225 All money will be converted to digital currency and controlled by our new AI master.

Posted by: Bertram Cabot, Jr. at March 13, 2023 11:46 AM (63Dwl)

226 When you divert resources and hire people based on factors other than their ability to fulfill your company's mission, you're actively funding your own demise.

Bingo.

Posted by: Notorious BFD at March 13, 2023 11:46 AM (Xrfse)

227 217 The FDIC has never done this well.
Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:39 AM (t0OGg)

The FDIC is a scam.
Posted by: sniffybigtoe at March 13, 2023 11:45 AM (Y5qcH)

The FDIC exists to protect normal depositers. Is it a good thing? I'm not sure, it's possible that it prevents us from coming up with a better approach for consumer banking.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:46 AM (eYoxG)

228 As I understand it, the FDIC reserves are vast right now because all that money pumped into the economy with "quantitative easing" was put into the FDIC (or a similar bank/investment insurance program) instead of the economy when it was paid out. In other words, the Obama Administration made sure the "money" they printed out did not get into the economy at large.

Posted by: Christopher R Taylor at March 13, 2023 11:47 AM (0hOvj)

229 In the sane way that Ace rails against certain journalists as CIA plants, it sure seems like Jim Cramer is someone's plant.

Posted by: bear with asymmetrical balls - an election is simply a festival for the majority at March 13, 2023 11:47 AM (KFhLj)

230 Plus, as has long been predicted, I think the VC/PE industry is on the verge of collapse, at least for the more insanely speculative companies. The lifeblood of this industry was always a combination of dirt-cheap debt and oceans of investor money. That kept a lot of stupid companies with no real prospects in business. No more.
Posted by: Elric Blade at March 13, 2023 11:45 AM (iFTx/)

No way, they gave us gay AI that spews left-wing talking points. That's a sure-fire money maker.

Posted by: sniffybigtoe at March 13, 2023 11:47 AM (Y5qcH)

231 "CNBC’s stock market “expert” and carnival barker Jim Cramer was advising people to buy SVB stock"

People are learning only just now that stock touts are charlatans? Slow learners.

Posted by: Throw gp That Whammy at March 13, 2023 11:47 AM (MvF+J)

232 @218

>>I can already, anyone got suggestions on exactly how to go about this?

Sorry but everything that's been going on for at least the last 25 years is beyond representative democracy at this point.

Elections and political parties are mere facades at this point.

Posted by: Thomas Bender at March 13, 2023 11:48 AM (n/8Ck)

233 "116 Trading was stopped for 30 banks this morning....so far. Big losses and they feared it would only get worse. It will.

Posted by: Cheri at March 13, 2023 11:26 AM (oiNtH) "

LOL! Popcorn!

Posted by: sock_rat_eez - we are being gaslighted 24/365 at March 13, 2023 11:48 AM (VohFI)

234 But in the sense of someone else directly paying? No, a successfully executed plan A is only an immediate loss to the banks.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:42 AM (eYoxG)

These "immediate" losses stop at the bank level?

Posted by: Thesokorus at March 13, 2023 11:48 AM (1ais2)

235 Wasn’t Cramer the one who kicked off the Tea Party movement in Obummer’s first term?

Yeah it was Santelli, but it was on Cramer's show as I recall.

Posted by: Christopher R Taylor at March 13, 2023 11:48 AM (0hOvj)

236 Plus, as has long been predicted, I think the VC/PE industry is on the verge of collapse, at least for the more insanely speculative companies. The lifeblood of this industry was always a combination of dirt-cheap debt and oceans of investor money. That kept a lot of stupid companies with no real prospects in business. No more.
Posted by: Elric Blade at March 13, 2023 11:45 AM (iFTx/)

Yeah that does seem to be happening. Hopefully we'll have a healthier economy in that space as a result.

I'm worried that we're seeing private debt take over a lot of what used to be done by banks though, and I see a new wave of regulation only encouraging that further..

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:48 AM (eYoxG)

237 229 In the sane way that Ace rails against certain journalists as CIA plants, it sure seems like Jim Cramer is someone's plant.
-------------------
When you want to crush a position the first thing you do is kite its stock price. Rule 1 of Manhattan Grifters.

Posted by: Pudinhead at March 13, 2023 11:48 AM (J7wri)

238 206 Wasn’t Cramer the one who kicked off the Tea Party movement in Obummer’s first term?
Posted by: Bulgaroctonus at March 13, 2023 11:43 AM (sjxgf)

God no...

That was Rick Santelli

Who was immediately labeled a crank by his colleagues.

Posted by: browndog Official Mascot of Team Gizzard at March 13, 2023 11:48 AM (CCSxw)

239 the Treasury Department announced Sunday night that uninsured depositors at Silicon Valley Bank and Signature Bank, another bank that failed over the weekend, will not lose any uninsured deposits.
-----

Banks are fully nationalized. We're all socialists now.

Posted by: insurgens ad opus at March 13, 2023 11:49 AM (MMnV/)

240 229 In the sane way that Ace rails against certain journalists as CIA plants, it sure seems like Jim Cramer is someone's plant.
Posted by: bear with asymmetrical balls - an election is simply a festival for the majority at March 13, 2023 11:47 AM (KFhLj)

my feeling for a long time is that Cramer simply promotes what prominent leftist financial interests in NYC pay him to promote. As was said upthread, he's a carnival barker, nothing more.

Posted by: Tom Servo at March 13, 2023 11:49 AM (trdmm)

241 229 In the sane way that Ace rails against certain journalists as CIA plants, it sure seems like Jim Cramer is someone's plant.

