The Second Largest Bank Failure in U.S.
History Has Many Worried
Townhall,
by
Spencer Brown
Original Article
Posted By: Imright,
3/10/2023 7:18:40 PM
Another ghost of past economic woes appeared on Friday afternoon when assets held by Silicon Valley Bank were seized by California regulators and the Federal Deposit Insurance Corporation (FDIC) appointed their receiver in what is now the largest bank failure to take place since the financial crisis of 2008 — as well as the second-largest bank failure in U.S. history. The largest was 2008's failure of Washington Mutual. (Tweet) The California Department of Financial Protection and Innovation (DFPI) cited "inadequate liquidity and insolvency" for its decision to take possession of Silicon Valley Bank — the 16th largest bank in America —
Reply 1 - Posted by:
formerNYer 3/10/2023 7:21:36 PM (No. 1422173)
Stolen Elections have consequences
77 people like this.
Reply 2 - Posted by:
LadyVet 3/10/2023 7:30:25 PM (No. 1422181)
Now we will be told to trust Janet Yellen to show leadership in avoiding further crisis in banking and financial institutions. She is the same person who thought inflation would be just a blip. She cannot see problems when they are in front of her face. If you cannot see a problem, you cannot have a solution. The Democrats elected idiots and they appointed more idiots. Wesley Mooch's ditzy sister is is now in charge.
Who is John Galt?
75 people like this.
Reply 3 - Posted by:
SALady 3/10/2023 7:46:24 PM (No. 1422191)
Has there been any part of Biden-nomics that has not been a total and complete dismal failure?!?!?!?!?
73 people like this.
Reply 4 - Posted by:
Northcross 3/10/2023 8:23:11 PM (No. 1422208)
SVB may have been the most "woke" financial institution in the country, having fully bought in to the environmental, social, and governance (ESV) charade.
56 people like this.
I understand that many banks are stuck with tons of long-term treasuries bought over the last couple of years when rates were near zero and the idiots in the White House and at Treasury and the Fed were pouring unwarranted cash into the economy. Even 1-month T-bills have increased from a return of 0.19% just a year ago to almost 5% (and still climbing). Not enough to keep up with 8% inflation but more than 5 times what banks are getting on their holdings. With savings accounts still returning ~0.25%, banks are good for little more than the convenience of a checking account right now.
36 people like this.
Reply 6 - Posted by:
hershey 3/10/2023 8:53:21 PM (No. 1422224)
If you don't have your cash in your mattress, you'd better get busy....
24 people like this.
Reply 7 - Posted by:
Heil Liberals 3/10/2023 8:55:08 PM (No. 1422225)
When does the "Too Big To Fail" provision of the executive branch activate.
24 people like this.
Reply 8 - Posted by:
DVC 3/10/2023 10:00:07 PM (No. 1422270)
Badly run banks.....are poor risks. It's In California, in Silicon Valley....a reality free zone.
35 people like this.
Reply 9 - Posted by:
LadyVet 3/10/2023 10:39:12 PM (No. 1422297)
On the very first day in office, Joe Biden made several stupid decisions that continue to have snowballing bad consequences.
Shut down the Keystone Pipe Line.
Cancelled oil leasing.
Which immediately drove up the price of oil and gasoline.
Which drove up the cost of everything.
Which caused inflation.
Which rapidly drove up interest rates.
Which caused the banks to falter.
Which caused business to lose their cash.
Which will cause a lot of business to fail.
Which will cause many people to lose their jobs.
On and on.
All from a couple of hasty bad decisions by an old, slow, demented corruptocrat who had to pay off a bunch of rabid greenies who funded his election. One or two bad Executive Orders on the first day and all this bad stuff happens. Two more years to go. Plenty of time for WW3, reparation payments starting in California, another city the size of San Antonio made up of only new illegal immigrants to suck more money out of our pockets, and Section 8 housing in all neighborhoods to destroy real estate values, and other stupid Democratic ideas. It may go downhill so fast that we may not survive.
58 people like this.
Reply 10 - Posted by:
gop_guys 3/11/2023 6:57:44 AM (No. 1422404)
Correct 9. They should turn off the printing press while they’re at it. Our dollar (fiat) has been diluted greatly.
20 people like this.
Reply 11 - Posted by:
bpl40 3/11/2023 7:43:57 AM (No. 1422424)
There would be some solace if this was due to ignorance or only incompetence. But it seems to be a deliberate continuation of the Kenyan Muslim's (and his handlers') promise to 'fundamentally change America.
35 people like this.
Reply 12 - Posted by:
Strike3 3/11/2023 8:36:34 AM (No. 1422459)
This bank had such poor leadership that it's no wonder it failed. They spent more time on Climate Change and women's rights than they did in smart investing.
26 people like this.
