SIGforum.com Main Page The Lounge Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis
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They have just bailed out the big money libs. They do not give a shit about and would not lift a finger to help out depositors in a small regional bank that may have farmers and whatnot with account balances exceeding $250,000. But, that is not who SVB catered to. They catered to the extremely wealthy and woke types that align with this administration on everything. The fact that some regular Americans may also be saved by their actions here is just an unfortunate coincidence. Believe me, we are going to pay for this. Printing money to recover the losses simply devalues everyone's money. No big deal if you are a big money elite or company... but for us regular Joe's, this is going to hurt in the long run, just like all of the other spending president 2-scopes and his cronies are up to. God, I am so pissed right now. The "Boz" | |||
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So I guess the Dodd-Frank law is like all the other laws they choose to ignore. Such as the immigration laws. _________________________ "Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it." Mark Twain | |||
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Tinker Sailor Soldier Pie |
Wait, so are you telling me they're lying right to our faces? Say it ain't so. ~Alan Acta Non Verba NRA Life Member (Patron) God, Family, Guns, Country Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan "Once there was only dark. If you ask me, light is winning." ~Rust Cohle | |||
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Comment from the front page of Instapundit, use it as an example of corruptocrats, ie. DemoKKKrats.
...let him who has no sword sell his robe and buy one. Luke 22:35-36 NAV "Behold, I send you out as sheep in the midst of wolves; so be shrewd as serpents and innocent as doves." Matthew 10:16 NASV | |||
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Not surprised...while she's not the sole reason for the bank's collapse, it does beg the question of where the priorities were when responsibility was to clients and investors. If anything, for those corporations and financial institutions who are pursuing a ESG-led compass heading, this situation should serve as a warning about 'woke capitalism'....looking at you Black Rock and State Street. SVB had NO head of 'risk assessment' for nine months before it collapsed... as woke boss for Europe, Middle East and Africa was busy organizing a month-long Pride campaign and a 'Lesbian Visibility Day'
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| The Main Thing Is Not To Get Excited  |
What a shit show. The only way I can make this even halfway rational is that .gov sees the failure of this financial shell game as a catastrophe of monumental proportions, which it could well be since nothing else is working and even FJB's handlers are getting nervous. If they are panicked about a financial panic, which is not impossible at this point, they might figure screw it-pay everybody off. The rubes don't care and nobody knows that it's against the law anyway. So they kick the can down the road until somebody, somewhere raises screaming hell about .gov charging taxpayers for this scheme. Then they fire two white straight guys from the Fed and they're good. When the next bank goes it will demand the same treatment. Just fuck. _______________________ | |||
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| I've always been Crazy! kept me from goin Insane! |
[QUOTE]Originally posted by wishfull thinker: When the next bank goes it will demand the same treatment. [QUOTE] Next bank went down yesterday afternoon. Signature Bank the 3rd largest bank failure in US history. Edited to add First Republic Bank will probably be gone by lunchtime. ------------------------------------------------------------------------------------------------------------------------------------ A 'Veteran' -- whether active duty, discharged, retired, or reserve -- is someone who, at one point in his life, wrote a blank check made payable to 'The United States of America,' for an amount of 'up to, and including his life.' That is honor, and there are way too many people in this country today, who no longer understand that fact. Author unknown | |||
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Okay I get the part about not bailing out accounts with more than $250,000 in them, everyone should be covered and made whole. I remember when it was less than half that several years ago and the goverment doubled it during the last crises to keep a run on the banks from happening. My question is what happens to the companies that have to use a bank to make deposits to operate? Things like having the ability to make payroll, pay bills and so on. How do companies protect their deposits? What happens if a small multi million dollar company all of a sudden, through no fault of their own, wakes up one morning and finds out their money is gone, less the $250,00. Does this mean the company that can no longer access their money goes out of business right their? I know companies can spread their money around to different banks but for some this is impractical. I do not think the goverment should be using our tax dollars to bail out business that made bad decisions, they have in the past remember "to big to fail" however what are the smaller business suppose to do? Remember I am talking about small business that have done everything right, put their money that is more than $250,000 in the bank so they could operate their business, wake up one morning to find out it is all gone. Is their a way for them to protect them self from this happening? Do people have to start to become concerned if the company they are working for,once again through no fault of the companies actions are going to be able to get paid their money owed to them? I am not defending the actions of anyone I am just trying to understand how this could happen after the last crises and all the regulation that were put in place to keep this from happening again. The Second Amendment to the United States Constitution. A well regulated militia being necessary to the security of a free state, the right of the people to keep and bear arms shall not be infringed. As ratified by the States and authenticated by Thomas Jefferson, Secretary of State NRA Life Member | |||
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Step by step walk the thousand mile road |
