From CNBC:
Home prices cool in January, even falling in some cities, S&P Case-Shiller says
Home prices cooled in January, up only 3.8% nationally than they were a year earlier, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. That is down from 5.6% in December.
Prices have been falling for seven straight months, but the decline was a bit smaller in January. That was likely due to a brief drop in mortgage rates and a resulting jump in sales.
The 10-city composite rose 2.5% year over year, down from 4.4% in December. The 20-city composite also rose 2.5%, down from 4.6% in the previous month.
Home prices have been cooling due to higher mortgage rates. The average rate on the popular 30-year fixed mortgage set more than a dozen record lows during the first two years of the pandemic, briefly going below 2%, but it grew sharply. Since fall, the rate has been hovering in the high 6% range, although it’s been volatile in recent weeks due to several bank failures and the resulting stress on the overall banking industry.
“Despite this, the Federal Reserve remains focused on its inflation-reduction targets, which suggest that rates may remain elevated in the near-term,” said Craig Lazzara, managing director at S&P DJI, in a release. “Mortgage financing and the prospect of economic weakness are therefore likely to remain a headwind for housing prices for at least the next several months.”
Prices were lower year over year in San Francisco (-7.6%), Seattle (-5.1%), Portland, Oregon (-0.5%) and San Diego (-1.4%). They were flat in Phoenix.
Miami, Tampa and Atlanta again saw the hottest annual price gains of the top 20 cities. Miami prices were up 13.8%, Tampa prices up 10.5%, and Atlanta prices rose 8.4%. All 20 cities, however, reported lower prices in the year ending January 2023 versus the year ending December 2022.
First
Second!
Third!
East Coast is where it’s at..
https://ritholtz.com/wp-content/uploads/2023/04/east-west.png
San Fran and San Jose, no surprise Silicon Valley way overpriced for decades now. The commute there is one of the worst in the country. Why buy there if you can be remote?
People are still overpaying. 3BR tiny ranch recently sold $1,880,000.
Last sale $1,040,000 in 2015. 45% appreciation
https://www.zillow.com/homedetails/3964-Via-Cristobal-Campbell-CA-95008/19662512_zpid/
SBF and FTX OK’ed a $40m bribe to Chinese communist officials? Wonderful.
Not that he committed a crime, but that the Chinese communist party is even better at bribery than American politicians are.
I would not be surprised if our DOJ does not go after CZ the CEO of Binance. He may have bribed his away around governments similarly to SBF.
But the easier case may be the money laundering. Binance just shut down this month their Peer to Peer service that allowed Russians to trade Rubles for Dollars and Euros. Since the war and sanctions began the Russians have been using Binance to circumvent all of the sanctions placed by the United States and the EU, a big NO NO. CZ may have Canadian citizenship but I doubt Trudeau’s government will stop extradition if we really want him.
Even Buffalo prices are up!
It’s too soon for the technological singularity!!! Somebody is worried about Skynet sending the Terminators.
Musk, Wozniak and many others in the Scientific and Research communities sign a letter calling for a pause development of AI. We should go no further than GPT-4, and if companies and researchers fail to pause then the governments should step in.
https://futureoflife.org/open-letter/pause-giant-ai-experiments/
A year or so ago, I started looking at houses in West Hartford, just for kicks. It appeared to be a decent bang for the buck but I guess that squeeze play is quickly catching up. I have a few co-workers who grew up in Connecticut and they said West Hartford’s a nice area. A quick peak now shows little inventory and a bit more pricey for sure. As for North Jersey metro housing, toss a ridiculous ask price out there and you’ll still get offers. Nothing will slow it down. The kicker was seeing that open house sign this past weekend stating ‘cash offers only’.
BTW Elon is still moving forward with his Brain/Computer interface. Neuralink is reportedly trying to partner up with neurosurgery clinics to carry out actual clinical trials.
