Are they still Too Big to fail?
All we ever seem to do these past thirty years is kick cans down the road...
And it’s just starting. Thank you very much to the radical Democrats.
Whoa!!!! Remember what happened to W and the GOP in 2008 because of the financial crisis and all of the laws that were ushered in its wake to prevent the excesses of greedy Republicants and their billionaire buddies?
2023 can’t be worse ...it has to be fake news ... FJB is in office, these are the good old days, and once MAGA is eliminated, another 1000 J6ers are hauled to DC jails to wait their turns, and Trump is no longer viable, things will be even better. /S
Yes and, more so, No
“I’m from the government, and I’m here to help you.” Ronald Reagan: “The top 9 most terrifying words in the English Language”.
So it is time to continue to execute a plan that reduces my exposure to the follies of “the bank”. Green pieces of paper to cover short term failure. Hard assets to cover an extended outage. The balance into safer assets. Achieve zero debt, which reduces the expense on interest to the lenders. I remember COVID-19 shutdown well. I remember 2008, too.
Couple the bank news with the news that Social Security is only good for another 10 years, and Medicare a little longer — it’s going to be an interesting roller coaster ride.
Biden and the Democrats want to play “Chicken” with the debt ceiling, want to keep spending at ruinous rates and covering the shortfall with higher debt and higher taxes. I wonder when the United States will declare bankruptcy?
I hope the writer took into account that our currency is now Zimbabwean Terradollars, not the dollars of 2008.
Very Different today.
2008 was an election year with a Uniparty Republican in the WH.
2023 is not an election year and a Democrat anointed by the gods in Washington is in the WH.
do not be alarmed
they are still in the destruction stage of
build back better
Didn’t take libtards long to screw things up
(From the article):"As I noted at the beginning of this article, the three banks that have collapsed so far this year
were collectively bigger than all of the banks that collapsed in 2008 combined… (Emphasis Mine)"
"The three banks held a combined total of $532 billion in assets, which – according to the New York Times and when adjusted for inflation
– is more than the $526 billion held by all the US banks that collapsed in 2008 at the peak of the financial crisis."
"Executives at those banks are telling us not to worry, but of course executives at First Republic were issuing similar assurances just last week.
Personally, I had heard that First Republic supposedly had enough reserves to keep going for months.
But that was a lie, and now First Republic is toast."
"The following comes from the official statement that the FDIC issued when it took over the bank…
"First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation,
which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank,
National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank."
"The Federal Deposit Insurance Corporation agreed to absorb most of the losses on mortgages and commercial loans that JPMorgan is getting,
and also provided it with a $50 billion credit line."
"In addition to providing JPMorgan Chase with a 50 billion dollar credit line, the FDIC will also take a loss on this deal of approximately 13 billion dollars."
" This is an estimate and the final cost will be determined when the FDIC terminates the receivership. Needless to say,
the biggest losers of all are the shareholders of First Republic."
They got completely wiped out… "
We are only one-third of the way through 2023.
"And as Charlie Munger recently observed, many of our banks are absolutely packed with “bad loans” right now…
Charlie Munger believes there is trouble ahead for the U.S. commercial property market."
How long before the Pedo Joe administration just declares that banking cannot be trusted to rich white businessmen and declares that the federal gov will take over ALL banking in the country?