From CNBC:
Bill Ackman says U.S. did the ‘right thing’ in protecting SVB depositors. Not everyone agrees
Billionaire investor Bill Ackman said the U.S. government’s action to protect depositors after the implosion of Silicon Valley Bank is “not a bailout” and helps restore confidence in the banking system.
In his latest tweet on SVB’s collapse, the hedge fund investor said the U.S. government did the “right thing.”
“This was not a bailout in any form. The people who screwed up will bear the consequences,” wrote the CEO of Pershing Square. “Importantly, our gov’t has sent a message that depositors can trust the banking system.”
Ackman’s comments came after banking regulators announced plans over the weekend to backstop depositors with money at Silicon Valley Bank, which was shut down on Friday after a bank run.
“Without this confidence, we are left with three or possibly four too-big-to-fail banks where the taxpayer is explicitly on the hook, and our national system of community and regional banks is toast,” Ackman added.
Ackman further explained that in this incident, shareholders and bondholders of the banks will be mainly the ones affected, and the losses will be absorbed by the Federal Deposit Insurance Corporation’s (FDIC) insurance fund.
This is in contrast to the great financial crisis in 2007-2008, where the U.S. government injected taxpayers’ money in the form of preferred stock into banks, and bondholders were protected.
Feel like the crypto rally is completely misreading this situation, the regulation hammer is about to drop in a big way.
SFH -> two to six unit multifamily in a notable ‘burb
https://commercialobserver.com/2023/03/arlington-officials-approve-missing-middle-proposal-targeting-single-family-zoning/
The Arlington Planning Commission voted 8-0 to recommend option 2A, which would allow the by-right development of two- to six-unit buildings on lots currently zoned for single-family homes.
Except, the value of everyone’s property just doubled overnight.
Valuation is always based on highest and best use…
I don’t. I guarantee you, lots of those Crypto investors include the IBs. They pay for this protection.
To me, it feels like we are about to kick the can down the road again. But have no fear. We will be exchanging providing an iron-clad, rebar-reinforced, rock solid, market foundation for one made of the world’s finest balsa wood. God forbid someone with significant wealth loses a little bit of it. I wonder what there will be more of? Fast and Furious sequels or Maiden Lane Treasury bailouts?
And now, we get to listen to all of the rich people tell us why bailing them out is the right thing to do.
I don’t. I guarantee you, lots of those Crypto investors include the IBs. They pay for this protection.
Except that someone’s got to pay.
It can either be the IBs or it can be the fat greasy dude who owns every shitcoin ever hocked.
Again for those not watching closely.
Cash for Trash part Deux. NO HAIRCUT
The Bank Term Funding Program (BTFP) will offer loans with maturities of up to a year to banks, savings associations, credit unions and other eligible depository institutions.
Here are some key elements of the Fed’s program:
STRESS RELIEF
The Fed has raised rates from near zero a year ago to between 4.50-4.75% now to combat inflation that hit a 40-year high last year.
That has undercut bond prices, including those for older-vintage Treasuries held widely by banks, which proved a major factor in Silicon Valley Bank’s inability to raise funds and contributed to its demise. Officials worry others could soon follow.
“The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress,” the Fed said in a statement on Sunday.
NO HAIRCUT
A key element of the program is acceptable loan collateral – including U.S. Treasuries and mortgage-backed securities among others – will be valued at “par,” meaning open-market bond values that have been impaired by a year of Fed rate hikes will not reduce what a bank may borrow from the central bank.
The same collateral terms will also be available for loans drawn from the Fed’s “discount window,” its traditional lender-of-last-resort facility. Ordinarily, loan amounts were governed by the market value of the pledged collateral.
“This will allow banks to fund potential deposit outflows Without crystalizing losses on depreciated securities,” Goldman Sachs wrote Sunday after the Fed announcement.
LOANS FOR A YEAR
Loans of up to a year in length will be available under the new facility. Borrowers may prepay the loans without penalty. Advances can be made until March 11, 2024.
FIXED BORROWING COST
Interest rates will be the one-year overnight index swap (OIS) rate plus 10 basis points and will be fixed for the term of the advance on the day the advance is made.
That OIS rate was quoted at about 4.9% late Sunday following the Fed’s announcement, according to Refinitiv data, down from as high as 5.6% last week before Silicon Valley’s difficulties emerged and started driving rates lower.
TREASURY BACKSTOP
The loan commitments made by the Fed’s 12 regional banks will be backstopped with $25 billion from the U.S. Treasury’s Exchange Stabilization Fund. The Fed said it does not expect to have to tap those funds because the loans under the program are full recourse, meaning the central bank can seize all of the pledged collateral in the event of a failure to repay.
In fact, the Fed loans are made with “recourse beyond the pledged collateral,” which takes into account the fact that the collateral may be impaired.
That suggests “that the par valuation of the collateral would only become relevant if the borrowing institution lacks sufficient assets to repay the loan,” Goldman wrote.
CONTAGION CONTAINMENT
“One of the biggest revelations about the failure of Silicon Valley Bank to raise capital last week was the impact of the cumulative increase in interest rates over the last year on their securities portfolios,” Jefferies economists wrote after the details were released.
“Because the pledged collateral is going to be valued at par, this new facility will ensure that other banks with similarly impaired hold-to-maturity portfolios will be able to easily leverage them to access liquidity, rather than have to realize significant losses and flood the markets with paper.”
“Monday will surely be a stressful day for many in the regional banking sector, but today’s action dramatically reduces the risk of further contagion,” they said.
I prefer it to be those who took the risk. Why bother with FDIC insurance if you “really” don’t need it? Just print money until inflation runs amok.
Get ready for it. “The contagion would have been so much worse if the government didn’t step in.”
While the median bank account balance in America is $5,300. So again, tell me who the contagion would hurt.
Thanks Juice. And once this lending facility gets overrun? Maiden Lane 4 or is it 5 or 6. I stopped counting.
I can’t wait until DeSantis is President. He certainly won’t be the Socialist Biden is.
Lib – It’s a way out of the UST for the banks for now. They say they will take UST and MBS and other qualifying trash. I would say some banks will unload it for now take the low cost loan and invest elsewhere. Round and Round we go where it stops nobody knows.
Is it First Republic’s turn now?
They are waiting for the window to open, for sure.
I guess if your payroll was halted you would feel affected by the contagion.
Crypto would have probably stopped this week without the bailout. Some thing a simple as missing your electric bill payment gets the mining machines turned off. How many bitcoin farms running in the USA these days?
No way of really knowing what the exposure is but it has to be billions in the crypto and defi space.
As Juice noted, Goldman says no Fed hike next week, they did not wait until tomorrows number to be released. And a rate cut in December, some may be getting their wish granted, massive asset inflation ( again), coupled with hyper inflation.
