SVB Failed! Silicon Valley Bank.

[TJC]

Plus you have to remember the elections are coming up. Now how bad would this look if this string of banks didn't get bailed out and more continue to fail? Funny because I remember watching this same show and most of the same people were in it the last time.

What about black letter law? Do we no longer follow the law?

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[dtech]

A 1971 version of a very old song from the late 1920's. Both classics.

Yeah zep credited Memphis Minnie on the album, check out John Paul Jones later version with 17 musicians , Susan Tedeschi takes a turn on vocals.

 

[dtech]

I am not sure it is sour grapes. Every bank in the country now has the guaranteed financial backing and protection of the US government. They can not fail unless the US government wishes it so.

Sour grapes a joke, Cuban is a piece of work.

 

[Fordup]

Looks like 6 more bailouts are on the horizon if something isn'tdone quickly to shore them up. Do you think this is the beginning or end? Seems to be a common denominator here called crypto.

 

[AzScorpion]

Looks like 6 more bailouts are on the horizon if something isn'tdone quickly to shore them up. Do you think this is the beginning or end? Seems to be a common denominator here called crypto.

It's hard to tell right now how many made bad investments but hopefully the dust settles soon and we'll see. The way they're (banks) allowed to recklessly invest I don't see this as the end as greed always overtakes common sense!

Let's face it if you could write checks you knew you had no money for in that account but someone would cover it would you continue to write them? You bet your ass you would, everyone would! The whole system is broken, it's been for many years, Now they're just blatantly doing it in plain site and don't care.

 

[Trigganometry]

Better bring an extra pair of skivvies with you today. Looks like more failures coming today. The domino effect has started and the buffoons pulling the strings are clueless what to do!

 

[AzScorpion]

Ut oh, Looks like Credit Suisse is now in trouble. The joys of having a global economy.

Credit Suisse Ignites Fresh Bank Turmoil As SVB Collapse Spills Into Europe; US Stocks Tumble

https://www.thestreet.com/markets/c...saudis-decline-funding?puc=yahoo&cm_ven=YAHOO

Credit Suisse's biggest backer won't add more cash to the troubled Swiss lender, sending shares to a fresh record low.

Credit Suisse Group (CSGKF) shares hit a fresh record low Wednesday after a key Saudi investor declined to provide additional support to the troubled Swiss lender in a move that amplified concerns for the health of the global financial sector.

Saudi National Bank, which owns a $1.5 billion stake in Credit Suisse following the group's capital raising effort last year, said it was satisfied with the bank's recent turnaround plans -- which include the separation of its investment banking unit -- and noted that its equity capital ratios were consistent with Swiss regulations, but chairman Ammar Al Khudairy the bank can't go over its current 9.9% threshold due to a 'regulatory issue'.
Credit Suisse has been suffering from a host of scandals and mis-steps over the past years that have triggered an exodus of client deposits from both its bank and wealth management divisions and said earlier this week that it found "material weaknesses" in its financial reporting and internal controls.

The bank reported outflows of around $120 billion over the three months ending in December, causing it to fall "below certain legal entity-level regulatory requirements" at certain points during the quarter, Credit Suisse said in its delayed annual report.

 

[AzScorpion]

Dow futures tumbled overnight. -532 now before the opening bell.

Here's my surprised face.

Stock market news today: Stocks plummet, yields fall amid Credit Suisse turmoil

https://finance.yahoo.com/news/stock-market-news-today-live-updates-march-15-2023-114153589.html

U.S. stock were sharply lower Wednesday morning as two economic prints showed a slowdown in February, coupled with fresh turmoil at Credit Suisse (CS) that weighed on sentiment.

The S&P 500 (^GSPC) plunged 1.4%, while the Dow Jones Industrial Average (^DJI) fell 1.6%. Contracts with the technology-heavy Nasdaq Composite (^IXIC) dropped 1%.

Bond yields fell. The yield on the benchmark 10-year U.S. Treasury note moved down to 3.4% Wednesday morning from 3.6% Tuesday. On the front end of the yield curve, two-year yields fell to 3.8%. Oil fell to new lows on the year, with WTI falling more than 4% to below $70 a barrel.

 

[dtech]

There is finger pointing at past admins about relaxing laws , the whole system is unduly influenced by lobbying and it gets worse each successive year, below from opensecrets.org . Don't know if this was brought up upstream in the thread but the S & L crisis back in the 1980s bears similarities to the current one and at some point the gov changed regulations and let a whole slew of financial institutions get into the mortgage lending business - if you've ever bought a mortgage thru a local bank most just sell it to a large lender adding unnecessary cost to the process. The fact that the dodd-frank regulations were relaxed speaks to the power of lobbyists - one could argue that this system ultimately is just as corrupt as those of 3rd world countries, it's just that it's all done under the pretense of legality , I believe congress is still immune from insider trading . And add to that incompetence at high levels such as Dave mentions , one could say it never changes but I would contend it only gets worse. And we are talking by many accounts over $3 billion lobbying political entities annually. If you don't think that kind of money buys legislation then I need to buy some of what you are smokin.