Bezos and Gates are backing Synchron with their Synchron “Switch”, this one is really neat as it is minimally invasive, no cutting open the cranium, it gets inserted into your blood vessels.
https://www.youtube.com/watch?v=H8rb-E4kj74
https://www.fool.com/investing/2023/03/29/this-growth-stock-is-down-63-in-1-year-heres-why/
Lol, Elon simultaneously thinks it a great idea to implant computers in people’s brains, yet AI is a threat to mankind.
It only takes 10 minutes or less to get inside the cranium if you turn a flap, way less if you just do burr holes.
You bring ’em in, I’ll wire them up.
Well they like many of the other ones out there intend to use the brain computer interface for people with paralysis etc.
CBS has been doing stories on it for a long time now, many research hospitals already well down the road with controlling artificial limbs even ones that can feel touch, as well as moving things on a computer screen.
Lib, from yesterday.
Yeah, amazing story. Corporate ordered it, ex cops got a team and went on a mission.
Young lady following their car was an amateur or they wouldn’t have been caught.
AI is a threat to mankind.
It was so much of a threat to lawyers, cops, and judges that this happened.
A “robot” lawyer powered by artificial intelligence was set to be the first of its kind to help a defendant fight a traffic ticket in court next month. But the experiment has been scrapped after “State Bar prosecutors” threatened the man behind the company that created the chatbot with prison time.
Kamala out using borrowed money trying to outbid the Chinese in Africa.
She cares as much about them as Oprah does about Detroit, well, actually less.
Emotional Kamala tours slave castle in Ghana where kidnapped Africans were held in dungeons and shipped to the Americas: VP says slave trade history ‘must be taught’ and vows to ‘invest’ in Africa
The last few bars and volume prints of the SP500 feel like Wiley Coyote after he’s run off a cliff but still has that momentum going… let’s go right shouldeeeeeeeeeeerrr!!!
Oh my Lord, VNO….god, it feels good bottom ticking something with a boatload of leverage through options…
Pumpkin…..
I don’t even know where to start…please, please upgrade your financial resources…MF has been a joke for the better part of a decade, at least….Again, you do you on this investment but at least be better informed.
“If it can get its biofoundry to be profitable, it could make investors a lot richer.”
Uhm, no shit that is the main question on the table, and unanswerable right now. And framed with two conditional statements….real insightful analysis there…..
“So Ginkgo hasn’t yet proven its business model, and to put it in more explicit terms, it hasn’t proven that it can actually operate a viable biofoundry…”
There we go, the money shot.
“Before you consider Ginkgo Bioworks, you’ll want to hear this. The Motley Fool Stock Advisor analyst team just revealed what they believe are the 10 best stocks for investors to buy right now… and Ginkgo Bioworks wasn’t one of them.”
LO-fucking-L. Can’t make this shit up…..
Paterson PoPo shop in trouble. Someone short it already.
New Jersey Attorney General Matthew Platkin said in announcing a state takeover of the day-to-day operations of the Paterson Police Department
Lefty,
If the foundry is proven successful, it’s already too late. You have to buy when there is blood in the streets….I am almost positive that this foundry will be successful…it’s only a matter of time. Inevitable, imho. The risk is what pays….if it was guaranteed, you are not going to make much off it.
Pumpkin, I understand the ELI5 risk/reward paradigm of investing along the curve…
What I am suggesting to you…have you done any requisite level of real diligence on the below to actually have an informed opinion…and Twidiots focused on shorts, CW psycho-babble, and Motley Fool specifically do not provide it.
“I am almost positive that this foundry will be successful…it’s only a matter of time.”
You don’t need to provide answers to me on here – actually, please don’t – but what specific independent industry diligence have you done to support your opinion. And ‘they can become really big’ doesn’t count either….
Phoenix
They went after the couple that runs ecommercebytes. That’s a blog about changes and issues on the different online platforms.
Canada really is a lot like the US
https://nypost.com/2023/03/29/canada-dad-paul-schmidt-fatally-stabbed-in-front-of-kid-fiancee-at-starbucks/
Musk, Wozniak and many others in the Scientific and Research communities sign a letter calling for a pause development of AI.
