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ChumpChange
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March 10th, 2023 at 10:02:49 AM permalink
There's a bank that the FDIC closed today, 85% of the deposits are uninsured and it's worth over $200 billion (2nd largest bank failure, behind WaMu in 2008). Contagion is spreading to several other banks with stocks dropping 50%.
Game Over: FDIC Shutters Silicon Valley Bank, Appoints Receiver | ZeroHedge
https://www.zerohedge.com/markets/silicon-valley-bank-crashes-65-halted-pending-news
CNBC and other news outlets are covering what they can of this. Payroll going through this bank may be a problem.

Inverse Cramer says JP Morgan is going down after the real Jim Cramer tweeted JP Morgan is a fortress!
Last edited by: ChumpChange on Mar 10, 2023
mcallister3200
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March 10th, 2023 at 11:11:16 AM permalink
I know I should know better given the source….but tin foil hat red flag is going off they’re strategically trying to kill crypto, at least anything that ever really has had momentum to this point.
UP84
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March 10th, 2023 at 11:15:48 AM permalink
Yawn...
DRich
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March 10th, 2023 at 11:45:03 AM permalink
I am pretty sure this thread was referring to Silicon Valley Bank.

This afternoon they were shut down by the Feds.

https://www.cnbc.com/2023/03/10/silicon-valley-bank-is-shut-down-by-regulators-fdic-to-protect-insured-deposits.html
At my age, a "Life In Prison" sentence is not much of a deterrent.
ChumpChange
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March 10th, 2023 at 11:52:33 AM permalink
I keep misinterpreting this line - "The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning."
So there will be a bank run on Monday until they run out of cash then they'll lock the doors again?

Or the doors will reopen under FDIC management and they'll lock the doors when the FDIC runs out of money before 12 pm?
odiousgambit
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March 10th, 2023 at 12:14:00 PM permalink
Quote: ChumpChange

I keep misinterpreting this line - "The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning."
So there will be a bank run on Monday until they run out of cash then they'll lock the doors again?

Or the doors will reopen under FDIC management and they'll lock the doors when the FDIC runs out of money before 12 pm?
link to original post

Insured depositors are those who had $250,000 or less in an account. If they had more than that, they get a voucher for some of the proceeds when assets are sold. These seem to be referred to as the 'uninsured'

The insured will get their money Monday, or leave it in the bank knowing it's FDIC insured ... at a different bank now
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!”   She is, after all, stone deaf. ... Arnold Snyder
GenoDRPh
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March 10th, 2023 at 12:22:39 PM permalink
Quote: ChumpChange

I keep misinterpreting this line - "The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning."
So there will be a bank run on Monday until they run out of cash then they'll lock the doors again?

Or the doors will reopen under FDIC management and they'll lock the doors when the FDIC runs out of money before 12 pm?
link to original post



Usually,when the FDIC seizes a bank, the FDIC seizes on a Friday, finds another bank to buy the seized bank over the weekend, and reopens on Monday under new ownership and business as usual. Otherwise, if there is no buyer, the depositors get paid up to their insured amounts by the FDIC within a few days. With FDIC and SIPC and other depsoit insurance mechanisms in place, there's no need for bank runs like in the Great Depression years or what happened to Washington Mutual.

https://www.fdic.gov/consumers/banking/facts/payment.html
ChumpChange
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March 10th, 2023 at 12:26:05 PM permalink
Nobody can really imagine what would buy this bank, maybe Elon Musk?

Someone genuinely concerned about this might suggest raising the FDIC limit to $5 billion per account.
Last edited by: ChumpChange on Mar 10, 2023
DRich
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March 10th, 2023 at 12:31:17 PM permalink
Quote: odiousgambit

Insured depositors are those who had $250,000 or less in an account. If they had more than that, they get a voucher for some of the proceeds when assets are sold. These seem to be referred to as the 'uninsured'

The insured will get their money Monday, or leave it in the bank knowing it's FDIC insured ... at a different bank now



I don't believe that is correct. The FDIC insures deposits up to $250,000. If you had more you are still insured for the first $250k.
At my age, a "Life In Prison" sentence is not much of a deterrent.
GenoDRPh
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March 10th, 2023 at 1:13:11 PM permalink
Quote: ChumpChange

Nobody can really imagine what would buy this bank, maybe Elon Musk?

