* Hedge fund boss Bill Ackman today warned the 'economy will not function' unless Joe Biden 'guarantees all deposits now' as the crisis hit the Big Four banks
* Among the worst affected regional banks was Western Alliance which saw its stock plunge by 75 percent as the opening bell sounded on Wall Street
* 'The Federal Deposit Insurance Corporation needs to explicitly guarantee all deposits now.
Hours matter,' Ackman said as he called for government backing At least 20 regional banks were hit with trading halts this morning as turmoil sparked by Silicon Valley Bank's collapse gripped Wall Street.
Hedge fund boss Bill Ackman warned the 'economy will not function' unless Joe Biden 'guarantees all deposits now' as the contagion spread to the Big Four trillion-dollar US banks.
Wells Fargo's stock dropped 7.5 percent, Bank of America fell 7.4 percent, Citigroup plunged 5.8 percent and JP Morgan was down 2.7 percent.
Read more ....
WNU Editor: The stress indicators are flashing red .... Market stress indicators react sharply after U.S. bank failures (Reuters).
So what is my prediction.
My optimistic take is that this crisis is going to cost US taxpayers hundreds of billions if not more. This also guarantees a recession in the coming months. Stock markets will be negatively impacted. And the debt crisis is also gong to get worse. Throw in inflation, high interest rates, and it is obvious that everyone's balance sheet and take-home is going to take a hit.
You do not want to know what my pessimistic take on this crisis is. When I think about it I feel like throwing up.
13 comments:
the cause is clear. It is the same thing that caused the Great Recession. The govt did a minor fix on that and then that too was undone, bringing about this crash. Here it is, plain and simple.
The real story behind the Silicon Valley Bank debacle
^ Fred alert
Dumb ______ does not know what an order of magnitude means. He must have 1/2 a brain.
simply calling someone's commens dumb is hardly a comment by a grown person. A knowing person would show why a comment is wrong.
Here is the cause and so we have a fix
Now I imagine Mr Imaturity will make another grade-school comment.
We would like to know the blogger's pessimistic take, if you wouldn't mind.
Turned half my net worth into tangible gold and silver last year. Was expecting war induced instability but a credit induced crises will do just as well. Just curious, is it just as bad to call someone a Russian troll when you have no comeback to a good point made? How weak is that shit, really? Russian supporting Anon
"simply calling someone's commens dumb i"
That is not what I did. I gave a reason. You chose to ignore the reason or you do not understand the reason.
1) Do you not 8inder stand the concept of "order of magnitude"?
3) Is your reading comprehension poor?
3) Is your English vocabulary poor?
Government caused inflation drove up costs.
Start up had to draw down on equity from IPOs faster
It is hard to invest money really fast to SVB put it in bonds.
Then the fed increased borrowing costs fast.
1 2 punch
like o a beach
Undertow sucks water out from under you and then a wave crests and crashes onto you.
"Give us money or doomsday!!!!!!!"
Jeez...
"The new plan calls for a massive training program to replace all the officers lost in the first few months of 2022’s fighting. The immediate problem with that is all the officer instructors were sent to the front in March and April 2022 where they too became casualties."
Just like Hitler
We snorting a little daily mail tonight?
so u r a lazy troll good combo for the rest of us
Biden Lies By Omission – Forgets to Tell Americans that We Are Bailing Out China’s Venture Capital Business with Silicon Valley Bank Rescue
I always knew retired was a CCP supporter
WHATSOEVER MR. RETIRED UKRAINIAN DIPLOMAT WHO LIVES IN MONTREAL IS YOUR WORST CASE SCENARIO INVOLVING THIS BANKING CRISIS THAT MAKES YOU WANT TO THROW UP 🤮 I REALLY WANT TO KNOW THE STONE COLD TRUTH OF YOUR THINKING.
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