Posted on 03/13/2023 8:49:20 AM PDT by Diana in Wisconsin
NEW YORK (AP) — Wall Street is worried about what may be next to topple following the second- and third-largest bank failures in U.S. history, and stocks are swinging sharply Monday as investors scramble to find someplace safe to park their money.
The S&P 500 was virtually unchanged in morning trading, but only after tumbling 1.4% at the open. The sharpest drops were again coming from banks. Investors are worried that a relentless rise in interest rates meant to get inflation under control are approaching a tipping point and may be cracking the banking system.
The U.S. government announced a plan late Sunday meant to shore up the banking industry following the collapses of Silicon Valley Bank and Signature Bank since Friday.
The most pressure is on the regional banks a couple steps below in size of the massive, “too-big-to-fail” banks that helped take down the economy in 2007 and 2008. Shares of First Republic plunged 78%, even after the bank said Sunday it had strengthened its finances with cash from the Federal Reserve and JPMorgan Chase.
Huge banks, which have been repeatedly stress-tested by regulators following the 2008 financial crisis, weren’t down as much. JPMorgan Chase fell 0.7%, and Bank of America dropped 3.7%.
“So far, it seems that the potential problem banks are few, and importantly do not extend to the so-called systemically important banks,” analysts at ING said.
(Excerpt) Read more at kktv.com ...
Now treasuries are 4%, the trillions in 1% notes are worth much less.
That does it! I’m withdrawing all of my money out today! All $49.00 worth. Let’s see them survive that.
When trump was in office my retirement account was almost completely in the S&P 500 making enough money that my monthly disbursement never touched the principle......almost immediately after brandon stole the election I started losing money....after I lost $2k I basically turned it into a savings account....making very little if anything but it stopped the bleeding for the most part...but not completely.
Will the printing of money just continue until the dollar is completely worthless? Who bails us out then? /rhetorical question
Having a nice big garden is a *very* good thing. ;-)
Greenspan: “We can guarantee cash, but we cannot guarantee purchasing power!”
The economy is very uncertain, but hey!, Biden created 11 million jobs. He didn’t, but, that’s what he wants to quote every chance he gets, as being a sign of a good and recovering economy, no matter how ugly things are out there for businesses and for the inflation that’s got everybody reeling.
AMEN to that! :)
Got a beef steer in the barn and chickens on the way. Pork, one farm over. Dairy, one farm over after that one. :)
Kaiser Klaus has ze plan and ze insect menu to browse.
“So far, it seems that the potential problem banks are few, and importantly do not extend to the so-called systemically important banks,” analysts at ING said.
These folks should take their comedy act on the road.
This kind of nonsense if why I never trust financial advisers.
Covid lockdown destroyed my business. When it started to recover a tiny bit Brandon’s excellent leadership wiped out my savings thanks to his excellent policies increasing costs of everything. Now, I had to restructure and am back to engineering consulting at about 20% of what I was doing pre pandemic.
Thanks chomo Joe.
Sorry to hear all that.......if I wanted to crash the American economy I’d be doing everything that’s happening right now........but hey, I’ve been known to be a proper paranoid. 😏
Banks and financial institutions that saw trading halted Monday :
AdvisorShares Trust
Bank of Hawaii Corporation
Charles Schwab
Coastal Financial Corp Cm St
Comerica
Customers Bancorp
East West Bancorp, Inc.
First Horizon Corporation
First Republic
Huntington Bancshares
Macatawa Bank Corporation
Magyar Bancorp, Inc.
Metropolitan Bank Holding Corp
OceanFirst Financial Corp
PacWest Bancorp
Regions Financial Corporation
Texas Capital
Washington Federal, Inc.
Western Alliance
Zions Bancorporation
Build Back Better?..... They have to destroy everything to build it back the way they want.
When Obama was elected, I moved all my investments overseas. When Trum was elected, I moved it all back to the States.
That proved to be a good strategy. But Joe has screwed both pooches.
“Joe has screwed both pooches”
Probably literally 😏
Uncertainty?!?
🤣🤣🤣🤣🤣
Trust is the coin of the realm.
And Deep State is flat busted.
Spread out over exploiting millions of 1040 refunds at the member teller windows.
And the essential worker won’t know it.
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