Bank Crash
March 15th, 2023 at 7:26:49 AM
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Quote: AZDuffmanQuote: rxwineI made a statement. If it's wrong according to all your knowledge, take the opposite position. Should be an easy win for you.
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I will discuss with you when you actually post some kind of factual information on regulations or at least some argument beyond "REGULATIONS GOOD!"
Given your history of backing up your statements I do not expect to be replying.
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Looks more like you're avoiding taking a position. I'm willing to be proven wrong. We'll see what happens.
Personally, and I don't know about anyone else, I like lots of oversight over the banking industry. For some reason, even if some regs get something wrong that seems by far the best solution. Maybe other people like a free for all investment at every level with little oversight. Not me, I'm guess I'm some kind of bleeding-heart investment crybaby. Fine with me.
There's no secret. Just know what you're talking about before you open your mouth.
March 15th, 2023 at 7:33:07 AM
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Quote: mcallister3200Quote: AZDuffmanSilicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes.
Corporations are people.
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They literally are not under any circumstance. #science
link to original post
#Science for Dummies
Corporations = people pooling resources
People pooling resources = people
people = people
All animals are equal, but some are more equal than others
March 15th, 2023 at 7:59:45 AM
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Quote: AZDuffmanQuote: mcallister3200Quote: AZDuffmanSilicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes.
Corporations are people.
link to original post
They literally are not under any circumstance. #science
link to original post
#Science for Dummies
Corporations = people pooling resources
People pooling resources = people
people = people
link to original post
No dummy here. Corporations do not equal people. If I blow up an entire corporation, am I guilty of murder? You can define what a person is. A living being. Requiring food, water, etc…. A corporation can exist after all the people that own it are dead.
You are just being a jerk with your assertion.
How about this….. Corporations should be treated the same as people by law since they are formed by groups of people.
That doesn’t mean corporations ARE people.
March 15th, 2023 at 8:08:05 AM
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Quote: billryan
I will wager there will be some who will blame the regulations and call for freeing the banks. I've already had it pointed out that the banks that failed were in NY and California, not in "free states" like Florida. I expect it will get crazier as we go along.
link to original post
People should be able to believe small regional banks are being examined closely by requirements even if they are run by idiots. That's the crux of my argument, even though my knowledge of banking is probably only 1% of that genius of investment I was talking to.
There's no secret. Just know what you're talking about before you open your mouth.
March 15th, 2023 at 8:11:31 AM
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Quote: SOOPOOQuote: AZDuffmanQuote: mcallister3200Quote: AZDuffmanSilicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes.
Corporations are people.
link to original post
They literally are not under any circumstance. #science
link to original post
#Science for Dummies
Corporations = people pooling resources
People pooling resources = people
people = people
link to original post
No dummy here. Corporations do not equal people. If I blow up an entire corporation, am I guilty of murder? You can define what a person is. A living being. Requiring food, water, etc…. A corporation can exist after all the people that own it are dead.
You are just being a jerk with your assertion.
How about this….. Corporations should be treated the same as people by law since they are formed by groups of people.
That doesn’t mean corporations ARE people.
link to original post
A jerk? Not really. Some people cannot handle the reality that people make the corporation, it is not some kind of independent being.
But your statement is what I am saying if sanitized a bit. Problem is too many people do not even accept your position but instead think different.
All animals are equal, but some are more equal than others
March 15th, 2023 at 8:16:24 AM
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Quote: billryan
I will wager there will be some who will blame the regulations and call for freeing the banks. I've already had it pointed out that the banks that failed were in NY and California, not in "free states" like Florida. I expect it will get crazier as we go along.
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Banks have both federal and state regulations to follow. "National" in the name used to be a signal it was federally chartered. Back in the 1980s Ohio banks were closed for a week or so due to some state level issue I was too young to understand then. Each regulation itself needs to be looked at. Regulations like "disparate impact" need to be removed. Things like capital requirements not so much.
