From Insider:
A top real estate economist explains why a housing rebound is coming as rising sales and lack of supply look poised to lift home prices
While some experts have warned of an impending US housing crash, Nadia Evangelou, senior economist and director of research at the National Association of Realtors, anticipates the opposite.
Home prices and sales will dip this year, but she anticipates a rebound in 2024 with sales rising and limited supplies sparking price gains.
“It seems that home sales activity has bottomed out, and 2023 will be the turning point for the housing market,” Evangelou told Insider. “We don’t expect any housing crash.”
In fact, some indicators are already turning positive. The NAR’s pending home sales index has ticked higher for two consecutive months and saw its largest monthly increase since June 2020.
…
The real estate economist said the US continues to suffer from a severe housing shortage, which has persisted for over a decade coming out of the Great Financial Crisis.
“Back in 2008, we had an oversupply of homes by like 4 million, but now we have less than 1 million,” Evangelou said. “And this is the main factor that keeps home prices from falling.”
…
On the demand side, she said it will stay elevated, helped by the robust labor market. So even though there are relatively few buyers now amid low inventory, housing demand continues to outpace supply, Evangelou said.
While higher interest rate expectations are weighing on homebuying activity, Evangelou anticipates the trend to ease in the latter half of this year.
NAR forecasts that there could be up to an 11% drop in home sales this year. Then in 2024, activity could jump by about 18%, she said.
Similarly, home prices should drop about 2% this year, then rise about 3% to 4% next year, she added. That’s much more upbeat than other forecasts.
Eureka! Going forward, house prices are now a guaranteed 8% to 10% YOY increase on investment. In fact, housing is the new stock market. The term, “Buy now or be priced out forever” is no longer applicable. It’s “Buy now at any cost literally and figuratively” and watch you house value increase like the National Debt Clock. The NAR should have a value metric meter on their home page so you can watch the numbers increase unabated and non-stop.
Fyi, passed by an open house in my area yesterday, there was a line at the door waiting to get in.
Fast: I hear people are stating to rent rooms out in their houses in Bergen Co. it’s worth it just to get in. A “starter” house in north Jersey will be $1,000,000.00 . That’s the reality.
Showing houses to a young married couple who are friends with my kids. Tuesday we narrowed the list down to 6 properties. By yesterday only 2 were still available. One of the 2 had already set a deadline for highest and best.
The multiple offer house is in Ridgewood asking $750. It is in a cut through location with a steady flow of traffic. Kitchen is old, oil heat, old windows, etc…To show we had to wait for the prior showing to exit. When we left there was another group waiting.
If a house is fairly priced in the under $1,000,000 range in North Jersey it will attract a feeding frenzy of showings. Rates are going to need to go up substantially or prices will continue to rise. Demand far exceeding supply currently.
3b,
Open Houses in prestigious Bergen County are like muppets waiting on line hoping to get in to Studio 54. I expect to see bouncers and velvet ropes shortly at all open houses.
Had two random people stop by one of my parents old houses that we were cleaning out yesterday.
One guy stopping by wanted to buy a two family with his brother, they wanted to do private party, all-cash deal.
Met a nice orthodox couple last week. They didn’t flinch when I said “Low-9’s”. That said, it’s a huge 2 family with essentially an entire 3rd unit in the permitted walk-out basement (great mother daughter, but can’t be LEGALLY rented). 7br, 5 full baths, nearly 6k livable square feet, 3 kitchens, huge detached garage). The house itself straddles 3 buildable lots, last house on a secluded dead-end with nearly an acre of property – not very common in Clifton.
Old Realtor,
I’m really not surprised. When has it not been this way in this area? Regardless of conditions, it seems like it’s throwing a piece of meat in the middle of a bunch of starving dogs.
They will stuff a place of worship in there and not pay any
property tax, that acre will become a parking lot.. Grim’s name will be mumbled as the neighbors all blame him and his family for selling to that cult.