Posted by: bear with asymmetrical balls - an election is simply a festival for the majority at March 13, 2023 11:47 AM (KFhLj)

That's such bullshit. I find it hard to believe that the investment guy who consistently gets things wrong and still has a show - the very same guy who said we must all get the vax or be ripped from society - would be anything but above board.

C'mon, balls, do better.

Posted by: The Central Scrutinizer at March 13, 2023 11:49 AM (KbCG3)

242 Plus, as has long been predicted, I think the VC/PE industry is on the verge of collapse, at least for the more insanely speculative companies. The lifeblood of this industry was always a combination of dirt-cheap debt and oceans of investor money. That kept a lot of stupid companies with no real prospects in business. No more.

Almost all of big time high finance is a scam that would be illegal in any other context. Almost none of the money actually exists except on digital files, and is a series of guys kicking the can down the road hoping when it inevitably collapses it will be when they're dead and don't care any longer.

Posted by: Christopher R Taylor at March 13, 2023 11:49 AM (0hOvj)

243 228 As I understand it, the FDIC reserves are vast right now because all that money pumped into the economy with "quantitative easing" was put into the FDIC (or a similar bank/investment insurance program) instead of the economy when it was paid out. In other words, the Obama Administration made sure the "money" they printed out did not get into the economy at large.
Posted by: Christopher R Taylor at March 13, 2023 11:47 AM (0hOvj)

100% agree. 100%.

Posted by: Thesokorus at March 13, 2023 11:49 AM (1ais2)

244
Wasn’t Cramer the one who kicked off the Tea Party movement in Obummer’s first term?
Posted by: Bulgaroctonus

Rick Santelli
Posted by: Mr Aspirin Factory

Who's the guy who wears the cow jacket?

Posted by: Bertram Cabot, Jr. at March 13, 2023 11:49 AM (63Dwl)

245 How things actually work in the real world can be deciphered from watching GoodFellas, Office Space and Invasion of The Body Snatchers.
Posted by: Thomas Bender at March 13, 2023 11:43 AM (XFPre)
---
That sounds like a messed up movie night...Any particular order in mind?

Posted by: "Perfessor" Squirrel at March 13, 2023 11:49 AM (YIVH2)

246 A searcher using a metal detector could find those, unless the "money" is all in greenbacks.
Posted by: Alberta Oil Peon

Hmmm. I might have to deploy some decoys and anti-personnel deterrents in the area.

Posted by: Maj. Healey at March 13, 2023 11:49 AM (DMyTF)

247 @233

>>LOL! Popcorn!

Looks like we have reached the suddenly phase of this roller coaster ride.

It's going to be a hell of a drop.

Posted by: Thomas Bender at March 13, 2023 11:50 AM (n/8Ck)

248 Banks are fully nationalized. We're all socialists now.
Posted by: insurgens ad opus at March 13, 2023 11:49 AM (MMnV/)

NATIONAL socialists. Well, it sounds better in the original German.

Posted by: Tom Servo at March 13, 2023 11:50 AM (trdmm)

249 Meanwhile, at NYT, Ezra Klein deploys the all-purpose headline:
"This Changes Everything"

Posted by: Throw gp That Whammy at March 13, 2023 11:50 AM (MvF+J)

250 Let me see if I understand correctly. If something good happens, Joe gets to claim responsibility. Sometimes he has to lie to claim a certain event was good, but that's okay too.
If something bad happens it's always someone else's responsibility.

Posted by: N. Lurker at March 13, 2023 11:50 AM (eGTCV)

251 For what? A low budget funeral?
Posted by: Dr. Claw at March 13, 2023 11:44 AM (YohY1)

See right there, they have many uses.
Posted by: Maj. Healey

I keep telling my wife to just throw my body over the fence into the creek behind the cemetery and to take the money she would spend on the funeral and go to the casino. My spirit will try to jiggle the slot machines as best as possible.

Posted by: rickb223 at March 13, 2023 11:50 AM (G8h7g)

252 No idea about the cow jacket dude.

Posted by: Mr Aspirin Factory at March 13, 2023 11:51 AM (CZBWZ)

253 234 But in the sense of someone else directly paying? No, a successfully executed plan A is only an immediate loss to the banks.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:42 AM (eYoxG)

These "immediate" losses stop at the bank level?
Posted by: Thesokorus at March 13, 2023 11:48 AM (1ais2)

Yeah. Basically Plan A as described in the news presently is

1. Federal Reserve buys asset for more than they're worth(face value), hurting their profits
2. This money is used to pay the failed bank's depositers
3. Owners of the Federal Reserve(which is other banks) get less profit since the Fed makes less profit

That's it. The Federal Reserve is frequently not very proactive about bailing out banks since they don't want to lose money. They have some incentive to do so to avoid a panic, but the prospect of government stepping in instead makes that less of a concern.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:51 AM (eYoxG)

254 As long as the top end is a screw cap glue bottom and put horizontal,

Posted by: Skip at March 13, 2023 11:51 AM (C+qwo)

255 Let me see if I understand correctly. If something good happens, Joe gets to claim responsibility. Sometimes he has to lie to claim a certain event was good, but that's okay too.
If something bad happens it's always someone else's responsibility.
Posted by: N. Lurker

Welcome to the democrat party.

Posted by: rickb223 at March 13, 2023 11:51 AM (G8h7g)

256 Hmmm. I might have to deploy some decoys and anti-personnel deterrents in the area.
Posted by: Maj. Healey at March 13, 2023 11:49 AM (DMyTF)

find some old Bouncing Betty's.

