SVB Bank

[WARFAB]

The 18th largest bank in the US just went into receivership. Will this event have any contagion that causes other banks to fail? Did this bank fail due to the FTX collapse?

Even if this is an isolated incident that doesn't cause any other banking dominoes to fall, there are some seriously weighty implications for an important sector of the US economy.

Maybe I just read too much doom porn.

[WARFAB]

IMG_20230312_083258.jpg

[WARFAB]

Do I read too much doom porn? Yes.

Could tomorrow be a historic day in a very bad way? Also yes.

[Norm DeGuerre]

Better to be aware
Than broke

[WARFAB]

Why not both?

[WARFAB]

Screenshot_20230312_194811_Twitter.jpg

[WARFAB]

Called it:

Screenshot_20230312_212113_Twitter.jpg

[Norm DeGuerre]

Nother one, Willie https://home.treasury.gov/news/press-releases/jy1337

[Norm DeGuerre]

NY STATE took over Signature Bank today I see the financial house f cards unravelling
40% of New Car or and ate deficient some number of months

[WARFAB]

NY STATE took over Signature Bank today I see the financial house f cards unravelling
40% of New Car or and ate deficient some number of months

Forgot about the car loan situation. Not going to help the situation any.

[WARFAB]

This is what one of the banks we'll be baling out spent time and money doing instead of making sure their business was solid.

https://twitter.com/GRDecter/status/...746357254?s=19

[thughes]

[Rufus]

Barney Frank is on the board of signature bank. From the government side he forced banks to take on subprime loans, now he is at the helm of a crashing bank. Can't make it up, he was on NPR blaming lack of oversight on crypto, wouldn't answer any questions just blame crypto.

[thughes]

....a dish best served cold. :-)

[Norm DeGuerre]

FudgePacker Barney ??

[Norm DeGuerre]

Silverware, Signature Bank alsp

[Norm DeGuerre]

Question...
why all of sudden. ?? ????

[WARFAB]

Question...
why all of sudden. ?? ????

I think it was a combination of factors. The FTX crash was part of it, the Fed raising rates was part of it, idiotic risk management was part of it, then someone figured out the situation and told enough people who started pulling their money.

The fact that SBF crashed a few crypto currencies to support his lavish lifestyle and prolific political donations wasn't aa insignificant ripple in the financial sector. You can't just make that many billions of dollars disappear without there being repercussions. Add in a bunch of clown world DEI policies and you have the recipe for a disaster.

[WARFAB]

This is getting more interesting.

There were private buyers willing to treasure over SVB bank, but the feds wouldn't allow it. So now the FDIC is footing the bill instead of the private sector.

Now there are also questions of why Signature Bank was closed because they might have actually been fine financially. There might have been ulterior motives for closing Signature Bank, but the closing of two banks in rapid succession stoked solvency fears and has led to Bank runs on smaller banks and massive inflows at the mega banks.

I'm sure in a couple years there will be a big congressional investigation into exactly what happened. It will be revealed that politicians accused power, made money off coincidentally timed stock trades, and nobody goes to jail in the end.