Old: I don’t argue that, and I know you see it in real time. But what you just noted is a frenzy, to grab anything out there. What happens if/ when a recession comes, and one person loses their job, can the other person carry the monthly payments, and all the other expenses for an extended period of time?
What happens if/ when a recession comes, and one person loses their job, can the other person carry the monthly payments, and all the other expenses for an extended period of time?
In NJ, you get to stay in the house for at least 5 years if they foreclose, isn’t that right?
Of course, some Dopey president will bail out the banks like last time. In the meantime, prices of all things, like inhalers, will continue to skyrocket, your catalytic converter will be missing in the morning, your tax dollars will be going to the Ukraine, and your gallon of milk will really be a quart.
Eddie,
I do not view the last 40 years in the North Jersey real estate market through the same lens as you. It isn’t always up. Technology has has brought a hysteria to the process. The fear of missing out and how fast it can happen is driving prices higher at breakneck speed.
Any the cry grows louder as the frog prince lost his fortune.
https://www.cnbc.com/2023/03/11/silicon-valley-bank-failure-has-investors-calling-for-government-aid.html
No worries the Duchess has a plan to blog, and get this has preliminary approval from a mystical approver.
https://www.dailymail.co.uk/femail/article-11850277/Meghan-looks-set-bring-successful-wellness-blog-Tig.html
Old Realtor says:
March 12, 2023 at 9:51 am Rates are going to need to go up substantially or prices will continue to rise. Demand far exceeding supply currently.
I absolutely agree with you, rates need to go to 9-11%. My sons neighborhood in Netcong had two houses come up for sale and both sold quickly. One was a fixer upper, the other a tip top house. It may cause a recession but rates must be fixed. Like I stated sometime last week the 4 unit building I have in Newton was purchased with a 11.5% loan in 1983. Higher rates are the only way out… Elizabeth Warren be damned, she is only worried about her self, and trying to look good.
When you bargain with the Devil this is what happens.
https://www.nasdaq.com/articles/quantitative-easing-ultimate-faustian-bargain-2012-08-22
Boomer will like this, sell boomer house at top price, put boomer money in high yield savings account.
Win win.
I absolutely agree with you, rates need to go to 9-11%.
If there is a bailout of major depositors in SVB there should be and needs to be an actual revolution in this country.
Apparently deal is nearing completion, Axios reports CA congressional caucus being briefed this afternoon. I’m guessing they want it out before futures open at six, avoiding a big downdraft. Let’s see if politics derails it….
Bigger issue may be FRC and other banks in background. FRC is a big banker to private equity and hedgies. PE buddy of mine confirms ISDA circulated a list of twenty banks in Friday asking for counterparty risk, FRC was in it.
Thinking clear the decks of the SVB mess and gear up to respond to whatever happens Monday if the solution isn’t global, ie industry wide backstop.
According to this, no bailout coming. And these guys took bonuses?
Seems to me the law is on their side. They know they can get away with their crimes.
White collar crime laws need to be tightened up a bit. Maybe along the lines of what the mob would do. I’d support that.
“Feds say there will be NO bailout for SVB today despite fears of market meltdown – as Biden holds crisis talks and it’s revealed bonuses were paid to staff just HOURS before bank collapsed”
If that bonus news is accurate it is just further confirmation that these people at SVB were so incompetent they fully deserve to go to zero with anyone alongside them for the ride…..google ‘preference payment’
Unbelievable cocksuckers. Claw back that blood money.
https://nypost.com/2023/03/11/silicon-valley-bank-pushed-woke-programs-ahead-of-collapse/
haha, chi, ba-beeee!
Red v. Crimson, 1980 Rink, Friday, muthafucka!
Looking good for the good guys!!!
While I’m happy somehow I’m always waiting for the other shoe to drop with this team lol…I think it’s done but it’s possible (?) if something funky happens in the NCHC tonight or Hockey East next week (BU loss) we might get challenged if we don’t take one in LP.