Reply 13 - Posted by:
Strike3 3/11/2023 8:39:52 AM (No. 1422462)
Good list, #9, but one correction, we WILL survive. Darwin's Law insures it.
11 people like this.
Reply 14 - Posted by:
marbles 3/11/2023 8:58:34 AM (No. 1422480)
#9 Agree with everything EXCEPT " the hasty , bad decisions made an old ,slow,demented corruptocrat ". joey is in charge of nothing, he makes no decisions, he's only the front man. His owners are making policy, his owners are the ones destroying our country for personal gain.
26 people like this.
Reply 15 - Posted by:
GoodDeal 3/11/2023 9:04:46 AM (No. 1422484)
Nothing to worry about because it’s all part of the UN Agenda 2030 plan to destroy the country. Banks will be failing one after another over the next year or two and the massive federal debt and deficit spending will just add fuel to the fire.
12 people like this.
Reply 16 - Posted by:
czechlist 3/11/2023 9:10:56 AM (No. 1422491)
Yeah, but, here's the deal! The economy is adding jobs, 310000 just last month. No joke. Three letter word J O B S ! My brother-in-law is working 3 of them!
And inflation is easing! Eggs dropped from $5/dz to $0.40/egg!! And gasoline only went up $0.20/gal yesterday! That's progress! I may be Czech, but I ain't stupid because I choose Truth over Facts! If anyone is suffering in this economy it is Putin's and Trump's faultl If you don't believe me then you are just a dog faced pony soldier!
18 people like this.
Reply 17 - Posted by:
Alecto2 3/11/2023 9:35:33 AM (No. 1422522)
And the CEO had several stock transactions early Feb. Nothing suspicious there. Anything north of $3.5m is neither here nor there!
17 people like this.
Reply 18 - Posted by:
Dodge Boy 3/11/2023 9:55:09 AM (No. 1422536)
Terrible. But watching how the same thing starts happening to poorly run pension funds that are over-leveraged in bonds and have a similar lack of liquidity.
13 people like this.
Reply 19 - Posted by:
MickTurn 3/11/2023 10:15:36 AM (No. 1422569)
The bank gambled and lost, OFF TO PRISON for all in charge!
13 people like this.
Reply 20 - Posted by:
Zigrid 3/11/2023 10:17:58 AM (No. 1422571)
And now you all know why it's important to keep an eye on the banks....personally speaking...I keep a minimal amount in my bank...even though it's a neighborhood bank...but...connected to a larger bank in Texas...well..thank God it's Texas...not California....it always goes back to YOU are in charge of your life and must act accordingly...remember what PNC bank did to Donald Trump Jr....and I got out of there a year ago....didn't like their way of doing business...a good call...I think...
7 people like this.
Reply 21 - Posted by:
lennon47 3/11/2023 12:32:11 PM (No. 1422656)
Deleted. Bad language in any form can bring the loss of posting privileges.
3 people like this.
Reply 22 - Posted by:
Trump'sCousin 3/11/2023 1:55:50 PM (No. 1422690)
Conspiracy theorists chalk up another one! CORRECT!!! And here comes the GIGANTIC financial crash. Brace yourselves. This summer is going to get REALLY ugly
2 people like this.
Reply 23 - Posted by:
Trump'sCousin 3/11/2023 2:00:15 PM (No. 1422692)
#4 ergo... A MONEY LAUNDERING OPERATION
3 people like this.
Reply 24 - Posted by:
robertthomason 3/11/2023 2:01:26 PM (No. 1422693)
OK, who's next??
1 person likes this.
what am i missing? how is it that the financial community has
not figured out a way to split and distribute large
customer accounts to small individual accounts
that would be insured? seems to be neglect
of cfo's to put all their eggs in one basket.
1 person likes this.
Reply 26 - Posted by:
Strike3 3/11/2023 7:10:40 PM (No. 1422898)
Incompetent financial management in Washington plus an incompetent management team at the bank created a huge clustercluck. I feel for all of the businesses that got entangled in this net. Hopefully they won't be so naive if they survive and get a second chance.
1 person likes this.
Reply 27 - Posted by:
NotaBene 3/11/2023 8:45:03 PM (No. 1422941)
No bailouts, and send Yellen back to Ukraine.
1 person likes this.
Reply 28 - Posted by:
Harlowe 3/11/2023 9:34:34 PM (No. 1422963)
#17~ As informational, the SVB CEO was not the only executive selling shares. In addition to SVB CEO and President Greg Becker selling over 12,000 shares on February 26, 2023; CFO David Beck sold $575,180 in stocks the same day; Chief Marketing Officer Michelle Draper, in earlier months, sold shares of the bank’s parent company, SVB Financial Group. Company “executives have been steadily selling stocks since May 2021” according to filings. (CNBCTV18.com article, “Silicon Valley Bank top bosses sold $4.5 million worth of shares before the collapse” – 3-11-23)
1 person likes this.
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