All animals are equal, but some are more equal than others
March 15th, 2023 at 8:24:00 AM
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Quote: rxwineQuote: billryan
I will wager there will be some who will blame the regulations and call for freeing the banks. I've already had it pointed out that the banks that failed were in NY and California, not in "free states" like Florida. I expect it will get crazier as we go along.
link to original post
People should be able to believe small regional banks are being examined closely by requirements even if they are run by idiots. That's the crux of my argument, even though my knowledge of banking is probably only 1% of that genius of investment I was talking to.
link to original post
Are you saying idiots don't have the right to run banks? That there should be some competency test to take people's money?
I got an email from the President of a local, regional S&L I've been using since 1973. It explained how 85% of their deposits have been used for mortgages for locals and that they had less than one-tenth of one percent of depositors' money invested in any crypto.
I was surprised to read that they held over 65% of the mortgages they issued, I thought it was common practice to bundle them and sell them. A few years ago, I was paying my sisters mortgage while we straightened out her estate and her note kept getting sold.
I'd be negotiating with a rep for weeks ,only to be told the note was sold and I'd have to start over with someone new.
The difference between fiction and reality is that fiction is supposed to make sense.
March 15th, 2023 at 8:30:10 AM
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Quote: AZDuffmanQuote: SOOPOOQuote: AZDuffmanQuote: mcallister3200Quote: AZDuffmanSilicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes.
Corporations are people.
link to original post
They literally are not under any circumstance. #science
link to original post
#Science for Dummies
Corporations = people pooling resources
People pooling resources = people
people = people
link to original post
No dummy here. Corporations do not equal people. If I blow up an entire corporation, am I guilty of murder? You can define what a person is. A living being. Requiring food, water, etc…. A corporation can exist after all the people that own it are dead.
You are just being a jerk with your assertion.
How about this….. Corporations should be treated the same as people by law since they are formed by groups of people.
That doesn’t mean corporations ARE people.
link to original post
A jerk? Not really. Some people cannot handle the reality that people make the corporation, it is not some kind of independent being.
But your statement is what I am saying if sanitized a bit. Problem is too many people do not even accept your position but instead think different.
link to original post
The whole idea of a corporation is to provide separation between the business and the people who own it.
The difference between fiction and reality is that fiction is supposed to make sense.
March 15th, 2023 at 8:31:49 AM
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Seven of my eight largest stock positions are in precious metal miners. VCTR is the other stock. Victory Capital is up for the week despite being a financial stock, but not a bank. My portfolio is up 2% for the week versus SPY being flat. PM producers are minting money with gold at $1926.
I never held a long position in any crypto or crypto stock.
I never held a long position in any crypto or crypto stock.
This forum is more enjoyable after I learned how to use the 'Block this user' button.
March 15th, 2023 at 8:51:01 AM
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Quote: billryanQuote: rxwineQuote: billryan
I will wager there will be some who will blame the regulations and call for freeing the banks. I've already had it pointed out that the banks that failed were in NY and California, not in "free states" like Florida. I expect it will get crazier as we go along.
link to original post
People should be able to believe small regional banks are being examined closely by requirements even if they are run by idiots. That's the crux of my argument, even though my knowledge of banking is probably only 1% of that genius of investment I was talking to.
link to original post
Are you saying idiots don't have the right to run banks? That there should be some competency test to take people's money?
I got an email from the President of a local, regional S&L I've been using since 1973. It explained how 85% of their deposits have been used for mortgages for locals and that they had less than one-tenth of one percent of depositors' money invested in any crypto.
I was surprised to read that they held over 65% of the mortgages they issued, I thought it was common practice to bundle them and sell them. A few years ago, I was paying my sisters mortgage while we straightened out her estate and her note kept getting sold.
I'd be negotiating with a rep for weeks ,only to be told the note was sold and I'd have to start over with someone new.
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The first question and second question are interesting. The freest firms seem to be banking havens for hiding money made in other countries, not from the country itself. But I wouldn't want an idiot running those either. We have other critical private industries the government is likely to step in to save. Like farming. They may let farmers suffer, but they will likely step in and give what's needed to keep them going. And some people will likely complain about that as well. But we do have private industries that are critical so it's a balance between government and private whether we like it or not. We don't normally tell people they're too stupid to run a private business, and that's unlikely to change anytime soon. I think I'm running too close to pollical commentary here though.
edit, not sure how free those offshore firms are, but they can't be subtracting too many fees to their government and are treating their clients like princes.