3b,
This was probably playbook all along. Powell, Yellen and all the other economy wonks knew damn well that the hikes would lead to this. They just needed a few smaller players to get wiped out and now have their excuse about ‘systemic risks’. In other words, eat sh&t middle and poor class. Eat mayo sandwiches..
Fed is in closed door meetings today under expedited procedures.
I would love to know how much trash they plan of vacuuming up this time.
Next H.4.1 is Thursday at 4:30 PM.
Balance sheet shot up from over 5 Trillion pre-pandemic to nearly 9 Trillion. Taper which started March a year ago so far has not achieved the desired results.
What next, assuming the deposit run is over?
Experts just gave one of the worst movies ever the Best Film award. Strongly disliked by about 80% of the people I’ve asked. I’d say it’s 60% bad modern philosophy, 20% Kung fu movie, 20% woke Hallmark movie.
There’s a type that likes this movie though.
As mentioned banks all over the world have flushed their balance sheets with trillions of bonds. Effectively there are few interest rate hedges for this risk at all!
“Except, the value of everyone’s property just doubled overnight. Valuation is always based on highest and best use…”
LOL, downright Machiavellian if that’s the case…backdoor tax increase dressed as social policy.
“As Juice noted, Goldman says no Fed hike next week…”
I guess a bank run is the ultimate data point in being data dependent.
This aged well…..
https://imgur.com/a/KOPYzGZ
I can give an example…… client sold house and put net proceeds temporarily in Signature Bank until they find a new one. Closed three weeks ago. $1.1M.
Not judging anything, just providing facts.
Libturd says:
March 13, 2023 at 7:57 am
I prefer it to be those who took the risk. Why bother with FDIC insurance if you “really” don’t need it? Just print money until inflation runs amok.
Get ready for it. “The contagion would have been so much worse if the government didn’t step in.”
While the median bank account balance in America is $5,300. So again, tell me who the contagion would hurt.
oooof, chi…..
guess he’s covered though.
Bystander: You might be right. I would not be surprised. And I agree they knew something like this would happen. This is what happens when you engage in reckless monetary policy for more than a decade.
Is it trash? How about simple Treasury with unrealized losses. In retrospect, it is obvious that banks took the flood of liquidity in 2020-early 2022 and stuck it there thinking they were smart to pick up 50-150 bps on free money. Mistake.
Juice Box says:
March 13, 2023 at 8:45 am
Fed is in closed door meetings today under expedited procedures.
I would love to know how much trash they plan of vacuuming up this time.
Next H.4.1 is Thursday at 4:30 PM.
Balance sheet shot up from over 5 Trillion pre-pandemic to nearly 9 Trillion. Taper which started March a year ago so far has not achieved the desired results.
What next, assuming the deposit run is over?
re: “Experts”
Nah the same production company A24 put out the Whale too. They took home the lion’s share of awards. Look if you want to work in the movie business you have to kiss the producers butt or casting couch to work in that town.
In effect, though a different relationship, the intention is not dissimilar to AIG selling credit enhancement insurance on subprime MBS. AIG performed shoddy risk management and assumed it was receiving free money.
Reiterating, the cost of the bailout to taxpayers I guess can be calculated as the UST yield that matches the duration of the loans extended, less the headline interest rates on those loans.
chicagofinance says:
March 13, 2023 at 9:00 am
Is it trash? How about simple Treasury with unrealized losses. In retrospect, it is obvious that banks took the flood of liquidity in 2020-early 2022 and stuck it there thinking they were smart to pick up 50-150 bps on free money. Mistake.
Chi – Booking bonds as HTM prevents gains/losses from showing up at all, very
convenient, right? They were willfully aware of this, and sold their personal holdings in bank stock as they were imploding when the jig was up.. It should be straight to jail for them.
Putting aside trying to impute the cost of using the US Government’s balance sheet for free.
chicagofinance says:
March 13, 2023 at 9:08 am
Reiterating, the cost of the bailout to taxpayers I guess can be calculated as the UST yield that matches the duration of the loans extended, less the headline interest rates on those loans.
I forget my accounting. Are bonds of commercial/savings banks in banking operations considered trading securities and subject to MTM? Or is there some hedge accounting BS, with a wide berth for what constitutes a hedge? I learned this shit 25 years ago. I have only run corporate books, not financial ones.
Juice Box says:
March 13, 2023 at 9:10 am
Chi – Booking bonds as HTM prevents gains/losses from showing up at all, very
convenient, right? They were willfully aware of this, and sold their personal holdings in bank stock as they were imploding when the jig was up.. It should be straight to jail for them.
BTW – given some of the bank ledger stuff that leftwing alluded to, I assume this material is public information. Would an issue of material non-public stand up in criminal court?
Breaking news
Biden says banking system is safe.
I am relieved 😅
BTW – I love the fact that No One is shitting on the Oscars this AM. It just shows you how anyone who has kept their nose clean is not sweating this financial sewage out. You go girl.
When the tide goes out…….
Never occurred to me in the past…… is this a Hootie & The Blowfish song?
Hold my beer says:
March 13, 2023 at 9:17 am
Chi – From what I have read in the case of SVB they dropped all of their interest rate hedges in the last year in addition to the accounting tricks employed.
More detailed explanation here.
https://themacrocompass.substack.com/p/banking-crisis
Insider traders need to go to jail. Enough is enough, these fuckers paid out bonuses too on Friday. Prudent man rule, they failed to act in good faith. Handcuffs and perp walks for white collar criminals too.
left, ROKU, bang!
ROKU has a 1/2 billion at SVB. WTF that ain’t to cover payroll.
Bingo! Raise until it breaks…it was always the plan.
Bystander says:
March 13, 2023 at 8:40 am
3b,
This was probably playbook all along. Powell, Yellen and all the other economy wonks knew damn well that the hikes would lead to this. They just needed a few smaller players to get wiped out and now have their excuse about ‘systemic risks’. In other words, eat sh&t middle and poor class. Eat mayo sandwiches..
In your dreams Juice. Not gonna happen. These are the people who should salute the American flag every day, since they get the benefits of
Truth, Justice and the American Way. Cause this is the American Way.
“Insider traders need to go to jail. Enough is enough, these fuckers paid out bonuses too on Friday. Prudent man rule, they failed to act in good faith. Handcuffs and perp walks for white collar criminals too.”
ROKU, certified piece of shit run by management now individually certified as pieces of shit…
Shorted VLY and FULT on open…not a lot of time to type but both basically anonymous regionals, reliant on broker sweep flows (IBKR, FiDo) likely to dry up (looks like FiDo already pulled sweeps from there), VLY is on hot money list, ie. most deposits over insured levels, and VLY at least has probably the most lightweight Board I’ve seen recently…
Thesis is the sweeps deposits cease and with some consumer/commercial pulling they’ll get squeezed. Causing ouchies.