Call for Fed easing again in some quarters, others a rate cut before year end, pump up asset prices, and pump up inflation even more than it was at its peak a year ago, keep rates low, keep asset prices high, and keep inflation high, oh and borrow, borrow, borrow!! It’s all good!!
They probably make the FF bracket if they push the Crimson hard but don’t win.
Ladies and gentlemen, next up to the plate at-bat is….
https://www.morningstar.com/news/marketwatch/20230311320/10-banks-that-may-face-trouble-in-the-wake-of-the-svb-financial-group-debacle
There was a deeper article on 20 banks that’s returning a 500 or 404 error for me now.
Popcorn popping. Only equity positions are SPY, META, and an INTC short absolutely defying gravity. Fully aware that a ‘global’ agreement among Fed, FDIC, OCC, etc would likely be a huge pump event so being on the sidelines may sideline me but hey, wtf….
6pm EDT gametime for equities followed by some college hockey thereafter from the Central zone. Throw in a couple IPAs and we’re good to go.
That Andy Yang fellow is the latest calling for a bailout.
You really want the 20 bank article if you get it….they went through by unrealized losses on assets held – which is what tubed SVB – for all the Russell 3000 banks…there were a few NY metro banks on there.
It’s always the things hiding in plain sight…..off to the pool gents, will check in later tonight.
By the way, how big a thing (no pun intended) are ass implants?
https://imgur.com/a/hApohMp
The week started off fairly innocuous as I wrote about how investing family money can feel like a stressful full-time job.
Keeping track of all your accounts and deciding when to buy or sell takes focus. Hence, cut your family’s CIO some slack if they seem to be having a particularly bad day, especially if they also have a real full-time job.
And then, of course, the unthinkable happened with the collapse of Silicon Valley Bank in 48 hours.
Although I don’t bank at SVB, I did wire $20,000 to the bank last month for a venture capital fund’s capital call. I’m not sure whether the funds are stuck at SVB or have already been invested by the venture capital fund.
Another Lehman Moment
On Friday, September 12, 2008, I was sitting at my trading desk glued to my computer terminal.
I believed the government would step in and save Lehman over the weekend to stop the contagion. After all, 99.99% of Lehman’s employees had nothing to do with mortgage-backed securities and management’s investment decisions.
Heck, I even bet my colleague $100 that Lehman would not fail. Then I took my belief a step further and also bought 100 shares of LEH in solidarity.
Of course, the government didn’t step in and the entire global economy went to hell for the next year. It was then that my perennial optimism as a 31-year-old took a hit. After losing 35% of my net worth in six short months, I decided to never rely on the government or anybody to save me.
Yes, I still have hope the FDIC will backstop innocent SVB depositors to stop the contagion from spreading to other regional banks.
The 40,000+ depositor small businesses had nothing to do with SVB buying ~$100 billion of long-duration Treasuries near the top of the market in 2021.
I was so befuddled as to why SVB would invest more than half its loan book in long-duration Treasuries that I recorded a last-minute podcast in bed Saturday morning, trying to understand.
Just imagine if you woke up one morning and discovered all your savings were frozen through no fault of your own. Going from being a depositor earning minimal interest to being a creditor potentially losing everything the next day is insane.
Although I have hope, I also have doubts the government will do something impactful enough to protect the economy. Just as I could easily ascertain the Tier 1 capital ratios of various banks and the composition of their respective loan books, so can the government and then some.
The Feds knew what could potentially happen if they raised too aggressively and quickly, yet they did so anyway.
So would the Feds really step in to save regional banks and hundreds of thousands of small businesses and even more jobs? That would be counterproductive to their mission of combatting inflation and protecting their legacy over supporting the middle class.
This, my friends, is how cynicism forms with old age and experience.
At least the ~8,500 SVB employees all got their 2022 bonuses paid on Friday, hours before regulators seized the bank! But then again, presumably, most of the bonuses were paid to their SVB accounts. Ugh.
For more insights on the SVB collapse and what to do, please read, How To Prepare For Another Bank Run.
