Banks collapse

[dan_bgblue]

FDIC insurance covers depositor losses up to $250,000.00, and I figure we all knew that. What some, like me were unaware of, is that the feds stepped in and covered the losses amassed by Silicon Valley Bank, well in excess of the guaranteed amount. Yes, you and I helped cover the cost of that bail out for bank customers that did not do the smart thing of placing their money in multiple banks if they exceeded the insurable account limit.

Isn't uncle Joe a great guy? Best guy in the world for giving away other peoples money without their permission.

I do not have a link. The info was shared by ABC news while they were reporting on the latest potential bank failure. First Republic Bank will be under water if the feds can't find an angel with deep pockets to bail them out by when the Aisan markets open tonight on the east coast.

[bigsky]

How many more 3am bank rescues are in our future.

[dan_bgblue]

I fear the answer to that question should be .... "way to damn many"

[dan_bgblue]

4 more western banks in danger of failure due to loss of confidence from depositors and investors.

Linkage (https://www.reuters.com/business/finance/us-regional-bank-stocks-fall-second-day-first-republic-failure-weighs-2023-05-02/)

[VirginiaCat]

Heard a stat yesterday but have not confirmed...

In 2009 about 150 banks failed at a cost of $350MM

So far 2 banks have failed at about $500MM ...

This is very tenuous...

[bigsky]

Yeah and money “foreign and domestic” is leaving the banks everyday.

[bigsky]

PacWest Bancorp Stock has fallen 55% in after hours trading as it increasingly appears to be the next bank failure.

[bigsky]

PacWest, $PACW: -60%

2. Western Alliance, $WAL: -30%

3. Metropolitan Bank, $MCB: -20%

4. Valley National, $VLY: -15%


And, next month, the United States of America will approach default.

But Brandon has got the economy humming along.

[Catonahottinroof]

In the back of my mind, letting these regional banks fail is a way usher in digital currency without much of a public fight…..

[dan_bgblue]

In the back of my mind, letting these regional banks fail is a way usher in digital currency without much of a public fight…..

I can't stop the idiots from doing that as they take their lessons from China. I hope I will be able to spend gold, as I am really considering converting all my savings to that pretty metal

[MickintheHam]

Today my bank raised the interest rate for preferred customers to 4.6%

[MickintheHam]

There’s a war out there. This is not going to end well

[dan_bgblue]

It sure won't as we have a Gomer Pyle leading our forces.

[CitizenBBN]

It sure won't as we have a Gomer Pyle leading our forces.

I don't agree with a lot of the mouthy crap Trump says, but he accused Biden of not going to the coronation b/c of his health. I have a feeling he's right, but his mental health not his physical health. They can't script everything with him there is probably their fear.

This ship is basically rudderless. The POTUS is really just a cabal of handlers behind the scenes making the decisions, which has been the truth of Biden his whole career.

[bigsky]

When PacWest Bancorp is forced into receivership...it will be the fifth largest bank failure in US history...and it will come less than a week after the failure of First Republic bank, the second largest bank to fail in US history."