This would be my concern if you recall from the last time banks were too securitized to fail and the FDIC opened the borrowing window despite all of the stress tests and increases in capital they were supposedly holding.
The moment a bank goes to the FD teller window, they are admitting they fucked up. This is why this does not work. It’s a nice window dressing for the banks that failed already. And maybe, just maybe, it might stop a bank run or two on some of those smaller names. But at the end of the day, the bigger banks are about to get even bigger as they absorb the deposits of the smaller banks. And what happens when JPMorgan makes the same mistake that SVB did?
The moral hazard in every one of these bailouts and lack of perp walks, is that you make it more likely to happen the next time. And each time, the size of the issue grows. And I don’t blame the bankers. For they forever know they will be backstopped.
To your friend who lost a million. I say boo fucking hoo. I too sold a house and just added a million to my bank account(S). Not a single one has over $200K in each and most have around 50K. It takes 5 minutes to open a high yield checking account online. In one hour you can open 12 accounts. A smart person would spend the hour insuring his wealth.
To the guy who lost a million
I know a good divorce lawyer.
Actually, I don’t. Ask LW
Dang. America, all war, no love.
A three-year-old girl accidentally shot and killed her sister, 4, after finding a loaded semi-automatic pistol in their Houston apartment while their parents had friends over and left them unattended.
DNA 10k is out. Look at this moat. If the science hits, they are golden long-term.
“Decade-plus head start in creating an industry standard platform
Hardware, software and biological tools need to be tightly integrated to replicate our platform. We have spent over 15 years building the software, automation and data science to best support a high throughput, generalized platform and expect to continue investing in this area. Our software, automation and data infrastructure cannot be easily replicated without bringing together a number of rare, specialized skill sets. In addition, without the scale and demand to stress test a high throughput platform, we expect any newly developed platform would be suboptimal. We estimate that it took us over eight years of investment and iteration to reach cost parity with “by hand” cell programming. We believe competitors will find it difficult to justify the investment in the software, automation and data science needed for high throughput operations before they acquire matching high demand.
Scale economics provide a structural cost advantage
As the only scaled horizontal platform in this space, we have the broadest number of programs that can be run on our platform, providing the highest potential for scale economics. Other companies choose to target specific markets and vertically integrate into products with high expected value. This has a tendency to overfit the capabilities of their R&D team to their targets. As discussed above, our continued scaling and investment in flexible tools that can apply to a broad range of end markets helps us drive efficiencies in the Foundry and Codebase across our diverse programs. Furthermore, as we scale, we are able to leverage advanced technologies that are only practical at scale and also may obtain preferred pricing with a number of suppliers. Competitors may be unable to source equivalent technology or negotiate similar pricing without first achieving scale, a feat that is difficult to do with a narrowly focused R&D platform.
Strong network and learning effects
In addition to a raw scale economic, we also accumulate knowledge and reusable Codebase from each program that runs on the platform. Every program benefits from the programs that came before and generates benefits for other current and future programs. These learnings and reusable assets are cumulative, extremely hard to replicate, and increasingly valuable to our customers. Because our learnings are generated by the work we execute in our Foundry, the scaling in our Foundry drives a scaling in our rate of learning. Thus, there is a recursive element to our platform: as the platform gets better, it also improves faster—we are excited to make this advantage of our platform available to our ecosystem of cell programmers.
Ginkgo’s value creation is aligned closely with customer success
Our platform drives value for customers along two dimensions: reducing the cost of laboratory work via automation and increasing the probability of technical success due to cumulative data and learnings. Our financial model is aligned with those factors. As we gain efficiency, we drive further demand for cell programming, which drives our Foundry revenue up. As both demand and probability of success increase, our risk-adjusted value share also increases. Our model only requires we share in a small fraction of the downstream value created by our programs, providing our customers the opportunity to generate and retain significant value. Ultimately, this encourages broader adoption of our platform across industries.
Furthermore, we seek to maintain close relationships with our customers, supporting their work, and earning their loyalty and satisfaction. The breadth and highly integrated nature of our platform makes it inefficient for a customer to simultaneously work with Ginkgo and any theoretical competitor. As there is not yet a standard interface for cell programming, it requires an upfront investment to learn how to choose and design programs to make the best use of our platform. Thus, customer retention is high and there are substantial switching costs.
We are uniquely positioned to attract the top cell programmers
Just as the top software programmers want to work with the latest technologies, we believe the top cell programmers will be attracted to our industry leading platform and access to its unique capabilities. Our ability to hire and retain the best cell programmers as internal users and developers of our platform pushes us to continually improve and also builds a base of Ginkgo-trained experts. If these Ginkgo trained cell programmers move on to roles and opportunities in product-specific ”
“Access to capital
As in the early days of computer programming, it is still extremely expensive to program biology. For that reason, it can be easier for larger companies to make investments in innovation around this space. But Ginkgo’s platform gives small companies and innovators access to the same horsepower as larger players and obviates the need to invest in fixed laboratory assets, providing an even greater strategic benefit. To help address this discrepancy, Ginkgo has assisted in launching new companies (such as Motif and Arcaea) by bringing together strategic and financial investors to secure funding for these early stage companies. While we maintain a conservative approach to cash management, we are able to leverage our capacity and partner with investors to enable companies at all stages to benefit from our platform. We believe that, as Ginkgo’s customers demonstrate increasing success, there will be an explosion of capital for cell programming applications and a recognition of Ginkgo’s platform as setting the industry standard and providing the backbone for these development efforts. In a challenging capital markets environment, such as the one we have experienced in 2022, access to capital becomes an even bigger challenge for emerging companies. While we remain thoughtful around ensuring a healthy mix of large and small customers, our value proposition to emerging companies has continued to expand significantly”
I give my permission to send my portion of Ukraine money to fellow Americans anywhere that may be hurting.
To me, this is what being a patriot is all about. Helping your own.
An economy that could not handle a 4 to 5 FFR, that says it all.
Our software, automation and data infrastructure cannot be easily replicated without bringing together a number of rare, specialized skill sets. In addition, without the scale and demand to stress test a high throughput platform, we expect any newly developed platform would be suboptimal. We estimate that it took us over eight years of investment and iteration to reach cost parity with “by hand” cell programming. We believe competitors will find it difficult to justify the investment in the software, automation and data science needed for high throughput operations before they acquire matching high demand.
Bullshit.
Americans should just vote ChatGPT in as the next president.
