Feds shut down bank in biggest collapse since 2008.

Political discussions
kalm
Supporter
Supporter
Posts: 59305
Joined: Thu Oct 01, 2009 3:36 pm
I am a fan of: Eastern
A.K.A.: Humus The Proud
Location: Northern Palouse

Re: Feds shut down bank in biggest collapse since 2008.

Post by kalm »

Baldy wrote: Sun Mar 19, 2023 7:55 am
kalm wrote: Sun Mar 19, 2023 6:07 am

Yep! Especially him! He and Pelosi are common man super progressives!
You were soooo close. :lol:
:|
Image
Image
Image
User avatar
BDKJMU
Level5
Level5
Posts: 27897
Joined: Wed Jul 01, 2009 6:59 am
I am a fan of: JMU
A.K.A.: BDKJMU
Location: Philly Burbs

Re: Feds shut down bank in biggest collapse since 2008.

Post by BDKJMU »

Should have put this here on Monday instead of the Biden Scorecard thread. Another bank failure. After bailing out Silicon Valley Bank and NY based Signature Bank in March, now its San Fran’s First Republic. Seized by the feds and sold to JP Morgan.
https://www.msn.com/en-us/money/compani ... r-AA1azZp1

So now under Biden we have had, in less than 2 months, the the 4th largest bank failure in US history (Silicon Valley), the 3rd largest (Signature) and 2nd largest (First Republic). And now the largest bank in the US, JP Morgan, gets even bigger. Way to go Brandon.
..peacefully and patriotically make your voices heard..
..But you have to go home now. We have to have peace…
..I know how you feel, but go home, and go home in peace.
JMU Football: 2022 & 2023 Sun Belt East Champions.
houndawg
Level5
Level5
Posts: 23236
Joined: Tue Oct 14, 2008 1:14 pm
I am a fan of: SIU
A.K.A.: houndawg
Location: Egypt

Re: Feds shut down bank in biggest collapse since 2008.

Post by houndawg »

GannonFan wrote: Mon Mar 13, 2023 2:01 pm
kalm wrote: Mon Mar 13, 2023 11:46 am

I wasn’t posting Bernie’s take as some defense of the Dems.
But Bernie was.

Talk now is that the Fed is going to be spooked and may not continue raising interest rates. What a cluster we've gotten into since we let inflation get out of hand. Considering how old a lot of these folks in government are, you'd have to imagine that they did remember the 1970's when we last didn't have control of inflation. Of course, they are also so old that their memories are not in the best of shapes. :ohno:
Looks like some new talk is needed.
The best way to keep people passive and obedient is to strictly limit the spectrum of opinion but allow very lively debate within that spectrum - Noam Chomsky
User avatar
BDKJMU
Level5
Level5
Posts: 27897
Joined: Wed Jul 01, 2009 6:59 am
I am a fan of: JMU
A.K.A.: BDKJMU
Location: Philly Burbs

Re: Feds shut down bank in biggest collapse since 2008.

Post by BDKJMU »

And lokks like another one as regional bank stocks are slumping across the board.

PacWest falls more than 50% after hours on report bank is considering strategic options.
https://www.cnbc.com/2023/05/03/pacwest ... -sale.html
..peacefully and patriotically make your voices heard..
..But you have to go home now. We have to have peace…
..I know how you feel, but go home, and go home in peace.
JMU Football: 2022 & 2023 Sun Belt East Champions.
houndawg
Level5
Level5
Posts: 23236
Joined: Tue Oct 14, 2008 1:14 pm
I am a fan of: SIU
A.K.A.: houndawg
Location: Egypt

Re: Feds shut down bank in biggest collapse since 2008.

Post by houndawg »

BDKJMU wrote: Mon Mar 13, 2023 11:52 am
GannonFan wrote: Mon Mar 13, 2023 11:10 am

So something that passed in 2018 is now the direct cause of a banking failure in 2023? If this was such a monstrosity of a bill that got passed back then, why haven't we been trying to plug the gap ever since? I didn't really hear anything about this in the 2020 election (I'm sure it got mentioned in some stump speech somewhere by somebody and we can pull up a YouTube on it, but it wasn't a major point of discussion), and before this bank went under it wasn't something talked about in large circles at all. And this is a bill that passed both houses of Congress with pretty big bi-partisan support - 67 votes in the Senate were for it, so that had to include a large number of Democrats since the GOP never had close to that number in the Senate.

Did this rollback lead to SVB failing? Of course it did. But so did the Fed, especially the San Fran Fed, in that they failed to notice this was happening. And so has the fiscal and monetary policies of the past 2 plus years cause this to happen - the Fed's loose money policy as well as the considerably excessive spending posture by this administration caused the huge spike in inflation. And without the Fed having to become uber-aggressive with driving up interest rates to correct for the out of control inflation, this bank wouldn't have been as exposed as they were. There are reasons why the Fed's main mission for many years, since the '70's, was to avoid inflation at all costs.

Oh, and regardless of the causes, now we can also debate how the administration is responding to this. I know they want to say that it's not a bailout, but when you, as the government, directly back all of the money in this bank, including the amounts that were uninsured (i.e., over the $250k FDIC limit) how is that not a bailout? And how does that, in any way, tell people not to engage in risky behaviors like this again? Heck, they're even floating that all banks everywhere will now have this unlimited protection. Just because you say it's not a bailout doesn't mean it's not a bailout.
Yep. The Biden admin and the donks are always railing against the wealthy, but here they are doing a massive bailout with taxpayer funds for millionaires.
conks rail against the wealthy all the time too, BD. Like that George Soros guy, such a meanie... :cry:
The best way to keep people passive and obedient is to strictly limit the spectrum of opinion but allow very lively debate within that spectrum - Noam Chomsky
Post Reply