Yet Another Bank Going Down...

[Manonthestreet]

My local markets support the paper ... glad to be rid of the national overhead ... a carpenter with tools builds homes, seriously, I've built additions with plans drawn on cocktail napkins ... all the paper I need ...

We'll need suitases of the paper......for heating our homes like Weimar

 

[ReinyDays]

We'll need suitases of the paper......for heating our homes like Weimar

Wood is carbon neutral ... Western Oregon is choked with 250-foot tall D Fir ... [grin] ... burns well enough, c.f. California ...

 

[Failzero]

That's this week's acquisition. I convert ten percent of what I make in a given week, into metals... And you're right. I don't have to worry...

I’ve built a lotta Firearms ( metal )

 

[Nobody911]

We're starting to see a trend here...

FDIC prepares to place First Republic under receivership

News of the move came as the Fed and FDIC detailed their supervisory lapses before deposit runs caused the collapse of Silicon Valley Bank and Signature Bank in March.

www.reuters.com

Bank Failure in America
The banks have failed us once again
A crisis that we cannot deny
People lost their homes, their savings gone
Our economy on the brink of despair

Corporate greed and reckless lending
Took down our financial system like a card game
We trusted them to keep our money safe
But now they left us to face the harsh reality of life

Homelessness and poverty rise
As jobs disappear and hope dies
This disaster has affected all of us
From Main Street to Wall Street, no one escapes the fallout

Yet somehow we must pick ourselves up
And find the strength to carry on
For better days lie ahead
If only we hold tight to hope and stay strong

Through struggle and hardship we'll see
That we have the power within us
To rebuild and thrive once more
Never forgetting the lessons learned from the dark times before.

Amen!

 

[Faun]

The MSM is sure keeping this one quiet.

LOLOL

The OP literally linked an MSM article on this.

 

[leftwinger]

The the magic tangerino mishandled covid, blew the Obama recovery, so we had to have the Biden recovery. Our portfolio, properties, bonds, and deposits have done well.

Just pay attention and not be hooked on personalities and uber politics.

Pure hogwash the entire post. Most typical IRA or 401K has done well? Down now nearly 20% from peak value.

Home values down nearly 20% in mist western markets.

$5.50 $6.00 gas is back out west. You fools never let up.

 

[John Edgar Slow Horses]

Pure hogwash the entire post. Most typical IRA or 401K has done well? Down now nearly 20% from peak value.

Home values down nearly 20% in mist western markets.

$5.50 $6.00 gas is back out west. You fools never let up.

Not true at all. Got any proofs. No? Well, then, Pinocchio Pete...

 

[otto105]

This is how the great depression began...

Yes, but it wasn't runs on banks that caused the stock market crash.

The runaway speculation that triggered the 1929 crash and the Great Depression that followed couldn’t have taken place without the banks, which fueled the 1920s credit boom.

 

[ReinyDays]

I kinda hate to be the one to remind everyone ... but the Rich are getting richer, so there's no problem ... vote Republican and keep things exactly the same, no changes ... thank you ...

 

[Cellblock2429]

I kinda hate to be the one to remind everyone ... but the Rich are getting richer, so there's no problem ... vote Republican and keep things exactly the same, no changes ... thank you ...

/----/ So? What's yer point?

 

[ReinyDays]

/----/ So? What's yer point?

The Middle Class isn't paying enough taxes ... that's all they're good for ... paying taxes ... do you know homeless people are producing garbage, that's an insane standard of living ... what the hell ... the homeless are there to consume garbage ...

Ya think ya end slavery ... and then act like slaves ... just the paycheck in between ... still the same institution ... shut up and pay MY fair share of the tax load ...

 

[jwoodie]

the Fed waited almost a year too long to address inflation

Why do you think the Fed waited?

 

[John Edgar Slow Horses]

Why do you think the Fed waited?

Incredibly strong consumer spending and incredibly low UE

 

[Mac1958]

Why do you think the Fed waited?

I flat-out don't know. The general feeling was that they were skittish to raise rates after being so loose for so long, and maybe they were spooked by the Meltdown.

EVERYBODY in the industry was wondering what was taking so goddamn long. 25bps just to start wouldn't have spooked markets. There was no good excuse for this.

 

[jwoodie]

I flat-out don't know. The general feeling was that they were skittish to raise rates after being so loose for so long, and maybe they were spooked by the Meltdown.

EVERYBODY in the industry was wondering what was taking so goddamn long. 25bps just to start wouldn't have spooked markets. There was no good excuse for this.

Do you think Powell was waiting for reappointment as Fed Chair?

 

[Mac1958]

Do you think Powell was waiting for reappointment as Fed Chair?

Well, I hope that wasn't part of the decision-making process, holy shit.

I don't have the quotes, but I remember looking at what they were saying and getting the feeling they were just afraid to pull the trigger. Too cautious.

 

[John Edgar Slow Horses]

Leesman at CNBC said a year ago to the effect Powell just did not have the stones to pull the trigger.

 

[Grumblenuts]

Axios basically says lesser big failures are too big to regulate,.. meaning the regulators are forced to throw in the towel, take them over, then immediately give them away to the likes of JPMorgan/Chase.. the biggest too big failures.

In other words, #1 get rid of the Fed. Let the Treasury regulate the banks or some other government agency that can be held at least somewhat accountable to the public.. unlike the Fed.

• The Federal Reserve released a 114-page report that laid blame for the collapse of SVB on the bank itself, as well as the Fed supervisors charged with overseeing it and lax regulations put in place during the Trump administration.
• The FDIC published an internal review of its handling of the supervision of Signature, highlighting the weaknesses in its oversight, pinning some of the blame on a serious understaffing problem.
• The Government Accountability Office released a report looking at both of these bank failures and noted one similarity — in both cases, regulators saw the risks but weren't able to push the banks to mitigate them.

 

[Ringo]

 

[Vastator]

And despite the Biden admin claiming that FRC was just another 'outlier' business model, PacWest, Western Alliance, and Zions (among others) are in a freefall...