Can’t be any worse than the last 2
No, you should not have to worry about bank deposits at all. If a bank holds your money, you should be guaranteed no matter what. It’s the backbone of the entire financial system…no way in hell can you let it become high risk as opposed to guaranteed. I get your point, though.
“To your friend who lost a million. I say boo fucking hoo. I too sold a house and just added a million to my bank account(S). Not a single one has over $200K in each and most have around 50K. It takes 5 minutes to open a high yield checking account online. In one hour you can open 12 accounts. A smart person would spend the hour insuring his wealth.”
“In your dreams Juice. Not gonna happen. These are the people who should salute the American flag every day, since they get the benefits of Truth, Justice and the American Way.”
CNBC pretty aggressive with VCs on this morning…essentially challenging them outright with “shouldn’t you be saying thank you to the American people”
“To the guy who lost a million I know a good divorce lawyer. Actually, I don’t. Ask LW”
Actually you do, your ex’s?
Sorry, too soon?
We will see, they have some of the best workers in the game. And the founders are the cream of the crop on the science….top experts in the world.
grim says:
March 13, 2023 at 9:58 am
Our software, automation and data infrastructure cannot be easily replicated without bringing together a number of rare, specialized skill sets. In addition, without the scale and demand to stress test a high throughput platform, we expect any newly developed platform would be suboptimal. We estimate that it took us over eight years of investment and iteration to reach cost parity with “by hand” cell programming. We believe competitors will find it difficult to justify the investment in the software, automation and data science needed for high throughput operations before they acquire matching high demand.
Bullshit.
DNA squeezing now for sure….see if it holds.
More detailed explanation here.
That’s a good read.
“If the science hits, they are golden long-term…the founders are the cream of the crop on the science.”
V.A.L.U.A.T.I.O.N.
Actually, no.
They needed to commit a crime in order to succeed. That isn’t talent.
“Actually you do, your ex’s?
Sorry, too soon?”
WAL, KEY, and SCHW (!) looking a bit marginal based on share prices….
Most certainly not my idea of aggressive. I’d call hiring mercenaries to hunt them down to be aggressive.
“CNBC pretty aggressive with VCs on this morning…essentially challenging them outright with “shouldn’t you be saying thank you to the American people”
After all, a man got suffocated with a knee on his neck for 8:46 over a “supposed” fake twenty dollar bill.
To those who think he deserved it for “stealing,” what would be the appropriate penalty for these individuals?
Competition
To our knowledge, there are currently no other companies that serve all industries covered by our horizontal cell programming platform. The solutions and applications offered by potential competitors vary in size, breadth, and scope, and given our broad set of application areas, we could face competition in many different forms. We face competition from customers’ internal R&D departments and other research solution providers that largely conduct genetic engineering by-hand. We also compete against companies that seek to utilize synthetic biology technologies to develop specific products or target certain end markets. Additionally, competing platforms may emerge from various sources, including from joint ventures and partnerships between well-capitalized technology and life sciences companies. We identify the following three groups as our principal set of competitors:
The Status Quo: “on prem” cell programming efforts
The main source of competition we encounter is from potential customers choosing to build or maintain in-house cell engineering teams and capabilities. This status quo includes building out laboratory space and then hiring a team of highly trained scientists to conduct research, largely “by-hand” and with limited scale efficiencies. Some internal R&D operations maintain a full suite of capabilities and can design, build and test relatively complex pathways while others may have certain internal capabilities and need to outsource other elements to CROs. We believe this is far less efficient for the customer and likely to yield worse outcomes as customers get fewer shots on goal for a given program budget.
That said, it can still be very difficult for companies to choose to trust Ginkgo with their R&D efforts versus building more traditional “on prem” labs. Smaller companies may feel like they’re “betting the farm” on Ginkgo, while larger companies may be sensitive to displacing existing R&D teams. As such, a key focus area for us is reducing the barriers to adoption for the platform by de-risking the upfront investment for earlier-stage companies and by helping larger companies integrate their scientists closely into our workflows and empower their scientists to manage requests directly so we feel more like a resource and partner than a fully outsourced provider. Investing in these areas is a key focus area for us going forward.
Examples of traditional “synthetic biology” companies that have been vertically integrated from their founding with a focus on building products using synthetic biology include Amyris, Inc. (“Amyris”), Genomatica, Novozymes, DuPont, and DSM. Additionally, the vast majority of therapeutics companies that are leveraging genetic engineering have in-house capabilities, including Biogen, Novo Nordisk, Vertex, Regeneron, Bayer, and many others. These companies may be viewed as competitors to Ginkgo because they are creating products, using cell programming, that may compete with the products Ginkgo is enabling for our customers. However, as a horizontal platform, we view these companies not as competitors but as potential customers and focus not on “beating” them but rather on demonstrating our value proposition.
Two things I’ve concluded with this banking issue: 1) We need a mega stimulus package so that there’s plenty of money for everyone and 2) We need more diversity in the financial industry. It’s clear that the banking industry is systemically rac1st and congress needs to approve a stimulus package so that muppets can pay their rent/mortgage and buy food… and a cell phone.
Bold face lie
Banking crisis: President Joe Biden says taxpayer funds won’t be used to bailout SVB, Signature bank
What’s the message in this picture? You’ll get raped and stabbed in the stair well? Lol. WTF?
https://www.trulia.com/p/nj/mahwah/2117-hawthorne-ln-mahwah-nj-07430–2006479853
I guess they are fighting back against T-mobile.
XFINITY is offering New XFINITY Customers: 200 Mbps Internet Service via the XFINITY 10G Network on sale for $25/month for 24 months.
https://www.xfinity.com/learn/xfinity-internetplus-ned-nn?cjevent=8c888c03c1aa11ed82be02470a82b839&cmp=aff__4485850&cjdata=MXxOfDB8WXww
Sign me up Eddie, I need both.
Lawyers are expensive.
Fast Eddie says:
March 13, 2023 at 10:20 am
Two things I’ve concluded with this banking issue: 1) We need a mega stimulus package so that there’s plenty of money for everyone and 2) We need more diversity in the financial industry. It’s clear that the banking industry is systemically rac1st and congress needs to approve a stimulus package so that muppets can pay their rent/mortgage and buy food… and a cell phone.
Bitcoin almost back to 23,500
Getting risky for shorts in bio land. You know someone is eyeing DNA at this price point.
“2 BIG BIO BUYOUTS TODAY NOW SEAGEN FOR $43 BILL SHORTS NEED TO BE F’ING READY FOR A “RAMBLER””
I feel bad for those retail shorts…you know some idiot was shorting at 1.19 today. Now it’s at 1.34.
“Bold face lie. Banking crisis: President Joe Biden says taxpayer funds won’t be used to bailout SVB, Signature bank…”
Technically correct in the narrowest sense?
