Slowly, then all at once.
You are kidding me!??! After the “gifted” buy-out of First Republic Bank (FRC) by JPMorgan (JPM), I was assured by all the economic “experts” that the banking crisis was now over!
Therefore, I was told, I can now invest my hard-earned money in the banking sector once again, as I also move all my banking deposits into a one of the top four national FDIC-insured “safe” banks who are “too big to fail”.
Please tell me I didn’t take financial and investing advice from the wrong experts, again! For I just moved all my assets to PacWest(PACW) and Western Alliance(WAL)!
/s
Wonder why most of these bank failures are happening on the West Coast?
Where are they going to get the money for the promised reparations?
This is beginning to look like the economic crisis in 2007-2008.
IIRC, it was in February. I was watching some of the Sunday news-talk programs. I noticed an eerie pattern. Guests on some of those program were from the GWBush economics and commerce sectors. They were all parroting the same theme: ‘The economy is in great shape. The economy is strong.’
I thought it strange that these guys were touting the economy when usually these news-talk programs were about politics and foreign policy.
About 4 months later the GWBush economy began to crash. As with the current economic disaster, they began throwing money at the problem with the multi-billion dollar bail-outs. One was The Emergency Economy Stabilization Act of 2008. [Sort of sounds like Biden’s Inflation Act.]
I seem to recall that Fannie Mae and Freddie Mac were both on the brink until they were bailed out by the Feds. And a lot of the Too Big To Fail banks were saved by TARP.
At what point do they call it a contagion?
There is nothing backing digital currency, they need the cash equivalence to match the deposits.
Very few people store actual money in a bank.
Money is - amongst its other essential attributes of fungibility, durability etc - a store of value.
Fiat currencies and numbers on a screen do not act as a store of value. They are not money.
Our bank accounts are just ... credit. They work for the day-to-day, but not for savings.
“sound and resilient” = Financial Cabal
“safe and effective” = Big Pharma Cabal
Lying to the peons is like breathing to these clowns.
“Sound and resilient” is the new “Safe and effective”.
California is killing the nation...one failed bank at a time.
Must be some of that diversity stuff going on in the banking system and with the Federal inspectors.
Or lets fold and make millions ?