“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” said a joint statement from Federal Reserve Chair Jerome Powell, Treasury Secretary Janet Yellen and FDIC Chair Martin Gruenberg.
The Fed facility will offer loans of up to one year to banks, saving associations, credit unions and other institutions. Those taking advantage of the facility will be asked to pledge high-quality collateral such as Treasurys, agency debt and mortgage-backed securities.
The feds print and hand out billions with no thought about what they’re doing to the value of our dollar. It’s as though they want to ruin our economy.
They’re scared of having bank 🏦 runs under the disaster of Joe
It would reveal, even more so, this charade.
Funny money.
Privatize the profits, socialize the losses.
Harry and Meghan are saved! /s
“No taxpayer cost”, except they’re fully funding deposits beyond the $250,000 cap.
I guess that’s FDIC money, not taxpayer money.🤡🌎
Another bail out of the elite which turns a mess into a full scale disaster down the road.
I used to feel outrage at the fraud of our financial system and the bought-off regulatory agencies. I wanted honesty and transparency. But I’ve changed my mind. Don’t get me wrong. I’d really like to get back to honest money at some point. But it’s going to be a real pain in the neck to get there. It will happen (crash) when it happens. But for now, and for as long as they can continue to kick the can, I much prefer artificial prosperity over very real hardship.
It is Silicon Valley. The Swamp is bailing out Democrats who donate to Swamp politicians and provide cover.
Joseph Zeballos-Roig
@josephzeballos
Former Rep. Barney Frank (D-MA) endorsed changes to his own Dodd-Frank law in 2018 that freed mid-sized banks from undergoing stress tests. He sits on Signature Bank’s board, which just collapsed.
I reached him via phone tonight and he declined to comment
washingtonpost.com
A lot of people heard what Barney Frank said about the new banking law. Few knew he works for a...
8:26 PM · Mar 12, 2023
... no taxpayer costs ...
And, the Mercedes is paid for.
On a Sunday evening. Someone is panicked that there will be a bloodbath this morning when the bell sounds, and is trying to help soften the blow.
It might have been an error for the California Bank regulators to put SVB into receivership. Apparently the bank was illiquid but not insolvent. ANY bank can become illiquid due to a run on the bank.
Biden wasted no time this morning blaming DJT for these bank failures.
Welcome back, President Trump.
The FDIC was put in place to protect depositors accounts of $250k each. If people are not smart enough to move money arround to protect their accounts, that’s too bad. The government should not change the rules whenever the elites get burned.