36 Burst results for "SVB"
A highlight from The Hawkish Halt: Why the Market Finally Believes "Higher for Longer"
"Welcome back to The Breakdown with me and LW. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Thursday, September 21st, and today we are going macro talking about the FOMC conference, what it means, where in the cycle we are. But before we get to all of that, if you're enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review. Or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Well, friends, hallelujah, we have an episode that is not about Binance or the SEC. Yes, today we are talking macro. And I have to say, it feels like we are in the culmination of a phase. We know that we are close to the top from an interest rate perspective, but we don't know if we're actually there. We don't know how real economic conditions are going to change things. We certainly don't know when we're going to start heading the other direction and having rates come down. And we're still living in this weird limbo where things don't feel great, but we aren't in a recession. And so you take all of these factors together. And I think that people were watching this FOMC meeting just a little bit more closely than we have for the last few. The TLDR on what actually happened is that Federal Reserve officials decided to hold rates steady between 5 .25 and 5 .5%. Now, this is the second straight meeting with no change in policy settings, with the Fed funds rate remaining at 22 -year highs. And because there is always a key word or a key phrase when it comes to these FOMC meetings, this one was definitely proceed carefully. During his press conference, Fed chair Jerome Powell emphasized that despite strong economic data since the last meeting, the FOMC were in a position to, you guessed it, proceed carefully. Now, this phrase was repeated six times throughout media questioning, always to some extent around an assertion that the committee didn't need to make any decisions quite yet about what was coming next. Talking about the committee, Powell said, Really what people are saying is, let's see how the data come in. They want to be convinced. They want to be careful not to jump to a conclusion. Fed whisperer Nick Timiros, chief economics correspondent at the Wall Street Journal, said, Powell used the words proceed carefully six times during Wednesday's news conference, a sign of heightened caution about lifting rates. Forward guidance host Jack Farley said, The last time Powell used this language in his speech before taking questions was March 2023, and this was in the context of monitoring potential tightening of credit conditions post -SVB. So, adding a little more meat to this proceed carefully bone, Powell stressed that taking no action right now was the most prudent choice at this stage of the inflation fight. He said, Inflation has moderated somewhat since the middle of last year, and longer -term inflation expectations appear to remain well anchored. Further, he said, As we get closer to the stance of monetary policy that we think is appropriate to bring inflation down to 2 % over time, the risks become more two -sided and the risk of over tightening and the risk of under tightening becomes more equal. I think that the natural common sense thing to do is, as you approach that, you move a little more slowly as you get closer to it. And that's what we're doing. And you get here kind of why I'm saying that we're at the crescendo at this stage culmination kind of moment. But what's difficult for people is, of course, that what Powell is doing as we get closer to coming into the station is he's reducing the speed. Now, alongside the rate decision, the meeting also included the publication of the Quarterly Summary of Economic Projections, or SEP. The SEP contains a range of forecasts from FOMC members on the future path of rate policy, known affectionately as the dot plot, as well as a range of other economic projections. The dot plot showed that 12 of the 19 Fed officials had penciled in one additional rate hike by the end of the year, meaning effectively a split decision on whether the Fed should call an end to their tightening cycle. Now, when asked about rates and whether we're in restrictive territory, Powell said, The fact that we decided to maintain the policy rate at this meeting doesn't mean that we've decided that we have or have not at this time reached that stance of monetary policy that we're seeking. If you looked at the SEP, you will see that a majority of participants believe that it is more likely than not that it will be appropriate for us to raise rates one more time in the two remaining meetings this year. Now, beyond that specific note around one more hike, the main takeaway from this set of forecasts was also that rates would remain higher for longer. Rate expectations for 2024 were bumped up slightly, with the median forecast coming in at 5 .1%. And this represented a 50 basis point increase from the forecast published in the June SEP. Putting it a different way, that means that only two rate cuts are expected to be necessary next year, rather than the four which were previously forecast. Core PCE inflation was forecast to fall to 3 .3 % to close this year and moderate further to 2 .5 % across 2024. With inflation forecast to moderate faster than the FOMC expects to cut rates, that would signal an intention to hold the Fed funds rate in restrictive territory until at least the end of next year. Rounding out the numbers from the SEP, GDP growth is forecast to moderate, finishing the year at 2 .1 % and reducing to 1 .5 % for next year. And unemployment is forecast to only rise slightly alongside this growth slowdown, leveling out at 4 .1 % over the next two years from its current level of 3 .8%. Now from here, let's get into some of the topics that were most hot buttoned and ran throughout the presentation and the press conference after. One of the big topics was, of course, the fabled soft landing. This set of projections is a long way from the dire forecast from just a few months ago. At the August meeting, Powell disclosed that Fed staff had been predicting a recession. This time, while definitely not a booming economic projection, the small uptick in unemployment while growth and inflation moderate were essentially forecasting a soft landing. When asked if a soft landing is his baseline expectation, Powell stated, Still, Powell made sure to emphasize where the FOMC's real focus was.