So many on this blog cheered on this rate hike cycle and are still crying for more. Be careful what you ask for, hope karma doesn’t bite you in the ass. You might have your retirement money go up in smoke…good luck at your age.
“The Feds knew what could potentially happen if they raised too aggressively and quickly, yet they did so anyway.
So would the Feds really step in to save regional banks and hundreds of thousands of small businesses and even more jobs? That would be counterproductive to their mission of combatting inflation and protecting their legacy over supporting the middle class.”
Conspiracies floating around now.
“This tells you everything how this was precalculated and coordinated attack on banks to strike fear and set the fake narrative. I’m not convinced for the timing on this considering the technicals across the board on a macro view… not convinced one bit.”
“You must not be keen on technicals for macro momentum. The timing is highly suss considering momentum is changing over to the bulls. On the quarterly/monthly charts, Housing Sector, Indexes, and most stocks are set to take off. When you are garbage at TA you are just guessing.”
“Yeah, it’s blatant. convinced this was their attempt to force the Fed to both bail only Silicon Valley out, and also cutting rates to benefit them the most. Zero risk management for rising rates with rates rising? After you lobbied to specifically be removed from the regulations?”
“Here’s a thought.
I wonder if Peter Thiel was testing the banking system to see how much chaos could be caused by a single misinformation campaign
Banks aren’t designed to give out of their liquidity in a short amount of time
Clearly he knew that”
Lots of conspiracies coming out.
Yes I do. I already vacuumed up 500K yesterday. I have a seven figure sum I’m trying to get meathooks in at Signature Bank. Also, 2M Trying to find out the location there.
Any info appreciated.
Also from that top 10, the First Republic is CA not the one in NY
leftwing says:
March 12, 2023 at 2:22 pm
You really want the 20 bank article if you get it….they went through by unrealized losses on assets held – which is what tubed SVB – for all the Russell 3000 banks…there were a few NY metro banks on there.
I hope those bonuses were paid in cash or gold, seeing as I wouldn’t be too confident in a SIVB check right about now.
NAR spouting pure hopium, banks going t*ts up…it’s 2008 all over again
https://www.morningstar.com/news/marketwatch/20230310718/20-banks-that-are-sitting-on-huge-potential-securities-lossesas-was-svb
Read it, good analysis, looked at unrealized to total cap. Sliced it two ways, some were up there. All public data apparently, from quarterly forms required to be filed with regulators. Did not download it should have.
Not sure what a 500 error is…. maybe short for ‘JPow called us and said wtf guys’
Chicago or anybody else that is in the same jam.
Nothing beats a Vanguard Brokerage account. Their default sweep is the Vanguard Federal Money Market Fund, its cost is 0.11%. Only USG money market instruments. Open accounts and wire money in.
I myself treat it as the default cash holding account with everything going in there. I invest really long term etf, bonds and cds. Transfer then are made to checking or Interactive Brokers for shorter term investment.
Chris Rock answered this question for you in his latest special on Netflix
“At one point, Rock said there are four ways people can get attention in our culture: “Showing your ass,” being infamous, being excellent or playing the victim.”
“Number one easiest way to get attention, show your ass. Show your ass! You will get attention, even if you don’t got ass! That’s the world we live in. It’s why Blac Chyna has more followers than Gayle King. ‘Cause Chyna is showing that ass. That’s right. So number one, show your ass.”
leftwing says:
March 12, 2023 at 2:26 pm
By the way, how big a thing (no pun intended) are ass implants?
Question for you financial gurus: SVB failed because they didn’t model for risk with these FED hikes. Steve Liesman said there’s some who believe the FED should pause or go easier on hikes in order for banks to catch up. What does this mean? What is he talking about? What did SVB do or didn’t do to lessen their risk?
Fast,
They were flooded with capital from pandemic boost. They assumed zirp forever. They needed to park the capital in a “safe” place and bought bonds. Tech recession hit, and they started needing their capital. Too bad the bonds became almost worthless thanks to the Fed raising rates hard and fast. Knocked them out. Aka the rate hike moves were so fast and hard that they couldn’t do much…they tried to get more capital and created a bank run.