Someone genuinely concerned about this might suggest raising the FDIC limit to $5 billion per account.
link to original post



A bank will buy SVB for pennies on the dollar in a distress sale.
odiousgambit
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March 10th, 2023 at 1:14:00 PM permalink
Quote: DRich

Quote: odiousgambit

Insured depositors are those who had $250,000 or less in an account. If they had more than that, they get a voucher for some of the proceeds when assets are sold. These seem to be referred to as the 'uninsured'

The insured will get their money Monday, or leave it in the bank knowing it's FDIC insured ... at a different bank now



I don't believe that is correct. The FDIC insures deposits up to $250,000. If you had more you are still insured for the first $250k.
link to original post

correct, if I seem to say something else i don't mean to

in any case 'uninsured' is being used, though it seems to mean the amount not insured, not a person, yet I saw that usage
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!”   She is, after all, stone deaf. ... Arnold Snyder
ChumpChange
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March 10th, 2023 at 6:49:03 PM permalink
RT: 🚨BREAKING 🚨

MANY WELLS FARGO CUSTOMERS ARE COMPLAINING THAT MONEY HAS MYSTERIOUSLY DISAPPEARED FROM THEIR ACCOUNTS AND THEIR ACCOUNTS NOW HAVE A NEGATIVE BALANCE $WFC

RT: BREAKING: Many Wells Fargo customers reportedly say their direct deposits and scheduled paychecks were missing from their online accounts this morning.

Wells Fargo Customers Complain About Missing Deposits, Fresh off the Silicon Valley Bank Collapse – RedState
https://redstate.com/jenniferoo/2023/03/10/wells-fargo-customers-complain-about-missing-deposits-fresh-off-the-silicon-valley-bank-collapse-n714672

Payroll will be a complete train wreck very soon.
Last edited by: ChumpChange on Mar 10, 2023
LoquaciousMoFW
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March 10th, 2023 at 7:07:35 PM permalink
Careful there ChumpChange. Making such a statement without citing a source can get you in criminal legal trouble in some states. There are laws prohibiting dissemination of rumors that promote bank runs.
lilredrooster
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March 11th, 2023 at 2:13:04 AM permalink
.

it is the 2nd biggest bank failure in the history of the U.S.

customers withdrew $42 billion by the end of Thursday


https://www.cnbc.com/2023/03/10/silicon-valley-bank-collapse-how-it-happened.html


.
the foolish sayings of a rich man often pass for words of wisdom by the fools around him
AZDuffman
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March 11th, 2023 at 2:40:45 AM permalink
Quote: lilredrooster

.

it is the 2nd biggest bank failure in the history of the U.S.

customers withdrew $42 billion by the end of Thursday


https://www.cnbc.com/2023/03/10/silicon-valley-bank-collapse-how-it-happened.html


.
link to original post



Per Motley Fool the big thing is they have a lot of low interest mortgage instruments on their books that cannot be cashed until they pay off. They cannot sell any because if they sell even one they have to mark the rest to market which would cause a huge paper loss. Cost of capital has gone up so they are locked in to ongoing losses.
All animals are equal, but some are more equal than others
odiousgambit
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March 11th, 2023 at 3:08:38 AM permalink
There's really no excuse for allowing yourself to have a portion of your money in a bank uninsured ... not an individual anyway. Companies with big payrolls can get caught.

