Zero Hedge: On Friday, we said that the Fed will have to make an announcement before the Monday open, and we didn’t have to wait that long: in fact, the Fed waited just 15 minutes after futures opened for trading to announce the new bailout, alongside even more shocking news: the Treasury announced that New York State regulators are shuttering Signature Bank – a major New York bank – adding that all depositors both at Signature Bank, and also the now insolvent Silicon Valley Bank, will have access to their money on Monday.
And as we process the shock of yet another small bank failure (which makes JPMorgan even bigger), the Fed just issued a statement saying that “to support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.“
The Fed also said that it is prepared to address any liquidity pressures that may arise, which in turn has just unveiled the first bailout acronym of the new crisis: the Bank Term Funding Program, or BTFP. Some more details:
The financing will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.
The Fed explains that the Department of the Treasury will make available “up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP.” And while the Federal Reserve – which was completely clueless about this banking crisis until Thursday – does not anticipate that it will be necessary to draw on these backstop funds, we anticipate that the final number of needed backstop liquidity be somewhere north of $2 trillion.
What is more notable is that the BTFP – or Buy The Fucking Pivot – facility, will pledge collateral at par, not at market value, thus giving banks credit for all those hundreds of billions in unrealized net losses, and allowing banks to “unlock liquidity” based on losses which the Fed and TSY now backstop! more here
Some on Air Personalities at those Networks appear to have direct ties to some of these companies too.
MORE
More Cloward Piven
Wonder who(s) won’t show up for work today?
This isn’t a failure, it is a feature of a corrupt oligarchy
This will help pave the way to CBDC. It’s for your protection ya’know.
The road has been bumpy but the cliff is coming up, as Washington throws more taxpayer dollars to the wind as it’s the only plan they ever have. And the sheep keep trusting the politicians as we take on more water.
The KKKJoe Biden, democrat party and collaborators are behind this just as they have been with every other vicious malicious act.
“To each according to his need;
from each according to his ability.”
Money is a figment of the evil capitalists’ imagination.
“The last capitalist will sell us the rope with which we hang him (cuz we don’t know where rope comes from).”
“Death to the Kulaks!”
mortem tyrannis
izlamo delenda est …
Geronimo, suckers !!! heh, heh
At par! Oh how wonderful! No ‘mark to market’ this time around, blessed par! We win, win, win! Someone said ‘It’s good to be rich’ and that is true. What’s better is owning the system that governs you, similar to but very different from the ideas of the nation’s founders.
Hey.
Maybe don’t send another hundred billion to Ukrane, but use it here instead to keep THIS nation from collapsing?
…just a thought.
You know how they plan to make it so they can automatically turn not only your whole house off, but individual things IN your house, to make up for the electrical shortage they created? And how that will only apply to peasants and not rulers?
…well, when they use the “emergency” they caused and the panic they will fuel to impose digital currency, it will be like THAT, but with your money instead.
Hope you bought enough weapons and ammo.
Because its too late now if you didn’t.
1 Question:
Did PELOSI (the world’s Greatest Investor) own shares/get out early/never own it in the first place?
I’m asking on behalf of Warren Buffet
…oh, and everyone who thinks they can use precious metals investmets to “Gold” their way through this?
…Just remeber that the LAST time Democrats caused a Depression, Democrats also made it ILLEGAL to own gold, and made everyone turn it in to the Federal Goverment for subpar amounts so they could “put in in Fort Knox”, never to be seen or audited again.
ht tps://theconversation.com/how-the-us-government-seized-all-citizens-gold-in-1930s-138467
Shut up and pay your fucking taxes, you lying dog-faced pony soldiers.
Anybody starting to see a little more clearly now?
Whom(s) were heavily pushing the krypto back a couple months ago? Do you know? Do you remember? We do. It was recorded, for posterity. Bridges to Wealth and stuffs. Remember?
Someones do. Never Forget.
