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I'm in a very good position to suck up properties IF there's a crash. Not happening in my market and I like to be hands on, so no management company for properties 1k miles away. I know RE investors do it, but I couldn't remotely. USVI vacation rental would be one option though because I can write off the travel to go there. He changes his damn user name but the guy with the condo? in Hawaii that recently move to Texas. Vacation and reducing taxable income with travel to "check" on the property.
Here's what the lead exec on Risk Management was most focused on at SVB
It's at that point that the elite planners of the world will roll out their Great Reset, whereby, 'you'll own nothing and be happy.' After the kill-off from the 'vaccine,' I wonder how many of us will be left?
Agree that another bankster bailout would be a travesty.
BayArea says
Agree that another bankster bailout would be a travesty.
It depends on what you mean by bankster bailout. Do you consider seizure by the state and liquidation by FDIC as a bailout travesty?
stfu says
Fannie Mae is considering letting realtors do appraisals
Candidate for worst idea ever.
IMO there's also a 50% chance that somebody will buy it and guarantee/return most funds, with the help of regulators/taxpayers. You know how this works by now ;)
I share those personal tidbits not to boast, but for perspective for my next remark:
IMO there's also a 50% chance that somebody will buy it and guarantee/return most funds, with the help of regulators/taxpayers. You know how this works by now ;)
WookieMan says
She has $1M in cash sitting in the bank.
That's crazy. At the very least she should split it among 4 institutions so that it's all FDIC insured. I think you can even have $250K insured per account at the same institution, but multiple institutions sounds safer to me.
WookieMan says
I'm going to suggest she gift the money $250k to my sister and $250k to me
Beware of gift tax on anything over $10K. Used to be $10K anyway. The giver has to pay the tax just to give the money away, iirc.
B.A.C.A.H. says
I share those personal tidbits not to boast, but for perspective for my next remark:
Even if it was a boast. You experienced it. Journalist don't 9 out of 10 times. I'd take your word for it before the media honestly. If you have patents that you were the lead on, good on you. Anecdotal evidence is MASSIVELY more valuable than what the media puts out. I don't come here for regurgitated news sources that knowingly lie.
Wells Fargo apologizes, pledges fix to computer glitch and incorrect account balances
Wells Fargo promised to fix by Saturday a nationwide computer glitch that left irate customers with incorrect — and sometimes negative — balances and missing transactions, according to a spokesman. It will also refund fees customers incurred because of the issue. Some customers started their Friday morning routines hoping to see their latest paychecks directly deposited in their accounts. Instead, they had negative balances, a number of customers reported on social media, and a message from the bank: “If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize. Your accounts continue to be secure and we’re working quickly on a resolution.”.
Fears Silicon Valley Bank collapse could topple First Republic Bank next, as shares slump 40% in a month and investors voice concerns over losses on its investments
Silicon Valley Bank was taken over by the government on Friday morning - the largest bank failure since Washington Mutual's fall in 2008
The bank's demise is a combination of a difficult economic environment and rising interest rates: it remains to be seen whether a savior can be found
Now investors are concerned about First Republic Bank, whose share price plummeted 50 percent on Friday
The bank employees were inept, but there was a chain of events which also contributed.
Congress was spending too much money so it borrowed money by selling debt/bonds/IOUS.
The US Treasury sells them.
The Federal Reserve bought a LOT of them; everyone was concerned that if they flooded the market (worldwide) with bonds they would get bought for less.
The difference between the price a bond gets at the auction and it's face value=the "interest".
Then, the Federal Reserve started selling some of them off to banks.
Then, bank regulators wanted banks to own some "safe bonds".
Then, the Federal Reserve started raising interest rates quickly; this caused the bonds the bank now owned to lose value.
I experienced this myself; I own a couple funds which contain bonds of various types and the accounts have fallen although I don't need cash so I keep collecting the interest.
The bank which is not careful will need to sell something to pay deposit...
The bank which is not careful will need to sell something to pay depositors their money and evidently the house of cards collapsed.
Also, executives sold millions in stock before the collapse. Didn't realize insider trading is now legal...
Yellen said they won't bail out. Won't or can't...
NuttBoxer says
Also, executives sold millions in stock before the collapse. Didn't realize insider trading is now legal...
They said it was part of a plan which is usually legal, however if they changed that plan recently to sell or sell more they should be facing criminal charges.
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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