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Started By
Message
What are they expecting. Schiff calls on Treasury Dept to prepare for run on banks
Posted on 3/11/23 at 9:59 pm
Posted on 3/11/23 at 9:59 pm
Adam Schiff
@RepAdamSchiff
Treasury Department needs to take all appropriate steps to protect ordinary workers and their paychecks, and to prevent a run on other banks.
Big investors, CEOs and bank executives are one thing — they can take a loss — but regular workers across California shouldn’t suffer.
4:34 PM · Mar 11, 2023
·
118.7K
Views
@RepAdamSchiff
Treasury Department needs to take all appropriate steps to protect ordinary workers and their paychecks, and to prevent a run on other banks.
Big investors, CEOs and bank executives are one thing — they can take a loss — but regular workers across California shouldn’t suffer.
4:34 PM · Mar 11, 2023
·
118.7K
Views
15
Posted on 3/11/23 at 10:01 pm to Jjdoc
Markets will dive. Recession is in swing now.
Posted on 3/11/23 at 10:06 pm to Jjdoc
A bunch of regional banks in Cali are gonna tank off the SVB debacle. Just a couple weeks ago a guy was on Maria’s show saying regional banks were in trouble and that would be the next chip to fall.
Posted on 3/11/23 at 10:08 pm to Jjdoc
Waiting on Joe to tell us the government is taking over.
Posted on 3/11/23 at 10:16 pm to SingleMalt1973
quote:
a couple
quote:
a guy
quote:
regional banks
Twas a no doubter, glad I shorted those idiots!
Posted on 3/11/23 at 10:19 pm to Jjdoc
They are inciting fear in the American people to collapse the banking system and bring in the solution: Digital currency.
Posted on 3/11/23 at 10:20 pm to Jjdoc
There’s smoke. How big is this fire gonna be?
Posted on 3/11/23 at 10:25 pm to Figgy
quote:
There’s smoke. How big is this fire gonna be?
That depends on us (as in the population) and whether or not psychology creates a run on the banks or confidence in the system.
This post was edited on 3/11/23 at 10:25 pm
Posted on 3/11/23 at 10:29 pm to Jjdoc
He doesn’t give a shite about regular folks.
Posted on 3/11/23 at 10:29 pm to SlowFlowPro
quote:
whether or not psychology creates a run on the banks
I'm going to have to call a bank in California on Monday and reposition some money because it's over the FDIC amount. I needed a large sum out there in one bank at one point but I haven't needed it in a few months and kind of forgot about it.
I'll lower it to the FDIC amount and go about my business. No reason to shite your pants.
Posted on 3/11/23 at 10:30 pm to Jjdoc
quote:
What are they expecting. Schiff calls on Treasury Dept to prepare for run on banks
A run on banks.
Posted on 3/11/23 at 10:33 pm to El Segundo Guy
quote:
I'll lower it to the FDIC amount and go about my business. No reason to shite your pants.
I bet your urgency in that transaction process will increase greatly if you hear that others are ahead of you in line doing the same thing. That's the whole point. I'm not going to be moving any money around myself, because I'm calm, but we're talking about the masses and potential mass hysteria.
Posted on 3/11/23 at 10:33 pm to Jjdoc
....the dreaded Joe Biden collaspe.
Posted on 3/11/23 at 10:37 pm to SlowFlowPro
I understand that. But let's be real. If a true rum on banks all over happens, there's only 2 outcomes. The Feds bail out the banks again or the whole thing's fricked and it doesn't really matter either way.
Posted on 3/11/23 at 10:43 pm to SlowFlowPro
quote:
That depends on us (as in the population) and whether or not psychology creates a run on the banks or confidence in the system.
I agree but with the way the media and politicians are going to push this into the public psyche I just have to wonder how many begin to panic. Lehman Brothers wasn’t that long ago and I could see people freaking out pretty easily.
Posted on 3/11/23 at 10:48 pm to El Segundo Guy
The 2008 finical crisis changed the power of Fed….limits it. The FDIC may be the only recourse but that is questionable.
The ultimate backstop is Congress. Many laymen don’t realize the impact of change in 2008 and how that is about to hit this week.
Look at Bank of Ozark low 50s to mid 30s with in 7 business days. The run is already happening - asset liability mismatch is widespread in local, regional and national banks.
The ultimate backstop is Congress. Many laymen don’t realize the impact of change in 2008 and how that is about to hit this week.
Look at Bank of Ozark low 50s to mid 30s with in 7 business days. The run is already happening - asset liability mismatch is widespread in local, regional and national banks.
This post was edited on 3/11/23 at 10:49 pm
Posted on 3/11/23 at 11:11 pm to Jjdoc
quote:
Treasury Department needs to take all appropriate steps to protect ordinary workers and their paychecks, and to prevent a run on other banks.
He should be calling on FDIC. Treasury doesn’t need to do a thing.
Examiners should be on watch for bad gap and ALCO management.
Posted on 3/11/23 at 11:11 pm to SlowFlowPro
quote:
That depends on us (as in the population) and whether or not psychology creates a run on the banks or confidence in the system.
This is the same public that made a run on toilet paper in the beginning of Covid, a respiratory virus.
Posted on 3/11/23 at 11:12 pm to KillTheGophers
quote:
Look at Bank of Ozark low 50s to mid 30s with in 7 business days. The run is already happening - asset liability mismatch is widespread in local, regional and national banks.
Do you have anything to cite for the ALCO mismatches in local banks? SVB was a unique case.
Posted on 3/11/23 at 11:16 pm to Smeg
quote:
A run on banks
How does this work in modern times? You can’t go to a bank and cash out. I doubt most banks have the actual cash on hand to cover a dozen people.
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