As for individuals, you shouldn't normally have that much in cash. A married couple with a joint account could have a $500,000 account insured. But if a life event would change that, you would want to open accounts in different banks

Quote: link

The FDIC adds together all single accounts owned by
the same person at the same bank and insures the total
up to $250,000... if a person has a ... deposit at Bank A and has a
... deposit at Bank B, the amounts would each
be insured separately up to $250,000. Funds deposited
in separate branches of the same insured bank are not
separately insured ...



https://www.fdic.gov/resources/deposit-insurance/brochures/documents/your-insured-deposits-english-hr.pdf
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!”   She is, after all, stone deaf. ... Arnold Snyder
ChumpChange
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March 11th, 2023 at 6:22:49 AM permalink
JP Morgan has unrealized losses 3X larger than SVB, on the order of over $45 billion. Bank stocks had a huge run against them yesterday in the tens of billions of dollars. SVB had over $40 billion withdrawn from their accounts just yesterday. Things could escalate into a national bank holiday by the end of next week.
A *MASSIVE* Bank Run *JUST* Started | DO THIS NOW | The 2023 Financial Collapse. - Meet Kevin - YouTube
100xOdds
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March 11th, 2023 at 9:37:18 AM permalink
Quote: ChumpChange

There's a bank that the FDIC closed today, 85% of the deposits are uninsured and it's worth over $200 billion (2nd largest bank failure, behind WaMu in 2008). Contagion is spreading to several other banks with stocks dropping 50%.
Game Over: FDIC Shutters Silicon Valley Bank, Appoints Receiver | ZeroHedge
https://www.zerohedge.com/markets/silicon-valley-bank-crashes-65-halted-pending-news
CNBC and other news outlets are covering what they can of this. Payroll going through this bank may be a problem.

Inverse Cramer says JP Morgan is going down after the real Jim Cramer tweeted JP Morgan is a fortress!
link to original post

what happened? How can a company that's on s&p 500 go from $300+/share to zero in 2 days?
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
ChumpChange
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March 11th, 2023 at 9:40:11 AM permalink
They were a couple billion short and tried to raise cash. That's the red flag these days. Now everybody who had accounts there will be short huge amounts and defaulting all over the place. There may be over 25,000 startups about to go bankrupt because of this bank, or because of the FDIC limits being too low.
Last edited by: ChumpChange on Mar 11, 2023
lilredrooster
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March 11th, 2023 at 10:35:28 AM permalink
.

from the linked article:


"So far, most large banks are taking the news in stride.
The Financial Select Sector SPDR select ETF (XLF) is down just 2.1%"


and remember, if there are massive losses the U.S. Government can step in and ease the situation by just borrowing another trillion dollars


ˢᴬᴵᴰ ᴼᴺᴸʸ ᴴᴬᴸᶠ ᴶᴼᴷᴵᴺᴳᴸʸ


the Nasdaq March 23 futures that many traders believe are an indicator of the next trading day's opening performance are down only about 1% from the last trading day
the same is true for the EMini S&P 500 March 23 futures


https://www.investors.com/etfs-and-funds/etfs/silicon-valley-bank-panic-crashes-other-bank-stocks/


.
Last edited by: lilredrooster on Mar 11, 2023
the foolish sayings of a rich man often pass for words of wisdom by the fools around him
ChumpChange
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March 11th, 2023 at 10:52:29 AM permalink
Trying to save the financial sector a couple months before the US defaults on the national debt is like throwing flaming money after nuked money.
lilredrooster
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March 11th, 2023 at 11:10:12 AM permalink
Quote: ChumpChange

Trying to save the financial sector a couple months before the US defaults on the national debt is like throwing flaming money after nuked money.
link to original post




the U.S. has never in its entire history defaulted on its debt obligations

the MCSI - a highly regarded investment research firm on March 3 stated that the implied probability of the U.S. defaulting was 11.3% as of Feb. 24 up from 3.3 % probability at the beginning of the year

the probability - according to them - is still very low

it's not time to panic as you seem to be constantly suggesting


https://www.msci.com/www/blog-posts/will-the-us-government-default/03685813408

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the foolish sayings of a rich man often pass for words of wisdom by the fools around him
billryan
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March 11th, 2023 at 11:17:16 AM permalink
I want to stay inside, so the sky doesn't fall on me, but most fatal falls happen in the house. I guess we are all screwed.
The difference between fiction and reality is that fiction is supposed to make sense.
lilredrooster
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March 11th, 2023 at 11:20:06 AM permalink
.

