Financial Institutions

[Ann]

59 minutes ago, Nouseforaname said:

An honest question, why does anyone keep anything over the insured amount in a bank? 

Sometimes it cannot be helped.  What if you sell your house? Need to have cash to wire to pay for a house? Excess to wire to buy a car? What if you are a business with a payroll?

[Foxx]

57 minutes ago, Nouseforaname said:

An honest question, why does anyone keep anything over the insured amount in a bank? 

Because...

 

[Nouseforaname]

36 minutes ago, Ann said:

Sometimes it cannot be helped.  What if you sell your house? Need to have cash to wire to pay for a house? Excess to wire to buy a car? What if you are a business with a payroll?

I usually keep my excess cash in my brokerage accounts that have 1m insurance but I don’t usually have excess of 250k lying around unfortunately.

 

I’ve seen banks offer insurance above fdic for specific clients.

Edited March 12, 2023 by Nouseforaname

[Foxx]

NYS regulators close Signature Bank today...

[Foxx]

17 hours ago, Foxx said:

... Also, seeing rumblings about a run on First Republic going on with Main Street today and businesses lining up for Monday.

Rumors the FED is onsite...

Thread.

 

 

[Foxx]

And... there it is.

 

 

Statement

 

[Cinga]

4 hours ago, devnull said:

Get ready for the bailout

 

https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/

 

And this is bullshit, just like the bailouts in 2008. I'm sorry, I'm of the mind if it's going to fail, let it so something better can be created from the mess. With bailouts your only rewarding them for that failure.

 

From the article

 

Quote

 

On a call with reporters on Sunday evening, a senior Treasury official defended the administration’s decision as necessary to protect the stability of the banking system and emphasized that the move was aimed at protecting companies and workers who could be harmed by the bank’s collapse — not the bank’s shareholders or executives. The official spoke on the condition of anonymity to speak about internal deliberations, under the conditions of the call.

The Treasury official also said the decision to protect all deposits was made following a recommendation by the Federal Deposit Insurance Corporation and the Federal Reserve, the nation’s top banking regulators. President Biden was also consulted on the announcement.

Treasury Secretary Janet L. Yellen stressed in a statement that taxpayers would bear none of the burden of protecting the depositors. Their funds will be backstopped by a pool of money that is regularly paid into by U.S. banks, which currently has more than $100 billion in it.

 

 

 

So Biden was involved in the decision, and whoopie, the FDIC has 100 billion which they will burn through just in this decision. It's also looking like the dominos may fall as First Republic and now Signature Bank looks to be included in this regulator takeover.

 

[Foxx]

1 hour ago, Foxx said:

NYS regulators close Signature Bank today...

 

Something kind of funny with the three bank closures...

 

 

[mead107]

Buy a safe and pull your money out of the bank

 

[Nouseforaname]

28 minutes ago, mead107 said:

Buy a safe and pull your money out of the bank

 

Or keep maximum 250k in each account,

[Nouseforaname]

They didn’t deliver Sara but it was the smart thing to do to back the depositors.

 

Personally I think deposit limits are idiotic.  In Canada it’s 100k which is ridiculous.

[Nouseforaname]

 

I never actually listen to this guy but this is hilarious.

Edited March 13, 2023 by Nouseforaname

[Ann]

Oh boy

 

 

 

 

[Foxx]

7 hours ago, Nouseforaname said:

 

I never actually listen to this guy but this is hilarious.

Inverse Cramer is a thing. They actually keep track of it.

[devnull]

7 hours ago, Nouseforaname said:

 

I never actually listen to this guy but this is hilarious.

 

7 minutes ago, Foxx said:

Inverse Cramer is a thing. They actually keep track of it.

 

CNBC is no different than the rest of NBC News.   But instead of trying to steer voters towards Democrats (who in turn steer money back to NBCs corporate interests), CNBC tries to convince investors in companies that donate to Democrats (who in turn steer money back to NBCs corporate interests)

[Foxx]

...

 

[Foxx]

[Foxx]

Never let a crisis go to waste.

 

 

[Foxx]

Not good.

 

[Crap Throwing Clavin]

23 hours ago, Nouseforaname said:

This has more to do with providing confidence to prevent more runs on banks than anything that will actually happen.

 

 

 

Effect is still the same, though.  Free money.