Yeah, development for the part of it that the general public has access to. But not to them. It will continue for “them.”
Just like Pegasus isn’t going anywhere. Ever. It’s too powerful to let that program go. It’s for the “elites.”
That is just terrible HMB. He should have gone to Dunkin’.
Well, this SVB depositor bailout has actually moved me in support of and agreement with some leftist news site….
And for anyone questioning my ‘independent’ bona fides and continually trying to place me in the Repub camp…here you go.
https://www.commondreams.org/news/billionaire-bailout-fdic-svb
Seems the top ten depositors had $13.3B there…that’s an average of $1.3B each.
Appears these facts surrounding the depositor bailout do not fit the MSM force fed narrative of ‘mom and pop’ businesses just trying to ‘make payroll’…
The math…FDIC is losing $20B on deposits of SVB, of which $18B were not eligible for insurance, ie. a voluntary hit taken by the agency that did not have to occur…as above, $13B of that amount were among ten accounts…these are major players…not many corporations have a random $1.3B (on average) of cash just lying around….especially when one considers that no organization (even the incompetently managed ROKU who had $500m there) keeps all its liquid cash in one place.
Would not surprise me at all if at least one VC firm was bailed out in total…I could definitely see one of them keeping all their LP proceeds there.
Apparently Thiel, who people were trying to ‘blame’ for the run, had $50m there…always liked Thiel…would be really good optics if he declines reimbursement…if he ever had designs on elected office that would be the most impactful $50m one could ‘spend’ on a campaign.
leftwing-
What would have been the cost to the FDIC (and the US economy as a whole) if the SVB depositors were allowed to lose all their money, and that lead to a bunch of other bank runs?
I don’t know the answer to that question- but you have to at least consider it if you’re going to criticize the bailout decision.
Sometimes all the options are bad, and you have to pick the “least bad” one.
Fecking-A… I was promised a Trump perp walk and dammit I want one now.
A month off? Get that Grand Jury back in here already, nobody should be sent home until they vote for an indictment.
https://www.politico.com/news/2023/03/29/manhattan-trump-grand-jury-set-to-break-for-a-month-00089422
Hahaha hilarious.
1:11 damn. I suppose that if “dad” really wanted to protect his toddler, he’d have some basic self defense courses. Rule number one, if someone is close enough to you to stab you?? You’ve already lost. Pick up a chair, sling hot coffee into the attacker’s face, smash their knee backwards to take them off of their feet. Never let them close enough to stab you. If you are going to start shit with strangers be ready.
anyone questioning my ‘independent’ bona fides
Is that your Rubicon? That’s hilarious.
I don’t know the answer either, but what is the cost of doubling-down again and again increasing the moral hazard throughout the economy?
OC1 says:
March 29, 2023 at 2:18 pm
leftwing-
What would have been the cost to the FDIC (and the US economy as a whole) if the SVB depositors were allowed to lose all their money, and that lead to a bunch of other bank runs?
I don’t know the answer to that question- but you have to at least consider it if you’re going to criticize the bailout decision.
Sometimes all the options are bad, and you have to pick the “least bad” one.
Serious question… was the feared expectation that depositors would withdraw significant sums of money from small and midsize banks and deposit them in TBTF banks (because they were smart enough to know the politics that TBTF institutions will always be bailed out)? Or was it that depositors would withdraw significant sums of money from all banks? If the latter, where was all of that money going to go?
re: “Sometimes all the options are bad, and you have to pick the “least bad” one.”
Listen Oprah called Sleepy Joe after Secretary Yellen first said they would cover only deposits up to the limit on the bank door sign $250k. Oprah told Joe that this months closing on an additional 800 Acres on Maui would be in Jeopardy, as that 600 million was the only cash she had on hand at the time and could not find millions in spare change in the couch cushions.