google news which prioritizes its placement of stories based on some complex algorithm does not even have the bank crash story on its front page right now

the New York Times does have it on its front page but its way down from the top - and the story is about who is to blame - not about future repercussions except for its likely effect on Crypto

and why in the world is this thread in the Betting Systems section - 5 step martingale on a financial collapse maybe___________ 😃


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the foolish sayings of a rich man often pass for words of wisdom by the fools around him
Ace2
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March 11th, 2023 at 11:31:04 AM permalink
Quote: lilredrooster

[

the U.S. has never in its entire history defaulted on its debt obligations

That’s good, but there’s a first time for everything. Don’t think it can’t happen
It’s all about making that GTA
ChumpChange
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March 11th, 2023 at 11:32:38 AM permalink
If the US defaults for the last 6 months of this year, does that count as 6 defaults?
AxelWolf
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March 11th, 2023 at 1:22:23 PM permalink
Quote: lilredrooster

.



the New York Times does have it on its front page but its way down from the top - and the story is about who is to blame - not about future repercussions except for its likely effect on Crypto


.
link to original post

What, how, why does this effect Crypto? Up perhaps?
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
DRich
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March 11th, 2023 at 1:31:22 PM permalink
Quote: AxelWolf

Quote: lilredrooster

.



the New York Times does have it on its front page but its way down from the top - and the story is about who is to blame - not about future repercussions except for its likely effect on Crypto


.
link to original post

What, how, why does this effect Crypto? Up perhaps?
link to original post



Bitcoin is down about 10% in the last five days. I have no idea if it is related or not.
At my age, a "Life In Prison" sentence is not much of a deterrent.
lilredrooster
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March 11th, 2023 at 2:03:46 PM permalink
Quote: AxelWolf

Quote: lilredrooster

.



the New York Times does have it on its front page but its way down from the top - and the story is about who is to blame - not about future repercussions except for its likely effect on Crypto


.
link to original post

What, how, why does this effect Crypto? Up perhaps?
link to original post




here - you can read the story - whether you like their bias (every newspaper has one) or not - no newspaper is close to being the equal of the NYT imo


https://www.nytimes.com/2023/03/11/technology/silicon-valley-bank-crypto-investing.html


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the foolish sayings of a rich man often pass for words of wisdom by the fools around him
ChumpChange
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March 11th, 2023 at 2:54:09 PM permalink
*ROKU: 26% OF TOTAL CASH, CASH EQUIVALENTS HELD WITH SVB

So do all these Roku TV's and Roku streaming devices go dark in a week?

iAllegedly - This is the Start of the Bank Crash - YouTube

********************
If the FDIC has $125 billion, it can handle 500,000 customers claiming the full $250K. Congress would have to give it unlimited reserves.
While the Treasury is doing extraordinary measures because of the debt ceiling crisis, the FDIC reserves cannot be raised.
Last edited by: ChumpChange on Mar 11, 2023
billryan
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March 11th, 2023 at 2:54:50 PM permalink
Quote: AxelWolf

Quote: lilredrooster

.



the New York Times does have it on its front page but its way down from the top - and the story is about who is to blame - not about future repercussions except for its likely effect on Crypto


.
link to original post

What, how, why does this effect Crypto? Up perhaps?
link to original post



One possibility.
A lot of new tech is big on crypto. If they had their cash reserves in Silicon Valley Bank,for payroll and expenses, they were only insured for $250,000. If they have to sell cyrpto to raise money to cover the next few weeks or months expenses, that should lower prices. I'm sure there will be some who think this is good for CC but I'd love to hear them explain why in a couple of sentences.
For those of us who keep less than 250,000 per bank, I don't see any problem.
The difference between fiction and reality is that fiction is supposed to make sense.
billryan
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March 11th, 2023 at 3:11:04 PM permalink
ROKU supposedly had almost 500 million dollars on account there, and as it is big on start-ups, and venture capitalist, there may be hundreds of multi-million dollar accounts. The government only insures the first $250,000.
The difference between fiction and reality is that fiction is supposed to make sense.
billryan
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March 11th, 2023 at 3:27:32 PM permalink
One of my REITs dropped almost 8% yesterday. It turns out they have a lot of leases tied in to SV Bank.
The difference between fiction and reality is that fiction is supposed to make sense.
AxelWolf
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March 11th, 2023 at 3:47:12 PM permalink
Quote: DRich

