President Joe Biden - Kamala Harris Administration

#42,551
#42,551
SpaceCoastVol said:
Does anybody else think Joe Biden looks a lot like this guy?
iu
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Nope, Biden is far creepier
 
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#42,552
#42,552
Just hang up the phone folks. Joe Biden just informed US that he is the greatest leader of any nation in all of human history (I am NOT kidding)
 
#42,556
#42,556
jmacvols1 said:
Biden Bank failure:

Regulators close Silicon Valley Bank after bank fails to raise new capital

"Regulators closed troubled Silicon Valley Bank after deposit outflows and a failed capital raise plunged the country's 16th largest bank into crisis, roiling the larger lending industry.

It became the largest bank to fail since Seattle's Washington Mutual during the height of the 2008 financial crisis.."

SVB stock
Day's Range: 100.00 - 177.49
52 Week Range: 100.00 - 597.16

10 banks that may face trouble in the wake of the SVB Financial Group debacle

"Silicon Valley Bank wasn’t well positioned for rising interest rates, leading to losses and a dilutive capital raise. Other banks show similar red flags."

Fecal matter about to merge with motorized cooling mechanism.
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First Republic, Signature Bank, Other Regional Bank Stocks Halted Amid Selloff

"Several regional bank stocks were halted Friday morning amid a market selloff led by SVB Financial Group, owner of startup-focused Silicon Valley Bank.

First Republic Bank, PacWest Bancorp, Western Alliance Bancorp and Signature Bank were all halted for volatility after sharp declines in early trading.

First Republic had fallen by as much as 50%. PacWest and Western Alliance had slid more than 30%. Signature was down by about 25%.

SVB Financial said it would sell securities at a nearly $2 billion loss on Wednesday in the face of larger-than-expected deposit outflows. Its stock, which was halted early Friday, has fallen by about 81% since then. The company is seeking a buyer after scrapping its plan to shore up its finances through a capital raise, the Journal reported Friday.

The events have left investors wary of unrealized losses that have piled up at banks since a deposit surge in the pandemic, which led many to take big positions in bonds that have since dropped in value."

Glad I sold my PacWest Bank stocks last year.

85% of Silicon Valley's Bank's Deposits Were Not Insured

More than 85% of Silicon Valley's Bank's Deposits Were Not Insured.

But more than 85% of the bank’s deposits were uninsured, according to estimates in a recent regulatory filing. That’s because FDIC deposit insurance is meant for everyday bank customers and maxes out at $250,000. Many Silicon Valley startups had millions, or even hundreds of millions of dollars deposited at the bank—money they used to run their companies and pay employees. Right now, nobody’s sure how much of that cash is left.

https://www.cnbc.com/2023/03/10/sil...omers-scramble-to-meet-payroll-pay-bills.html

Companies scramble to meet payroll, pay bills after SVB’s swift failure


Silicon Valley Bank is a particularly scary failure. Here's why.

https://www.cnbc.com/2023/03/10/roku-says-26percent-cash-reserves-stuck-in-silicon-valley-bank.html

Around $487 million, or 26%, of Roku’s cash reserves are stuck at Silicon Valley Bank, the streamer said in a Friday SEC filing.

Tech CEO with at least $10M in Silicon Valley Bank locked out of account

Nearly half of all US venture capital-backed startups were involved with Silicon Valley Bank

Run on the bank:



SVB Chief Sold $3.6 Million in Stock Days Before Bank’s Failure
 
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#42,557
#42,557
jmacvols1 said:
First Republic, Signature Bank, Other Regional Bank Stocks Halted Amid Selloff

"Several regional bank stocks were halted Friday morning amid a market selloff led by SVB Financial Group, owner of startup-focused Silicon Valley Bank.

First Republic Bank, PacWest Bancorp, Western Alliance Bancorp and Signature Bank were all halted for volatility after sharp declines in early trading.

First Republic had fallen by as much as 50%. PacWest and Western Alliance had slid more than 30%. Signature was down by about 25%.

SVB Financial said it would sell securities at a nearly $2 billion loss on Wednesday in the face of larger-than-expected deposit outflows. Its stock, which was halted early Friday, has fallen by about 81% since then. The company is seeking a buyer after scrapping its plan to shore up its finances through a capital raise, the Journal reported Friday.

The events have left investors wary of unrealized losses that have piled up at banks since a deposit surge in the pandemic, which led many to take big positions in bonds that have since dropped in value."

Glad I sold my PacWest Bank stocks last year.

85% of Silicon Valley's Bank's Deposits Were Not Insured

More than 85% of Silicon Valley's Bank's Deposits Were Not Insured.

But more than 85% of the bank’s deposits were uninsured, according to estimates in a recent regulatory filing. That’s because FDIC deposit insurance is meant for everyday bank customers and maxes out at $250,000. Many Silicon Valley startups had millions, or even hundreds of millions of dollars deposited at the bank—money they used to run their companies and pay employees. Right now, nobody’s sure how much of that cash is left.

https://www.cnbc.com/2023/03/10/sil...omers-scramble-to-meet-payroll-pay-bills.html

Companies scramble to meet payroll, pay bills after SVB’s swift failure


Silicon Valley Bank is a particularly scary failure. Here's why.

https://www.cnbc.com/2023/03/10/roku-says-26percent-cash-reserves-stuck-in-silicon-valley-bank.html

Around $487 million, or 26%, of Roku’s cash reserves are stuck at Silicon Valley Bank, the streamer said in a Friday SEC filing.