Feds individually took control of the assets and backstopped the liabilities…so the actual equity of those banks went to zero….
If they actually let them and did nothing, same outcome for the equity of those banks…can’t go below zero….
Didn’t I read somewhere that it was a group of VC’s that pulled out which started this crisis?
Like I have been saying how much do they need $25 billion or more? The FDIC fund has about $125 Billion in it.
BTW the small community banks want no part in the replenishment of the bailout fund.
https://www.icba.org/newsroom/news-and-articles/2023/03/13/icba-silicon-valley-bank-and-the-nation-s-largest-banks-are-not-community-banks
Bitcoin almost back to 23,500
That’s because they are now backed by FDIC insurance.
Lib: Sux
Yes… Peter Thiel’s Founders Fund triggered the VC run on the bank.
https://twitter.com/jonsarlin/status/1634712724117794817
Hence, the conspiracies…guy is as slimy as they come.
Juice Box says:
March 13, 2023 at 11:21 am
Yes… Peter Thiel’s Founders Fund triggered the VC run on the bank.
Bad boys bad boys, watcha gonna do, watcha gonna do when they come for you?
A Vernon Township police officer who was accused of groping a Bergen County woman during a domestic violence call admitted abusing his authority on duty to force women to submit to his sexual advances.
Emanuel Rivera, 38, acknowledged the “imbalance of power” between him and the women he was hitting on, New Jersey Attorney General Matthew J. Platkin and Acting Sussex County Prosecutor Annmarie Taggart said in a joint statement.
This left them unable to consent, he admitted, because of the “coercive, intimidating nature of such requests” coming from a uniformed police officer,” the statement says.
Man, what a short squeeze on DNA. Was at 1.19 and now up to 1.39. Imagine what happens with news.
“Didn’t I read somewhere that it was a group of VC’s that pulled out which started this crisis?”
It was structural, just waiting to happen…to ‘blame’ Thiel is disingenuous…
Don’t want to speak for Lib but seems he and I have the view that you play by the rules ($250k) insured and if you don’t and get burned that’s on you.
Far from ‘starting’ the run, Thiel did exactly what the other VCs should have done…keep informed on his companies activities and when they appeared at risk get them out of harm’s way…
If the rest of the people are grazing cattle, running their businesses and lives on what they ‘think’ ought to be true, but is not, their losses are on them, not Thiel.
People like to analogize that ‘Thiel yelled fire in a crowded theater’….he most certainly did…..issue is, there was actually a fire in the theater…..
It may have been this Hedge Fund short seller from New Jersey. We heard about their UST investments but there are also losses with mortgages too.
https://fortune.com/2023/03/10/silicon-valley-bank-svb-short-seller-william-martin-twitter-2-months/
“he and I have the view that you play by the rules ($250k) insured ”
I knew this rule, but there are plenty who are not wealthy that do not.
Schools are teaching about “new” pronouns, but not teaching investing, savings, tax breaks, banking rules, what you have to tell the po-po when you are pulled over, etc.
You learn that from your parents. And if they are not up to speed, you are behind the 8-ball.
Growing up I had no one explain any of these concepts to me. I learned as I lived.
The last lesson I learned later in life is how corrupt and corroded all of the things I thought were on solid footing.
“running their businesses and lives on what they ‘think’ ought to be true”
Well, took me years, but I understand it now. My child is getting serious lessons about life no one ever gave me. I’d like to treat her like a child, but that ain’t happening. I’m all about serious.
Latest number is $620 billion in unrealized losses amongst various banks. Let’s see how quickly the Feds new cash for Trash program grows.Will it be $50 billion by next week?
Twitter has some valuable information on there. Have to find it.
Juice Box says:
March 13, 2023 at 11:45 am
It may have been this Hedge Fund short seller from New Jersey. We heard about their UST investments but there are also losses with mortgages too.
https://fortune.com/2023/03/10/silicon-valley-bank-svb-short-seller-william-martin-twitter-2-months/
I love how Leftwing meticulously broke down the financial fundamentals of DNA last week for Pumpkin (and anyone else who cared to get informed) for which Pumpkin expressed his utmost appreciation.
And yet this week Pumpkin is back to blowing on the dice and posting the equivalent of “Good Vibes Only”.
Will it be $50 billion by next week?
By tomorrow.
Why would Fed make any limit to the amount of treasuries they’d lend against at par?
NJ Nonsense:
https://njbiz.com/nj-offers-assistance-package-for-entrepreneurs-hit-by-svb-collapse/?utm_term=NJ%20offers%20assistance%20in%20wake%20of%20SVB%20collapse&utm_campaign=NJ%20offers%20assistance%20in%20wake%20of%20Silicon%20Valley%20Bank%20collapse&utm_content=Editorial&utm_source=Act-On+Software&utm_medium=NJBIZ
Capitalist system in name only.
Banksters with their hands out….again. SMH
Wouldn’t it be nice if one of them opened a library or museum or a park to thank all of those taxpayers who keep bailing them out. Yet, every time the mention of gross compensation inequality is mentioned, the answer is, “it would hardly make a difference since there’s not enough to go around.”
Same as it always was. The only difference between our royalty and that of the Brits is that their royalty occasionally gives back. When ours gives back, it’s usually to fund a hospital or college labs that will directly benefit their pocketbook.
10 year treasury 3.51. So thankful that we can get back to the party!
Huh, I appreciated his advice and took it all in. Doesn’t mean I abandoned my position. He said to wait for 10k….it came out today. That’s what I was posting information from.
Bob says:
March 13, 2023 at 12:37 pm
I love how Leftwing meticulously broke down the financial fundamentals of DNA last week for Pumpkin (and anyone else who cared to get informed) for which Pumpkin expressed his utmost appreciation.
And yet this week Pumpkin is back to blowing on the dice and posting the equivalent of “Good Vibes Only”.
Oh I love myself.
I put this passage in a widely distributed client letter in October 2022.
“One critical element to monitor is the reaction of an entire younger generation that has no adult or professional experience with the discipline that is required in using debt, withstanding higher interest rates, and managing when money is more difficult to obtain.”
I’m with Lib and Left on this no bailouts for big depositors. On the million dollar home sale how difficult is it to put the money in a cash management account, plenty of firms offer accounts/products to extend FDIC insurance? Also the 250k is really 500k for joint accounts plus the 250k for individuals so it is possible for a married couple to have 1m in bank and be fully insured, this is welfare for the wealthy plain and simple. Heck I noticed I was over the FDIC limit at one of my banks a month ago so I simply moved the money out to a different bank. To lib’s point opening a new account takes all of fifteen minutes and typically has no cost. For individuals there isn’t a great excuse outside of being filthy rich, not many people have millions of cash sitting in a single bank. For businesses it is obviously different and much more difficult as they deal with large volumes of money moving in and out of banks constantly.