Fresh update on "svb" discussed on The Breakdown
"Welcome back to The Breakdown with me and LW. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Thursday, September 21st, and today we are going macro talking about the FOMC conference, what it means, where in the cycle we are. But before we get to all of that, if you're enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review. Or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod. Well, friends, hallelujah, we have an episode that is not about Binance or the SEC. Yes, today we are talking macro. And I have to say, it feels like we are in the culmination of a phase. We know that we are close to the top from an interest rate perspective, but we don't know if we're actually there. We don't know how real economic conditions are going to change things. We certainly don't know when we're going to start heading the other direction and having rates come down. And we're still living in this weird limbo where things don't feel great, but we aren't in a recession. And so you take all of these factors together. And I think that people were watching this FOMC meeting just a little bit more closely than we have for the last few. The TLDR on what actually happened is that Federal Reserve officials decided to hold rates steady between 5.25 and 5.5%. Now, this is the second straight meeting with no change in policy settings, with the Fed funds rate remaining at 22-year highs. And because there is always a key word or a key phrase when it comes to these FOMC meetings, this one was definitely proceed carefully. During his press conference, Fed chair Jerome Powell emphasized that despite strong economic data since the last meeting, the FOMC were in a position to, you guessed it, proceed carefully. Now, this phrase was repeated six times throughout media questioning, always to some extent around an assertion that the committee didn't need to make any decisions quite yet about what was coming next. Talking about the committee, Powell said, Really what people are saying is, let's see how the data come in. They want to be convinced. They want to be careful not to jump to a conclusion. Fed whisperer Nick Timiros, chief economics correspondent at the Wall Street Journal, said, Powell used the words proceed carefully six times during Wednesday's news conference, a sign of heightened caution about lifting rates. Forward guidance host Jack Farley said, The last time Powell used this language in his speech before taking questions was March 2023, and this was in the context of monitoring potential tightening of credit conditions post-SVB. So, adding a little more meat to this proceed carefully bone, Powell stressed that taking no action right now was the most prudent choice at this stage of the inflation fight. He said, Inflation has moderated somewhat since the middle of last year, and longer-term inflation expectations appear to remain well anchored. Further, he said, As we get closer to the stance of monetary policy that we think is appropriate to bring inflation down to 2% over time, the risks become more two-sided and the risk of over tightening and the risk of under tightening becomes more equal. I think that the natural common sense thing to do is, as you approach that, you move a little more slowly as you get closer to it. And that's what we're doing. And you get here kind of why I'm saying that we're at the crescendo at this stage culmination kind of moment. But what's difficult for people is, of course, that what Powell is doing as we get closer to coming into the station is he's reducing the speed. Now, alongside the rate decision, the meeting also included the publication of the Quarterly Summary of Economic Projections, or SEP. The SEP contains a range of forecasts from FOMC members on the future path of rate policy, known affectionately as the dot plot, as well as a range of other economic projections. The dot plot showed that 12 of the 19 Fed officials had penciled in one additional rate hike by the end of the year, meaning effectively a split decision on whether the Fed should call an end to their tightening cycle. Now, when asked about rates and whether we're in restrictive territory, Powell said, The fact that we decided to maintain the policy rate at this meeting doesn't mean that we've decided that we have or have not at this time reached that stance of monetary policy that we're seeking. If you looked at the SEP, you will see that a majority of participants believe that it is more likely than not that it will be appropriate for us to raise rates one more time in the two remaining meetings this year. Now, beyond that specific note around one more hike, the main takeaway from this set of forecasts was also that rates would remain higher for longer. Rate expectations for 2024 were bumped up slightly, with the median forecast coming in at 5.1%. And this represented a 50 basis point increase from the forecast published in the June SEP. Putting it a different way, that means that only two rate cuts are expected to be necessary next year, rather than the four which were previously forecast. Core PCE inflation was forecast to fall to 3.3% to close this year and moderate further to 2.5% across 2024. With inflation forecast to moderate faster than the FOMC expects to cut rates, that would signal an intention to hold the Fed funds rate in restrictive territory until at least the end of next year. Rounding out the numbers from the SEP, GDP growth is forecast to moderate, finishing the year at 2.1% and reducing to 1.5% for next year. And unemployment is forecast to only rise slightly alongside this growth slowdown, leveling out at 4.1% over the next two years from its current level of 3.8%. Now from here, let's get into some of the topics that were most hot buttoned and ran throughout the presentation and the press conference after. One of the big topics was, of course, the fabled soft landing. This set of projections is a long way from the dire forecast from just a few months ago. At the August meeting, Powell disclosed that Fed staff had been predicting a recession. This time, while definitely not a booming economic projection, the small uptick in unemployment while growth and inflation moderate were essentially forecasting a soft landing. When asked if a soft landing is his baseline expectation, Powell stated, Still, Powell made sure to emphasize where the FOMC's real focus was.
