Breaking news from the LA Times.
All Silicon Valley Bank customers’ funds guaranteed, U.S. government says
BY KEN SWEET, CHRISTOPHER RUGABER, CHRIS MEGERIAN AND CATHY BUSSEWITZ
ASSOCIATED PRESS
MARCH 12, 2023 UPDATED 4:45 PM PT
The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring depositors at the failed financial institution that they would be able to access all of their money quickly.
The announcement came hours before trading began in Asia and amid fears that the factors behind the Santa Clara lender’s collapse could spread. Regulators had worked all weekend to come up with a buyer, and those efforts appeared to have failed as of Sunday.
Column: The Silicon Valley Bank collapse is Silicon Valley’s problem, not yours
March 10, 2023
In a sign of how quickly the financial bleeding was occurring, regulators announced that New York-based Signature Bank had failed and was being seized on Sunday. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history.
The Treasury Department, Federal Reserve and FDIC said Sunday that all Silicon Valley Bank clients will be protected and have access to their funds and announced steps designed to protect the bank’s customers and prevent more bank runs.
“This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement.
Regulators had to rush to close Silicon Valley Bank, a financial institution with more than $200 billion in assets, on Friday when it experienced a traditional run on the bank where depositors rushed to withdraw their funds all at once. It is the second-largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual.
So, another fucking bailout. I am shocked, sir. Shocked to my foundation.
All this ‘ensures’ is that banksters will continue to take extreme risks with the knowledge they will be rescued every time it crashes.
They panicked.
BIGLY.
Another bank shit the bed today and there have been MULTIPLE bank runs since Friday. It also shows that they monitor the internet because there have been people spreading the word all weekend for everybody to run the banks and get their money out tomorrow.
This shows that they are not ready to collapse the system and replace it with that digital money scheme, which is their long term plan.
Once again the MotherWEFers take a punch in the mouth.
In another article (that I didn’t save) I saw that one of the (((senators))) was asking/demanding that the government Censor any ‘rumors of Bank Runs’ on social media. I wonder what the Muskrat thinks of That?
What’s that 12th Commandment? Oh, yeah,
“Yaweh Forbid that a (((tribe member))) should Lose his Money.”
It’s a big club, and we ain’t in it.
Maybe they can ask Ukraine for donations, we have given more than 200B to mister green sweater over the last three years. Oh wait, that was money laundering for the big guy and his handlers, my mistake.
Most people don’t realize that when you deposit money in a bank it is no longer your money but it belongs to the bank, so keep as much in hand as you can.
They might plug this hole but there’s more to come.
Too Big To Fail strikes again.
Total number of people who will face jail time: Zero. Ever.
But try coming up short on your income tax, and see what happens to you.
The bailout was inevitable. The criminals in power aren’t through looting the treasury so they can’t allow the collapse to happen just yet. They will keep the corpse semi alive till there is nothing onvalue left to steal.
YUP.
In the cbs market watch story they tried to claim the taxpayer would not be on the hook. Then it went into the fed bailout as if that money would not be printed out of thin air like all the rest of the trillions printed out of thin air that has created the continuing and increasing inflation. Weimar here we come and only the taxpayer suffers. BASTARDS be Andrew Jackson and end the fed then you can genocide the native Americans.
ps I am talking about the federal reserve not FDIC
An in depth read regarding this most recent “Bail-Out” is: “The Creature from Jekyll Island: A Second Look at the Federal Reserve”, which as a side note I’m reading the 5th Edition. Just last night I was reading the chapter that takes one step by step on how a “Bail-Out” works. Additionally, as some know already, there is nothing Federal about the Federal Reserve – AND – the Federal Reserve doesn’t have any reserves. Neither does the FDIC, as it turns out. All the Federal Reserve does is gather up the bankers, go to DC and address Congress with their Dog and Pony show, plus do a tap dance and it is us, the ever shrinking middle class tax payers who foot the bill. I can still hear the shrill word of “those” politicians a number of years back asserting “…too big to fail! …” at our expense. If I read correctly, the next step is rates going UP.
excellent book Ray, a must read.
The “Fed” apparently has about 1.3 cents to cover every dollar of default.
That’s OK……
And let’s remember that Senator that gets slapped down every time he calls for an audit of the Fed.
DMM they have a printer.
So, the Government Big Shots worked through the weekend to “make everyone whole”, while the common everyday folks in and around East Palestine, Ohio had to sit back and wait, and wait, and wait, and wait. They are still waiting, I’ll bet. FUBAR.
Yay! Another bank bailout. At the taxpayers expense. Just what I wanted for Christmas 🙄. Gird your loins and buckle up. Whatever happened to accountability?
My prayers and best wishes to all. Take care and watch your six.
…and the bailout didn’t stop the Asian and EU markets from tanking right out of the box.
https://www.marketwatch.com/
What is NOT being noted is that there was considerable Chinese startup assets in SVB – which means that the prop-up (NOT a “bail-out”) had to take place to appease PedoJoe and members of CONgress – fully in the pocket of China – and keep the heat off of their ill-gotten gains.
Nevertheless, the first domino has been pushed, and I can hear them gaining speed/momentum. No matter what the Feds do, the System has gone over the cliff and there’s no parachute, safety line, or jetpack to slow or stop the fall. When it goes, it goes big. Ya gonna go splat no matter what ya do, sport fans!
We built this House of Cards too high, too fast, with NO plan on what to do if it all came crashing down. Well, here it comes, and if anybody hasn’t already prepared, it’s too damn late.
Things gonna get spicey Real Soon Now.
Food
Water
Shelter
Precious metals: Gold Silver Copper Lead Brass
Delivery system(s): Short gun, long gun, street sweeper
Medical and drug supplies, MINIMUM 90 days
Electricity generation
Fuel
Batteries
Seeds
“How to do things” (dead tree copies)
And finally, the most important thing, knowledge
Anybody with half a brain has prepared, but what about your neighbors? Are THEY ready as well? Have you checked on them?l Now’s the time.
“If SVB is insolvent, so is everyone else… including the Fed.”
This is much worse than 2008.
Read the whole thing:
https://www.sovereignman.com/trends/if-svb-is-insolvent-so-is-everyone-else-146244/
Can’t disagree!
Another smaller bank in NY has failed and there are 2 more tipping over in Ca.
Had so much fun auditing during the sell off of banks both in the 1990’s and the early 2000’s. They shut the doors and we would be right behind them auditing every loan the bank gave. The fraud was enormous. Lending more than worth, good old boy loans, shaky financials of borrowers. The fed knew weeks before this happened and notified the very Important Big People to move their money and get the big bonus’s ready to pass out. Of course some little one overheard or pillow talk and even sworn to secrecy this was to good to not share with a friend or two and so a run was inevitable. Happens every time.
Can’t disagree!