Posted by: Tom Servo at March 13, 2023 11:51 AM (trdmm)

257 @245

>>That sounds like a messed up movie night...Any particular order in mind?

No particular order.

Goodfellas is how governments and politicians operate.

Office Space is how corporations operate.

Invasion of the Body Snatchers is how societies and people operate.

Posted by: Thomas Bender at March 13, 2023 11:52 AM (n/8Ck)

258 So the feds are throwing the FDIC cap to the wind and reimbursing account holders. Sounds pretty bailouty to me.

Posted by: They just can't help themselves can they at March 13, 2023 11:52 AM (La8Fd)

259 It's when the tide goes out that you see who is swimming naked -- says Jimmy Buffet (or maybe Warren).

Easy money plus bailouts for billionaires kept a lot of zombies afloat. The CovidCrisis was another case of bailout of zombies by BigGov buying a bunch of bad (junk?) bonds, to "save the markets".

They want the eternal wealth effect with propped up markets and bailouts, which makes the rich ever richer. It also enables BigCorp to keep spending, and buying politicians so they write their own regulations (as does BigBank, BigPharma, MIC, China?, everyone with their own lobbyists)

Posted by: illiniwek at March 13, 2023 11:52 AM (Cus5s)

260 Donate your used body to Bodys for Biologists.
- hum the tune

Posted by: Eromero at March 13, 2023 11:52 AM (MF3yS)

261 ... In other words, the Obama Administration made sure the "money" they printed out did not get into the economy at large.
Posted by: Christopher R Taylor at March 13, 2023 11:47 AM (0hOvj)
++++
Obama had little to do with it. Ben Bernanke and Janet Yellen were the ones printing money, and it more or less stayed in the capital markets. This is why consumer price inflation was under control despite the vast increases in money supply. The inflation was there, but it was in the capital markets. Stocks, bonds and real estate shot the moon. Massive inflation. The real economy took longer to realize that inflation, and it the helicopter drops during COVID put it over the edge.

But yeah, with the banks growing hugely (they play in those capital markets, after all), the amount of money being paid to the FDIC for insurance also increased. The FDIC has a lot of money, but not nearly enough. It is not strong from an actuarial standpoint.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 11:52 AM (t0OGg)

262 236 Plus, as has long been predicted, I think the VC/PE industry is on the verge of collapse, at least for the more insanely speculative companies. The lifeblood of this industry was always a combination of dirt-cheap debt and oceans of investor money. That kept a lot of stupid companies with no real prospects in business. No more.
Posted by: Elric Blade at March 13, 2023 11:45 AM (iFTx/)

Yeah that does seem to be happening. Hopefully we'll have a healthier economy in that space as a result.

I'm worried that we're seeing private debt take over a lot of what used to be done by banks though, and I see a new wave of regulation only encouraging that further..
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:48 AM (eYoxG)
_____________________

I agree and it's already happening. When commercial banks were offering 3% loans, only a fool or someone desperate would turn to private debt at 3x that or more. But now? The delta is smaller, making private debt more attractive.

Posted by: Elric Blade at March 13, 2023 11:53 AM (iFTx/)

263 The FDIC is required to maintain a reserve of 1.35% of insured deposits.

https://tinyurl.com/mwmhxbfk

The Designated Reserve Ratio for 2023 is 2%.

Posted by: sniffybigtoe at March 13, 2023 11:53 AM (Y5qcH)

264
Having accounts at multiple banks lowers your credit score. Seems sorta bass ackward to me.

Posted by: Divide by Zero at March 13, 2023 11:53 AM (enJYY)

265 255 Same with both parties. Partisans always do that.

Posted by: Throw gp That Whammy at March 13, 2023 11:53 AM (MvF+J)

266 In the sane way that Ace rails against certain journalists as CIA plants, it sure seems like Jim Cramer is someone's plant.

Granny's rutabaga plant.

Posted by: rickb223 at March 13, 2023 11:53 AM (G8h7g)

267 The DEI crap isn't the cause of this mess (easy money and bad decisions) but it does not help the situation. Spending any money on that crap takes away from the focus on good decisions and solid basics which are necessary for profit

Posted by: Smell the Glove at March 13, 2023 11:53 AM (3fyU/)

268 I always listen to Jim Cramer. Then I do the opposite.

Posted by: Elric Blade at March 13, 2023 11:53 AM (iFTx/)

269 NATIONAL socialists. Well, it sounds better in the original German.
Posted by: Tom Servo at March 13, 2023 11:50 AM (trdmm)

How about fascista

Posted by: zombie Benito Mussolini at March 13, 2023 11:54 AM (CCSxw)

270
Invasion of the Body Snatchers is how societies and people operate.
Posted by: Thomas Bender at March 13, 2023 11:52 AM (n/8Ck

Idiocracy

Posted by: Brawndo has what plants crave at March 13, 2023 11:54 AM (La8Fd)

271 I'm worried that we're seeing private debt take over a lot of what used to be done by banks though, and I see a new wave of regulation only encouraging that further..
Posted by: Red Turban Someguy

Vito & Tony's Economic Tune-up.

Posted by: rickb223 at March 13, 2023 11:54 AM (G8h7g)

272 251 For what? A low budget funeral?
Posted by: Dr. Claw at March 13, 2023 11:44 AM (YohY1)

See right there, they have many uses.
Posted by: Maj. Healey

I keep telling my wife to just throw my body over the fence into the creek behind the cemetery and to take the money she would spend on the funeral and go to the casino. My spirit will try to jiggle the slot machines as best as possible.
Posted by: rickb223 at March 13, 2023 11:50 AM (G8h7g)

You can just throw me in the trash.