There's no secret. Just know what you're talking about before you open your mouth.
March 15th, 2023 at 9:03:20 AM
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Quote: billryanQuote: AZDuffmanQuote: SOOPOOQuote: AZDuffmanQuote: mcallister3200Quote: AZDuffmanSilicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes.
Corporations are people.
link to original post
They literally are not under any circumstance. #science
link to original post
#Science for Dummies
Corporations = people pooling resources
People pooling resources = people
people = people
link to original post
No dummy here. Corporations do not equal people. If I blow up an entire corporation, am I guilty of murder? You can define what a person is. A living being. Requiring food, water, etc…. A corporation can exist after all the people that own it are dead.
You are just being a jerk with your assertion.
How about this….. Corporations should be treated the same as people by law since they are formed by groups of people.
That doesn’t mean corporations ARE people.
link to original post
A jerk? Not really. Some people cannot handle the reality that people make the corporation, it is not some kind of independent being.
But your statement is what I am saying if sanitized a bit. Problem is too many people do not even accept your position but instead think different.
link to original post
The whole idea of a corporation is to provide separation between the business and the people who own it.
link to original post
Still owned by people. Same as marriage gives legal protections but still people.
All animals are equal, but some are more equal than others
March 15th, 2023 at 9:07:24 AM
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Quote: billryanQuote: rxwineQuote: billryan
I will wager there will be some who will blame the regulations and call for freeing the banks. I've already had it pointed out that the banks that failed were in NY and California, not in "free states" like Florida. I expect it will get crazier as we go along.
link to original post
People should be able to believe small regional banks are being examined closely by requirements even if they are run by idiots. That's the crux of my argument, even though my knowledge of banking is probably only 1% of that genius of investment I was talking to.
link to original post
Are you saying idiots don't have the right to run banks? That there should be some competency test to take people's money?
I got an email from the President of a local, regional S&L I've been using since 1973. It explained how 85% of their deposits have been used for mortgages for locals and that they had less than one-tenth of one percent of depositors' money invested in any crypto.
I was surprised to read that they held over 65% of the mortgages they issued, I thought it was common practice to bundle them and sell them. A few years ago, I was paying my sisters mortgage while we straightened out her estate and her note kept getting sold.
I'd be negotiating with a rep for weeks ,only to be told the note was sold and I'd have to start over with someone new.
link to original post
have been used for mortgages for locals
I am assuming you are quoting direct. HAVE.BEEN.USED. That does not mean they were not sold. Just means the funds were used to originate them, WORDS.MEAN.THINGS.
It is very unlikely they warehouse all or most mortgages on their books. Just because they service it does not mean it was not sold, either. Nor does "85% of deposits" mean that all the money to originate came from deposits. WORDS.MEAN.THINGS.
Chances are they mix the deposit money with other funding they get. Then they sell to Fannie or Freddie but still service.
All animals are equal, but some are more equal than others
March 15th, 2023 at 9:11:05 AM
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Quote: AZDuffmanQuote: billryanQuote: AZDuffmanQuote: SOOPOOQuote: AZDuffmanQuote: mcallister3200Quote: AZDuffmanSilicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes.
Corporations are people.
link to original post
They literally are not under any circumstance. #science
link to original post
#Science for Dummies
Corporations = people pooling resources
People pooling resources = people
people = people
link to original post
No dummy here. Corporations do not equal people. If I blow up an entire corporation, am I guilty of murder? You can define what a person is. A living being. Requiring food, water, etc…. A corporation can exist after all the people that own it are dead.
You are just being a jerk with your assertion.
How about this….. Corporations should be treated the same as people by law since they are formed by groups of people.
That doesn’t mean corporations ARE people.
link to original post
A jerk? Not really. Some people cannot handle the reality that people make the corporation, it is not some kind of independent being.