I’m worried about the next group likely to get in trouble which have HUGE consumer footprints, Capital One and Ally because of their book of bad subprime auto loan debt.
excellent
leftwing says:
March 13, 2023 at 11:37 am
People like to analogize that ‘Thiel yelled fire in a crowded theater’….he most certainly did…..issue is, there was actually a fire in the theater…..
If you get the vaccine, you won’t catch covid.
Bob: leftwing was not a sell side equity analyst, but (I assume he) was at least MD level at a bulge bracket investment bank. So you were not given expert security analysis, but he certainly offered world class sophistication in his opinion. Obviously complete lost on Pumps, but just to give context to the rest of you. That was the goods……
Bob says:
March 13, 2023 at 12:37 pm
I love how Leftwing meticulously broke down the financial fundamentals of DNA last week for Pumpkin (and anyone else who cared to get informed) for which Pumpkin expressed his utmost appreciation.
And yet this week Pumpkin is back to blowing on the dice and posting the equivalent of “Good Vibes Only”.
BTW Juice….. you impress me constantly with all the shit you know….
TY on the unnecessary but appreciated flattery chi lol…and I’ve been here so long because of you guys bringing so much to the table for me…just trying to give back.
The worst part is is these VC guys like Jason Calicanis and David Sacks have been bragging about their 50x profits on their scam SPACs and pumping/dumping Solana…scream for the bailout the instant one of their investments isn’t going to pan out.
These guys are the epitome of lazy. It takes almost no work to open up a few accounts. These tech bros like to market themselves as sophisticated, but they have shown themselves to be pure simpletons that just happen to be plugged into a pipeline that gives them money.
Bingo…people that actually get it. All businesses reacted with human nature…greed. Everyone started acting like they had a shortage to drive up their profit masked in bs.
You had massive qe before, but why did it never lead to inflation….hmmm. You know why, it’s not the source of inflation. Human greed was in an environment where they could get away with it.
“🎯 almost no one understands inflation and that includes some of the most brilliant successful investors. I don’t get it” responding to below…
“Is this inflation you’re seeing in the room with you now?
PS, it was a supply shock, it never was inflation”
Why is 250k the limit on a deposit? Why do we have this magic number? What is the difference if it is multiple banks or one? You will cover it if it is multiple banks, but won’t if it’s located in one? WTF?!
At the end of the day, I am in the position that every bank deposit should be guaranteed as is the heart of our economy and financial system. People should not have to be scared to hold their money in banks.
BRT says:
March 13, 2023 at 2:12 pm
These guys are the epitome of lazy. It takes almost no work to open up a few accounts. These tech bros like to market themselves as sophisticated, but they have shown themselves to be pure simpletons that just happen to be plugged into a pipeline that gives them money.
In response to inflation….how is natural gas so cheap now? A year ago, because a war started….would did they do to the price? That’s right…drove it up on total bs. Took the profits and laughed their way to easy money. Price is now the same as 1994.
And with how cheap natural gas is….are we seeing that in our bills? No…f/ing human nature….greed.
Cathie Wood gets it.
“US demand deposits – which make up the vast majority of M2 – have been falling since last August. Now we are seeing the consequences of the yield curve inversion that began last July, which I feared last September and described in the thread below. The inversion has worsened.”
Nice job.
chicagofinance says:
March 13, 2023 at 1:50 pm
Oh I love myself.
I put this passage in a widely distributed client letter in October 2022.
“One critical element to monitor is the reaction of an entire younger generation that has no adult or professional experience with the discipline that is required in using debt, withstanding higher interest rates, and managing when money is more difficult to obtain.”
Pumps – Why 250k? It’s the government’s insurance policy, as written by law, want more guarantees change the law.
You can go out and get a separate private insurance policy for your millions if you want to keep it all in the same cash account. But that insurance you will pay for.
Look I am no banker. These folks are muppets, unsophisticated clients. They refuse to pay for good advice and went with Bentley badge for the bank and the Bentley broke down.
Frankly I still find it hard to believe they had 8,500 hundred employees. WTF did they all do. They place did not lend money..It was all invested…
Cathie Wood gets it.
“If the Fed continues to focus on lagging indicators like the CPI, and does not pivot in response to the deflationary forces telegraphed by the inverted yield curve, then this crisis will devour more regional banks and further centralize, if not nationalize, the US banking system.”
Most people don’t really work much…hence, their love for WFH. Get their 3-4 hrs of work in…then chill…aka work/life balance.
“Frankly I still find it hard to believe they had 8,500 hundred employees. WTF did they all do. They place did not lend money..It was all invested…”
I am admittedly having a hard time coming to terms with what the 10 year and rate swaps are showing today.
82 year old Barney Frank might have to start pimping again.
His bank Signature went poof. Cushy board position earning over $300,000 a year.
“In 2022, Frank received $121,750 in cash compensation for his work on Signature’s board, as well as $180,182 in stock awards, according to a company filing.
As of February, Frank owned 5,542 shares of Signature Bank worth $825,000; the shares are likely now worthless after the government took the bank into receivership. Frank has been part of the board since 2015 and is expected to depart later this year, the filing adds.”
This is from a “teacher” who posts all day every day.
Shouldn’t you be handing out worksheets or something?
The Great Pumpkin says:
March 13, 2023 at 2:54 pm
Most people don’t really work much…hence, their love for WFH. Get their 3-4 hrs of work in…then chill…aka work/life balance.
“Why 250k? It’s the government’s insurance policy, as written by law, want more guarantees change the law. You can go out and get a separate private insurance policy for your millions if you want to keep it all in the same cash account. But that insurance you will pay for.”
Exactly.
Actually many brokerages have private insurance for your brokerage account above and beyond the SIPC limit that they (well, ultimately you) pay for…
Plus, punch through your brokerage accounts for the ‘sweep’ banks…your brokerage moves your excess cash into banks overnight but splits it to keep each amount beneath $250k at any one institution…FiDo has 27 banks it sweeps to right now, some ‘unavailable’…MS (probably too full of deposits today) and FRC (yeah, not sending funds there anymore)….
Point being there are rules of the road people are expected to know and follow…be it your money, or crossing with the light on a four line divided highway…
You are more than welcome to ignore the rules…but if you casually stroll across 46 on a busy day or leave your cash hanging somewhere in excess of $250k you – YOU – are taking that unnecessary risk against what it is clearly stated you should be doing.
Chili,
Being all outside the US, no I’m not sweating the US banks too hard, but unfortunately know some people who are. Two banks that went to 0 in the last 2 yrs. Too much time listening to the companies defending themselves, too little time entertaining the short thesis. It has been a flock of black swans the last 3 years.