Posted by: Frank Reynolds at March 13, 2023 11:54 AM (KbCG3)

273 meh, rutabagas are at least good for something ...

Posted by: sock_rat_eez - we are being gaslighted 24/365 at March 13, 2023 11:54 AM (VohFI)

274 "it sure seems like Jim Cramer is someone's plant."

He's a tout, and 'investors' never get tired of listening to touts.

Posted by: Throw gp That Whammy at March 13, 2023 11:55 AM (MvF+J)

275 "So the feds are throwing the FDIC cap to the wind and reimbursing account holders. Sounds pretty bailouty to me."

and it does not bailout the bank, it bails out the rich that had over $250k. I have not seen if they were over leveraged, or just had illiquid investments mostly. I mean if they could hold their bonds to maturity, maybe they were in better shape. Still seems like mismanagement ... and they probably had a least some leverage?

Posted by: illiniwek at March 13, 2023 11:55 AM (Cus5s)

276 I'm worried that we're seeing private debt take over a lot of what used to be done by banks though, and I see a new wave of regulation only encouraging that further..
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:48 AM (eYoxG)
_____________________

I agree and it's already happening. When commercial banks were offering 3% loans, only a fool or someone desperate would turn to private debt at 3x that or more. But now? The delta is smaller, making private debt more attractive.
Posted by: Elric Blade at March 13, 2023 11:53 AM (iFTx/)

Which brings us full circle to pre-20th century finance. No one alive is really all that much an expert on how markets and economies operate there.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:56 AM (eYoxG)

277 Who is Yuval Harari?

Posted by: Yudhishthira's Dice at March 13, 2023 11:56 AM (oINRc)

278 264
Having accounts at multiple banks lowers your credit score. Seems sorta bass ackward to me.
Posted by: Divide by Zero at March 13, 2023 11:53 AM (enJYY)

The entire banking industry is counterintuitive to normal people. Deposits are treated as liabilities. It's money that the bank owes to someone that they could request at anytime. Loans are considered assets because they bring money in. Banks furiously try to move deposits into loans and other money making instruments.

Posted by: sniffybigtoe at March 13, 2023 11:57 AM (Y5qcH)

279 274 "it sure seems like Jim Cramer is someone's plant."

He's a tout, and 'investors' never get tired of listening to touts.

Posted by: Throw gp That Whammy at March 13, 2023 11:55 AM (MvF+J)

Until I worked for a publicly traded company, I assumed analysts would be assigned to things they were either experts in or intimately familiar with.

HAHAHAHA. Boy, what a fool was I.

Posted by: The Central Scrutinizer at March 13, 2023 11:57 AM (KbCG3)

280 I mean if they could hold their bonds to maturity, maybe they were in better shape. Still seems like mismanagement ... and they probably had a least some leverage?
Posted by: illiniwek at March 13, 2023 11:55 AM (Cus5s)

The rates they were paying out were starting to exceed the rates they had loaned money at(such as government debt). Borrowing $100 at 3% to cover a treasury paying 2% is bad juju.

Banks are inherently leveraged. They borrow money from depositers to invest in something else.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:57 AM (eYoxG)

281
I keep telling my wife to just throw my body over the fence into the creek behind the cemetery ...

And kill off the delta smelt? We're making much progress in returning our rivers to their native state, removing those multiple hydroelectric dams. We don't need your body to upset that progress.

Posted by: Karen CheChe at March 13, 2023 11:57 AM (enJYY)

282 NATIONAL socialists. Well, it sounds better in the original German.
Posted by: Tom Servo at March 13, 2023 11:50 AM (trdmm)
----

Ja, wir alles Natzionalie Socialiste jetz, mein Herr. Gott mitt uns.

Posted by: insurgens ad opus at March 13, 2023 11:58 AM (oNjVF)

283 277 YD, I think he’s some WEF guy. Don’t know much about him other than that.

Posted by: Bulgaroctonus at March 13, 2023 11:58 AM (sjxgf)

284 260 Donate your used body to Bodys for Biologists.
- hum the tune
Posted by: Eromero at March 13, 2023 11:52 AM (MF3yS)

1-800-KORPS-4-KIDS

Posted by: What else can I donate... at March 13, 2023 11:59 AM (La8Fd)

285 the crazy thing about all this is that there are still people out there who legit think Pedo Joe China Brandon is doing a great job

Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:59 AM (VTu1l)

286
YD, I think he’s some WEF guy. Don’t know much about him other than that.
Posted by: Bulgaroctonus at March 13, 2023 11:58 AM (sjxgf)

OK, all I need to know.

Someone recommended one of his books to me.

I now know to pass *HARD* on that.

Posted by: Yudhishthira's Dice at March 13, 2023 11:59 AM (oINRc)

287 285 the crazy thing about all this is that there are still people out there who legit think Pedo Joe China Brandon is doing a great job
Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:59 AM (VTu1l)

When they should be terrified.

Posted by: sniffybigtoe at March 13, 2023 11:59 AM (UuD2k)

288 the crazy thing about all this is that there are still people out there who legit think Pedo Joe China Brandon is doing a great job
==
The name of one of those people is Xi Jinping.

Posted by: Its turtles all the way down at March 13, 2023 12:00 PM (qN6RV)

289 In the sane way that Ace rails against certain journalists as CIA plants, it sure seems like Jim Cramer is someone's plant.
Posted by: bear with asymmetrical balls

He certainly has proven himself to be just as smart as a plant.

