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Message
re: I can’t stop being angry about this SVB thing and Yellen makes it worse
Posted on 3/19/23 at 1:02 pm to Wednesday
Posted on 3/19/23 at 1:02 pm to Wednesday
quote:
provides too much power to “private” entities beholden to no government- but that actually run the government.
They ARE the government, and the government is them.
Historically, this arrangement is more commonly known as Fascism.
0
Posted on 3/19/23 at 1:02 pm to Wednesday
quote:
I don’t want them to insure all the special and important depositors at SVB either
Only a person completely oblivious to the markets and wider economy would have this take.
Posted on 3/19/23 at 1:03 pm to fjlee90
quote:
You realize you’re the one insuring depositors, not the federal government, right?
I’m pretty sure it’s almost all going to be the svb’s assets.
Posted on 3/19/23 at 1:07 pm to Wednesday
Sounds like you are opposed to your superiors picking the winners and losers. Know your place or I might have to report you to the Gestapo
Posted on 3/19/23 at 1:15 pm to JJJimmyJimJames
quote:This video is VERY helpful in understanding many things going on in the financials. Lance Roberts is brilliant - been watching him for a while now. He is absolutely one of the best in markets and financials - adept at explaining things. This video is kind of long - a digest version of where different steps would take the banking system from about 25 minutes mark through about 45 minutes is enlightening.
quote:
It makes me want to pull all my hair out and move off the grid. If I were good at keeping plants alive, I probably would.
you could learn to do plants, love
and
you could do plants
love
[Edited to add: I was mistaken - every second of this video is priceless ]
This post was edited on 3/19/23 at 1:30 pm
Posted on 3/19/23 at 2:27 pm to Wednesday
That testimony is infuriating on multiple levels.
First: How did I know before the end of the clip that it was a Senate hearing? They defended Yellen in the exchange and protected her from having to answer when she really started fumbling over her own words.
Second: He’s absolutely right. Not only is increasing coverage for larger banks encouraging moral hazard, it’s encouraging depositors who are less savvy to move their money to “safe” banks, aka the SIFIs (Systemically Important Financial Institutions).
Yes, taxpayers will fund the assessment through fees and less favorable interest rates. He’s right again.
I really wish he would have brought up the two FACTS that:
1. The CEO of Silicon Valley Back was on the board of the San Francisco federal reserve
and
2. Barney Frank was on the board of Signature Back.
Colossal failures in oversight and back scratching at its worst.
First: How did I know before the end of the clip that it was a Senate hearing? They defended Yellen in the exchange and protected her from having to answer when she really started fumbling over her own words.
Second: He’s absolutely right. Not only is increasing coverage for larger banks encouraging moral hazard, it’s encouraging depositors who are less savvy to move their money to “safe” banks, aka the SIFIs (Systemically Important Financial Institutions).
Yes, taxpayers will fund the assessment through fees and less favorable interest rates. He’s right again.
I really wish he would have brought up the two FACTS that:
1. The CEO of Silicon Valley Back was on the board of the San Francisco federal reserve
and
2. Barney Frank was on the board of Signature Back.
Colossal failures in oversight and back scratching at its worst.
Posted on 3/19/23 at 5:31 pm to cwill
quote:
Only a person completely oblivious to the markets and wider economy would have this take.
I’m relieved that you’re one of the important people who the government would save bc you put your money in one of their approved banks.
Silly girls like me should never worry our pretty heads about the societal dangers resulting from consolidating financial control into behemoth institutions answerable to no government.
I’ll just leave all my purchasing, retirement, and business decisions to experts like you.
Posted on 3/19/23 at 5:39 pm to JJJimmyJimJames
quote:
VERY helpful in understanding many things going on in the financials. Lance Roberts is brilliant - been watching him for a while now. He is absolutely one of the best in markets and financials - adept at explaining things. This video is kind of long - a digest version of where different steps would take the banking system from about 25 minutes mark through about 45 minutes is enlightening.
Been listening to Wealthion for a few months …..great YouTube channel.
Posted on 3/19/23 at 5:41 pm to Wednesday
There is about to be a major collapse. Get your money right.
Talk to any “money man”. Been saying this for the past 3 weeks. Good financial advisers.
Not talking stocks. Get your shite out of mid level bank savings accounts.
Talk to any “money man”. Been saying this for the past 3 weeks. Good financial advisers.
