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So…Fed raises rates yet again. Banks leaving world-class skidmarks…Stock market tanks…Xi and Putin on a three-day sleepover…and we get “Trump!!!”

RickWA

Snagglesooth
Never change, media…and never obviate from media narrative, PJ.
Who’s president again?

Never mind. Enjoy the conga line.
 
Among those things that can NOT be changed by choosing between R & D:

https://wallstreetonparade.com/2023/03/at-year-end-jpmorgan-chase-held-over-1-trillion-in-uninsured-deposits-versus-119-billion-at-first-republic/

"Last Thursday, news hit the wire services that Dimon had lined up 11 banks willing to place $30 billion in uninsured deposits into First Republic Bank. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo each ponied up $5 billion – or two-thirds of the $30 billion.

"The Federal Deposit Insurance Corporation (FDIC) caps federal deposit insurance at $250,000 per depositor, per bank..."

"Today, a headline appears at Bloomberg News that provides a big clue as to what Jamie Dimon’s frantic obsession with First Republic Bank is really about, that is, use a collapsing regional bank to get Treasury Secretary Janet Yellen on board to push for a government guarantee on all deposits, insured and uninsured, at all FDIC banks.

"
By framing this as coming to the rescue of regional banks, rather than another crony bailout of the unaccountable mega banks on Wall Street, Jamie Dimon doesn’t have to explain to his compromised Board of Directors why 69 percent of the bank’s deposits were uninsured at year end. (See: If You’re Baffled as to Why JPMorgan Chase’s Board Hasn’t Sacked Jamie Dimon as the Bank Racked Up 5 Felony Counts – Here’s Your Answer.)"
 

Spamature

President
Among those things that can NOT be changed by choosing between R & D:

https://wallstreetonparade.com/2023/03/at-year-end-jpmorgan-chase-held-over-1-trillion-in-uninsured-deposits-versus-119-billion-at-first-republic/

"Last Thursday, news hit the wire services that Dimon had lined up 11 banks willing to place $30 billion in uninsured deposits into First Republic Bank. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo each ponied up $5 billion – or two-thirds of the $30 billion.

"The Federal Deposit Insurance Corporation (FDIC) caps federal deposit insurance at $250,000 per depositor, per bank..."

"Today, a headline appears at Bloomberg News that provides a big clue as to what Jamie Dimon’s frantic obsession with First Republic Bank is really about, that is, use a collapsing regional bank to get Treasury Secretary Janet Yellen on board to push for a government guarantee on all deposits, insured and uninsured, at all FDIC banks.

"
By framing this as coming to the rescue of regional banks, rather than another crony bailout of the unaccountable mega banks on Wall Street, Jamie Dimon doesn’t have to explain to his compromised Board of Directors why 69 percent of the bank’s deposits were uninsured at year end. (See: If You’re Baffled as to Why JPMorgan Chase’s Board Hasn’t Sacked Jamie Dimon as the Bank Racked Up 5 Felony Counts – Here’s Your Answer.)"
I think the temporary thing that was done with the banks should be made a permanent fixture.



Let them build their own pooled rescue fund from bank profits. Contributions should be mandatory and let them make the standards for member stress testing. If their own money is on the line they'll likely have higher standards than even the govt.
 
Let them build their own pooled rescue fund from bank profits. Contributions should be mandatory and let them make the standards for member stress testing. If their own money is on the line they'll likely have higher standards than even the govt.
I'm not 100% sure, but I think those rescue funds are coming from the bank's depositors, not bank profits.
 

Spamature

President
I'm not 100% sure, but I think those rescue funds are coming from the bank's depositors, not bank profits.
Then force them to start a fund that uses their profits.
They share the risk between themselves instead of having everyone else share it.
Because they sure as hell don't share the rewards with everyone else.
 

bdtex

Administrator
Staff member
"and we get “Trump!!!”

You get Trump because he is the leader of the Republican Party and his short, fat fingers are in everything. You get Trump because he can't let go of losing the 2020 election and he will be the 2024 GOP POTUS nominee.
 

Dawg

President
Supporting Member
"and we get “Trump!!!”

You get Trump because he is the leader of the Republican Party and his short, fat fingers are in everything. You get Trump because he can't let go of losing the 2020 election and he will be the 2024 GOP POTUS nominee.
Will never be reality
 
Then force them to start a fund that uses their profits.
They share the risk between themselves instead of having everyone else share it.
Because they sure as hell don't share the rewards with everyone else.
The FIRE sector owns government, so I don't see how we can force congress to privatize their losses if we continue "choosing" between Republican or Democrat in the voting booth?

https://seekingalpha.com/article/251405-embrace-the-fire-economy
 

RickWA

Snagglesooth
The MAGAs are just like him. The left/Dems/progressives are nothing like him. The bothsiderism is bullshit.
Nope. The hyper-political, amoral, “it-worked-didn’t”, “do-whatever-it-takes”, zero-reflection folks are indeed just like him. That they are so pathologically incapable of humility and self-awareness that they will not recognize it is irrelevant.
National media, the DNC, the GOP, and far too many rank and file citizens have demonstrated this repeatedly. I rather enjoyed Phil’s “Onward Destroyer” series of posts. Perhaps he should resurrect that theme to once again demonstrate the profound proliferation of Trumpiness.

It ain’t “bothsidesism”. It’s holding up the dreaded mirror that so many lack.
 
Public outrage is stronger.
Let the public lose a lot of their bank savings and then see how much sway the
FIRE has.
1679985027207.jpeg
Lenin understood how revolution is an ongoing process that remains more or less invisible until it does not.:rolleyes:

Last September several UK pension funds nearly collapsed as a result of falling bond prices; they were rescued at the last moment by a massive market intervention by the Bank of England.

https://mronline.org/2023/03/27/getting-ready-for-the-global-financial-crisis-2-0/

"That was the canary singing in the coal mine.

"Now, in rapid succession, five banks have collapsed in two weeks: four in the U.S., and one (Credit Suisse, one of the biggest banks in the world) in Switzerland.

"Could this be the precursor to another global financial crisis, similar to the meltdown of 2008-09?

"Financial and political leaders are all saying, in learned lecturing tones, that the financial system is safe, and banks are stable and well-capitalized.

"That’s what they are paid to say: and that’s what they said early in 2008, as well.

"They are desperate to keep everyone calm, whether there is reason to worry or not—because panic itself can become a self-fulfilling prophecy, fracturing a system that always depends on trust."
 
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