The SVB failure Friday was disturbing. I expected more cascading failures. I got it when Signature Bank failed immediately (that’ll be fun, because I’ve heard that the bulk of its holdings is crypto currency).
But the real worry kicked in this morning when Xiden assured us everything is fine.
“Americans can rest assured that our banking system is safe. Your deposits are safe,” Biden said from the Roosevelt Room. “Let me also assure you we will not stop at this. We will do whatever is needed on top of all this.”
Yeah, and he’s from the government and here to help. When government tells me all’s well, all ain’t.
Seems Wall Street agrees with me.
Yep, the order a stop trade on scores of big bank stocks. Because everyone was rushing to dump ’em while they could still get something out of ’em.
But all’s well…
…and it’s all Trumps fault.
“In my administration … no one is above the law,” Biden said, before calling on Congress to restore banking regulations rolled back during the Trump administration.
All’s well, but let’s start shifting the blame.
I figure this will go as usual: big failures, feds bail out the big losers by printing Monopoly money by the supertanker-load, inflation kills everyone who doesn’t get the first batch of “free” cash (i.e. – the rest of us).
You thought nine dollar eggs was bad?
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