Quote: AxelWolf

Quote: lilredrooster

.



the New York Times does have it on its front page but its way down from the top - and the story is about who is to blame - not about future repercussions except for its likely effect on Crypto


.
link to original post

What, how, why does this effect Crypto? Up perhaps?
link to original post



Bitcoin is down about 10% in the last five days. I have no idea if it is related or not.
link to original post

That was probably related to the Silvergate Bank thing. I'm not sure if there's any correlation, I will have to read the suggested links.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
AxelWolf
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March 11th, 2023 at 3:55:30 PM permalink
Quote: billryan

Quote: AxelWolf

Quote: lilredrooster

.



the New York Times does have it on its front page but its way down from the top - and the story is about who is to blame - not about future repercussions except for its likely effect on Crypto


.
link to original post

What, how, why does this effect Crypto? Up perhaps?
link to original post



One possibility.
A lot of new tech is big on crypto. If they had their cash reserves in Silicon Valley Bank,for payroll and expenses, they were only insured for $250,000. If they have to sell cyrpto to raise money to cover the next few weeks or months expenses, that should lower prices. I'm sure there will be some who think this is good for CC but I'd love to hear them explain why in a couple of sentences.
For those of us who keep less than 250,000 per bank, I don't see any problem.
link to original post

Interesting.

Many of the big things people claimed would make Cypto move one way or the other seems to have been just the opposite. Obviously, when placed like Silvergate bank fold, it's going to have a negative effect.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
billryan
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March 11th, 2023 at 5:06:44 PM permalink
I've concluded there is a small base for bitcoin, but I don't see it growing. There is support in the 16,000-23,000 range, which is horrible compared to its year old and two-year-old range. It's certainly not taking the world by storm. If I were a speculator, I'd be comfortable buying below 18 and selling at 22 a couple of times a year, but I'm not.
The difference between fiction and reality is that fiction is supposed to make sense.
AxelWolf
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March 11th, 2023 at 5:18:13 PM permalink
Quote: billryan

I've concluded there is a small base for bitcoin, but I don't see it growing. There is support in the 16,000-23,000 range, which is horrible compared to its year old and two-year-old range. It's certainly not taking the world by storm. If I were a speculator, I'd be comfortable buying below 18 and selling at 22 a couple of times a year, but I'm not.
link to original post

IIRC you said it was not a buy when it hit its last low back when it was around 15k. It has since been up to around 25k.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
billryan
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March 11th, 2023 at 5:38:51 PM permalink
As markets mature, my evaluations change. I still think its long-term prospects suck, but a profitability window exists. I'd say buy below 16 and sell at 22.
The difference between fiction and reality is that fiction is supposed to make sense.
DogHand
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March 11th, 2023 at 11:06:34 PM permalink
Quote: billryan

I want to stay inside, so the sky doesn't fall on me, but most fatal falls happen in the house. I guess we are all screwed.
link to original post


billryan,

Simple solution: stay in a hotel! ;-)

Dog Hand
mcallister3200
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March 11th, 2023 at 11:31:57 PM permalink
Quote: lilredrooster

.

google news which prioritizes its placement of stories based on some complex algorithm does not even have the bank crash story on its front page right now

the New York Times does have it on its front page but its way down from the top - and the story is about who is to blame - not about future repercussions except for its likely effect on Crypto

and why in the world is this thread in the Betting Systems section - 5 step martingale on a financial collapse maybe___________ 😃