But your statement is what I am saying if sanitized a bit. Problem is too many people do not even accept your position but instead think different.
link to original post
The whole idea of a corporation is to provide separation between the business and the people who own it.
link to original post
Still owned by people. Same as marriage gives legal protections but still people.
link to original post
houses are owned by people.
cars are owned by people
dogs are owned by people.
None of them are people.
The difference between fiction and reality is that fiction is supposed to make sense.
March 15th, 2023 at 9:18:45 AM
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Quote: billryanQuote: AZDuffmanQuote: billryanQuote: AZDuffmanQuote: SOOPOOQuote: AZDuffmanQuote: mcallister3200Quote: AZDuffmanSilicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes.
Corporations are people.
link to original post
They literally are not under any circumstance. #science
link to original post
#Science for Dummies
Corporations = people pooling resources
People pooling resources = people
people = people
link to original post
No dummy here. Corporations do not equal people. If I blow up an entire corporation, am I guilty of murder? You can define what a person is. A living being. Requiring food, water, etc…. A corporation can exist after all the people that own it are dead.
You are just being a jerk with your assertion.
How about this….. Corporations should be treated the same as people by law since they are formed by groups of people.
That doesn’t mean corporations ARE people.
link to original post
A jerk? Not really. Some people cannot handle the reality that people make the corporation, it is not some kind of independent being.
But your statement is what I am saying if sanitized a bit. Problem is too many people do not even accept your position but instead think different.
link to original post
The whole idea of a corporation is to provide separation between the business and the people who own it.
link to original post
Still owned by people. Same as marriage gives legal protections but still people.
link to original post
houses are owned by people.
cars are owned by people
dogs are owned by people.
None of them are people.
link to original post
You have not been around enough dogs. Any dog in my family identified as a person.
As to corporations, I might suggest taking some law classes as if you are not understanding it as explained I must refer you to professional instructors.
All animals are equal, but some are more equal than others
March 15th, 2023 at 9:26:21 AM
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We don't let people die if we can take them to an emergency room and treat them on our dime. So, the same must go for corporations. Now it all makes sense.
There's no secret. Just know what you're talking about before you open your mouth.
March 15th, 2023 at 11:17:48 AM
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The euro is dropping in Europe because of the banking crisis there, it's down to $1.06 USD. Remember back in 2008 when one euro was worth a $1.60 USD? And it was the currency that was going to rule the world? How did that work out..
"It's not called gambling if the math is on your side."
March 15th, 2023 at 3:48:53 PM
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That's called BitCoin 😁Quote: EvenBobAnd it was the currency that was going to rule the world? .
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♪♪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♪♪
March 15th, 2023 at 4:10:14 PM
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Federal Reserve’s FedNow Real-Time Payments Set for Mid-2023 Debut
The instant payments service is seen as a step towards eventual rollout of a CBDC.
https://www.coindesk.com/business/2022/08/29/federal-reserves-fednow-set-for-mid-2023-debut/
The instant payments service is seen as a step towards eventual rollout of a CBDC.
https://www.coindesk.com/business/2022/08/29/federal-reserves-fednow-set-for-mid-2023-debut/
March 15th, 2023 at 6:28:24 PM
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Quote: AxelWolfThat's called BitCoin 😁Quote: EvenBobAnd it was the currency that was going to rule the world? .
link to original post
link to original post
At least the Euro has been somewhat stable since the 90s, Bitcoin has never been stable
"It's not called gambling if the math is on your side."
March 15th, 2023 at 8:42:50 PM
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I thought ChumpChange’s posts were annoying in this thread, then AZ joined the chat
March 16th, 2023 at 2:44:33 AM
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This all feels very political. At least the main line of conversation.
March 16th, 2023 at 4:25:17 AM
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Quote: drmarioI thought ChumpChange’s posts were annoying in this thread, then AZ joined the chat
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People pointing out reality is annoying to you?
All animals are equal, but some are more equal than others
March 16th, 2023 at 4:28:49 AM
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RT: SNB giving CS $54BN to replenish deposits just hours before ECB hikes rates making it even more difficult for CS to keep deposits.