Tech CEO with at least $10M in Silicon Valley Bank locked out of account
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I was wondering about this. FDIC maxes out at $250k and isn’t set up to back millions in deposits by corporations. That’s gonna ripple for a bit more.
 
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#42,562
#42,562
$6.9T budget. This man is out of his damn mind. If it wasn’t so sad and threatened all of us, it would be glorious to watch the people that championed endless debt ceiling increases, bigger and more bloated “budgets” in the name of fairness and “equity”, fantasy land pipe dreams of EVs and Green New Deals, massive MIC expenditures on any and all new war toys and govt stimulus/social spending “because we deserve it”… s*** their pants when everyone stops buying our debt, hyperinflation is completely unable to be contained, banks fold left and right, the dollar loses its reserve currency status and their basic needs cannot even be met. Got a feeling we’re going to get a nasty surprise from the Fed and they end up taking rates to closer to 10% just to get the message across.
 
#42,563
#42,563
NorthDallas40 said:
I was wondering about this. FDIC maxes out at $250k and isn’t set up to back millions in deposits by corporations. That’s gonna ripple for a bit more.
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Contagion would be disastrous. Govt would be attempting to backstop banks….again. And at whose expense?? The Creature from Jekyl Island never sleeps.
 
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#42,567
#42,567
85SugarVol said:
I was watching reruns of Forensic Files the other night and guess who I saw tracking down a bad dude? Jennifer Granholm.

She was pretty badass.

Maybe Biden saw the same episode.
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Was she Woke at that time? She was probably working in an industry she actually knew something about.
 
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#42,568
#42,568
Vol737 said:
Contagion would be disastrous. Govt would be attempting to backstop banks….again. And at whose expense?? The Creature from Jekyl Island never sleeps.
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I’d guess the individual deposits up to $250k are indeed protected as required by law. But all of the high risk startup corps that had their funds deposited, a big bunch I’d bet were from investors for operating expenses while they figure out how to make a profit, are at significant risk. And yeah I’d guess we’re gonna start seeing a narrative formed on how we must save them! Eh I don’t think so
 
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#42,570
#42,570
SVB’s collapse could lead to ‘contagion’ among regional banks—but experts say it’s not a systemic risk to the entire financial system

"And the cracks begin to show…"

"Aside from potential direct contagion from SBV’s collapse, some of the bigger market forces that hurt the bank are also affecting other lenders, sparking concerns over some regional banks’ ability to cover losses related to their bond holdings in a rising rate environment. Many U.S. banks invested in long-duration Treasuries during the pandemic when consumers pumped money into savings accounts like never before. The problem is that the value of these bonds has dropped dramatically with the Fed raising interest rates over the past year, leading U.S. lenders to hold $620 billion in unrealized losses in their portfolios."

"Fed officials’ aggressive interest rate hikes have also led banks’ deposit growth to slow dramatically, as consumers can now use U.S. treasuries as a safe alternative to store their cash and earn a real yield. Major U.S. banks have responded to this dilemma by raising the interest rates on certificate of deposits (CDs). JPMorgan Chase CEO Jamie Dimon even told investors in a January earnings call that he has been forced to begin aggressively “competing” for consumer deposits."

"Some experts now fear that as interest rates continue to rise and deposit growth slows, regional banks will experience issues with their balance sheets akin to what was seen at SVB—and those issues could even spill over into other areas of the financial system. "In essence, the Fed is causing this bank run," McDonald said."


 
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#42,574
#42,574
jmacvols1 said:
SVB’s collapse could lead to ‘contagion’ among regional banks—but experts say it’s not a systemic risk to the entire financial system

"And the cracks begin to show…"

"Aside from potential direct contagion from SBV’s collapse, some of the bigger market forces that hurt the bank are also affecting other lenders, sparking concerns over some regional banks’ ability to cover losses related to their bond holdings in a rising rate environment. Many U.S. banks invested in long-duration Treasuries during the pandemic when consumers pumped money into savings accounts like never before. The problem is that the value of these bonds has dropped dramatically with the Fed raising interest rates over the past year, leading U.S. lenders to hold $620 billion in unrealized losses in their portfolios."

"Fed officials’ aggressive interest rate hikes have also led banks’ deposit growth to slow dramatically, as consumers can now use U.S. treasuries as a safe alternative to store their cash and earn a real yield. Major U.S. banks have responded to this dilemma by raising the interest rates on certificate of deposits (CDs). JPMorgan Chase CEO Jamie Dimon even told investors in a January earnings call that he has been forced to begin aggressively “competing” for consumer deposits."

"Some experts now fear that as interest rates continue to rise and deposit growth slows, regional banks will experience issues with their balance sheets akin to what was seen at SVB—and those issues could even spill over into other areas of the financial system. "In essence, the Fed is causing this bank run," McDonald said."


Click to expand...


You have to wonder if this bank used ESG factors in making their failed decisions.
 
#42,575
#42,575
NorthDallas40 said:
I’d guess the individual deposits up to $250k are indeed protected as required by law. But all of the high risk startup corps that had their funds deposited, a big bunch I’d bet were from investors for operating expenses while they figure out how to make a profit, are at significant risk. And yeah I’d guess we’re gonna start seeing a narrative formed on how we must save them! Eh I don’t think so
Click to expand...

How does the FDIC work? Is it just law that says the bank must keep minimal reserves of $250K per account, or is out something more nefarious where Gov guarantees the money?
 
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