Not talking stocks. Get your shite out of mid level bank savings accounts.
This post was edited on 3/19/23 at 5:43 pm
Posted on 3/19/23 at 5:44 pm to CamdenTiger
quote:
Basically, she states what we all know; they bailed out the “ special “ interest of this administration, but insinuates that everyone else is at risks, especially if you have more than $250 grand in any account.
That's what I thought was happening and I had a poster who sounded like they knew what they were talking about assure me that wasn't the case, just a couple of days ago. Is SVB getting special treatment or not?
Posted on 3/19/23 at 5:49 pm to cwill
quote:
Would you like the government to insure all depositors fully, regardless of systemic risk factors or protect none above the 250k threshold?
Why have the threshold if it's not going to be enforced.
quote:
You can still bank w your community bank, you just have to manage your exposure.
So, IOW, put your money in one of the "preferred" banks where the threshold will be ignored should the bank go kaput. All the rubes and yokels in Oklahoma are SOL, but the preferred people in Silicon Valley are good.
Posted on 3/19/23 at 5:52 pm to TigerAttorney
quote:
Not talking stocks. Get your shite out of mid level bank savings accounts.
And put it where?
If people go pull $50k out of their local bank, where should they put that?
Posted on 3/19/23 at 6:00 pm to Lightning
quote:
And put it where? If people go pull $50k out of their local bank, where should they put that?
If you pull 50 million, or 5 billion, where should you put it? Because that’s what’s happening.
50k. I’d take in cash personally. Peanuts.
Figure it out. I’m not your financial advisor.
Posted on 3/19/23 at 6:05 pm to TigerAttorney
quote:JP Morgan
If you pull 50 million, or 5 billion, where should you put it?
Posted on 3/19/23 at 6:07 pm to billjamin
quote:
JP Morgan
Thank you. A big boy. Bc if the big boys go down. We are capital F fricked.
And it’s close.
I’d personally do a money market brokerage account. Falls under different insurance than FDIC. Particular ones. But FDIC is a joke yall.
Be smart.
This post was edited on 3/19/23 at 6:12 pm
Posted on 3/19/23 at 6:41 pm to Wednesday
Yellen lost credibility early on when she backed all of the spending bills selling it as a growth plan that would bring down inflation and then trying to sell us that inflation was transitory. Meanwhile she was up o the the Hill trying to tell us that a repeal of Roe would hurt the economy as it would keep women out of the employment market.
She is a political hack of the first order and has no business being in that job.
She is a political hack of the first order and has no business being in that job.
This post was edited on 3/19/23 at 6:42 pm
Posted on 3/19/23 at 9:03 pm to Wednesday
quote:
I’m relieved that you’re one of the important people who the government would save bc you put your money in one of their approved banks.
Baseless. Par.
quote:
Silly girls like me should never worry our pretty heads about the societal dangers resulting from consolidating financial control into behemoth institutions answerable to no government.
In no way connected to your comment that keeping svb depositors whole isn’t market related but somehow Oprah related. Par.
quote:
I’ll just leave all my purchasing, retirement, and business decisions to experts like you.
Just keep blaming everything on baseless boogeymen.
Posted on 3/19/23 at 9:05 pm to Tchefuncte Tiger
quote:
So, IOW, put your money in one of the "preferred" banks where the threshold will be ignored should the bank go kaput. All the rubes and yokels in Oklahoma are SOL, but the preferred people in Silicon Valley are good.
I’m near certain if you or the okies put your/their. $ in Bokf they’d get full insurance considering bokf’s very similar exposure.
This post was edited on 3/19/23 at 9:06 pm
Posted on 3/19/23 at 9:10 pm to Wednesday
I hate Janet Yellen. But what is she supposed to do? She says "Yes, we will cover depositors in all banks" she's made up a new policy (with no authority) on the spot. If she says "No, everyone else is screwed" it will cause a run on small to mid size banks.
Congress need to fix the frickup of having TBTF banks. Or fix/clarify the FDIC rules to cover all depositors if there are assets to do so.
That would be more productive than yellin' at Yellin.
Congress need to fix the frickup of having TBTF banks. Or fix/clarify the FDIC rules to cover all depositors if there are assets to do so.
That would be more productive than yellin' at Yellin.
This post was edited on 3/19/23 at 9:11 pm
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