President Joe Biden said the nation’s financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.President Joe Biden said the nation’s financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.
First Republic wasn’t alone. Shares of well-known franchises like Charles Schwab, Fifth Third Bank, Truist, Comercia and Ally Financial all fell sharply. “Everything is now covered. That’s a fact. No matter how specialized or isolated your bank is, if there’s a risk of contagion, regulators have made it clear that they are going to intervene,” said Norbert Michel, a banking policy expert at the libertarian-leaning Cato Institute.
International regulators also had to step in to ease fears. The Bank of England and U.K. Treasury said they facilitated the sale of a Silicon Valley Bank subsidiary in London to HSBC, Europe’s biggest bank. The deal protected 6.7 billion pounds of deposits. She said a high volume of withdrawals that began last week continued with online transactions through the weekend. The bank was open Monday under the name of Signature Bridge Bank.
Why were SVB execs paid bonuses right before the government shut down?
The federal government guarantees the rich their wealth but won't guarantee healthcare or food to the least of us. Our politicians are without morals or shame. Remember the French Revolution.
In Canada the banks have insurance...guaranteed to a certain dollar amount. Put in place after the depression in the hasn't killed us or big business considering banks have record profits....but ..but....government interference....socialism
But... but....but....that is socialism
Considering our system subsists on fractional banking, if everyone tries to withdraw their funds it will result in cascading failure of our banking system… so let’s not rush it.
Customers were already insured up to $250 K. The bail out was for the fat cats.
Another taxpayer bailout.
The rich investors at SVB expressed relief that ordinary citizens will bail them out of their risky investments, 97% of which are uninsured, leaving them no incentive to invest more carefully in the future! How can this end well? There I fixed it for you!
Government moves so fast for certain people, lmfao.
The Rich always get the help they need
ENJOY THE PROPOGANDA
Now the share holders must pay back the taxpayers. Kinda like how Medicare holds estates liable for all payments it’s made to help out & offset costs of care after death. Fair is fair. Right?
'Stunning'
'stunning collapse' with help from the Biden administration. Now that I mention it, not so 'stunning' after all.
It seems that the time has come for fundamental changes in the banking system. Today, banking objectives need to be redefined.
Stop ignoring the blatant fraud in our financial markets. Report a real story on the real crimes against retail investors happening NOW! MMTLP $MMTLP
Trump would of stole the reprieve money.
They should have taken a haircut at the very least.
the “Government “ isn’t helping the customers of SVB…the average american person will pay for it by making us pay higher bank fees wakeup stopthelies
Does this set a new precedent that all depositors are now protected for any amount of funds ? The 250K no longer applies ?
Can’t wait to hear the left white knighting for bankers and Wall Street while everything crumbles.
Probably bonuses and tax cuts
Citizens lose billions because Big Tech wants their billions back...
tonetalks Thank You Mr. Moore. As you well know we are not Russian Bots, but RT has been telling the truth for some time now.
Then Biden sent out his chief liar to say that Banks will pay for uninsured losses, not the taxpayers, a COMPLETE lie! The money comes from fees placed on banking customers so the money does indeed come from the public, where else could it come from, Bdens slush fund?
They're woke and had high ESG score. Woke doesn't work
I can’t wait to hear what Senator Warren tells the president want to say today. And then after he’s done speaking he’ll wander off into the distance without answering any questions as usual.
Democrat President. Democrat California Governor.
SVB failed for the same reason Washington Mutual failed in 2008, GOP administrations. The GOP is the party of economic problems not solutions. For example, the budget was last in balance under President Bill Clinton. Then came the Republicans.
Pretty simple, they put equity & diversity ahead of smart business
BlackRock and Vanguard call for America’s deindustrialization in the name of saving the planet. Meanwhile, they bankroll the expansion of Chinese coal plants.
How did we get here? 10 Diversity officers, no risk manager
How did we get there? Ronald Reagan and greed.
Both are Democrats failures!
The bank failed because interest rates went up. Interest rates went up because inflation went up. Inflation went up because democrats passed an unnecessary 2 trillion dollar stimulus bill in March of 2021.
Will more banks join SVB on BFA (Bank Failure Alley)? The Bank of Silicon Valley A new resident on Bank Failure Alley Sixteenth in the nation And now devastation Will more banks be joining this tally?
Deregulation ‼️‼️‼️‼️Greed
Hopefully...
Sure, that looks like a “bank” to me.
The GQP & Trump repealed Dodd-Frank. That’s how da fuk “we” got here. How many times do the banks get to crash the economy b4 y’all get it?! They can’t be trusted to do the right thing without regulation. Never have been; never will be.
Funny how SVB execs dumped shares before the collapse
We got here by bailing out the banks in 2008/9, learning absolutely nothing, not regulating a thing, and repeating exactly the same mistakes.
There were no bank collapses occurring under President Trump. SVBCollapse
Old school version of crypto fraud…
If we're here again, better try some new steps
How did we get here?
Americas incompetence will destroy itself. Inshallah.
New money system coming, been the plan all along
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