“What would have been the cost to the FDIC (and the US economy as a whole) if the SVB depositors were allowed to lose all their money, and that lead to a bunch of other bank runs?”
Possible, and obviously a counterfactual.
Game one scenario out…FDIC fund is $125B, they voluntarily blew an optional $18B on non-guaranteed deposits at SVB alone…SVB was one of only a few outliers among vulnerable banks with that level of deposits over $250k…in other words there was only a handful of banks vulnerable to such a run as your average bank has mostly secured deposits. By example, Signature, the next shitty bank in line, only had $1.9B in uninsured deposits.
In any case, if the FDIC just bailed out the $2B insured deposits at SVB, simple math says they could do nine more banks at that level and ‘break even’. There are not nine more banks in that situation.
Remember, SVB (and Signature, and to a lesser degree FRC) were unique not just in the level of hot money deposits but also that their underlying assets (loans and investments) had issues.
Banks with good underlying assets – basically the rest of them – could access Fed money to replace hot deposit withdrawals, if any.
FRC, one of the most dubious banks, is the model there…stabilized with solely deposits and from the private sector and at market rates at that….
Bottom line, there were some financiers or their companies jammed up and they picked up the bat phone to DC. Just like on spiking carried interest legislation.
What amazes – although truthfully not anymore I guess – is how normally liberal MSM fell in line, like the NYT…some of the debunking of the ‘just protecting mom and pop’ narrative is pretty cringe worthy. One entrepreneur held out as a model of empathy was a woman who had a ‘startup business’ and ‘all her money there’…I love internet sleuths, turns out she was a recently departed McKinsey consultant with a mid-six figure comp who raised $3m to start a business providing bespoke birthday parties at $6k a pop…..
“Is that your Rubicon? That’s hilarious.”
Assuming that’s an insult but I don’t get it so feel free to explain.
re: Other bank runs.
SVB could have pulled the plug easily, this money was all wired out Swift, Fedwire, ACH and some maybe was a bank check. We find out today from congressional testimony it was $142 billion in deposits out the door in just two days. That only happens if the bank is complicit. Wire transfers can only be completed by the initiating party, the bank SVB and it’s employees. Where was management and it’s controls? Where were the state and federal regulators?
Back during the S&L crisis they closed the saving and loan banks to stop runs. When people panicked and were pounding on the closed bank doors they had the tellers stack up cash in the windows to show they had money to ease fears.
SVB could have pulled the plug easily on any electronic transfers. They chose not too, for whatever reason. Are you entitled to your money. YES. Are you entitled to it right now? Hahah, head down to your local bank and try and take out all your money at once. You will be speaking to someone, who will try and delay it, until they can get approval.
It’s the former. Not because the banks are TBTF, but rather that these larger banks are more diversified in their asset and customer base, revenues drivers, and exposures. Hence, there is greater ability to meet current withdrawals as demand deposits are a small fraction of the assets. Very distinct from the mid-sized and regionals. Those banks tend to be more bread and butter.
joyce says:
March 29, 2023 at 3:21 pm
Serious question… was the feared expectation that depositors would withdraw significant sums of money from small and midsize banks and deposit them in TBTF banks (because they were smart enough to know the politics that TBTF institutions will always be bailed out)? Or was it that depositors would withdraw significant sums of money from all banks? If the latter, where was all of that money going to go?
Joyce, these days on this topic I think you can find an opinion supporting whatever position one wants to put forward, often offered by someone normally considered a least likely person to espouse that view.
Chatter and politics aside, from a realistic perspective I think the actual risk was among the top 30 banks excluding the GSIBs, who have an implicit guarantee.
Beneath that level gross deposits drop off and the percentage of uninsured decrease dramatically so any danger further down the list is minimal, being easily mitigated.
There are some good charts flying around that display the issues graphically in a glance…bar chart of the top 30 and their % of uninsured deposits, same for unrealized bond losses. One I like was crossing the two on an X,Y plot which gave a real easy glance at who the asset challenged, hot money banks are. Funny enough, although not in a high risk area, BAC was an outlier among the GSIBs.
