The Feds NEW Non Bail Out Bail Out Program As Other Banks Fail

As someone said above, "Buckle up."

It's another setup to create a problem and then miraculously provide a magic solution 🐇

originally posted by: TrulyColorBlind
As someone said above, "Buckle up."

Why even work anymore or work hard, it seems more and more pointless now.
All has been for nothing !!

The scary part is these 2 banks' situations aren't the only ones. Possibly a run on these banks too

SVB Financial Group (SIVB) (-60%)
PacWest Bancorp (PACW) (-54%)
Signature Bank (SBNY) (-36%)
Western Alliance Bancorp (WAL) (-32.4%)
First Republic Bank (FRC) (-31.3%)
Customers Bancorp Inc (CUBI) (-23.5%)
First Foundation Inc (FFWM) (-20.3%)



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originally posted by: burntheships

How many other banks are on the verge of failure?

Back in 2008, some of them were deemed "too big to fail" and were bailed out, while others just failed. The whole thing seemed unfair to those paying attention and one reaction to this was decentralized Bitcoin being created.

I'm most concerned about the honesty of institutions that manage assets in the trillions, and what happens if that honesty turns out to be lacking.

Maybe it's time to support your local credit union.

originally posted by: IndieA
Maybe it's time to support your local credit union.

Local credit unions are not safe either. They usually operate in the car loan area. My local credit union kept my house loan and the lady told me this as very unusual as they normally sell them off.

When people can't make their car payments, these credit unions will take that liability and sell for pennies on the dollar. Lucky for me, I see this happening and I'll scoop up some nice cars in Q4 at 50% off.

a reply to: IndieA

I doubt that would make a difference?

a reply to: burntheships

Privatize the gains, socialize the losses.

You get what you vote for .

I say let them Fail survival of the Fittest who ever makes it out the other-side will be stronger and more stable.

Things will get bad Really bad but it is what it is there is no going back there is no really pointing the finger because it's everyone's fault .

The Poor will remain poor as they always have , The Middle Class will suffer and shrink and The Rich will move their money over Seas and China will buy more of the United States

I say Again you get what you voted for , So here it is What people voted for.

Tax payers to the rescue of Shady business dealings.

a reply to: JAGStorm

Understandably, SVB is huge in California lore,
Venture capital for many start ups, wineries,
big names like Pay Pal. The get woke crowd.

I’m less familiar with Signature Bank.

Initially My first thought was the tech crunch,
but now I’m looking back on Black Rock’s
Huge loss in 2022...I think it is systemic.

ETA: Signature was a lender to crypto investors.

originally posted by: litterbaux

originally posted by: IndieA
Maybe it's time to support your local credit union.

Local credit unions are not safe either. They usually operate in the car loan area. My local credit union kept my house loan and the lady told me this as very unusual as they normally sell them off.

When people can't make their car payments, these credit unions will take that liability and sell for pennies on the dollar. Lucky for me, I see this happening and I'll scoop up some nice cars in Q4 at 50% off.

Now this is what I'm looking for.
Hope so you do that?

My second mortgage is through a local credit union, if I stopped paying how could someone buy it out for less than I owe?

I've got a brother who hasn't paid his mortgage in two years, I've got half a mind to buy his place but I'm not sure how to get into that game.

a reply to: burntheships

They are going to print money to cover it. Talk about stupid and irresponsible.

a reply to: infolurker

It seems the crypto meltdown is seeping into
the institutional banking sectors. We will never know
since FTX was deep with many institutions.

a reply to: lordcomac

What they'll do is bundle the mortgages or car loans into a special service vehicles and sell them. The movie "The big short" covers this and I'll be honest, I thought the regulators had this figured out.

But they didn't. I honestly can't believe this is going to happen again.

So what do you do? Most people say "pay off your debts!" Yeah, if you had the ability to do that you would have done it already. Most people are riddled with CC debt (ATH) with interest rates 20-30% (ATH).

The play right now is to just wait. Keep your cash readily available. You're going to get some deals of your lifetime in cars and real estate. It's going to be Q4 of this year or even later into 2024.

a reply to: xuenchen

Picture worth a thousand words!
😂

a reply to: IndieA

At this point I do not expect honesty from
any financial institution. The best I hope for is a bank
that is in bucket 2 or 3 of the Basel3 agreement.

Aka known as a tier 1 bank.

This is scary as The Feds have not clarified if the
small banks will be rescued if needed.

a reply to: burntheships

I wish you, and everyone on ATS, the best of luck.

FTX was the canary in the coal mine, now you see two banks fail in a couple days.

The house of cards is falling, have a couple months of food/water/cash on hand until CBDC comes.