Fat Eddie. Is the managing risk of your business model.
Capital One/Bank of America/Chase : Rip off credit card holder (Income) – Pay interest in retail accounts (cost of money that creates income) = $€£¥
Silicon Valley Bank : unknown % income from loans to VC, Winery, and odd experimentation investing (this part worked well) + large broad based bond portfolio (this did not work well) ) (Income) – Pay interest to very loyal VC and recipient of investment experimentation loans = Snafu as rates went up and bond portfolio value went down and mark to market rules forced the Feds to step in.
What I find suspicious is Thiel. He’s a little sh1t. I won’t be surprised he’s out there shaking down panicked Tech Companies for a ransom
Is funny but it looks like they did the same mistake that Lehman did. That is managing the bond portfolio for the wrong situation. Lehman real estate does not go down. SVB interest rates don’t go up.
Grim
My in laws had a Puerto Rican jew neighbor sell a home , cash , no realtor to a NY Orthodox family. Home was near near the Cuban resteraunt down the street from your distillery. They took him for a ride. Guy lost thousands as they clawed back $ after the sale. My suggestion have an experienced lawyer, the agent part hopefully you get right. Guy was so fed up with legal costs after the sale he caved in and gave up
The Wall Street crowd like Liesman always wants the party to keep going
But interest need to go up to reward saving, stop bs speculation and allow proper investment.
By now you might noticed how many important products that this country needs are not made here. If there is a war with China there is a good possibility that certain parts and products will not be available and we will be like Russia is now, with no ability to produce what they need for their war machinery.
Investments need to go (to use the Chris Rock joke) to excellence and not bootie shakers.
Market poised to pop on any news of a resolution…no news and futes flat…bids were due this afternoon, 2p I think, good analysis going around there really aren’t many bidders to show up at party…Big4 can’t/won’t; regionals too small; and when you peel back the ten or so superregionals for fit and recent acquisitions only a handful of potential buyers. PNC apparently took itself out yesterday afternoon, don’t know if true or not but that’s what is out there…guy in my trading group is on a major bond desk….basically hasn’t slept most of the weekend lol.
This is fucked…glad I’m in cash…Apparently Signature Bank is closed now…futes? Flat.
There is only one entity that would fit in perfectly.
Vanguard.
SVB bond portfolio is a nickel stuck in the sole of a shoe of Vanguard.
They are pushing big into Financial Advisors and are full but competitive.
They do need a bank for several reasons, but just like TIAA they could not get on started right and ending up buying one.
They are invested in SVB directly or indirectly and would benefit from rescue.
Finally – no one expects it.
Just enough to crash your car and eff up your commute.
https://www.weather.gov/media/phi/current_briefing.pdf
Tell me, how do you have larger debts combined with higher rates…amswer-YOU DON’T. Besides, high guaranteed rates reward the rich. Like a coke addict, they can’t get enough of guaranteed high rates of interest. They hate a zirp environment…they have to actually risk their capital position.
“But interest need to go up to reward saving, stop bs speculation and allow proper investment”
Anyone have information on Signature Bank NY?
Posted above. Closed apparently. Depositors to be paid.
Saw a joint FDIC/Fed link come around didn’t open, should be out there?
So market goes green tomorrow? …because that makes the least amount of sense.
Thread here, better orig sources I’m sure.
https://www.financialjuice.com/home
Got some pain in my trading group chi…they move like fish….bunch in both names including the lotto’ers…fucked up thing is they don’t know if they’re going to get hit or not…some had written puts (deep OTM at the time) that expired Friday on SIVB and were then obviously ITM but because, apparently, since there were no shares available to put to them (trading suspended, no borrow) the NSCC walked away telling the brokers to figure it out and they never got assigned. One guy tonight is same position for April SBNY and again has no clue if these worthless now non-trading shares will be put to him or not…if so he’s out nearly $300k…if not, he’s good…oof.