A highlight from 1221. Crashing Altcoins To Watch
"All right so let's get into some tokens today and talk about are there some projects out there that could be great for dollar -cost averaging? And what I mean by that is looking at projects, their current status, where they've been and where they are now. We're gonna try to break all that down for you guys today. My name is Paul Baron. Welcome back into Tech Path. I want to get into a few things here. We're gonna go through a lot of tokens for you, give you some analysis on those, why we think these projects are interesting, but we'll also give you a little bit of charts and sentiment. So it's gonna be a packed episode today. I do want to thank our sponsor and that is iTrust Capital. If you're looking at long -term trading and holding in a crypto IRA, this is one of the places you can do it. You can do a lot of things over there in terms of investing in a crypto IRA or also within gold and silver. So just make sure and check out iTrust Capital. We'll leave a link down below so you guys can help the channel out. All right, so let's get into a few points here. I want to get into this first story right here. Most fear since the SVB collapsed at Silicon Valley Bank collapsed. Five things to know now about Bitcoin. Now some of you guys have been talking to me on Twitter. Yes, I did sell some Bitcoin. Yes, ETH is my number one holding right now, but I am looking at a lot of opportunities out here. But sentiment is on the floor and the fear is questionably justified and I think a lot of people still look at the current state of Bitcoin versus what's happening in the market overall because remember we saw a collapse on the Bitcoin price here last week and many people would say what was causing it. Wasn't really any in the major indicator but yet we were seeing liquidations to the levels that we had not seen since the FTX crash. So a very interesting time in crypto for sure. Now of course this is going to create some opportunities for people who have maybe not been in crypto and this is going to get a chance to jump into some of these projects. So a couple of things I do want to focus on just to show you. This was our run. Let me go to the Bitcoin right here. This is the Bitcoin chart. Yeah, so this was our run on Bitcoin sentiment and it started back here really around August 15 and all of this as you can see our top line sentiment and our amplification sampling. Kind of tracking somewhat but down trending since the 15th and it was not correcting and then we saw the big fall off here on the 17th and then obviously over the weekend where it started to stabilize a little bit but the bigger point here is that amplification has started to separate on Bitcoin. That is never a good sign on a major asset like Bitcoin when you look at just general sentiment. Other things that are happening out there which I think are interesting is the amount of liquidity that is moving into the market or I should say leaving the market. Right now net US dollar liquidity in Bitcoin you can kind of see the liquidity picture just is not going to improve anytime soon. Let me kind of zoom in on that for you guys. Zoom out a little bit so you can see the net liquidity there on the dark line and then the Bitcoin price and you can kind of see right now we're dealing with some liquidity issues that continue to face the market. And I've talked to a lot of traders, I've talked to a lot of investment as analysts well as portfolio managers. A lot of people are saying the same thing is that there is a lot of caution in the markets right now and of course that means a lot of this is going to cash. So it is one of those things but I'd love to get your feedback. Are you guys moving more in a defensive position when you've got money markets paying 5%, a lot of banks and projects out there that are giving you a lot more money even if you look at Coinbase paying a fairly high percentage on USDC. How are you managing it? Let me know, drop some comments down below. Alright so another one I want to hit on here as far as a tweet. Less than two weeks the SEC has to comment on seven spot Bitcoin ETF applications. Sentiment is quite bad right now at the moment if you think the SEC will turn things around by approving the ETFs is the question mark. A lot of people still on the fence as to whether or not we would get an ETF approval by the end of 2023 but some of the ones that of course are in here, let me just show you a few of them. We've already seen their first deadline right here on the 29th but you've got iShares coming in which of course is BlackRock. This is happening around the 1st of September. That is the first deadline to watch and that's going to be the one that's very interesting because here we are just a few weeks away from that actually happening and yet at the same time we're seeing a massive event occurring in the markets especially around Bitcoin, Ethereum, etc. And some of the big assets too as well as the blue chips so interesting stuff and I think some people would say hey maybe it's a little bit of manipulation here's Elio trades is BlackRock actually crashing Bitcoin right now. The theory is that BlackRock is intentionally crashing Bitcoin before their ETF goes live. It's both fun to think about and make sense. Goal is to maximize market share and AUM and if you if they do deploy an ETF at the lowest