If you’re interested I’ll see if I can dig that one up and post.
How much is “all your cash”? And, is a cash withdrawal and a outgoing wire the same thing?
My wife and I pulled out 500K in two wires over two days.
My BIL who is in payments claims that all wires are batched together and balances are merely adjusted in the main clearing account or something to that affect.
You meant bags of cash out the door, yes?
Bear in mind, we are about to have a significant amount of non-performing commerical real estate loans. What is going to be the reaction of these banks when we have a credit crunch, as opposed to an incompetent risk management stupidity and hubris crunch?
chicagofinance says:
March 29, 2023 at 3:51 pm
Very distinct from the mid-sized and regionals. Those banks tend to be more bread and butter.
IDK – I yanked $500K from a finanicial institution using the ACH system. The response was “how the fuck did you do that to us?” I said I followed the client’s instructions. They yanked it back…… I just needed the routing number and acccount.
Thanks for the response. I’m not sure if I believe the vast majority of people would have that thought process, but perhaps enough which would cause an issue in our insanely overleveraged financial system.
chicagofinance says:
March 29, 2023 at 3:51 pm
It’s the former. Not because the banks are TBTF, but rather that these larger banks are more diversified in their asset and customer base, revenues drivers, and exposures. Hence, there is greater ability to meet current withdrawals as demand deposits are a small fraction of the assets. Very distinct from the mid-sized and regionals. Those banks tend to be more bread and butter.
If you ever bought and sold bonds, it has a feature similar to closings on real estate.
In almost every instance, the seller is in-between coupon payments, so when the bond is sold, the seller will receive accumulated interest, since they will not be owner of record on payment day.
I cleared out a bunch of Credit Suisse bonds early in the week after the banks failed. My transactions all settled. Well in the last few days, I’ve noticed that all the accumulted interest collected on the sales has been reversed out. Without researching it, I assume this means that there is no longer any coupon payment pending. Yikes.
Wut? What do you mean they yanked it back?
“I don’t know the answer either, but what is the cost of doubling-down again and again increasing the moral hazard throughout the economy?”
I think the moral hazard angle is a bit overplayed in this instance. I mean, they didn’t bail out crypto investors or silver speculators. It was savings deposits in a bank- about the most conservative thing you can do with your money.
And the stock holders and bond holders- who were the ones who really should have been watching things- did get wiped out.
Ed 8:08,
See the file that Grim shared, the only big blue dot in the northeast is CT. WH is nice, only been there once. It is basically the top place where upper middle working families live in that part of CT. Not surprising. If not best towns in Fairfield County then West Hartford is the next prestige level. The dichotomy bw rich and poor grows wider everyday. Put a house on the market and people paying well over ask. We are New England special here.
Re possible bank runs-
Banks runs are as much about depositor psychology as they are about the fiscal condition of the bank itself. During the Great Depression, mere rumours about a banks solvency were enough to cause bank runs. And those banking panics in the early 30’s greatly contributed to the severity of the Great Depression.
A bigger, wider banking panic stemming from the SVB collapse may have been a low probability event, but given the potential catastrophic results, the bailout may be money well spent.
I don’t know whether the depositor bailout was the “right” decision.
But I am a lot less cynical about the Fed and the FDIC than many posters here, and I have little doubt that they understand the situation MUCH better than I do.
And probably better than most of the internet peanut gallery too.
“It was savings deposits in a bank- about the most conservative thing you can do with your money.”
Having $1.3B of cash in a small bank is not conservative, it is the definition of gross negligence.
I can’t wait for the names of the biggest losers (winners) to become public. I guarantee it will include a direct connection to at least one of the wealthiest people in the world.
For that matter, on a smaller level it already does…Thiel has a net worth in excess of $7B, making him one the richest 300 people *in the world*.
You reimbursed him the $50m he had in SVB. How’s that feel?