Shocker…
Regulators approved plans Sunday to backstop both depositors and financial institutions associated with Silicon Valley Bank.
Officials will unwind both SVB and Signature Bank, ensuring that depositors will have full access to their funds on Monday.
The Federal Reserve stepped in with a separate facility that will provide loans up to one year for institutions impacted by the bank failures.
I don’t understand this. No cost to taxpayers. All accounts at Silicon Valley will be made whole. Is the fed going to cover the losses on the bonds and hold them to maturity so the depositors get all their money?
Link
https://www.dailymail.co.uk/news/article-11851461/Federal-Reserve-announces-depositors-Silicon-Valley-Bank-protected.html#article-11851461
https://www.fdic.gov/news/press-releases/2023/pr23017.html
https://www.cnbc.com/2023/03/12/regulators-close-new-yorks-signature-bank-citing-systemic-risk.html
Watch out for coinbase to implode.
I have an idea. Lets send all of the officials from these two banks to the Russian front with no guns and no clothing. Have them attempt to cross a minefield and if they survive give them 30 years in prison.
Beer magic poof and the money is back. Biden probably picked up the phone and told Yellen that she was out if she did not go back on her statement that they would not be bailed out. It was some of his biggest donors after all.
Here is the mechanics of what just happened.
“But Ricks said that in order for the FDIC to use public money to help uninsured depositors, it must declare a “systemic risk exception” — something that requires two-thirds of the Federal Reserve Board of Governors, two-thirds of the board of the FDIC, and the Treasury Secretary, in consultation with the president, to approve.
“That seems to me extremely unlikely,” Ricks said.“
https://www.nbcnews.com/news/us-news/will-silicon-valley-bank-depositors-get-money-back-will-made-whole-que-rcna74498
Top execs at the bank all sold massive amounts of shares last week too, there should be
Perp walks right away they have them dead to rights.
What will happen? Nothing.
Lied to our faces too no taxpayer money. What money do they have besides taxpayer money? It is not like they are borrowing it from the Saudis.
Beer,
You are misunderstanding it. For the branch FDIC based division.
If you have any deposit account. You are ok and everything should go back to normal in the next 12 hours. You then have 45 days to take/transfer your money out, otherwise they will send you a check to the address of record. Just don’t expect any accrued interest.
If you have any loans. Keep paying it. The loans and processing will be sold and transfer to new banks, they will surely let you know.
If you own bonds or stocks – their worth is $0. Any derivatives like options – well depends on which side of the bet you are.
Any assets that the bank proper it had, is now FDIC’s subsidiary property and they will manage and sell at their own time.
They had other division, including wealth management which are brokerage accounts. So that is handled differently. A Bloomberg article mentioned that the management team of several division were trying to arrange a buy out and take it private. In this case they’ll arrange financing and give a check to FDIC for those division based on market value. Those divisions are likely the golden goose laying the eggs because they are the links to their “special” customer base that made SVB special within the tech community.
Pumpkin,
At the end of the day is all about risk management and a lot of luck with the magic 8 ball’s answer. Perfect example, you want to know why JPM is the #1 shark.
I bought a car a few months ago. Have great credit and the highest car loan rate was JPM Chase (1% higher than BOA), next Capital One (0.5% higher BOA) and lastly BOA with the lowest rate. I went with BOA. It was right before the first batch of FFR rate increases.
For 5 weeks my car loan rate was higher than FFR, then equal to FFR, and within 2 months lower than FFR. I could have paid cash, but I figure the replacement cost of that cash would be way higher than the below FFR loan rate that BOA gave me and I expected the FFR rate to keep going up.
JPM Chase rate offered was always higher than the FFR, I could have done this with them, but my time above FFR would have been way higher. My little waste of time strategy worked because BOA was the laggard of the 3 in its interest rate risk management.
Same principle applies with Signature and Silicon.