.
link to original post



I think google news has moved from prioritizing stories on a complex algorithm to prioritizing paid advertisers who grift retail businesses now. Their search engine certainly moved to that model anyway.
lilredrooster
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March 12th, 2023 at 12:09:57 AM permalink
Quote: AxelWolf



IIRC you said it was not a buy when it hit its last low back when it was around 15k. It has since been up to around 25k.


imagine that
a WOV member made a wrong prediction about the direction of Crypto
color me - TOTALLY SHOCKED_______________________________________________________ 😃 😃 😃





also, look how ethereum has outperfomed bitcoin from 2018 thru the end of 2022 in %


bitcoin - -73, 95, 301, 90, -81

ethereum - -82.7, -8, 464, 401, -67.5


.

.
Last edited by: lilredrooster on Mar 12, 2023
the foolish sayings of a rich man often pass for words of wisdom by the fools around him
Dieter
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March 12th, 2023 at 3:47:21 AM permalink
Quote: lilredrooster



and why in the world is this thread in the Betting Systems section - 5 step martingale on a financial collapse maybe___________ 😃


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link to original post


Snippitty-doo-dah


Betting Systems does seem like a marginally more appropriate heading than either Strip Clubs or Bill's Gambling Hall & Saloon.
May the cards fall in your favor.
ChumpChange
ChumpChange
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Joined: Jun 15, 2018
March 12th, 2023 at 6:27:36 PM permalink
BREAKING Regulators close New York's Signature Bank due to "Systemic Risk"
JUST IN: Coinbase $COIN says it holds $240 million in now-collapsed Signature bank.
Coinbase just moved to Signature Bank after Silvergate imploded. Now Signature is no more. Who will bank the unbanked?
90% of Signature Bank’s deposits were uninsured

BREAKING: The Treasury, the Federal Reserve, and the FDIC have wisely chosen to ensure that ALL depositors at Silicon Valley Bank and Signature Bank are made whole.
“Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed”

New York Signature Bank, the second big bank to fail
bought $25B in bonds that pay only 2.04% interest
They owed $88B in deposits, and only had $5 B in cash.
Demolished.
AxelWolf
AxelWolf
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Joined: Oct 10, 2012
March 12th, 2023 at 11:48:09 PM permalink
Quote: ChumpChange

BREAKING Regulators close New York's Signature Bank due to "Systemic Risk"
JUST IN: Coinbase $COIN says it holds $240 million in now-collapsed Signature bank.
Coinbase just moved to Signature Bank after Silvergate imploded. Now Signature is no more. Who will bank the unbanked?
90% of Signature Bank’s deposits were uninsured

BREAKING: The Treasury, the Federal Reserve, and the FDIC have wisely chosen to ensure that ALL depositors at Silicon Valley Bank and Signature Bank are made whole.
“Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed”

New York Signature Bank, the second big bank to fail
bought $25B in bonds that pay only 2.04% interest
They owed $88B in deposits, and only had $5 B in cash.
Demolished.
link to original post

Bitcoin up 9% today. Scratches head*
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
lilredrooster
lilredrooster
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Joined: May 8, 2015
March 13th, 2023 at 2:03:34 AM permalink
Quote: AxelWolf



Bitcoin up 9% today. Scratches head*




there is news that regulators are backstopping depositors and making additional funding available to other banks
and we all know the U.S. Government has an unlimited money supply and can simply borrow trillions more whenever necessary - smirk, smirk

this news caused the futures markets to rally and also crypto



https://decrypt.co/123276/usdc-regains-dollar-peg-crypto-market-rallying-fdic-silicon-valley-bank-signature


https://www.nytimes.com/live/2023/03/13/business/silicon-valley-bank


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Last edited by: lilredrooster on Mar 13, 2023
the foolish sayings of a rich man often pass for words of wisdom by the fools around him
odiousgambit
odiousgambit
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March 13th, 2023 at 2:29:30 AM permalink
Quote: lilredrooster