The financial sector is far and away the largest source of campaign contributions to federal candidates and parties, with insurance companies, securities and investment firms, real estate interests and commercial banks providing the bulk of that money.

The sector contributed generous sums to both parties until 2010 when donations began to heavily bias Republicans, which likely reflects the finance industry's interest in overturning the financial regulations from the Dodd-Frank Act, implemented to protect consumers from predatory lending practices and risky financial decisions from the industry. In 2014, the industry as a whole contributed half a billion dollars to candidate and party committees, PACs as well as outside spending groups; 62 percent of the funds given to candidates and parties went to Republicans. In 2012, the giving was even higher (as is the trend with presidential cycles) at $687,000; nearly 70 percent of the candidate and party gifts went to the GOP. [Read more Background]

 

[Nellieg]

How does dodd- frank regulations stop svb's issues. Frank was on the board of signature bank.

 

[RedlandRanger]

There is finger pointing at past admins about relaxing laws , the whole system is unduly influenced by lobbying and it gets worse each successive year, below from opensecrets.org . Don't know if this was brought up upstream in the thread but the S & L crisis back in the 1980s bears similarities to the current one and at some point the gov changed regulations and let a whole slew of financial institutions get into the mortgage lending business - if you've ever bought a mortgage thru a local bank most just sell it to a large lender adding unnecessary cost to the process. The fact that the dodd-frank regulations were relaxed speaks to the power of lobbyists - one could argue that this system ultimately is just as corrupt as those of 3rd world countries, it's just that it's all done under the pretense of legality , I believe congress is still immune from insider trading . And add to that incompetence at high levels such as Dave mentions , one could say it never changes but I would contend it only gets worse. And we are talking by many accounts over $3 billion lobbying political entities annually. If you don't think that kind of money buys legislation then I need to buy some of what you are smokin.


The financial sector is far and away the largest source of campaign contributions to federal candidates and parties, with insurance companies, securities and investment firms, real estate interests and commercial banks providing the bulk of that money.

The sector contributed generous sums to both parties until 2010 when donations began to heavily bias Republicans, which likely reflects the finance industry's interest in overturning the financial regulations from the Dodd-Frank Act, implemented to protect consumers from predatory lending practices and risky financial decisions from the industry. In 2014, the industry as a whole contributed half a billion dollars to candidate and party committees, PACs as well as outside spending groups; 62 percent of the funds given to candidates and parties went to Republicans. In 2012, the giving was even higher (as is the trend with presidential cycles) at $687,000; nearly 70 percent of the candidate and party gifts went to the GOP. [Read more Background]

Follow the money - it is almost ALWAYS about the money.....

 

[TJC]

Ut oh, Looks like Credit Suisse is now in trouble. The joys of having a global economy.

Credit Suisse Ignites Fresh Bank Turmoil As SVB Collapse Spills Into Europe; US Stocks Tumble

https://www.thestreet.com/markets/c...saudis-decline-funding?puc=yahoo&cm_ven=YAHOO

Credit Suisse never recovered in 2008 - 2009. Neither did the German bank. Both have been corpses since the US bailed them out in 2009.... And make no mistake, the US took on the debt of both of those banks back then.

 

[dtech]

How does dodd- frank regulations stop svb's issues. Frank was on the board of signature bank.

I didn't make a claim it would have stopped the issues - that is being debated as to whether it would have been effective and the fact the Frank is on the board is similar to congress becoming lobbyists often doesn't much matter what they may have been for or against - like redlandranger just said - follow the money. The relaxation of dodd frank is an example of how congress operates.
Not trying to makes this a dem vs rep debate - examples abound, Hunter Biden, Neil Bush eg.

 

[dtech]

How does dodd- frank regulations stop svb's issues. Frank was on the board of signature bank.

If I were to delve into making political party opinions - I'd have to agree that a past dem admin was "soft" on the financial sector - basically no one was held accountable for the mortgage debacle.

 

[CB750F]

They need to go way back, separate the banks back to commercial/investment & retail.
They sweep our accounts every night & invest our $ to make $.
It's ok Yellen, Powel & Biden said the banks are solid.
So CS & what about Deutsche Bank as mentioned.
They all hold treasuries at below value.
Yes, always follow the $.

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