Only in Europe.
ECB HIKES 50bps
Bailout Arrives: Credit Suisse To Borrow $54BN From SNB To "Pre-emptively Strengthen Liquidity" | ZeroHedge
https://www.zerohedge.com/markets/credit-suisse-sparks-global-de-risking-after-top-investor-bails
Credit Suisse Group takes decisive action to pre-emptively strengthen liquidity and announces public tender offers for debt securities
https://www.credit-suisse.com/about-us-news/en/articles/media-releases/csg-announcement-202303.html
RT: This is a last ditch liquidity infusion. All it does is prevent forced asset liquidations (a la SVB). Meanwhile it does nothing to halt the depositor flight.
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RT: First Republic Bank Is Said to Weigh Options Including a Sale
********************
RT: FDIC Demands Signature Bank Buyers Stop All Crypto Business:
********************
RT: JP MORGAN: FEDERAL RESERVE’S EMERGENCY LOAN PROGRAM MAY INJECT AS MUCH AS $2 TRILLION OF FUNDS INTO THE US BANKING SYSTEM AND EASE THE LIQUIDITY CRUNCH
********************
RT: ARGENTINA CENTRAL BANK LIFTS BENCHMARK RATE TO 78%
********************
RT: *JPMORGAN, CITI, OTHERS TO DEPOSIT $30B WITH FIRST REPUBLIC
Only in Europe.
ECB HIKES 50bps
Bailout Arrives: Credit Suisse To Borrow $54BN From SNB To "Pre-emptively Strengthen Liquidity" | ZeroHedge
https://www.zerohedge.com/markets/credit-suisse-sparks-global-de-risking-after-top-investor-bails
Credit Suisse Group takes decisive action to pre-emptively strengthen liquidity and announces public tender offers for debt securities
https://www.credit-suisse.com/about-us-news/en/articles/media-releases/csg-announcement-202303.html
RT: This is a last ditch liquidity infusion. All it does is prevent forced asset liquidations (a la SVB). Meanwhile it does nothing to halt the depositor flight.
********************
RT: First Republic Bank Is Said to Weigh Options Including a Sale
********************
RT: FDIC Demands Signature Bank Buyers Stop All Crypto Business:
********************
RT: JP MORGAN: FEDERAL RESERVE’S EMERGENCY LOAN PROGRAM MAY INJECT AS MUCH AS $2 TRILLION OF FUNDS INTO THE US BANKING SYSTEM AND EASE THE LIQUIDITY CRUNCH
********************
RT: ARGENTINA CENTRAL BANK LIFTS BENCHMARK RATE TO 78%
********************
RT: *JPMORGAN, CITI, OTHERS TO DEPOSIT $30B WITH FIRST REPUBLIC
Last edited by: ChumpChange on Mar 16, 2023
March 16th, 2023 at 12:41:35 PM
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If you look back bank failures seem to come in groups about every 15 or 20 years and what usually happens is they get snapped up by the bigger banks which become even bigger. Which leads to even more regulations. Scott Adams the creator of Dilbert was in the banking business for years and he says it's rampant with incompetence with people who don't know what they're doing especially in the smaller banks. They tend to overlook really obvious things that are wrong or ignore them completely when they do find them.
"It's not called gambling if the math is on your side."
March 16th, 2023 at 12:51:45 PM
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Quote: EvenBobScott Adams the creator of Dilbert was in the banking business for years and he says it's rampant with incompetence with people who don't know what they're doing especially in the smaller banks.
Sadly, incompetence is a trait of the majority in the U.S.
At my age, a "Life In Prison" sentence is not much of a deterrent.
March 16th, 2023 at 12:55:54 PM
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Quote: EvenBobIf you look back bank failures seem to come in groups about every 15 or 20 years and what usually happens is they get snapped up by the bigger banks which become even bigger. Which leads to even more regulations. Scott Adams the creator of Dilbert was in the banking business for years and he says it's rampant with incompetence with people who don't know what they're doing especially in the smaller banks. They tend to overlook really obvious things that are wrong or ignore them completely when they do find them.
link to original post
Watch "Rogue Trader" a true story of the biggest martingale bet ever. Kid brought down a hundreds year old bank. To this day he blames their incompetence not noticing it all. They were just in it for the profit.