…but no worries, because they have a plan to make sure the deserving get everything they need. See, all you need to do is get a single tattoo, pretty small really, and you have a choice of putting it on your hand or forehead. Once you accept that, for your safety of course, you’ll be able to get everything you need, for a little while anyway, because they won’t be letting those Insurrectionists who refuse it buy or sell anything so that’s more for YOU.
…I wonder where they got that plan…
“16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.”
Revelation 13:16-18
Well, this sure instill confidence in the economy.
Well St Patties day is a comin with bags and bags of Biden Bux….
Just an UPDATE ($1,910 – $1,030 = $80):
Gold – Last Friday (3-10-2023)
Opened AM @ $1,830.00 +/- $2.00.
Closed PM @ $1,870.00 +/- $2.00.
Gold @ 10:20 this Monday morning
@ $1,910.00 +/- $1.00
Correction (DAMN! – Sorry about that)
Just an UPDATE ($1,910 – $1,830 = $80):
They can ban owning gold just like they want to take your guns. People that told FDR to f.. himself still had their 1880 gold dollars after he croaked. (every creep in grubermint is mortal)
Back in the day, when the PIIGS’ economies were crashing, the Italians were drafting draconian new taxes. I asked my friend who traveled there regularly on business, how the Italians were feeling, and he laughed and said, “ha, they can make new taxes, but the people there just don’t plan to pay them”.
IOW, when you dropped your rifle over a bridge into that deep river sometime back, when you bent over to look, all your gold fell out of your pocket. Sorry, Shitpants.
Hey Milton, thanks for chiming in with your thoughts. See how you can contribute to the conversation when you take Bernie’s dick out of your mouth?
You would know that
The bitter taste of low quality lasts far longer than the sweet sweet taste of free money stolen from friends and family tasted in those halcyon money grubbing banksturd hieghts of money grubbing ecstasy just like that Carolina Killers bitterness at being caught now and what it tasted like then, comparison.
If you are a Money Grubber may you soon taste the bittersweet tang of a big ole slice of hickory pie.
They just froze, stopped trading, 30 banks. This is not good.
.thegatewaypundit.com/2023/03/developing-trading-halted-at-30-banks-as-market-opens-nyse-halts-trading-at-charles-schwab/
If, in fact, SVB was solvent up until the run, one might assume that the run was designed and triggered. Frankly, however, a bank that caters to the tech industry is going to be bloated with valueless assets … vaporware.
From the descriptions I have read so far, SVB was run exactly like a typical dot.com company, likely by former dot.com managers. It’s all about the look, not substance. It’s flashing a glittery lure to the massive swarm of mindless investors.
The financial sector, including its regulators, have for decades facilitated rampant speculation with easy money and tools designed to maintain inflated values of bank assets.
Mortgage backed securities were intended to spread speculative risk throughout the system. It certainly has. Now watch the house of cards collapse, and observe who benefits from that collapse.
“If, in fact, SVB was solvent up until the run”
I read they lost 10 million last year and 40 million last Thursday. In one day. But who knows. There’s a bunch of crap floating around. One thing that is interesting is some of the people getting hurt by this. Mark Cubans still crying. Several Hollywood production studios couldn’t meet payroll last Friday. A shit ton of upper crust Libs that thought they were part of the CLUB.
Anyway you cut it, this won’t end up being good for us.
Also, what J6 tapes? For the most part, nobodies talking about that anymore.
Just received this analysis from Merrill. They think SVB had an atypical asset mix that contributed to its failure. Or perhaps just made it an earlier failure than others. I remain cynical as always.
olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/Market_Volatility_Update_March_13_2023_Merrill.pdf
Hey “its T.A.R.P. all over again!”! Apology to YOGI.
“Bush Republicans” bail out their UNIPARTY billionaire friends!
If you , or a loved one , lost money in this HA HA
If you , or a loved one . lost money in Crypto HA HA
If you , or a loved one , lost money in both . . .
H A H A hee H A H A
Put your trust in Janet Yellen. A face so loveable just couldn’t lie to you.
Hey Milton, Bernie’s already tapped that. He’s insatiable when fantasizing that she’s his sister.