Quote: AxelWolf



Bitcoin up 9% today. Scratches head*




there is news that regulators are backstopping depositors and making additional funding to other banks
as we all know the U.S. Government has an unlimited money supply and can simply borrow trillions more whenever necessary - smirk, smirk

this news caused the futures markets to rally and probably also crypto



https://www.cnbc.com/2023/03/12/stock-market-futures-open-to-close-news.html



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link to original post

The Forbes article is dated Feb. 10th

nonetheless the markets generally feel they have gotten good news, as the next hike is not going to be more than 25 pts, almost for sure, while until the bank collapse the betting favored going to 50 pts.
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!”   She is, after all, stone deaf. ... Arnold Snyder
lilredrooster
lilredrooster
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Joined: May 8, 2015
March 13th, 2023 at 2:31:27 AM permalink
Quote: odiousgambit

Quote: lilredrooster

Quote: AxelWolf



Bitcoin up 9% today. Scratches head*




there is news that regulators are backstopping depositors and making additional funding to other banks
as we all know the U.S. Government has an unlimited money supply and can simply borrow trillions more whenever necessary - smirk, smirk

this news caused the futures markets to rally and probably also crypto



https://www.cnbc.com/2023/03/12/stock-market-futures-open-to-close-news.html



.
link to original post

The Forbes article is dated Feb. 10th

nonetheless the markets generally feel they have gotten good news, as the next hike is not going to be more than 25 pts, almost for sure, while until the bank collapse the betting favored going to 50 pts.
link to original post




yes, I saw that mistake and deleted it and adjusted my post and posted the relevant current articles

please refer to my OP which has been edited and is now correct

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Last edited by: lilredrooster on Mar 13, 2023
the foolish sayings of a rich man often pass for words of wisdom by the fools around him
ChumpChange
ChumpChange
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Joined: Jun 15, 2018
March 13th, 2023 at 6:12:40 AM permalink
JUST IN: US banks have over $620 billion in unrealized losses, FDIC says.

⚠️BREAKING:
*WESTERN ALLIANCE BANKCORP SINKS A RECORD 75%; HALTED FOR VOLATILITY

#BREAKING 🚨
Investors in the failed banks will "not be protected,” Biden says
Get ready folks.. investors are going to start pulling out their money.. more are set to fail...

Breaking news !! $SCHW halted.

Some of these banks stocks are down over 50% before 10 AM on Monday. Bank holiday by noon?

The rout in the bank #stocks, as reported by the WSJ:
Western Alliance Bancorp plunged 68%
PacWest Bancorp tumbled 44%
Comerica cracked 23%
Zion Bancorporation fell 27%
Fifth Third Bancorp lost 10%
Charles Schwab lost 11%

Bank stocks are being halted every few seconds with over 30 coming directly from the NASDAQ.
It’s a complete bloodbath! #Bankcollapse #BankRun

Last edited by: ChumpChange on Mar 13, 2023
UP84
UP84
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Joined: May 22, 2012
March 13th, 2023 at 10:25:56 AM permalink
Quote: ChumpChange



⚠️BREAKING:
*WESTERN ALLIANCE BANKCORP SINKS A RECORD 75%; HALTED FOR VOLATILITY

Some of these banks stocks are down over 50% before 10 AM on Monday. Bank holiday by noon?

The rout in the bank #stocks, as reported by the WSJ:
Western Alliance Bancorp plunged 68%
PacWest Bancorp tumbled 44%
Comerica cracked 23%
Zion Bancorporation fell 27%
Fifth Third Bancorp lost 10%
Charles Schwab lost 11%

Yup, I bought some Western Alliance stock this morning at $10.24...just sold it for $24.82. Good day to pick up some money on bank stocks.
billryan
billryan
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Joined: Nov 2, 2009
March 13th, 2023 at 11:01:45 AM permalink
It looks like my family has resolved a long-running estate debut and distribution checks are in the mail. Hell has evidently frozen over and the collapse of the economy is at hand.
The difference between fiction and reality is that fiction is supposed to make sense.
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