Anyway, if those EEAAO actors deserve awards, then the actors from Scott Pilgrim vs the World were robbed 13 yrs ago.
But the academy can pat themselves on the back for how “diverse” their award winners were. Kind of like putting Jay Ersapah in charge of banking risks.
Chifi not chili, dumb autocorrect.
Did Cathy Woods or DNA’s 10k mention anything about becoming a meme stock and using short squeezes as part of their long term strategy to boost shareholder value?
Awww…poor Bob. I hurt his feelings. Baby want a lollipop?
Schwab secondary brokered CD’s 546 for one year. Face 515.
I respect Cathie…I love how you think she is clueless.
Cathie is no less clueless than your are.
Here’s how an economics minor sees it.
Our politicians wouldn’t stop printing money to enable the repeated bailing out of every risk addicted corporate donor who has been sponsoring their campaigns, vacations and promised future corporate board seats, every time their greed gets in the way of their common sense. Throw in ZIRP and easy credit and everyone can pretty much buy anything. This created an artificially inflated and overheated economy where everyone was employed and indexes were generating absurd returns (12% a year on average, from 2012-2021). Then the pandemic came and those same politicians decided to print a lot more money and this time you didn’t have to pay it back. Though approximately 30% of American’s were economically impacted by Covid, The government decided to aid 99% of the public. To make matters worse, the isolation induced shutdown of the economy reduced spending tremendously and increased savings dramatically. But this was short-lived. As people came out of their caves, they spent like drunken sailors with all of their unnecessary stimulus and this further overheated the economy causing all kinds of supply shortages. It didn’t help that many businesses lowered their production during the lockdown. So what happened? Businesses used their limited supplies and knowledge of all of that free money that people needed to blow, as an excuse to raise prices. It was a dream combination. That is what caused inflation.
Which brings us to the FED raising interest rates to slow the economy. The problem now being, the huge lag in time it’s taking to actually slow the economy. Why? Because we are all still flush with money from all of the above reasons listed above. Besides automobiles and credit card debt, the majority of interest that Americans pay is on their homes. Well, few are buying or selling since they don’t want to pay the high interest rates. So everyone is putting off the purchase of a new car or home for as long as they possibly can. So the rising interest rates are taking a while to do their thing.
But fear not. They eventually will. Unless those same politicians who fucked up three times now are planning to make it a 4th time. The actions with SVB make me lean towards us returning to kicking the can further down the road. And as always, it will be at the expense of the have nots.
Lib: The have nots and the younger generations. But that’s how these phony rock ribbed capitalist want it, but argue it has to be, or it’s systemic risk, and there will be pain. Just bail us out, keep rates artificially low for another decade or more, and they can go on pretending they are real capitalists. Of course we could get hyper inflation but who cares, it’s all good.
It’s all good if we are not alive.
We were so close to them doing the right thing. Then, the rich bankers had to do it again.
Same as it always was.
Bread and Circuses
Lib: Agreed. Almost feels orchestrated.
Lib,
I understand where you are coming from, but this was supply chain induced inflation. It would have never happened if they didn’t shut down the economy. They were correct that they could have people home and subsidize demand through stimulus. The part they forgot to realize was what happens when people are home and not working…that’s right…a killer combo. You have all these people not doing their jobs cutting off supply, and then you have the moment where billions of people come out of hibernation all at once overwhelming what limited supply there was. And then good ol human nature combined with capitalism went to work….unheard of inflation that we haven’t seen in decades….Entire global supply chain was broken.
That’s your phenomenon that caused this inflation.
Businesses could raise prices and get away with it because competition was broken….TWNA…there was no alternative.
That’s why this next recession is going to be a bad one….Fed went ballistic trying to pull down inflation. They should have stopped raising a long time ago. They must want a crash instead of a soft landing. I can’t make sense of it otherwise.
Kai Risdall, the only person I trust in the financial reporting arena.
The rest are shills and fakers.
“I don’t know how many have talked bitcoin to zero and I myself was very negative on it . I did a deep dive and my conclusion was there’s bitcoin and everything else crypto. The everything else primarily is 🗑️ and a scam . I think Bitcoin is a legitimate digital commodity”
It sure is.
Yes Lib, even though you saw this coming, and I didn’t, let me tell you why it happened.
Ha ha.
Listen. Whatever I post could be complete bullshit. I don’t read much financial news nor do I listen to much media. I pretty much read the economic reports when they come out and take wild, experience-based stabs at it.
That’s pretty much it.
I’ll admit when I’m wrong too.
re: “I’ll admit when I’m wrong too”
Yes this is the way.
We have a right to a different opinion. I have to believe what logic combined with information dictates to me.
If Fed qe program is to blame for inflation….why didn’t it lead to inflation in 2009-2020? They were pumping away. Praying for inflation. I stand by my position. This was a monetary phenomenon aka supply chain is the source…global supply line was hit by a black swan event that broke it. It led to massive inflation as everyone wanted to spend all at once/at the same exact time. They overwhelmed the toilet paper supply for god sake.
Ps5s were going for like 800 for almost 2 years. Now that supply has caught up…no more black market. Now you can get it at a normal price.
Now apply this to the entire global market. Takes years to revert to the mean back to a healthy supply line.
Is that guy still on? I was more of a David Brancaccio dude.
Still Neda Ulaby is such an NPR name.
ExEx says:
March 13, 2023 at 6:29 pm
Kai Risdall, the only person I trust in the financial reporting arena.
The rest are shills and fakers.
I trust the Mungers and Buffets. In the long run, they tend to be right. Plus their patient.
they’re
Not sure how anyone can be feeling anything but utter despair at the current state of affairs of the once-great, but rapidly unravelling US of A. In just the past three days we’ve witnessed bank failures (sparked by Bidenflation, and exacerbated by the fact that one of the banks had a D&I dingbat moonlighting as chief risk officer and the other had Barney Frank on it’s board), swarms of phony refugees attempting to bum-rush the southern border, Saudi Arabia signing a Chinese-brokered peace deal with Iran, and Russia possibly gaining the upper hand in eastern Ukraine. All while (and almost entirely because) we have the most incompetent and feckless administration in modern history, with not a clue as to how to successfully navigate any of these challenges. Not sure what’s going to explode first — financial meltdown, full-blown war in europe, war in the middle east, Taiwan — but I’ve honestly never felt worse about the future of this country. Or to borrow a phrase from Merle Haggard, I’m more convinced than ever that “…the best of the free life’s behind us now, And the good times are really over for good”
I’ve said this before. My linked in, I’m assuming merged contacts from all my school emails & Rutgers too. So I get suggested former students all the time as contacts. Some of the least disciplined goofiest kids I had are in “risk management” on Wall St. I told my friend who manages a pension about it and he replied back, it’s because they don’t want someone who can think in that position, they would prefer someone who would just green light everything and anything.