possible price their clients obviously get better entries you kind of get the point. And BlackRock would deliver a big win right out of the gate. That's one theory that is out there. The other of course I think is looking much more from a macro aspect just in the sense of liquidity but also what's happening within the external markets and that comes from places like China and what we've seen over there in terms of their GDP and also some of the challenges that they are having where they're starting to inject capital back into the market. Anytime you do money printing especially when you get into these major countries like China you're going to affect you know the aspect of liquidity and that could be one of those scenarios that's playing in here to the US markets. Obviously when I say US markets not necessarily this is a global market phenomenon when you look at Bitcoin. Ethereum, Vitalik, Buterin of course moves some money over to Coinbase 600 ETH in fact so not a lot I think this is kind of a nothing to see here but the point is there's a lot of FUD out there right now and you just have to be cautious and looking at what's happening within the market overall. And if you do follow any of the on -chain analytics some of the things I would recommend is start to track where the growth is occurring. So just to give you an example we'll go up here to the top here is Chainlink which is one of the projects that we're interested in.
First Republic's Failure Shows the Limits of Fed Bank Programs
"So heading into the weekend, chatter was plentiful, but solid information was sparse, regarding the resolution of first republic bank. First republic has been in the headlines for months. Their stock has lost 90% of its value this year with a huge amount of that drop happening in the week following the shutdown of Silicon Valley bank. Obviously after SVB, investors looked everywhere for where they thought the next banking domino might come from, and specifically they were looking for these mark to market losses on long-term asset portfolios, right? They were looking to find other banks that might have the same sort of duration mismatch, and interest rate risk that ended up doing in SVB, and first republic was pretty high on the list of contenders. Now, first republic, unlike signature, for example, was allowed to take advantage of federal liquidity programs like the bank term funding program, but it is still been, let's say, wobbly at best ever since. Now, all during last week, there were rumors that first republic would be seized and sold by the FDIC. And yet on Friday, no announcement had been made to that effect, and even late on Sunday, no announcement had been made to that effect. last week had centered around the impossible position that government agencies had found themselves in. You'll remember that a consortium of 11 large banks had already provided a $30 billion liquidity injection in the form of a term deposit that would remain locked in place until July. That deposit was just meant to buy time for first republic, which is now shed 100 billion in uninsured deposits over the last few months, with very few now remaining other than the 30 billion provided by that bank consortium. Having already provided funds that group was now in a position where they might need to bear a loss if the FDIC was required to seize first republic and no additional deposit insurance was approved. And it kind of seemed like the Biden administration wasn't keen to come in and bail out first republic in quite the way that people were expecting. And neither didn't appear to be a massive rush to bring the saga to a conclusion. Instead, it felt kind of like a game of chicken.
First Republic Is a Zombie Bank
"Today is a macro show because all week, people have been watching first republic and asking whether it's the next banking domino. On Monday, first republic disclosed more problems than anticipated in its quarterly report. Block works Jack Farley summed it up in a tweet. First republic banks deposits fell by 40 percent in 22 days. If not for the $30 billion rescue package from big banks, the decline would have been 50 7%. First republic reports that their outflows have stabilized, FRC also expects to reduce headcount by 20 to 25%. Keep in mind FRC is the most high profile and dramatic instance of deposit flight to occur at a bank other than the banks that got taken over by the FDIC. So let's give a few more details. First republic was one of the banks that was subjected to a severe bank run in mid March. U.S. depositors had become jittery about midsize regional banks and first republic fit the bill. One of the ways that first republic had their situation stabilized as compared to signature or SVB, was that a consortium of mega banks provided them with a deposit of $30 billion to shore up their liquidity. The deposit was placed for an initial term of 120 days. First republic's quarterly results showed that the banks deposits had plunged by 41% around $100 billion before accounting for the liquidity lifeline, which is a much worse outflow that had been forecast. The bank added that it had cut as much as a quarter of its workforce, reduced outstanding loan balances, and curbed other non-essential activities. An analyst with web bush securities said, quote, first republic is an idiosyncratic situation in terms of the magnitude of the stress that it's under.