And he’s not even one of the ten getting $13B back…
The chairwoman of the FDIC stated they were not going to backstop uninsured deposits. Was she lying to the public or was she overruled? We should have followed what the leader of the FDIC said… she knows the situation better than we do.
Regarding moral hazard, you don’t think ignoring the law (again) further contributes to moral hazard? I agree with you that cash in a deposit account is fairly safe, but not if you put too much in one account. Spread it around. These are the rules of our current quasi-private banking system.
Those are the rules I followed. The fact that I get more bank promotions by doing this is merely a side effect.
There is no reason for anyone in a financial fiduciary role – corporate CFO, financial advisor, stockbroker, etc – to not follow the rules and have client excess funds in a smaller institution.
Again, summary judgement stupid.
For the general population, 80% of Americans have less than $50k in savings. That means just 20% over $50k, and a much smaller percentage over $250k.
If you are one of the, say, top 10% of the population smart enough and wealthy enough to have over $250k in savings and you are stupid enough to ignore the FDIC limits published literally everywhere that’s on YOU. Not up to the other 90% of the poorer population to bail your dumb, lazy ass out.
Left – Theil is being disingenuous about the $50 million, that is what he left behind in a personal account.
His companies had much much more there. Founder’s Fund etc.
News was they started that bank run on Twitter.
https://californialocal.com/localnews/statewide/ca/article/show/30352-peter-thiel-silicon-valley-bank-collapse-founders-fund/
Anecdotal they dumped all their Crypto in January.
I saw the ‘news’.
Thiel isn’t being disingenuous, I’m the one that raised the $50m…I don’t see him out there, hand out….he’s just a beneficiary of this broad based ridiculous action.
My points are simpler….
1. YOU are bailing Thiel out.
2. He actually acted exactly how a financial fiduciary should…reached out to his companies on rumor of issues and said GTFO of the way.
Can’t wait to see who the $13B of ass clowns are….and cross that list of who received monstrous bailouts with political funding….
Joyce -:”Was she lying to the public or was she overruled? ”
Yellen testified already. She along with the the FDIC Board and the President decided to do the bailout using the “systemic “exemption.
Lefty,
I look at it in this light. DNA is a wildcard, as they’re essentially attempting to create an entirely new industry. Extremely risky with immense potential IMO. I truly believe it’s inevitable….our species future depends on it. DNA is best positioned, but if they fail, I will be once again investigating in the next man up. The winner of this game will be rewarded beyond belief. This new sector is coming.
That “financial fiduciary” and his minions all yelled fire in near unison on Twitter.
I would love to know what his crypto wallet addresses are, he very well may have cleaned up in the unregulated bitcoin market.
I think when you exceed the FDIC limit by 500 million, you deserve some sort of haircut at minimum.
Joyce/left-
Just about everything you both have said is true!
But the treasury/fed/FDIC decided that letting the SVB depositers lose all their money would pose a systemic risk to the banking industry, so they invoked the systemic risk exception to back stop all the depositers.
It sucks to see the idiots made whole. But the alternative may have been much, much worse.
As the poet said- sometimes you gotta eat a s#!t sandwich.
“That “financial fiduciary” and his minions all yelled fire in near unison on Twitter.”
Because there actually was a very large fire….
“But the alternative may have been much, much worse.”
OC1, I understand what they did, how they did it, and the ‘stated’ reason.
It is that reason I am seriously questioning because prima facie it does not hold water.
Let’s see the names of those bailed out, nine figures and higher.
But the alternative may have been much, much worse.
I understand where you’re coming from, but this reasoning can be used to justify anything. So doesn’t mean much to me without more.
Sorry folks but politics was the driver behind the wheel for the “systemic risk” exception. As I stated earlier FDIC and the Treasury Secretary already had said no publicly there would be haircuts for depositors. The White House intervened here. We will have to wait until Yellen’s book comes out in a few years to know for sure.
There is only one way to stop this from happening. Americans don’t have the stones, the stomach, or the organizational ability to do it.
That’s the difference between Israel and America.