Posted by: AZ deplorable moron at March 13, 2023 12:00 PM (F/tPr)

290 Why not make depositors pay say 0.1% deposit on day of deposit as a fee used to shore up the banking system. Money goes to FDIC.

Alternative is you cash your check into cash.

Then account earns the usual 0.1% per annum paltry rates of return but at least the system would have a decent shock absorber. If you deposit for a year you get your fee back.

Posted by: torabora at March 13, 2023 12:00 PM (5eyqn)

291 I hope one-eyed McCain got out early. We can't let an esteemed congress person get snookered can we?

Posted by: Maj. Healey at March 13, 2023 12:00 PM (DMyTF)

292 The real economy took longer to realize that inflation, and it the helicopter drops during COVID put it over the edge.

Yeah, and it was a direct injection of unearned capital right into the economy. The QE stuff was walled off (but as you point out caused huge inflation where it was put) but the "stimulus money" was a mainline injection right into the veins of the economy and had extremely predictable -- and predicted -- results.

Posted by: Christopher R Taylor at March 13, 2023 12:00 PM (0hOvj)

293 So the stock market likes bank crashes

Posted by: It's me donna at March 13, 2023 12:01 PM (bs+z0)

294 If that isn't insider trading, nothing is.

Posted by: rickb223 at March 13, 2023 11:03 AM

Maybe, but all insider trading laws do is require you to file the correct forms and it's all good. I used to write software for that.

Posted by: Cybersmythe at March 13, 2023 12:01 PM (VbJAF)

295 BTW my heart just bleeds at the thought that woketarded etsy sellers selling junk items with PRIDE logos and colors may lose ungodly sums of money and have to close down their shops

it bleeds i says

so bleedy
Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:17 AM (VTu1l)

I'd just like to point out that jewels, who posts on this very forum, sells items via etsy.

Posted by: I used to have a different nic at March 13, 2023 12:01 PM (GYIa4)

296 Yeah. Basically Plan A as described in the news presently is

1. Federal Reserve buys asset for more than they're worth(face value), hurting their profits
2. This money is used to pay the failed bank's depositers
3. Owners of the Federal Reserve(which is other banks) get less profit since the Fed makes less profit

That's it. The Federal Reserve is frequently not very proactive about bailing out banks since they don't want to lose money. They have some incentive to do so to avoid a panic, but the prospect of government stepping in instead makes that less of a concern.
Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 11:51 AM (eYoxG)

Yes. I have read the news and the doc from the gov. This is what they say. It is not a bailout. I believe I understand.

I am wondering how this is functionally differnt from a Corporate Tax. And why/how the losses stop at the bank level. Because I think in the end the set of taxpayers and those who bear these losses are the same. And the things they are saying js obfuscation.

Posted by: Thesokorus at March 13, 2023 12:01 PM (1ais2)

297 As the days unfold I'm expecting a big return to all tweets, texts, threads... of not only prefacing everything with 'So, ...' but also including the closer 'let that sink in'.

Just for those counting the number of times Joey does that hustle-trot thing he did it entering the room for his presser this am (right after fumbling around to close the door). He's athletic you see.

Posted by: micky at March 13, 2023 12:02 PM (3byMq)

298
I'm no financial genius but that bank I pulled a significant sum from this morning is on the trading halted list.

Posted by: Divide by Zero at March 13, 2023 12:02 PM (enJYY)

299 Q: WHat do you call the hair between Liz Clayman's tits?

A: Her vagina

Posted by: Ligma Balzak from Fuggencrass, Vulgaria at March 13, 2023 12:02 PM (JNTt1)

300 He certainly has proven himself to be just as smart as a plant.
Posted by: AZ deplorable moron
*****
*cackles furiously*

Posted by: Joe's Ho at March 13, 2023 12:02 PM (5eyqn)

301 I wish I was someone ELSE'S plant

Posted by: A Fern in Harvey Weinsteins Office at March 13, 2023 12:02 PM (flINI)

302 You know, even a 5% haircut for deposits over the FDIC limit would have sent a message that rich people and companies do have to pay attention to who they bank with.

Can't let wealthy Democrats lose any money, though.

Posted by: The ARC of History! at March 13, 2023 12:02 PM (2tUFv)

303 290 Why not make depositors pay say 0.1% deposit on day of deposit as a fee used to shore up the banking system. Money goes to FDIC.

Alternative is you cash your check into cash.

Then account earns the usual 0.1% per annum paltry rates of return but at least the system would have a decent shock absorber. If you deposit for a year you get your fee back.
Posted by: torabora at March 13, 2023 12:00 PM (5eyqn)

Economically speaking depositers already do pay for FDIC in the form of lower interest rates than they would otherwise receive. It's a cost of doing business like a sales tax is and so gets passed along.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 12:03 PM (eYoxG)

304 It's not just the super-woke per se that bring down a company. It's the double-whammy of dumb super-woke initiatives PLUS the fact that 99% of those pushing for dumb super-woke initiatives are themselves just classically dumb (as in low intelligence). Companies allowed -- even encouraged -- hordes of woke morons to infest their management, then seem surprised when dumb people do dumb things.

Posted by: Elric Blade at March 13, 2023 12:03 PM (iFTx/)

305 The entire banking industry is counterintuitive to normal people.

**********

No matter what I do I can't get my credit score over 800 because I've been debt-free since 2010 and pay off my credit card balance every month.

And then they lowered my credit score even more because I canceled one of my credit cards since I never used it.

Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 12:03 PM (VTu1l)

306 I think in the end the set of taxpayers and those who bear these losses are the same. And the things they are saying js obfuscation.
Posted by: Thesokorus at March 13, 2023 12:01 PM (1ais2)

That's the entire purpose of the Fed. Obfuscate the process to hide the fact that the taxpayers are taking it in the shorts through inflation. Think of it as a tax on your savings that was never passed by Congress.

Posted by: sniffybigtoe at March 13, 2023 12:03 PM (UuD2k)

307 Biden said everything is fine and my deposits are safe. I wasn't worried before he spoke but now I am. He is a blithering idiot untethered from reality.

Posted by: Ripley at March 13, 2023 12:04 PM (cUYo/)

308 293 So the stock market likes bank crashes
Posted by: It's me donna at March 13, 2023 12:01 PM (bs+z0)

I forgot to add ... That Trump causes

Posted by: It's me donna at March 13, 2023 12:04 PM (bs+z0)

309 Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:17 AM (VTu1l)

Many of those sellers are conservatives who were driven off if Ravelry for the crime of being conservative and had nowhere to go but Etsy.

Posted by: Polliwog the 'Ette at March 13, 2023 12:04 PM (nC+QA)

310 Who is Yuval Harari?
Posted by: Yudhishthira's Dice

And now, a word about the Hrvati.

https://bit.ly/3T9kIxG

(Interesting and amusing story of the history of the necktie.)

Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at March 13, 2023 12:04 PM (FVME7)

311 289 In the sane way that Ace rails against certain journalists as CIA plants, it sure seems like Jim Cramer is someone's plant.
Posted by: bear with asymmetrical balls

He certainly has proven himself to be just as smart as a plant.
Posted by: AZ deplorable moron at March 13, 2023 12:00 PM (F/tPr)
-----

I thought guys like him were called "fruit".

Posted by: insurgens ad opus at March 13, 2023 12:04 PM (oNjVF)

312 Some guy named "Moon Gang" hijacked Bongino's Rumble Show link for a few minutes. Very weird.

Posted by: Throw gp That Whammy at March 13, 2023 12:04 PM (MvF+J)

313 I am suspending my campaign.

Posted by: John McCain at March 13, 2023 12:04 PM (FGr0e)

314
The 'Trading Halted' list of bank stocks:

https://www.nasdaqtrader.com/
Trader.aspx?id=TradeHalts

Posted by: Divide by Zero at March 13, 2023 12:05 PM (enJYY)

315 I'd just like to point out that jewels, who posts on this very forum, sells items via etsy.

**************

that sucks, but etsy is super woke and had the gall to lecture me about my wrongthink once upon a time

never do business with woke if you can help it

Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 12:05 PM (VTu1l)

316 Posted by: Divide by Zero at March 13, 2023 12:02 PM (enJYY)

Don't expect you to answer but did you have more than 250k? If not then why would you pull your money out if your bank is not on precipice?

Posted by: polynikes at March 13, 2023 12:05 PM (PlEV5)

317 For a few years I have heard US (Big?) banks are in much better shape than Europe, flush with cash. They were "allegedly injected" with a lot of cash flow. No idea how that works exactly, but they could borrow money at almost zero (fed window?, idk) and then buy bonds at 3%. Mo' Money Mo' Money.

Of like some giants, maybe buy housing since they got 1/2% rates while most suckers paid ? 4%.

Posted by: illiniwek at March 13, 2023 12:06 PM (Cus5s)

318 Having accounts at multiple banks lowers your credit score. Seems sorta bass ackward to me.
Posted by: Divide by Zero

Their goals are not yours. They want you to be a risk not the banks so they don't want you to spread your accounts/deposits.

Posted by: AZ deplorable moron at March 13, 2023 12:06 PM (F/tPr)

319 OK, all I need to know.

Someone recommended one of his books to me.

I now know to pass *HARD* on that.
Posted by: Yudhishthira's Dice at March 13, 2023 11:59 AM (oINRc)

He is number 2 guy in WEF. And allegedly the "brains". Dumb and insane guy.

Posted by: Thesokorus at March 13, 2023 12:06 PM (1ais2)

320 Who is Yuval Harari?
Posted by: Yudhishthira's Dice at March 13, 2023 11:56 AM (oINRc)

Yuval Harari is Klaus Schwab's chief henchman at the World Economic Forum. Harari has publicly stated he thinks the world will be a much better place without 'useless eaters' in it. You can guess who Harari has in mind when he uses the term.

Say what you want about those IRL Bond villains at the WEF, but they're straight-up about their intentions.

Posted by: troyriser at March 13, 2023 12:07 PM (7Cx1V)

321 Reacting to Oscars Best Picture win, DJIA now up 0.78%.

Posted by: Throw gp That Whammy at March 13, 2023 12:07 PM (MvF+J)

322 Nobody ever lost a nickel going opposite to Jim Cramer's advice. NOBODY.

Posted by: Jukin the Deplorable a Clear and Present Danger at March 13, 2023 12:07 PM (17s+e)

323
Yes. I have read the news and the doc from the gov. This is what they say. It is not a bailout. I believe I understand.

I am wondering how this is functionally differnt from a Corporate Tax. And why/how the losses stop at the bank level. Because I think in the end the set of taxpayers and those who bear these losses are the same. And the things they are saying js obfuscation.
Posted by: Thesokorus at March 13, 2023 12:01 PM (1ais2)

While in a moral sense it could be compared to a corporate tax, the economic impact isn't the same as it doesn't change economic incentives.

A 10% tax on profits changes your investment and business plans, whereas losing your wallet (a random loss that doesn't have implications for how your business operates going forward) doesn't.

