The stock market

[movetheboat]

dow futures down 500....European banks now

 

[OVERBORED]

Is this going to turn into a repeat of 2008?
Seems like the downturn in housing markets is a trigger of some sort........

 

[movetheboat]

Forget about anymore rate hikes...they may actually cut now down the road

 

[longcast]

Credit Suisse stock slump triggers close monitoring by regulators

Credit Suisse shares slumped by as much as 30% on Wednesday after its largest shareholder said it could not provide further support, prompting the Swiss bank's CEO to make new assurances on its financial strength.

www.reuters.com

Credit Suisse on Tuesday published its annual report for 2022, which said it had identified "material weaknesses" in controls over financial reporting and had not yet stemmed customer outflow.

 

[longcast]

It took awhile. Certain outlets want you to believe that banking rules were "gutted".

Fed criticized for missing red flags before bank collapse

The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into what became the second-largest bank failure in U.S. history.

apnews.com

Critics point to many red flags surrounding the bank, including its rapid growth since the pandemic, its unusually high level of uninsured deposits and its many investments in long-term government bonds and mortgage-backed securities, which tumbled in value as interest rates rose.

“It’s inexplicable how the Federal Reserve supervisors could not see this clear threat to the safety and soundness of banks and to financial stability,” said Dennis Kelleher, chief executive of Better Markets, an advocacy group.

Wall Street traders and industry analysts “have been publicly screaming about these very issues for many, many months going back to last fall,” Kelleher added.

The Fed was the primary federal supervisor of the bank based in Santa Clara, California, that failed last week. The bank was also overseen by the California Department of Financial Protection and Innovation.

 

[movetheboat]

YAWN!!

Fact check: What's true in the blame game over SVB's collapse?

 

[movetheboat]

The market is shaking off the banking fiasco which actually has a silver lining in stopping the rate increases and providing more liquidity which we all know, the market loves more than a fat kid likes ice cream!!

Let's see if the market can hold this gain into tomorrow....but it is Saint Patricks day and that means GREEN BABY!!!!! My middle name is Patrick also!! no Saint...but still Patrick...the Sainthood I'm working on!!

 

[dsedy]

It’s on like Donkey Kong! Higher she goes…. Until the next blow up ?

 

[movetheboat]

It’s on like Donkey Kong! Higher she goes…. Until the next blow up ?

Hi Don...lol!

 

[Roccus7]

.the Sainthood I'm working on!!

Good luck with that...

 

[dsedy]

It’s on like Donkey Kong! Higher she goes…. Until the next blow up ?

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Earlier today we said that with Wall Street freaking out over the latest bank crisis, everyone's attention would be focused on today's weekly H.4.1 update from the Fed. And they weren't disappointed because what we found was striking.

In the week ended March 15, borrowings under the Fed's deeply stigmatizing last-ditch liquidity facility, the Discount Window, exploded to $152.85BN, a record $148BN weekly jump to an all-time high which surpassed even the borrowings during the financial crisis!




Or... we are really FUBAR ...flip a coin on this one. 150B in weekly borrowings.....so bad it might just be good.

 

[longcast]

Stock market news today: Stocks lower as First Republic weighs on banks

Stocks were lower on Friday after markets staged a huge rally Thursday on news some of the country's biggest banks would band together to help stabilize struggling lender First Republic.

finance.yahoo.com

 

[longcast]

Stock Market Today: Dow ends sharply lower on bank jitters; Nasdaq, S&P 500 book weekly gains

Follow all the latest U.S. market action for Friday here.

www.marketwatch.com

Fed expected to follow ECB's lead, plowing ahead with rate hike next week

The European Central Bank raised its benchmark interest rate by 50 basis points on Thursday. Will the U.S. Federal Reserve follow suit? The answer is yes, albeit a smalle

www.marketwatch.com

The European Central Bank raised its benchmark interest rate by 50 basis points on Thursday. Will the U.S. Federal Reserve follow suit?

The answer is yes, albeit a smaller-sized move, economists said Thursday.

The ECB rate hike is a “model” that the Fed can use, said Vincent Reinhart, chief economist at Dreyfus and Mellon.

“The ECB move was an action driven by their macroeconomic responsibility. And it was couched in concern for how things might unfold, they said ‘carefully monitoring’ a lot. I think that’s what the Fed will do,” Reinhart added.

 

[dsedy]

Got Gold?

 

[longcast]

Got Gold?
View attachment 60570

Looking for the end of that damn rainbow!

 

[movetheboat]

First Republic Bank Executives Sold $12 Million in Stock in Months Before Crash​

Insider sales at bank are exempt from normal disclosure rules (imagine that)​

WSJ News Exclusive | First Republic Bank Executives Sold $12 Million in Stock in Months Before Crash

 

[Rick67]

Here’s a trend for you to watch. WOKE banks not being FDIC approved.

 

[Roccus7]

Here’s a trend for you to watch. WOKE banks not being FDIC approved. View attachment 60595

Nothing ominous about that announcement from Wells Fargo, just a normal disclaimer notification from any bank.

From the FDIC Website:

The FDIC covers​

• Checking accounts
• Negotiable Order of Withdrawal (NOW) accounts
• Savings accounts
• Money Market Deposit Accounts (MMDAs)
• Time deposits such as certificates of deposit (CDs)
• Cashier's checks, money orders, and other official items issued by a bank

The FDIC does not cover​

• Stock investments
• Bond investments
• Mutual funds
• Crypto Assets
• Life insurance policies
• Annuities
• Municipal securities
• Safe deposit boxes or their contents
• U.S. Treasury bills, bonds or notes*

*These investments are backed by the full faith and credit of the U.S. government.

Depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. If you are interested in FDIC deposit insurance coverage, simply make sure you are placing your funds in a deposit product at the bank.

COVERAGE LIMITS​

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met.

All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.

WHEN A BANK FAILS​

A bank failure is the closing of a bank by a federal or state banking regulatory agency, generally resulting from a bank's inability to meet its obligations to depositors and others. In the unlikely event of a bank failure, the FDIC acts quickly to ensure depositors get prompt access to their insured deposits.

FDIC deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's closing.

The FDIC acts in two capacities following a bank failure:

1. As the "Insurer" of the bank's deposits, the FDIC pays deposit insurance to the depositors up to the insurance limit.
2. As the "Receiver" of the failed bank, the FDIC assumes the task of collecting and selling the assets of the failed bank and settling its debts, including claims for deposits in excess of the insured limit.

 

[dsedy]

Looking for the end of that damn rainbow!

The end of the rainbow is actually a lot of pain.
This is all by design...I think I wrote a post thread about it last year.

FedCoin and Central Bank Digital Currencies coming within 24 months, (these are programmable digital dollars, what you can spend, how you can spend it and all centrally tracked by your dear Government) which for all intents and purposes will wipe out any financial privacy, freedom and choice for every citizen. Slave state mark of the beast stuff prophesized in Revelations.

Here’s a trend for you to watch. WOKE banks not being FDIC approved. View attachment 60595

Investment Accounts at WF Securities are covered by SIPC up to 250K, just like any bokerage account. What you are posting is from the regular bank for checking and savings accounts which is only covered by FDIC. Those are two separate entities. The bank offers checking and savings, the Securities division offers investment and insurance solutions. Completely segregated.

 

[longcast]

SIPC - What SIPC Protects

Securities Investor Protection Corporation

www.sipc.org