for Brian Shilhavy
Editor, Health Impact News
While the Fed’s decision yesterday (Sunday, March 12) to bail out depositors at Big Tech banks that crashed in recent days may have prevented a stock market crash today, it didn’t stop the bank runs and more than 30 banks halted trading at one point today.
The Fed/TSY/FDIC stepped in and he saved the world again last night.. but no one told the regional bankswhose stock is down dramatically today…
Certainly off the lows of the day, but all this with multiple trade stops today. FRC, WAL and MYFW are the most default-risk banks in the Russell 3000 banking subsector, according to Bloomberg…
But it’s not just small banks that are seeing default risk increase, all the big global companies are seeing CDS spreads increase…
Most banking is done online now, so long queues at banks to withdraw funds is not something most will see these days. What’s happening instead is that customers are pulling their funds out of riskier, mostly smaller banks and putting them into larger banks that they believe are “too big to fail” because they believe the Fed will step in to prevent – it
The unexpected demise of Signature Bank over the weekend, along with the failure of Silicon Valley Bank on Friday, prompted a backlash, asking questions, and then among regional bank investors as customers moved deposits to the banks. older Americans for a perceived custody. , observers said Monday.
Shares of regional banks including First Republic Bank FRC, -58.93% , Western Alliance Bancorp WAL, -44.16% , PacWest Bancorp PACW, -27.53% and Zions Bancorp ZION, -20.82% fell on Monday even after US banking regulators set up a new emergency lending program to support deposits.
Over the weekend, regulators shut down cryptocurrency-friendly Signature Bank SBNY, -22.87% even though only a minority of its deposits were tied to the digital currency. The company was hit hard despite the fact that it derives most of its business from traditional commercial banking services to companies outside the world of startups and digital currencies.
“Investors fear a flight of deposits to too-big-to-fail banks,” Janney Montgomery Scott bank analyst Christopher Marinac told MarketWatch. “It’s a perception problem that has become a perception crisis.”
Even though the Federal Reserve announced a new protection program and President Joe Biden declared America’s banks safe, investors remain skeptical about solutions to the banking system, or simply haven’t taken the time to absorb regulators’ measures to calm investors. , said Marinac.
“There’s a disbelief that there aren’t more failures,” he said. (Full article.)
While this is quickly becoming a partisan issue with each side blaming the other, open your wallet and look at the color of the Federal Reserve Notes (known as US Dollars). They are GREEN, not blue, not red.
“Reap what you sow” is a reality, not only in agriculture (you can’t plant corn and expect to harvest watermelons), but also in the financial world, and after years of corruption in the business world and financial markets . , the time to reap the consequences seems to have arrived.
America has thrived for too long on cheap labor outside the US, while investments and start-ups have become as risky and worthless as gambling in Las Vegas, throwing money away as entertainment without producing anything of real value.
This is a MORAL issue, not a political one. It seems that the time has come to pay our debts that we have been immorally ignoring for decades, regardless of which political office has been in power.
ReallyGraceful has a nice summary in a video they posted today.
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Posted on March 13, 2023