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As if all the operations around finance in this land were not already unsound and degenerate enough, the alleged president just cancelled moral hazard altogether. It’s now official: from here forward there will be no consequences for banking fraud, poor decision-making, fiduciary recklessness, self-dealing, or any of the other risks attendant to the handling of other people’s money. Bailing out the Silicon Valley Bank and Barney Frank’s deluxe Signature Bank means that the government will now have to bail out every bank every time something goes wrong.
The trouble, of course, is that the government doesn’t have the means to bail out every bank. Its only resort is to ask the Federal Reserve to summon new money from a magic ether where the illusion of wealth is conjured to paper-over ever greater fissures in the splintering matrix of racketeering that America has become. That will quickly translate into US dollars losing value, that is, accelerating inflation, which is how nature punishes you when your government lies and pretends that it has a bad situation well-in-hand. ...
The disorder may go on for quite a while, but eventually the survivors will synergetically fix their circumstances themselves working in-step with the emergent mandates of reality. Having lived through a reality-optional period of history, it will come as an ecstatic shock to learn that the world requires us to pay attention to what is really happening and to act accordingly. We’ll find ways to get food, make some things work, and shine some lights in the darkness, if perhaps not by means we’re familiar with now.
In the meantime, expect more disordering tragi-comedy from the “Joe Biden” led psychotic regime ruling over us with its drag queen commissars, lawless Lawfare vandals, race hustlers, agents provocateurs, informers, censors, prosecutors, inquisitors, jailers, and propagandists — the worst collection of imbeciles, grifters, and villains ever assembled into political party.
SVB Went Woke, Then Broke, Then Got a Bailout
Americans can’t afford food, but leftist and Chinese companies get bailed out.
March 17, 2023 by Daniel Greenfield
Americans can’t afford food
Eating processed garbage does not count as food.
Sounds like UBS bailout is not happening, on to plan B, destroy the Euro!
UBS to buy CS for 2 billion, a fraction of its 8 billion close on Friday. UBS and CS shareholders will be shafted as no vote allowed. Probably all in all a positive development as some losses, bad spec money and debt will be flushed out.
The former chair of the Federal Deposit Insurance Corporation (FDIC), Sheila Bair, has criticized the Biden administration’s “bailout” of Silicon Valley Bank (SVB).
Bair denounced the Biden admin’s decision to guarantee all deposits at the failed SVB, labeling the move an “overreaction.”
Bair made the comments during a recent appearance on “The Washington Post Live” series.
She stated that insuring all deposits at SVB and at the failed Signature Bank was an unnecessary “bailout.”
Bair warned that the move would be paid for by extra fees on all banks, even well-run community and regional banks.
The former FDIC chief also threw cold water on proposals to waive the current $250,000 deposit insurance lid and for the FDIC to provide unlimited guarantees for all deposits across the entire $17.5 trillion U.S. banking sector.
“We need market discipline to complement the supervisory process,” Bair said.
https://babylonbee.com/news/banks-begin-calling-customers-to-ask-for-loan
Union Bank Plaza in Los Angeles sold recently for a 50% loss. It is a 40-story, 701,888-square-foot office building.
ad says
Union Bank Plaza in Los Angeles sold recently for a 50% loss. It is a 40-story, 701,888-square-foot office building.
That is insane as it is 50% off the 2010 price according to the article.
That said, still wondering if (when?) it is time to buy the REIT indexes...
Oak Brook, IL. Either who they sold it to or were leasing from tore it all down. Whoever picked it up is now building on it though. Not sure what they would put there, but likely office and hotel. It's nicer area than Rosemont for O'hare business travelers and only 10-15min away.
We get years of cheap money and start to think cheap money is normal. We see the endlessly rising asset prices and believe we’re skilled investors
The big banks lost 90 billion the last week of March from depositor withdrawals.
The big banks lost 90 billion the last week of March from depositor withdrawals. Loss of confidence is system-wide, and growing.
NuttBoxer says
The big banks lost 90 billion the last week of March from depositor withdrawals.
Some of that may be from putting the cash into the new high return CDs.
But usually they would put it back in the same bank since they have an account, right?
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Oh yeah, and to once again blow away the bullshit about everyone being insured, read the article about how some depositors will have to pray dividend sales will someday return their deposits to them.
For some fun search bank run and see what some of the top images are.
https://www.zerohedge.com/markets/300-billion-reasons-why-svb-contagion-spreading-broader-banking-system