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| Economy |
| Second bank shuttered as rise of 'woke' financial sector sparks criticism of unsound investment moves |
| 2023-03-13 |
| [Washington Times] The Biden administration said Sunday that it would guarantee all deposits at the now-shuttered Silicon Valley Bank but insisted the move was not a taxpayer-funded bailout, while regulators closed a second institution, New York City’s Signature Bank, amid fears of an unfolding economic crisis. Some business leaders warned that it might be just the beginning of a national reckoning with institutions that value left-wing politics over sound investing. Underscoring the urgency of the situation, President Biden said he will address the nation Monday morning “on how we will maintain a resilient banking system to protect our historic economic recovery.” In a statement, the president said late Sunday night that he is pleased that his top advisers and bank regulators reached a “prompt solution” on the two shuttered banks “that protects American workers and small businesses, and keeps our financial system safe.” Treasury Secretary Janet Yellen seemed earlier Sunday to rule out a bailout of the California-based bank but said the government would work around the clock to find solutions ahead of Monday morning’s opening bell on Wall Street. Customers include household brands such as Roku and Etsy. Later Sunday, Ms. Yellen, Federal Reserve Chair Jerome Powell and Federal Deposit Insurance Corp. Chairman Martin J. Gruenberg released a joint statement saying they had reached a “resolution” that would allow all depositors at SVB to access all their money Monday morning. “No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer,” the regulators said. Mr. Biden reiterated that claim in his statement, saying taxpayer dollars are not at risk. Read the rest at the link Related: Silicon Valley Bank: 2023-03-12 Good Morning Silicon Valley Bank: 2023-03-12 'The government has 48 hours': Billionaire investor Bill Ackman calls on Biden to bail out SVB by Monday MORNING or face catastrophic market meltdown and loss of tens of thousands of jobs Silicon Valley Bank: 2023-03-12 Where were the regulators on SVB? |
| Posted by:badanov |
| #15 Skidmark is right. It the UFO's. They are manipulation the news. We are doomed! The sky is falling..... |
| Posted by: 49 Pan 2023-03-13 19:10 |
| #14 Musk offered to buy SVB and the FED/FDIC/Treasury wouldn't even talk with him. |
| Posted by: 3dc 2023-03-13 16:40 |
| #13 Undermined Financial Organizations. |
| Posted by: swksvolFF 2023-03-13 16:14 |
| #12 #p I agree at least up to the point that it is worse than any tax, say inheritance tax for one although many are the ways the Swamp steals from producers. |
| Posted by: Cesare 2023-03-13 16:12 |
| #11 We Are Now Being Deluged With UFO Propaganda |
| Posted by: Skidmark 2023-03-13 14:15 |
| #10 This is just the latest crisis being over publicized to cover for our DC criminals raping our national treasure. |
| Posted by: 49 Pan 2023-03-13 12:47 |
#9 Short story way too long, they over tax all of us to protect their friends and supporters from bad decisions."Tax"?? No they won't directly "tax" all of us. Federal authorities will simply continue to debase the US $ with continued insane spending, continued expansion of the national debt, and continued inflation. 18 months ago I could buy 10 lb of Quaker Old Fashioned Oats for $7.50, now it costs $12.98 at the same store. THAT is worse than any tax I've encountered. |
| Posted by: Gromble Dribble4342 2023-03-13 12:24 |
| #8 As the nice man said in 'Platoon', 'there's the way things ought to be and the way things are...' In theory blanket guarantees early on should stem what could be systemic panic. But there's also a context and history immediate and not. In '08 they selected winners and losers rather than letting all the chips fall where they may. Now, at a time when we are on the tab for Ukrainian civil servants' pensions, not to mention enough weapons to put every last of them into an Abrams before it's all over. Let's not forget about Bankman-Fried either since we will all be dutifully cleaning that money laundering catastrophe up for the foreseeable. Short story way too long, they over tax all of us to protect their friends and supporters from bad decisions. If it happens to aid the overall banking and economic systems, well, that's ah verrah nahhce. Oh, and the poor saps in East Palestine can go pound sand. 23 skidoo! |
| Posted by: Cesare 2023-03-13 10:08 |
| #7 ..how about tapping every sitting pols' reelection campaign funds to start? |
| Posted by: Procopius2k 2023-03-13 09:23 |
| #6 insisted the move was not a taxpayer-funded bailout Where did the money come from? Sale of the Strategic Reserves? |
| Posted by: Skidmark 2023-03-13 06:11 |
#5
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| Posted by: badanov 2023-03-13 00:37 |
#4
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| Posted by: badanov 2023-03-13 00:32 |
#3 — Rothmus 🏴 (@Rothmus) March 12, 2023 |
| Posted by: badanov 2023-03-13 00:30 |
#2
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| Posted by: badanov 2023-03-13 00:22 |
#1 allow all depositors at SVB to access all their money Monday morningFDIC limits coverage to deposits <= $250,000. I'm sure taxpayers will have to somehow pay for the "uninsured" one way or the other. More government misdirection and lies... |
| Posted by: Gromble Dribble4342 2023-03-13 00:20 |