One place I worked at just cared about speed-speed-speed. Forget about good underwriting, get it done fast. Another just cared that we cross-sold products. And referred people online. I had one of the highest sales on the floor. Guy next to me asks why. I said because I take the application. If a customer is in front of you then you lock them in, not tell them to go apply online. Another place I went for a HELOC they told me "look online" as the people there didn't know the product. I looked online---with another bank!
The thing now is you cannot grow small to big in less than a few generations. You have to merge. WaMu was the last to try to grow big organically. They put everyone into NegAm mortgages showing low "option" payments. Now, this was a product good for maybe 2% of the population who know how to use them. It killed them.
All animals are equal, but some are more equal than others
March 16th, 2023 at 1:02:06 PM
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Quote: DRichQuote: EvenBobScott Adams the creator of Dilbert was in the banking business for years and he says it's rampant with incompetence with people who don't know what they're doing especially in the smaller banks.
Sadly, incompetence is a trait of the majority in the U.S.
link to original post
You say that as if it is a bad thing.
The difference between fiction and reality is that fiction is supposed to make sense.
March 16th, 2023 at 1:17:00 PM
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Quote: DRichQuote: EvenBobScott Adams the creator of Dilbert was in the banking business for years and he says it's rampant with incompetence with people who don't know what they're doing especially in the smaller banks.
Sadly, incompetence is a trait of the majority in the U.S.
link to original post
It is always been a trait for most of the world since the dawn of time. Incompetence is always the easiest road to take so it's the road that most people choose. You can go into any huge corporation and maybe find two or three people that are completely competent and the rest just don't care enough. It's always been that way. Artificial Intelligence is going to change a lot of that and we won't be able to keep up so it will eventually take over almost everything.
"It's not called gambling if the math is on your side."
March 20th, 2023 at 2:57:27 AM
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UBS deal to buy Credit Suisse
"Mr. Hamers, this is the contract for UBS to buy Credit Susie. Either your signature or your brains will be on it before we leave the room. You may call Mr. Dimon to ask about us if you do not know who we are........"
"Mr. Hamers, this is the contract for UBS to buy Credit Susie. Either your signature or your brains will be on it before we leave the room. You may call Mr. Dimon to ask about us if you do not know who we are........"
All animals are equal, but some are more equal than others
March 24th, 2023 at 9:32:11 AM
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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
April 25th, 2023 at 11:32:01 PM
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First Republic stocks drops nearly 50% after plunge in deposits https://www.cnn.com/2023/04/24/business/first-republic-bank-q1-earnings/index.html
First Republic stock plunged by nearly 50% at the close of trading on Tuesday, hitting a new record low after the embattled lender reported late Monday that its total deposits fell 41% in the first quarter, to $104.5 billion, even after a consortium of banks stepped in with $30 billion to prevent the regional lender from failing. Without that cash infusion, deposits would have fallen by over 50%.
Analysts were expecting deposits to land at around $136.7 billion.
First Republic Bank also expects to cut its workforce by 20-25% this quarter, it said late Monday during its first-quarter earnings call.
First Republic has been hovering at $15 a share for the last six weeks, down from a range of $115 to $145 a share in the first two months of 2023. The stock closed at just $8.10 a share.
First Republic stock plunged by nearly 50% at the close of trading on Tuesday, hitting a new record low after the embattled lender reported late Monday that its total deposits fell 41% in the first quarter, to $104.5 billion, even after a consortium of banks stepped in with $30 billion to prevent the regional lender from failing. Without that cash infusion, deposits would have fallen by over 50%.
Analysts were expecting deposits to land at around $136.7 billion.
First Republic Bank also expects to cut its workforce by 20-25% this quarter, it said late Monday during its first-quarter earnings call.
First Republic has been hovering at $15 a share for the last six weeks, down from a range of $115 to $145 a share in the first two months of 2023. The stock closed at just $8.10 a share.