Rhut Rhro. ETA: it freaks me out when, after reading news like that which I quoted, I cannot get on any news related site, I.e., Fox, CNN, MSNBC, CNBC, Twitter. ETA 2: Good Ol’ Pedo Joe addresses the nation on banking crisis:
Anybody want to give odds his remarks crash the world economy by 9:30? Nice is overrated "It's every freedom-loving individual's duty to lie to the government." Airsoftguy, June 29, 2018 | |||
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| Lawyers, Guns and Money  |
I dunno... but some think it will lead to CBDC's: Once the economy has melted down, CBDC's will be proffered as the ONLY way we can get "back to normal"—a "cure" that will turn out to be as catastrophic, in their way, as those "vaccines" by Mark Crispin Miller With two major US banks going under this past week, it’s more than likely that the Next Big Thing, deployed to change the subject (from the ever-growing toll of “vaccination,” the truth about “January 6,” and other inconvenient measures of reality), is going to be that economic crash which has been hurtling toward us ever since the last one 15 years ago—a catastrophic prospect that “our free press” often has discussed, and with all due solemnity. And it’s just as likely that that global crisis will, eventually or soon, be used to push, as its “solution,” and, therefore, our salvation, central bank digital currencies, a/k/a CBDC’s—a “cure” that will be just as deadly, in its way, as those “vaccines” that were (and still are!) pitched as our only hope; for such currency will not be yours to spend as you see fit, but only on those things “your” government allows, and only if the state has not declared you a “domestic terrorist” or spreader of “hate speech” and/or “misinformation.” Thus CBDC’s will be used to shut down all and any dissidence, as Trudeau did to the truckers in Canada, and as is increasingly the case in China. https://markcrispinmiller.subs...rue&utm_medium=email "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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I wonder if my payroll department will pay me in gold and silver. | |||
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This has been going on for a while now. The US has sent billions of dollars to two Swiss banks over the last couple of months. This is a world wide problem that is just in the beginning stages it appears. | |||
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OK. Everybody relax. Joe was just on the TV & he has it under control. “You can have confidence that the banking system is safe," Biden said. "Your deposits will be there when you need them.” ------------------------------------------------ "It's hard to imagine a more stupid or dangerous way of making decisions, than by putting those decisions in the hands of people who pay no price for being wrong." Thomas Sowell | |||
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| Tinker Sailor Soldier Pie |
Yup. No worries. We're in good, competent hands, fellas. Biden has rescued us from disaster. ******************************** Biden Claims His ‘Quick Action’ Saved Banking Industry, Blames Trump For Banks Collapsing President Joe Biden patted himself on the back Monday morning as multiple banks have collapsed in recent days, claiming that the “quick action” of his administration has stabilized the banking industry. “Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills,” Biden said. “And their hardworking employees can breathe easier as well.” Biden said he was focused on reducing the risk of other financial institutions collapsing. “During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure the crisis we saw in 2008 would not happen again,” he said. “Unfortunately, the last administration rolled back some of these requirements.” Biden’s remarks come after the Silicon Valley Bank announced a $1.75 billion share sale on Wednesday after the financial institution suffered heavy losses from the liquidation of a $21 billion bond portfolio, raising concerns among venture capital firms and startups with ties to the company about the safety of their assets. SVB, the 16th-largest bank in the United States and the largest in California’s Silicon Valley, lends to nearly half of the venture-backed technology and healthcare companies. The Federal Deposit Insurance Corporation (FDIC) said on Friday that SVB was closed by the California Department of Financial Protection and Innovation. Treasury Secretary Janet Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg announced in a statement on Sunday that a second bank was closed in New York on Sunday by state officials. “We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” the statement said. “All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.” https://www.dailywire.com/news...for-banks-collapsing ~Alan Acta Non Verba NRA Life Member (Patron) God, Family, Guns, Country Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan "Once there was only dark. If you ask me, light is winning." ~Rust Cohle | |||
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Wait for it. Cramer will advise to invest in Regional Banks this morning from his studio at the New York Stock Exchange. | |||
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| No More Mr. Nice Guy |
Debt is always paid by someone. If not the original debtor then someone else bears the burden. No matter how it is structured, this bailout will be paid by the public. | |||
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| Lawyers, Guns and Money |
Right... and what most people don't understand is that governments and societies have been destroyed by debt. When the profits are private but the risks are socialized, there is no incentive to avoid risk. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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Get Off My Lawn |
  "I’m not going to read Time Magazine, I’m not going to read Newsweek, I’m not going to read any of these magazines; I mean, because they have too much to lose by printing the truth"- Bob Dylan, 1965 | |||
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| Staring back from the abyss  |
This is something we should all be very concerned about. ________________________________________________________ "Great danger lies in the notion that we can reason with evil." Doug Patton. | |||
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Fighting the good fight |
How'd you like to have this guy's resume... C-suite executive to two failed banks, back-to-back. Former CFO at Lehman Brothers, then left Lehman just prior to their 2008 collapse to become CAO to SVB, which has now itself collapsed.  | |||
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