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The Banking Crisis Is Young Yet – Brace for a Long Hot Summer of Financial AccidentsMar 21, 2023 - 12:00:28 PDT
Swiss regulators have tossed nitroglycerin onto the global financial fire. They have also committed shameless expropriation. So much for the safety of Zurich.
The billionaire urges the federal government to guarantee all deposits in order to stop bank runs.
The Federal Reserve shouldn’t raise its benchmark rate this week, Pershing Square’s Bill Ackman said, arguing that the banking crisis has already had the effect of a “meaningful tightening of financial conditions.”
Banks’ riskiest bonds advanced globally on Tuesday after panic subsided, and investors heeded regulators’ assurances that the wipeout in Credit Suisse Group AG’s Additional Tier 1 notes wouldn’t happen in their jurisdictions under similar circumstances.
Mar 21, 2023 - 11:36:58 PDT
I feel like I am watching the Star Trek original series episode “The Doomsday Machine” as former Fed Chair and current US Treasury Secretary effectively just guaranteed ALL US bank depo…
Rising rates and slowing economies pose a crisis risk. This is given high global leverage built up over years of loose monetary setting, it says.
House conservatives are pushing a plan to guarantee payments to U.S. debt holders — including some foreign nations — while freezing out nearly every domestic obligation.
Mar 21, 2023 - 08:12:23 PDT
In the past week, the Fed’s financial statement shows it borrowed an additional $143 billion to fund the FDIC’s bailout of Silicon Valley Bank (SVB) and Signature Bank.
UK Government Debt Reaches 99.2PC of GDP as Borrowing Hits February RecordMar 21, 2023 - 08:11:00 PDT
Chancellor Jeremy Hunt said: “Borrowing is still high because we're determined to support households and businesses with rising prices and are spending about £1,500 per household to pay just under half of people's energy bills this winter.
Congress' end-of-year rush to fund the federal government has become the norm.
"There are, undoubtedly, still other unwise government interventions that I would wish to eliminate, but that I would also not willingly push a button to eliminate immediately. But there are buttons I would push." ~ Donald J. Boudreaux
A lot has happened during the last six weeks. Rising interest rates. The second and third-largest bank failures in U.S. history. Technology industry layoffs.
Just Imagine Headlines Like: "Banks Brought To Their Knees By Rate Hikes, Face Unrepentant Fed Which Hiked Again"Mar 21, 2023 - 07:31:17 PDT
We used to have winter storms, sometimes even Nor’easters, but now we get polar vortex or other more ominous sounding things. Maybe this current banking “crisis” is behind us? At least for now.
Mar 21, 2023 - 07:29:37 PDT
The good news? US existing home sales SOARED in February. Up 14.5% MoM in February to 4.58 million units SAAR sold. The bad news? On a year-over-year basis, existing home sales plunged -22.64%.
End of the ‘Everything Bubble’ Finally Hit The Banking System. Might Be First of Many Shocks: MWMar 21, 2023 - 07:10:47 PDT
The Fed and other central banks face a difficult choice: Keep rates high to control inflation or loosen monetary policy to stabilize financial markets.
Things are truly heating up, but what caused this? Where is it going?
Watch Live: Yellen To Reassure World That "Treasury Is Committed" To Bailing Out Regional Bank DepositorsMar 21, 2023 - 07:00:34 PDT
Watch Treasury Secretary Janet Yellen will address bank leaders from across the country at the American Bankers Association's annual Washington Summit (due to start at 1000ET):
Mar 21, 2023 - 06:45:17 PDT
The above image from Fed Policy Tools. "This action eliminated reserve requirements for all depository institutions." The Fed openly encouraged and sought both inflation and speculation. It got what it wanted and then some. Now the Fed has no idea how to fix the mess it created.
2017 FlashBack: Fed’s Yellen Expects No New Financial Crisis in ‘Our Lifetimes'Mar 21, 2023 - 06:41:41 PDT
U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe that there will be another financial crisis for at least as long as she lives, thanks largely to reforms of the banking system since the 2007-09 crash.
Gold continued to decline for the second day on Tuesday after rising above $2,000 an ounce in the last session, as investors turned their attention from the banking crisis to the U.S. Federal Reserve's interest rate decision.