Fed faults Silicon Valley Bank execs, itself in bank failure
"The Federal Reserve false executives at Silicon Valley bank and itself in the banks failure. In a highly anticipated report, the fed says Silicon Valley bank field due to a combination of extremely poor bank management, weakened regulations and lacks government supervision. The report says defended not appreciate the seriousness of critical deficiencies in the bank's liquidity and interest rate risk management. The result is that SVB remained well rated even as conditions deteriorated. The fed is also critical of how the bank managed executive compensation. The report indicates executive compensation was geared toward short term profits and the stock price. There were no incentives tied to risk management. Mike Hempen Washington
"svb" Discussed on Marketplace with Kai Ryssdal
"Going to be the challenge that I have over the next month or so. I would just like to see the traffic continue right after Easter we are getting set up for outdoor and summer and believe it or not while I'm purchasing those. I've also written about 6 or 7 Christmas orders already. So I'm just I'm thankful for the traffic and looking forward to what the next 6 months bring. That was Irene kesselman already putting in Christmas orders at alley cat toys in carbo, North Carolina. This final note on the way out today. At the top of the show, we
Fed official: SVB itself was main cause of bank's failure
"A Federal Reserve official says Silicon Valley bank itself was the main cause of the bank's failure. In written testimony to be delivered to the Senate banking committee, the nation's top financial regulators asserting that SVB all management was largely to blame for the bank's failure earlier this month, and fed vice chair for supervision, Michael Barr, says regulators will also review whether a 2018 law that weakened stricter bank rules also contributed to the collapse, Barr pointed to the bank's concentrated business model in which its customers were overwhelmingly venture capital and high-tech firms in Silicon Valley. He also contains that the bank failed to manage the risk of bond holdings which lost value as the fed raised interest rates collapse was the second largest bank failure in U.S. history. Norman hall, Washington
FDIC: First Citizens Bank to acquire Silicon Valley Bank
"First Citizens Bank has been given the green light to acquire trouble Silicon Valley bank. I Norman hall. The federal deposit insurance corporation has agreed on the sale of Silicon Valley bank to North Carolina based first Citizens Bank and trust company. The FDIC said in a statement late Sunday that the transaction involves the sale of all deposits and loans of SVB to first citizens, collapse of Silicon Valley bank rattled the banking industry and led the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil based in Santa Clara, California, failed on March 10th after depositors rushed to withdraw money amid fears about the bank's health. It was the second largest bank collapse in U.S. history. I Norman hall
Janet Yellen Vows to Safeguard Deposits at Smaller U.S. Banks
"We're gonna get you up to speed on all that's going on in the world of crypto. Finance, and more, including some comments from the treasury secretary. Is that right? The Janet Yellen say something will. What's going on? That's right. We got a nice Bloomberg scoop to start off the day. Talk about how the FDIC is actually looking to move beyond the $250,000 ensure level for all deposits at most banks. They're looking to basically enact some pretty extreme measures in the wake of both SVB and signature bank being taken over by FDIC and also silver gate voluntarily winding down operations. There's a lot of contagion in the banking sector and they want us to have any more of that from occurring. So we're looking to ease the fears of depositors by increasing the insurance levels to what seemingly are extreme amounts. I don't know, Wendy, your take on it, it seems like this is like a pretty wild step. But it might be necessary given that there's a lot of fear out there in the banking sector. So this was this story was in regards to them using an old law from the 1930s, right? Well? Okay. So with that being said, I don't like all of these random laws that we have in our government. But at the same time, if this is going to help protect retail, if this is going to help protect taxpayers, because taxpayers are going to suffer the burden anyways. No matter what happens, if the banks get bailed out, taxpayers are going to be banks don't get bailed out. Taxpayers are going to get hurt anyway. So I guess I'm kind of okay with them using this law to help the underdogs. But at the same time, it makes me a little bit worrisome because we see them using some of these old laws and these old caveats to kind of destroy crypto and halt the growth in our industry. So I'm a little bit on the fence about it, but at the same time I do want to see retail win and I do want to see people get their money back
Bitcoin Was Born Out of a Banking Crisis
