Just The News: Exchanges on Monday morning halted the trading of several bank stocks due to volatility, according to news reports.
The stops in trading occurred shortly after the markets opened at 10 a.m. ET. and followed Silicon Valley Bank failing Friday and Signature Bank failing Sunday.
Amid the sell off, stock sales have been temporarily halted for such stocks as PacWest Bancorp, Zions Bancorporation, First Republic Bank and Regions Financial, according to the Wall Street Journal.
The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. announced Sunday night they are working jointly to make sure depositors have access to their money.
President Biden on Monday, before trading started in the U.S., made a national TV address in which he said the country’s banking system is “safe.”
I’m sure that members of Congress finished their trades before then.
MARKED TO PAR!!! MARKED TO PAR!!! MARKED TO PAR!!! Fantastic! Win win win!!! Awesome, money no longer has value! Credit? Meh. Debit? Meh. No more pesky double entry bookkeeping! Yay! Balance sheet? Oh brother do I have one of those for you! You’re gonna love it! Income statement? You frickin’ bet I got one of those too! Or two! you choose!
Sitting under a tree, eating hot dogs and drinking bubble up, looking up at a bright blue sky!
Bottom line, little depositors get taken care of by FDIC, big depositors get taken care of by other means. In other words the taxpayer is going to cover it all! Yay! Moral hazard my striped red ass! In the absence of morals there isn’t any hazard and welcome to now-ville man.
To directly quote the Amway distributor who was trying to get me on board: Fantastic!
…years ago, after I was getting too old for this kind of thing anyway, I decided to ride on the then-King’s Island’s Son Of Beast. I rode it as a kid and wanted to ride it with MY kid, so away we went.
The Son Of Beast had issues from the start with poor quality construction causing a rough ride and, like me, had not improved with age. I knew that but I was too stubborn to admit we were too old for each other.
But there was this moment when it peaked the first hill and was poised silently just before delivering the most punishing ride of my life that I thought about how stupid I was to have put myself so completely in the hands of such poor engineers, but with full awareness that there was nothing I could do now but suffer the beating until the end, and I was not disappointed.
I got beat so hard I had to vomit and learn to walk again at the end. So hard that I even thought I was someone who didn’t need to go to the hospital so I didn’t. Happily I didn’t drive home or the passing out would have killed us all.
…this is what this bank news feels like. We are on the precipice of an unbelievably sharp fall that we can see coming but can do nothing about, totally at the mercy of people who designed suffering into the system for us that its too late to avoid now.
Except I think its going to take a LOT longer for the vomiting to stop this time.
…postscript; Kings Island tore the Son Of Beast down not long after, because it became impossible to pretend it wasn’t dangerously abusive any more.
Which makes me wonder if we don’t need to do the same thing to our entire banking system, and for the exact same reason…
Today in my opinion was a warning shot for those still asleep.
Consider yourselves warned.
Invest in Gold, Silver, Food, and lead.
Come on man!
The economy has never been better. Employment is gangbusters and the price of eggs has never been lower since the beginning of this year.
Before 5 . . .
What’s UP w/ Dana Perino pushing Crypto Grifts around XMAS . . .
. . . and now she’s covering Bank Failures and Crooked Capitolists for FOX NEWS as an Ancor, babies.
Hmmmmm
Biden telling me that the banks are safe does not inspire any confidence that banks are safe. I may need his press secretary to consult her binder on this.
Quite revealing how fragile the banking system is.
My take?
A riff on Dire Straits Money For Nothing..
🎶 Money from nothing (Fed) and the checks are free..🎶
“Invest in Gold, Silver, Food, and lead.”
You forgot brass and gunpowder.
I have enough to last the rest of their lives.