Bob Gorrell for March 13, 2023

Thanks to Trump.

I’m pretty sure MY banks are reasonably well regulated both by external rule and by their own business decisions. SVB, not so much, imo: WHY did they own so much paper that was subject to loss when the Fed raised interest rates?

Obviously we need to completely deregulate banks. What could possibly go wrong?

Maybe cut taxes, too.

The banking system never recovered from the mortgage crisis. The bailouts were a bailout that the Bush Administration put in place. Dodd-Frank failed to address the underlying issues. The system is simply broken. Given that Congress is focused on proving insurrectionists are “real” Americans and trying to preserve the tax breaks for the top 1%, not much will be done to fix it.

CBS reports that customers will have access to all their money at SVB this morning. How the Hell will that happen if only 10% of deposits are federally insured?

SVB had 220 billion in deposits – 90% uninsured. Yet the government will allow depositors to withdraw all the money.

So when did Congress approve a 200 billion bailout?

Another victim of Bidenomics.

I think.. this is another case where on this side of the fence we do it better

Wrong, Bobbie, U.S. banks are in pretty good shape. Their capital to asset ratio is 20% higher than it was in 2007, exposure to higher risk assets & activities has been reduced by a third, loss ratios are higher than ever, and FDIC has enough money through cash and assessment to easily handle the failure of SVB, Signature (failed over the weekend), and more. Your FDIC insured account is perfectly safe.

it’s a crypto and bad management problem

The deregulation disaster continues. And someone says “Why didn’t Biden put them back in place?” Why did the Orange One take them away is the question. Taking them away caused the problem. You are fussing over someone having to fix your guy’s incompetence. It is much harder to get them back than it was to dissolve them.

Guess who invested his money in Silver or Gold and now wants the banks to close? BOB GORRELL.

Make banking boring, again.

This Gorrell “effort” is completely understandable if you majored in Economics at tRump U!

Elizabeth Warren: ‘We know who’s responsible’ for startling SVB implosion

It’s no secret what caused the sudden implosion of the once-mighty Silicon Valley Bank, Sen. Elizabeth Warren (D-MA) wrote Monday in a New York Times op-ed. “We know who is responsible,” she declared.The name of a key person behind the mess starts with a “T” — but he was backed by members of both parties who worked to weaken bank regulations aimed at protecting customers and the nation, Warren argued.

Silicon Valley Bank parent, CEO, CFO are sued by shareholders for fraud

(Reuters) -SVB Financial Group and two top executives were sued on Monday by shareholders who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit, which failed last week, “particularly susceptible” to a bank run. The proposed class action against SVB, Chief Executive Greg Becker and Chief Financial Officer Daniel Beck was filed in the federal court in San Jose, California. It appeared to be the first of many likely lawsuits over the demise of Silicon Valley Bank, which U.S. regulators seized on March 10 following a surge of deposit withdrawals.

I’ve noticed that here in the Sierras with record breaking snow depths the residents of seriously snowed-in homes in what are effectively Trump-colonies, are outraged that local and federal agencies aren’t digging them out fast enough. Of course, they want government(s) to be smaller and get out of their lives (until they need help). Likewise people want the government to cover their losses with banks failing, but in the same breath they want smaller government to get out of their lives. You’d think they’d get headaches…or maybe schizophrenia meds would help.

Capitalism’s fatal flaw………..World Banking.

The banks that defrauded people back in the 2000s should never have been bailed out, and should have been shut down.

If there’s no penalty, there’s no reason they’ll stop.

Its bank crash season already?

I still have my train derailment decorations up.

This cartoon is a pink piggy bank with “U.S. BANKING” written on it. Those who are obsessed with a certain guy seem to believe that everything is about him. (He seems to think so too.)

I’m sorry, but who weakened Dodd-Frank? Oh, yeah, the Republican-majority in the House and Senate, then signed by the Republican in the White House. Might be worth noting.

Remember when Trump rolled back the Dodd Frank bill which Obama put into place to stop banks from crashing?

Lying greedy Republicans are always at the center of all of our problems.

So, the USA has ‘free markets’ right? Oh that’s right. We don’t.