Fed had plenty of warning that keeping rates artificially low would be a disaster, the Covid stimulus just caused the inflation that was already brewing to explode. Just looking at the kind of levels that long dated paper was being issued at long before SVB was enough reason for concern by the Fed, the run up in asset prices as well and this before Covid, and then accelerated by Covid, and the supposed supply issue. All the signs/ warnings were there. The Fed never let the last correction play out , and then proceeded to keep rates low for too long, again before Covid. This nonsense that inflation was removed from the economy, was just that nonsense. Tomorrow based on the number should be interesting in determining how the Fed responds next week. The Fed wrecked the economy not by tightening too fast or too hard, but by failing to tighten before Covid. If the economy can’t handle a 4ish / 5 FFR then that says it all.
“ Not sure how anyone can be feeling anything but utter despair at the current state of affairs of the once-great, but rapidly unravelling US of A.”
We need more diversity; more male on male anal; and more small-hatted religious people running banking, media, entertainment, and government. That’s the answer.
Live royal, goyim.
Chi: re: “BTW Juice…..”
I have visited people in a federal penitentiary. If you ever get nicked, I will send a gift or two. Lord knows you will need it, singing Depeche Mode might require extra ordinary gifts.
re: “utter despair”
What is it 1929? Last I checked nobody jumped from a Midtown high rise this week. More people flying than ever too but for leisure. 2 + million a day in the air every day. Pay attention to Instagram and stop being an old fogey.
You bitches moan when gas goes up 50 cents for Christ’s sakes. 3rd world is getting creamed right now with inflation and you are worried about the value of your double wide.
USA fuckers, USA..
BTW I just fking love it when the lurkers come out. How many years has it been anyway….Shit we might hit 20 years if this keeps up.
Grim’s 20 year GTG, where all the misanthropic show up to celebrate..
7:37 Agreed. David B does some work in the AM. Quality programming.
“What is it 1929? Last I checked nobody jumped from a Midtown high rise…You bitches moan…USA fuckers, USA..”
There we fucking GO!
Gotta tell you brother, I was a bit concerned for you the last week or so, you got a little dark there for a while…like you had the entire retirement tied up in Cramer recommended super-regional bank stocks….LOL
Barney Frank Pushed to Ease Financial Regulations After Joining Signature Bank Board
“Barney Frank Pushed to Ease Financial Regulations After Joining Signature Bank Board”
If I were a shareholder or management of SBNY I would be out-of-my- mind pissed…I think they gave Frank $2m a year….newsflash….when you buy a politician, especially one that Chaired the Committee that regulates you, you are most certainly not supposed to get shut down by the regulators LOL.
Hunter Biden at $600k annually looks like a downright fucking bargain for the Ukranians compared to this.
Hunter Biden at $600k annually looks like a downright fucking bargain for the Ukranians compared to this.
Faaack this is so spot on
Next up commercial real estate defaults, we have had a few tremors already.
Sickening action by the scumbag political and economic powerbrokers in DC once again. Let the banks that didn’t manage their risk get wiped out – f the shareholders and f the bondholders and f the depositors that didn’t manage their $250k ceiling limit. It’s healthy for the economy for these people to get wiped out – somewhat anti-inflationary and anyone that survives tigthens up the risk management. If you’re going to bailout, at least let the contagion spread to knock out the most-culpable, asking-for-it risk managers before you step in.
The elite didn’t hear the public last time when millions of voices said “we don’t like bailouts of people who are keeping $XM in bonuses.” One might imagine a bit of a howl from ten’s of millions of voices coming in 2024. However, if the political wave didn’t crash upon the D’s in 2022 (at a time of runaway inflation), maybe Biden can just do anything without electoral consequences while the orange boogeyman still stands at stage right.
Powell spent the last whatever months actually building up some credibility that inflation won’t be allowed to run. However, today he shows a weak hand when faced with some at the precipice of feeling pain. You need that pain to be real or the speculators push the envelope too far.
J. Powell and political/economic DC jeopardize once again the reserve status of the dollar. We don’t know what happens if the dollar breaks. And, for WHAT? All to bailout millions of dollars from millionaire depositors who were too stupid to respect the $250k/per account limit.
Welcome to Biden’s America
“Theft is growing at a faster rate than sales,” said Dean Rosenblum, a senior U.S. retail analyst at Bernstein Research.
Left – Appreciate it, but no worries. I do not make those kind of mistakes. It’s all gravy and I am not in charge my better half works for an IB. It’s really is much simpler. I am just a tech nerd, just hang here for fun, and enjoy being helpful, and occasionally enjoy being a pain in the arse. I could go do that on the golf course too but my goal in life is to spend as much time with my kids and get them a leg up. As I said I am just a simple Jack.
BTW – Got the second best bone doc around for my kid at 9:30AM tomorrow. No expectation of issues, we have allot of ass kicking to do this soccer season, first game is soon and we have to destroy those sling blades from Colts Neck again.
Last I checked nobody jumped from a Midtown high rise this week.
I wouldn’t be too quick on that. https://dailyvoice.com/new-jersey/northernvalley/news/suspected-fort-lee-high-rise-jumper-dies/858703/
Flo Rida
Florida Teacher who allegedly ‘abused students for decades’, called biracial girl a ‘mutt,’ gave Nazi salutes in class and told teen he planned to marry her KEPT his job
Last.
Nite Nite
RutRoh. Credit Suisse?
Perhaps they should sell off some of that Nazi gold, to shore up the balance sheet.
https://www.apmex.com/category/19130/credit-suisse-gold-bars?utm_campaign=&utm_content=-&utm_source=google&utm_medium=cpc&utm_campaign=&utm_content=&gclid=EAIaIQobChMInenh-qDb_QIVbHxvBB1pBwtXEAAYASAAEgJaw_D_BwE
Speaking of doom, Russia is now sending women conscripted from Prision to fight on the front lines in Ukraine.
Scientists now say we are closer now even closer than the Cuban missile crisis to a nuclear exchange. If it is going to happen it will be this year.
“This year, the Science and Security Board of the Bulletin of the Atomic Scientists moves the hands of the Doomsday Clock forward, largely (though not exclusively) because of the mounting dangers of the war in Ukraine. The Clock now stands at 90 seconds to midnight—the closest to global catastrophe it has ever been.
The war in Ukraine may enter a second horrifying year, with both sides convinced they can win. Ukraine’s sovereignty and broader European security arrangements that have largely held since the end of World War II are at stake. Also, Russia’s war on Ukraine has raised profound questions about how states interact, eroding norms of international conduct that underpin successful responses to a variety of global risks.”