Israel put Bibi in his place within 24 hours.
America lets it’s government steamroll right over it’s constituents.
NJ wants to ban plastic utensils now. Murphy continues to wage war on the food industry.
Valley National Bank the SVB of Commercial Real Estate?
Not that I’m trying to start a run on the bank.
The primary takeaway from the SVB debacle has to be the failure of the regulators. And the big story behind the regulatory failure has to be the disastrous impact of DEI and specifically, the incompetent diversity appointee that runs the San Fran Fed, Mary Daly. Very insightful article(s) from Bloomberg today on her misguided emphasis on things like inclusivity, at the expense of ensuring the regulatory area was staffed by the most talented, experienced and capable people. And this of course is just the one of the many recent examples of the calamitous cost of DEI, which is really just a re-branding of the score settling that began under Oblama. Whether it be the Austin air traffic controller that tried to land a FedEx cargo plane on top of a Southwest jet that he had just cleared for takeoff, judicial nominee Kato Crews who, during his Senate hearing demonstrated that he was completely unfamiliar with even the most basic legal principles such as the Brady motion, or of course, the San Fran Fed which knew for a year that SVB wasn’t properly managing risk, but did nothing to ensure it was addressed, our institutions are literally being destroyed by incompetent leadership and staff that is being put in place by the score-settling Dems.
62% of assets as commercial and construction real estate loans with a ~4.5% rate?
Niiice.
Fo Sho
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/commercial-real-estate-loan-delinquency-rate-at-us-banks-sours-in-q4-22-74508846
Run it baby
On a less serious note regarding the DEI, anyone that watches Big Ten football is exposed to it’s impact every week. Specifically, the league appears to have assigned a woman referee to each officiating crew, and they are universally terrible!!! They’re often 15-20 yards away from the spot on the field that they’re supposed to be in order to make a call, they’ll sometimes make a decision several seconds after a play has ended, and at times even appear to change their mind after cajoling from coaches on the sideline. It’s literally as though the league took women who may have been officiating pop warner games and gave them jobs as Big Ten refs overnight. As I noted, this is just football; wait until the Dems have filled the ranks of doctors and airline pilots with DEI hires.
Yes I mentioned Valley National Bank. Nearly every town and county in Northern NJ does business with them. Let’s see what happens when the water authority and the county governments and municipalities and cities as well as the teachers and police cannot make payroll. You can bet they all have tens of millions if not billions combined.
Again don’t want to torture this as it is affecting the sensibilities of many people here.
re: “The alternative?”
What is that exactly? The depositors were rich, something like 97% of accounts were way way above FDIC insurance, what effect would that have exactly on mostly zero revenue companies and the rich?
Do you really thing your cousins and friends are going to rush and change their direct deposit and maybe 5 grand in the bank that quick?
These fucker were bailed out and you were bailed in. When Valley National or another bank not deemed “systemic” in an overnight weekend emergency Zoom meeting happens we shall see. The difference will be like Grim pointed out it will be bad loans not stupid depositors. There was no reason to bail out Oprah or the good damm frog Prince…
Left -re: “very large fire?”
As I appreciate your candor I edited out my expletives.
Unrealized losses are 620 Billion per FDIC and it’s all over the place. Hold to Maturity accounting,
All good in La La land.
We should move on don’t you think? I am ready..
Exactly what I said earlier…our species needs this.
“Despite my bias (I’m long $DNA since spac). We, as a society, NEED ginkgo to suceed. What is going on in the world is not sustainable (pun not intended) and we need alternatives, we need synbio. Ginkgo ferment will be the new apple keynote. Anyways, I hope you are well, jason.”
https://twitter.com/jwilfrem/status/1641253150697873410?s=46&t=0eaRjeKWHSIY8WCyPT4KMg
I think SmallBrain confused the female ref with Rutgers QB. Rutgers needs some diversity as well – they need talent. How is the Schiano recovery plan coming along? Oh right, BT is not the Big East.