"Bitcoin as many have already said was born out of an earlier banking crisis. The blockchain's very first block contained a message about bailouts. It was designed to disintermediate third parties from Internet money by making people responsible for their own keys in contrast to the highly intertwined private banking sector and public sector. President Joe Biden has said U.S. taxpayers will not foot the bill for the bailout and that unlike in 2008, the architects of this financial crash will not benefit. There are enough responsible actors here to play the blame game, but if you're like Tatiana, the issue is the system itself. Senior management of Silicon Valley bank sold millions of dollars worth of shares in the lead up to the crash. This is seemingly the only risk management they performed. In 2015, SVB chief executive Greg Becker said institutions like SVB did not present systemic risks while testifying before Congress over plans to deregulate banking that were implemented in 2018. SVB essentially took a bet that interest rates would stay near zero forever. Over the past couple of years, it took deposits from a tech industry that was booming in part due to historically low rates that made venture capital financing worth the risk for many investors. In an effort to juice as much yield as possible from those deposits, SVB put a majority of its money into long-term fixed rate interest investments. The Federal Reserve essentially created the foundation for a tech hype cycle through financial engineering to stimulate the economy, and then through the frying pan into ice water when things got too hot. The recent interest rate rises were not necessarily unpredictable, but the fed's inconsistent messaging, saying rate hikes were unthinkable until they weren't, did not help the situation.
Failed Bank Chooses 'Wokeness' Over Stability
"Had to forgot man the article that I was reading through $83 billion from corporate organizations. Now that didn't go to the street hustlers all of it, it was these major corporations that were just that were just straight up woke and a lot of that was just fun fit to Democrat campaigns. I mean, it was a Money Heist is what it was, but all of these people want to virtue signal. You have to keep in mind that there are leaders, right? They're the people that will be the leaders, the little corrupt elites at the top at the top of the totem pole. The Gavin Newsom is the Joe Biden of the world. There's always going to be the useful idiots like an SB bank who double down on what was it? Was it? They doubled down on it says here had to have forgotten man. This from Justin news, as SVB investment failures mounted, the bank doubled down on its ideological commitments by pledging $5 billion in new green tech outlays despite signs of rising interest rates, negatively impacting that sector, some incidents, institutional and investors also began to raise concerns about the overall balance sheet. These foods were straight up woke and they were cricket as all get out as well, but this is all about creating a new morality, taking you away from government are God and bringing you to government. And here's what they want. They create these device of issues, CRT, DEI. Excuse me, the trans movement, and what these people, the useful idiots that they need, these people get all wrapped up in these issues. And so what these people start believing is, okay, they've got my back on this issue, so if they tell us that we should nationalize the banks, they're probably right there too.
The Danger of a Central Bank Digital Currency
"RC a couple of points. I want to get to digital currency, but something that I forgot to mention, which is significant, which regardless of how people might feel about crypto right now. Signature bank didn't get the same treatment as did SVB. Why do you suspect that is? So great question, Carl. So signature and silvergate, both banks that are more involved in crypto did not get the same treatment as Silicon Valley bank. So here's the kicker, right? A lot of people think cryptocurrency is just inherently bad. It's actually inherently simple. A true decentralized cryptocurrency everyone would allow you to buy sell and transact without the government being in your business. Now, we all know that the government absolutely hates competition. So that leads you to understand why those banks fail. And why you're being told crypto is inherently dangerous because it gives you a level of freedom. So Carl, let's contrast that for a second with the Central Bank digital currency. There are a number of us out there Catherine Austin fix is one of the best in the world at describing this. But the Central Bank digital currency is inherently dangerous for a couple of reasons. So I'm going to do a simple breakdown and then I'm going to tell you guys how they're laying the foundation to do this right now. So imagine that the government one day is all of a sudden you're back. So let's say with everything that's happened, they say one day, look, the banking system is unstable. The economy is unstable. The government is going to become the bank. You're going to use a Central Bank digital currency. Here's your card, your money's in there, right? Right. Then they decide, well, Carl, you need to spend more. And Carlson, I don't spend, I say it. So they say, we're going to penalize you 10% of your balance every day until you do what we say. Or we're going to tell you to stop spending and penalize you until you do what we say. And then they're going to decide Carl had a state last night. You know what? No more stake for Carl. So you can't go buy it. That's the future of a Central Bank digital currency.
