Posted on 05/20/2023 12:02:25 PM PDT by CFW
Shares of U.S. regional lenders fell on Friday after CNN reported that U.S. Treasury Secretary Janet Yellen told bank chief executives that more mergers may be necessary following a series of bank failures.
Yellen also reaffirmed the strength and soundness of the country's banking system at the meeting with bank CEOs on Thursday in the aftermath of the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank.
The KBW Regional Banking Index fell 2.2%, with shares of PacWest Bancorp and Western Alliance among the biggest losers as they shed 1.9% and 2.4, respectively. Comerica Inc declined 1.2%, Zions Bancorp. fell nearly 1.7%, and Valley National Bancorp dropped 5.5%.
The regional bank crisis has been partly blamed by some on aggressive interest rates by the U.S. Federal Reserve, which forced some lenders to seek new capital to make up for a fall in the value of assets linked to interest rates.
(Excerpt) Read more at finance.yahoo.com ...
Of course the Left wants fewer banks. Makes it much easier for the government to control. Ideally there would be only one.
They hiked rates to destroy small banks. .
Digital ID & digital currency are next
My bank has cut off cash withdrawals. Apparently they own my money.
Many republican state legislators already put the Uniform Commercial Code into their states. It is the single digital currency. We know the democratic states are a shoe in.
As usual, our freedom is taken by our own side.. just like Covid.
Transitory bank mergers?
Less than 4700 banks in America. Pressure from the Fed will only accelerate merger numbers. Bank stocks have taken a hit. For the most part.
Coincidentally, Yellen on Thursday, shorted regional banks and bought BoA, Citi, and Wells-Fargo…..
>> Yellen also reaffirmed the strength and soundness of the country’s banking system
YIKES! Clear signal that it’s time to take my dough out!
Isn’t that tradin’ on insider info?
“US Inching Towards Recession as Leading Index Declines Again in April”
“My bank has cut off cash withdrawals. Apparently they own my money.”
I’d be making an electronic transfer to a another bank which DOES allow cash withdrawals!
Hubby and I have accounts at two different banks and one credit union. We also try to keep a reasonable amount of cash tucked away at home. We never know where the next financial surprise is going to come from so we don’t want all our eggs in one basket.
Do ya smell it?
PM me which bank please.
WTHeck??
Who is your bank?
yellen: “banks are sound, get ready for lots more to fail” ...
In healthcare, in banking, in many sectors the government is actively pushing the merger of small firms into the giants. This is not the free market choosing monopolies. It is the government.
At the sae time, the FTC has shifted from the “Publi Welfare” standard to the “Big is bad” Standard.
What should we conclude?
In healthcare, in banking, in many sectors the government is actively pushing the merger of small firms into the giants. This is not the free market choosing monopolies. It is the government.
At the sae time, the FTC has shifted from the “Publi Welfare” standard to the “Big is bad” Standard.
What should we conclude?
The government’s goal is to eventually have only four or five main banks with the smaller one having been closed or merged with those large banks. That will make it easier to force the transition to digital currency.
Of course, they discount unintended consequences much like those they ignored by closing schools because of the “pandemic” which allowed parents to see what their children were actually learning in school. Many parents objected, removed their children from the public school system, and exposed to others the depravity of the teachers.
Any such demand or requirement for digital currency will result in our nation having an underground bartering society much like in its founding day where people trade labor for food, etc. Such will keep the government from tracking people’s expenditures and movements and reduce the tax dollars paid into the system.
On a side note:
https://www.zerohedge.com/markets/lawmakers-scrutinize-executives-bonuses-banks-have-collapsed
“Lawmakers Scrutinize Executive Bonuses At Collapsed Banks”
180 banks are are at risk of failure.
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