A list for what it’s worth.
https://www.marketwatch.com/story/20-banks-that-are-sitting-on-huge-potential-securities-lossesas-was-svb-c4bbcafa
Salute the flag. Truth, justice and the American way:
Juice Box says:
March 12, 2023 at 9:06 pm
Top execs at the bank all sold massive amounts of shares last week too, there should be
Perp walks right away they have them dead to rights.
What will happen? Nothing.
Just something I found funny:
Meanwhile, U.S. President Joe Biden, frail, inarticulate and 80 years old, is not the most inspiring candidate when it comes to galvanising an Allied coalition to fight for freedom.
Inarticulate.
Frail
Ouch. Slap a Bandaid on that, it smarts.
What is your definition of cost? There is a cost of using the US balance sheet for free, but what about discrete dollars? We will see.
Hold my beer says:
March 12, 2023 at 8:16 pm
I don’t understand this. No cost to taxpayers. All accounts at Silicon Valley will be made whole. Is the fed going to cover the losses on the bonds and hold them to maturity so the depositors get all their money?
“What money do they have besides taxpayer money? It is not like they are borrowing it from the Saudis.”
And even if they were to borrow it, it is taxpayer money as the taxpayers need to repay it…
Anyway, don’t know who seven beers sunday is but I relate…I just finished my limit of three (9.5%ers mind you) and I’m heading off to bed.
No answers anywhere, although if anyone here remembers Sandy and that crazy total washout at the Mantoloking Bridge where the bay and ocean met…the very next day dozens of trucks were down there rebuilding the barrier island…no EPA, no CAFRA, no zoning, no public spotlight, not a second for anyone with some vested interest to even look at what happened, it just appeared overnight.
Getting that same vibe here LOL.
My point earlier Crypto just got a bailout. Coinbase had 1/4 Billion there, they probably would have collapsed.
Entire VC industry will be pulling their money Monday. Something like 65,000 startups banked with them. I want to know what the tally of this bailout will actually be, but the press is downplaying it saying it’s not a bailout. YES it is the FDIC was about to issue 65,000 IOU certificates, and told them all to wait inline until the assets were auctioned off. They will be getting 100% of their money this morning no questions asked.
Only brave reporter so far is Sorkin.
https://twitter.com/andrewrsorkin/status/1635076464860356609?cxt=HHwWgoDTybfY-rAtAAAA
BTW – It was mentioned in some tweet that officials were asking if anyone reached out to Twitter or Facebook about misinformation.
Elon has been pretty radio silent here, but rumor was they were trying to sell SVB to him lol. I wonder when he will weigh in on whether Twitter was reached out to by the Biden admin under the guise of systemic risk or national security and they should be blaclisting tweets.
He is not one to be silent for too long.
Interesting historical take. This is not Powell’s first bank run, he was at Treasury during the S&L crisis over 30 years ago.
https://twitter.com/NickTimiraos/status/1634673235982680065
Here is the better tweet, about Powell talking about the S&L bank run. History Rhyme’s yesterday”s emergency meeting was exactly the same as an emergency meeting he had on a Sunday back in 1991, during the S&L crisis bank run.
https://twitter.com/NickTimiraos/status/1634718878336004097/photo/1
Bit of a correction coinbase said their $240 million was at with Signature Bank, not SVB. Still a bailout for coinbase none the less.
HSBC gets deal of the century buys SVB UK for just one British pound.
Expect the shotgun marriage announce for the US Bank perhaps JPM?
Calls for pivot intensify.
Goldman Sachs said it no longer expects the Fed to hike rates at the March meeting in light of recent stress in the banking system; expects hikes in May, June and July
re: Conspiracy….Why just why?
Gerard Geary on Squawk Box with Sorkin this morning. Guy has a freaking Moloc statue in the background.
https://ibb.co/zN7dcd2
Too big to fail. Yeah right!
Yesterday morning I commented about 5 of the 6 homes I targeted to show this past weekend had accepted offers. Now it is 6 out of 6.
2Y last Wed 508
Today 412