Bank failures have started

giphy.gif
 
Missourian said:
"Silicon Valley Bank employees received their annual bonuses shortly before the bank was seized Friday, NBC News reported late Saturday.

The bank traditionally hands out bonuses for the prior year’s work on the second Friday in March, and the payments had been in the works for days, sources familiar with the matter told CNBC.

It’s unclear how much cash was distributed, but NBC said the bonuses likely ranged from $14,000 each for associates to $140,000 apiece for managing directors, based on figures posted on the Glassdoor website."

nypost.com

Government won’t bail out Silicon Valley Bank, which paid workers bonuses hours before collapse

Yellen, appearing on CBS’ “Face the Nation,” said the government wouldn’t rescue the nation’s 16th-largest bank, as was done for hundreds of institutions during the fi…
nypost.com nypost.com

Talk about unfortunate timing from a public relations perspective.
Click to expand...
I have to doubt it was unfortunate timing. It was then or never.
 
Here comes the next bandaid...

"In a separate announcement, the Fed late Sunday announced an expansive emergency lending program that’s intended to prevent a wave of bank runs that would threaten the stability of the banking system and the economy as a whole. Fed officials characterized the program as akin to what central banks have done for decades: Lend freely to the banking system so that customers would be confident that they could access their accounts whenever needed."

www.mercurynews.com

US government moves to stop potential banking crisis

The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring depositors at the failed financial institution tha…
www.mercurynews.com www.mercurynews.com
 
Charles Schwab down 12% in pre market.
So yeah... this is gong to be black Monday.
Thank God we will have Jeanne Pierre to toss some word salad about Biden taking it seriously.
 
Bidens speech today will be all about making people pay! "We'll get 'em!!"
In reality... those people will be getting checks just like they did in 2008-14.
Guaranteed. They can say whatever they want... but the checks will be coming
 

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com
 
The president just spoke, not reassuring at all.
One thing is certain, based on history, whatever the administration says publicly is a lie. The truth will be opposite of what the party line is.
 
The U.S. has such short-term memory that our government will bail out another bank run by the same former CFO of Lehman Brothers prior to its collapse in 2008. Meanwhile the poorer get poorer in the “greatest country in the world.” Clearly the enemy isn’t Russia or China.
 
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