This is practically speaking a direct transfer of funds from funds from businesses like Bank of America to the depositers of SVB. Bank of America nominally has an interest in doing so to avoid widespread panic.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 12:07 PM (eYoxG)

324 The DEI crap isn't the cause of this mess (easy money and bad decisions) but it does not help the situation. Spending any money on that crap takes away from the focus on good decisions and solid basics which are necessary for profit

Posted by: Smell the Glove at March 13, 2023 11:53 AM (3fyU/)

---------

I'd bet that the DIE crap focus & energy was easily north of 50% among management's time across the board.

Posted by: ShainS -- The Abolition of The West is from Men Without Chests at March 13, 2023 12:07 PM (7wgpR)

325 Aren't the bank regulators supposed to be watching things like this?

Posted by: Truck Monkey Report at March 13, 2023 12:08 PM (flINI)

326 So glad I got my financial shit together before Bidet was installed.

Posted by: Infidel at March 13, 2023 12:08 PM (tITEI)

327 the stock market likes bank crashes
Posted by: It's me donna at March 13, 2023 12:01
****
My guess as I went to sleep last night was that the market would react positively to this latest Jotatoe effup.

The spice must flow.

Posted by: torabora at March 13, 2023 12:08 PM (5eyqn)

328 I think the Harari guy is also a Transhumanist.

Posted by: Bulgaroctonus at March 13, 2023 12:08 PM (sjxgf)

329 If not then why would you pull your money out if your bank is not on precipice?
Posted by: polynikes

As I understand it the FDIC takes control and then you get access to your, less than $250k, in the FDIC's sweet time.

Posted by: AZ deplorable moron at March 13, 2023 12:09 PM (F/tPr)

330 Whoops... Whoopsie

Posted by: Bank Regulator at March 13, 2023 12:09 PM (flINI)

331 "The bank apparently had about $175 billion in deposits, of which about $150 billion was not FDIC insured."

Whoops!!

Whoopsie!!!

Posted by: Sharkman at March 13, 2023 12:09 PM (S7TWn)

332
Don't expect you to answer but did you have more than 250k? If not then why would you pull your money out if your bank is not on precipice?

Posted by: polynikes at March 13, 2023 12:05 PM

No, not close to 250k. I just felt safer getting most of the money out of there at 9 am. At ~11:15 am trading got halted on their stock.

It's now in a credit union account I opened years ago. I might just go back tomorrow and move the rest of it out.

Posted by: Divide by Zero at March 13, 2023 12:10 PM (enJYY)

333 if there is anything that would tank the markets faster than fjb saying " 'Americans can have confidence that the banking system is safe' ", it doesn't come to mind offhand.
well, nuclear war, I suppose ... but I guess that's been called off until it comes back again, right?

Posted by: sock_rat_eez - we are being gaslighted 24/365 at March 13, 2023 12:10 PM (VohFI)

334 Reassured by Biden speech, NASDAQ up 1.5%.

Posted by: Throw gp That Whammy at March 13, 2023 12:10 PM (MvF+J)

335 Joey Plugs just approved a new oil drilling project in Alaska. Communists and envirowhackos are lighting up Twatter.

-
Won't somebody think about the moose? Mooses? Meese?
Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy?

***
"Gee, Rocky, watch me pull an oil lease out of my hat!"

Posted by: Bullwinkle in 2023 at March 13, 2023 12:10 PM (J2vNu)

336 oh, and I forgot:

LOL!

Posted by: sock_rat_eez - we are being gaslighted 24/365 at March 13, 2023 12:11 PM (VohFI)

337 Joke of the day:

Rasmussen has Biden at 50% approval.

Posted by: sharon(willow's apprentice) at March 13, 2023 12:11 PM (Y+l9t)

338 314 The 'Trading Halted' list of bank stocks:

https://www.nasdaqtrader.com/
Trader.aspx?id=TradeHalts
Posted by Divide by Zero

And, it's gone!

Posted by: Lola at March 13, 2023 12:11 PM (GshMh)

339 It's turns out there is actually an ETF you can buy called, Inverse Cramer Tracker ETF. It's symbol is SJIM. Stands for short Jim.

Posted by: Tennessee Jed at March 13, 2023 12:11 PM (QGP+O)

340 nood

Posted by: Throw gp That Whammy at March 13, 2023 12:11 PM (MvF+J)

341 As I understand it the FDIC takes control and then you get access to your, less than $250k, in the FDIC's sweet time.
Posted by: AZ deplorable moron at March 13, 2023 12:09 PM (F/tPr)
++++
Always true, yes. The FDIC guarantees *that* you will be made whole, not *when* you will be made whole. It is in their best interests to do so as quickly as possible, but it can take time.

Posted by: Joe Mannix (Not a cop!) at March 13, 2023 12:11 PM (t0OGg)

342 The 'Trading Halted' list of bank stocks:

https://www.nasdaqtrader.com/
Trader.aspx?id=TradeHalts
Posted by: Divide by Zero

Pretty impressive list. We may have to amend the expression from "Friday the 13th" to "Monday the 13th."

Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at March 13, 2023 12:12 PM (FVME7)

343 As I understand it the FDIC takes control and then you get access to your, less than $250k, in the FDIC's sweet time.

I read somewhere that they can opt to pay you back over time, something like 99 years. Can you imagine getting your deposit back over a 100-year period?

