This Breitbart piece went up around 6pm Sunday, hopefully it’s all for naught
U.S. Scrambles to Prepare Financial Backstop to Stave Off Banking Panic
The U.S. government is scrambling on Sunday night to prepare emergency measures to shore up banks and the U.S. economy as the nation braces for a potential bank run on Monday.
The U.S. Treasury and the Federal Reserve are jointly preparing to launch a program to backstop deposits in excess of the Federal Deposit Insurance Corp. $250,000, according to people familiar with the matter.
The Federal Reserve is also preparing to ease the terms of banks’ access to its discount window, an emergency lending facility for banks to raise cash.
The emergency preparations are not yet official. The Fed and the U.S. Treasury have not publicly commented on measures they are considering to stave off a rush of demand for bank account deposits to be withdrawn.
Silicon Valley Bank, the 16the largest bank by assets in the U.S., failed on Friday after depositors rushed to withdraw deposits last week. This was the largest bank failure since the financial crisis and the second largest in U.S. history. Now the government is worried that customers may try to withdraw funds from other banks.
Hopefully the feds are prepared this Monday morning, and the people who know about this stuff keep things calm. And that people do not make a run on their bank. A lot of people are concerned with their big companies being able to make payroll this week. Janet Yellen is doing the right thing in keeping a cool, calm demeanor. Unfortunately, Joe came back from Delaware late Saturday. He can’t really offer anything of substance, but, hey, it is for the best for investors and big bankers and such to see him at the White House.
Around the same time as the Breitbart article we get
There it is. The bailout.
No matter what Yellen and Biden and corporate media call it…it’s a bailout.
Regular Americans hosed by the Ruling Class. Again.
Paying the tab for a Tech party that didn’t invite any deplorables… pic.twitter.com/wqD2mWwPsI
— Steve Cortes (@CortesSteve) March 12, 2023
How many middle class folks have over $250k in savings/investments through SVB? Versus how many are rich folks who took the chance in keeping their money in a Woke bank too concerned about stuff that doesn’t make or protect money? As Vivek Ramaswamy said
“Silicon Valley Bank is one of the biggest evangelists of DEI and ESG – environmental and social factors,” he said. “In fact, just January of last year, barely over a year ago… they made a $5 billion commitment to sustainable finance to actually make for what they call a climate-ready, healthier planet. Well, guess what? That $5 billion would have served their balance sheet – how about a healthier balance sheet instead? And that’s something that actually, it’s a lesson that everyone else ought to learn by example. The lesson they ought to learn is not when you waste your money and burn it in a financial trash fire that… the taxpayers of this country are there to save you. No! It actually ought to be a lesson for everybody else that a healthy balance sheet is the responsibility of a bank, not… what they call a healthy planet.”
And in New York, state regulators shut down Signature Bank on Sunday, in order to protect investors of the bank which did a lot of business in crypto, though they had been trying to reduce that business. Then you had Silvergate Bank going into voluntary liquidation a few days ago, another that was heavy into Bitcoin and cryptocurrency, and like SVB, involved too much in Woke stuff, ‘climate change’, and other things which put their assets at risk.
Thanks to the Trump eta deregulation of banks in the 50 to 250 billion asset class, banks posted all time record high profits in 2021/2022. Under capitalism profits and shareholder profits are THE most important aspects of a society. The fact that taxpayers again might have to pay the loses incurred by banks is just the cost of failure to maximize profits.
But Brandon yawned reassuredly to America that he’s gonna do something about it.
What and when he wouldn’t answer before taking his morning nap.
#LetsGoBrandon
Bwaha! Lolgf
Trump deregulated our railroads
Trump deregulated mid sized banks
What harm could that possibly do o?
So let us get ts straight, you actually believe Trump “deregulated” banks? Banks are some of the most heavily regulated businesses in America, you moron. Now, did Trump deregulate railroads too? No more regulations for railroads? Do you ever read the stupid shit you type?
Aside from the FACT that those two proclamations are blatantly untrue (IOW LIES!) do the regulations of banking permit malfeasance and corruption of their fiduciary? Were any railroads told not to continue maintenance on their axels? The constant lying because you pathologically hate Trump makes you and the rest of your sort look like assholes. Continue the good work.
That’s not true and anyone who ever studied the ethics of economics can tell you that. Why do you constantly act the fool. Under capitalism the survival of the business is the most important aspect of (not a society) but the business structure. Capitalist society (IE free market economics) has done more to elevate the human condition than anything else created by man. American capitalists give away more in charity annually than the GDP of most nations of the world. Stop acting like a brain dead commie repeating all the Red slogans by hateful people and jealous failures and enjoy the success you fool.
Carbon Boy-you do realize over 50 democrats voted for that bank deregulation bill, correct? Breathing all that CO2 is making your Trump derangement syndrome even worse….
L.G.Brandon!, L.G.Brandon!: you actually believe Trump “deregulated” banks?
In context, it means loosening regulations, particularly to increase short-term benefits at the expense of long-term viability or possibility of a low-probability catastrophe.
L.G.Brandon!, L.G.Brandon!: Under capitalism the survival of the business is the most important aspect of (not a society) but the business structure.
That’s not always correct. As Alan Greenspan discovered, “Those of us who have looked to the self-interest of lending institutions to protect shareholder’s equity — myself especially — are in a state of shocked disbelief,”
In other words, the incentives of executives and the incentives of the organization are not always aligned. This often happens because the short-term and long-term benefits are misaligned.
#GetWokeGoBroke
#LetsGoBrandon
Bwaha! Lolgf
Queens and climate change over profits.
https://www.svb.com/news/company-news/silicon-valley-bank-commits-to-$5-billion-in-sustainable-finance-and-carbon-neutral-operations-to-support-a-healthier-planet
https://pjmedia.com/news-and-politics/rick-moran/2023/03/12/did-woke-policies-help-lead-to-the-collapse-of-silicon-valley-bank-n1677593
#GetWokeGoBroke
Bwaha! Lolgf
Pups,
Notice how Barney Frank is always in the middle of financial meltdowns.