Parent of Silicon Valley Bank seeks bankruptcy protection
"SPV financial group no longer the parent company of Silicon Valley bank since the bank's seizure is filing for chapter 11 bankruptcy protection. Silicon Valley bank is now being run under the jurisdiction of the FDC as a so called bridge bank, and is not part of today's chapter 11 filing by SVB financial group. SVB capital, a venture capital and private credit fund platform, and SVB securities are regulated broker dealer are also not part of the bankruptcy. But the financial group, along with its CEO and chief financial officer, are the targets of a class action lawsuit that claims the company didn't disclose the risks that future interest rate increases would have on its business in
"svb" Discussed on Daily Crypto Report
"It's 8 a.m. eastern march the 17th and this is your daily crypto report, Bitcoin is up half a percent at $26,675. Ethereum is up slightly at $1745 and binance coin is down slightly at $335. When the wake of this shuttering of Silicon Valley bank and signature banks earlier this week, the fallout has been crypto leaders calling the move by the regulators in the U.S. a smoking gun for a so called choke .2 on undermining crypto's Fiat banking connections in the U.S., these conversations gained credence when Reuters reported the FDIC wanted whoever acquired silver Yates assets to divest of crypto activities, which the FDIC has explicitly denied. More tangible effects have been the former Belgian minister of finance and current economic spokesperson for the right wing political party in the EU calling for a crypto band due to the effect in the U.S. saying crypto has no economic or social value that if a country bans drugs, it should ban crypto. It's a stretch of a comparison to be sure, but Belgium has recently stepped up its own war on drugs in the country, so it's in the zeitgeist. More fallout SVB parent company SVB financial group filed for chapter 11 bankruptcy today, despite having no more connection to Silicon Valley bank, SVB financial said it has around 2.2 billion in liquidity, about 3.3 billion in bond debt and 3.7 billion of preferred equity outstanding. When his macmillan way, Gary gensler suggested Wednesday that tokens using staking protocols should be considered securities under U.S. law. Again, it's a weak stance that leaves the regulatory environment of the U.S. up to the listener. His verbatim quote is, I would just suggest that each of these token operators seek to come into compliance and the same with the intermediaries. These comments came when he was giving his reaction to a CFTC chair comment about ether being a commodity what's explicitly not happening is actual leadership from the SEC head. Well, fidelity crypto has gone live, which will bring access to more retail customers in the U.S., the program has been wait list only up to this point, Bitcoin and ether transactions on the app are commission free, though notably withdrawals, haven't yet been enabled on the platform. And finally, more companies are distancing themselves from the term NFT as NFT project doodles say they're no longer an NFT project, but trying to go from a startup to a leading media franchise, pledging to focus energy on doodles most loyal collectors, these comments come after Instagram shuttered its polygon based NFT initiative earlier this week, Instagram's announcement comes shortly after meta laid off another 10,000 employees with some artists calling the move shortsighted Solana based form function will also shutter this week a year after it raised $5 million for investors. Creators on the platform have been advised to delist their items before March of 29th. Well, that's all for us today, visit us a daily crypto report dot IO for sources and links and listen to us everywhere else you podcast under daily crypto report. It's easy to get lost in the day to today happenings of our busy lives. I'm your host, Sydney lapaco, you may recognize me from one of the most dramatic seasons ever. Of the bachelor, and I believe that we all have something to share. Tune into something to share every Wednesday for down to earth conversations with inspiring and entertaining people, many of which you'll recognize about that special something they want to share most with the world. My name is Len Webb, and I'm Vincent Williams. We'd like to welcome you to our documentary podcast, the class of 1989. Over the course of 6 episodes, then sit and I will examine the importance of 6 black films that came out in 89 and how they shape and influence popular culture, filmmaking, and society in general. Come on. Let's get it on. New episodes will begin running weekly on March 6th..