Posted by: Halfhand at March 13, 2023 12:12 PM (x1iAo)

344 Cow jacket guy was some random floor trader, I think.
They all wear loud, unique jackets.

Posted by: Deplorable Ian Galt at March 13, 2023 12:12 PM (ufFY8)

345 Nood. And you're too late, I already got it.

Posted by: sniffybigtoe at March 13, 2023 12:12 PM (UuD2k)

346 325 Aren't the bank regulators supposed to be watching things like this?
Posted by: Truck Monkey Report at March 13, 2023 12:08 PM (flINI)

Yeah. These kind of cock-ups have been happening forever, while it's not rocket science the number of people who know how to avoid them and are diligent about it doesn't make up the whole of the industry.

Moving to another banking system altogether may be in the cards over time, as the existing model is well-known to be prone to this sort of thing.

Posted by: Red Turban Someguy - The Republic is already dead! at March 13, 2023 12:12 PM (eYoxG)

347 Posted by: Divide by Zero at March 13, 2023 12:05 PM (enJYY)
Interesting. Some names in there I really hadn't expected to see: Charlie Schwab, Comerica, Farmer Mac...

Posted by: CrotchetyOldJarhead at March 13, 2023 12:13 PM (+2RzF)

348 The DEI crap isn't the cause of this mess (easy money and bad decisions) but it does not help the situation.

It was ESG that killed these guys. Yeah, bad hiring decisions were not much help but really stupid, bad investments based on woke and "green" ideology was the death knell. Signature Bank failed yesterday as well.

Posted by: Christopher R Taylor at March 13, 2023 12:14 PM (0hOvj)

349 I'd bet that the DIE crap focus & energy was easily north of 50% among management's time across the board.

Why shouldn't it be? If financial wizards come in and wave their magic wands anytime a depositor, investor, or institution is going to take a loss (provided we are talking about the rich
depositors, investors, and institutions) then where's the incentive to be sober and focused on sensible things?

Posted by: bear with asymmetrical balls - an election is simply a festival for the majority at March 13, 2023 12:15 PM (KFhLj)

350 You know what would solve this problem.........

Posted by: Tom freidman's bazillion dollar coin at March 13, 2023 12:15 PM (0iRzB)

351 How about the guy that opines that houses are just a vehicle for banks to sell money called mortgages?

That one really bugs me. Because I don't see where he's wrong.
So much that is wrong with our economy can be directly traced back to helping banks sell mortgages.
And chaining people to an "investment" for 30 years.

In 1965, the median US house price was $20k. $189k today. Median family income was $6,900, or $65k
Now it's $385k for a house and only $75k for the median family income.
The "price" of a home has doubled but your income is only up 15% since then.

Posted by: People's Hippo Voice at March 13, 2023 12:16 PM (XuB58)

352 "285 the crazy thing about all this is that there are still people out there who legit think Pedo Joe China Brandon is doing a great job
Posted by: The Unvaxxed and Unmasked Ranger - Longing to Lie in Zooey Deschanel's Bosom for Comfort at March 13, 2023 11:59 AM (VTu1l) "

drove past one a few weeks ago off away southwest of here; multiple big handpainted signs out in the fields: G-d bless president biden, ukraine flag, Trump the traitor, even one about "dark brandon" + a few more I don't recall.
LOL!

Posted by: sock_rat_eez - we are being gaslighted 24/365 at March 13, 2023 12:17 PM (VohFI)

353 337 Rasmussen has Biden at 50% approval.

Posted by: sharon(willow's apprentice) at March 13, 2023 12:11 PM (Y+l9t)

That's crazy. He really is invincible. Nothing tarnishes him, ever.

Posted by: E. A. Blair at March 13, 2023 12:18 PM (5a2xV)

354
And, it's gone!

Posted by: Lola at March 13, 2023 12:11 PM

Try this link:
https://tinyurl.com/2zd3u2y9

Posted by: Divide by Zero at March 13, 2023 12:19 PM (enJYY)

355 Thomas Massie *
@RepThomasMassie
Just got off of a zoom meeting with Fed, Treasury, FDIC, House, and Senate.
A Democrat Senator essentially asked whether there was a program in place to censor information on social media that could lead to a run on the banks.
7:24 PM • 3/12/23

Posted by: SMOD at March 13, 2023 12:25 PM (RHGPo)

356 Didn't Martha go to prison for the same thing these scumbag CEOs just did by selling their stocks?

Posted by: sidney at March 13, 2023 12:27 PM (Uy/WF)

357 All I can think of is the Bloom County cartoon with Oliver hacking into a website and posting "Avast ye scurvy dogs, Bank of America is about to go belly up!!!"

Posted by: PabloD at March 13, 2023 12:29 PM (OUgAN)

358 Who's up for some real-time Walkig Dead?

Posted by: Eromero at March 13, 2023 12:33 PM (MF3yS)

359 {286} ... Someone recommended one of his books to me.

I now know to pass *HARD* on that.

Posted by: Yudhishthira's Dice at March 13, 2023 11:59 AM (oINRc)

Membership in WEF: https://is.gd/Gsb3eR

Posted by: Grumpy and Recalcitrant at March 13, 2023 12:40 PM (nRMeC)

360 "Didn't Martha go to prison for the same thing these scumbag CEOs just did by selling their stocks?"

iirc, Martha was entrapped ... they got her for lying to the FBI about something she did not need to lie about (regarding what looked like insider reading probably). my guess is she pissed off the Clintons (or some elite), but that is my go to guess about FBI entrapping people.

Posted by: illiniwek at March 13, 2023 01:14 PM (Cus5s)

361 354. Got it. Thank you!

Posted by: Lola at March 13, 2023 02:07 PM (GshMh)

Processing 0.06, elapsed 0.0706 seconds.
15 queries taking 0.0206 seconds, 370 records returned.
Page size 215 kb.
Powered by Minx 0.8 beta.