Noble Gold CEO Collin Plume Discusses the Banking Crisis
"Plume from mobile gold. Just tell us about your company, what you're doing. And I just want to encourage our audience. I never tell you what to do with your money, but I can tell you what I'm doing with mine. I'm buying stuff I can touch. Yeah, well, and especially this week, I think that we've seen over the years when people would wire money out of a bank. And sometimes a banks would try to discourage them. They would tell the client as they walked in. They would tell, you know, are you sure? Yeah. Do you really want to do this? But I've had a lot of funny calls from clients where they said, this is the first week that they bought gold from us, that even the bank that they want to discourage them. It's a sending us money. And they know who we are, that makes obviously no who we are. Of course. So it's been we've had a massive influx of people that just want to get out of the banks. Even people that aren't with SVB or stupid valley bank or whatever you want to call it. Even people that are with that bank. Or Credit Suisse, man. Yeah, I mean, credit Swiss is almost two times the size of or two and a half size the size of Silicon Valley. Yeah, it's 1.5 trillion in assets. So that would be a massive collapse. That would change things pretty dramatically in the system. But overall, the banking crisis has been something that I've talked about for a long time. Yeah, you have. And it comes down to banks today. They obviously need to make a return. And a lot of the banks today are struggling to find a decent return, especially ones about treasuries a year ago. But this collapse, I think, made no sense in that when they bought those treasures a year ago, it didn't make any sense that they didn't take the lick back last year, sell some of it. Why would they sell 60% of what they had today? It really was the perfect storm for that bank. And there's 6 or 7 other banks that are in a similar position. And we'll see what happens over the next few weeks. Yeah, and
"svb" Discussed on The Gargle
"I mean, the number of times we cured mouse cancer, let's be honest. It's sort of extraordinary number of cancer free mice running around there at this point to shame they all have to be euthanized after the study for ethical reasons. I don't know. They'd be too powerful, you see. True, because our solution to mice is to give them cancer. Well, you saw what happened to Lance Armstrong, you can't have in these arrogant cheating mice run on a boat the place? They're all blood doping. Well, I think that this is an interesting prospect for solving fertility problems and particularly giving same sex couples the chance to have children that are genetically both of theirs in a way that is important to some people and not important to others. I know second hand of a lesbian commune where they just passed around a bowl of mixed sperm. So I kind of prefer that roll the dice attitude, but for some people, it's more important to have genetic material from two parents be part of the child to the child is an expression importantly of them because that's what all children should be. Just you, but more so and better and without the failure. Last week, we were one step closer to putting that into action in a laboratory. Do you think that mice are up for any of this? Do you think if we figured out the maximum level of cognitive C? Who's asking the mice? I just feel like we don't necessarily understand how or where animals are. And I feel like we really got to start to understand how aware my sir before I'm comfortable with us just doing weird shit to them all the time. Yeah, it does seem to be all in a bit of a jolly is about this story so strange, 'cause it does feel like there was just like somebody just woke up drunk in a science meeting or like maybe like a philosophy class and they were like, you know, which Kim, which came first, the chicken or the egg and some absolutely wrecked guys just went mice? Was that the right that feels like the right answer? Egg fried mice? Your ads now because you can't be what you can't buy. This episode of the podcast is brought to
Apparently, U.S. Regulated Banks Are Riskier Than Stablecoins
"All right Friends, well, today we are going to discuss the delicious irony of why, despite all the teeth gnashing of politicians, it wasn't stablecoins that disrupted the regulated financial system, but the regulated financial system that disrupted a stablecoin. First though, I want to do a few follow-ups from things we've discussed over the last few days. Yesterday we talked about Credit Suisse. You'll remember that markets were freaking out about it and pricing in a huge chance of default. After their biggest investor said absolutely not to further investment. As we discussed, despite the fact that its problems were quite different than Silicon Valley banks, having another bank in peril so close to last week's dramatic events inherently connected the two. Well, today, Credit Suisse has posted a record surge of as much as 40% and has seen major drops in their default swaps. The big update is that they were able to open up a CHF 50 billion credit line with the Swiss national bank, which is about $54 billion U.S.. They also announced plans to purchase some senior debt to the tune of about CHF 3 billion. So seems like the European banking crisis is over, right? Well, enough so that the ECB hiked rates by 50 basis points today, and I guess we'll have to see how that plays out over the next few days. Meanwhile, back in the U.S., all eyes have been on first republic. Indeed, before the New York department of financial services decided to off signature bank over the weekend, most believe that first republic was the most likely next U.S. domino. Well, on Sunday, first republic reported that it had more than 70 billion in unused liquidity from agreements with the fed and JPMorgan Chase, but its stock still cratered this week. Given that, word is that they're exploring a sale. Unlike SVB, silver gator signature, no one industry makes up more than 9% of first republics depositor base, and their emphasis on private banking and wealth management seemingly make them a juicy target. JPM is one that many have mentioned in conjunction with the sale, but it seems like others, including Bank of America subsidiary Merrill Lynch, and Morgan Stanley might also be interested.
Janet Yellen Questioned About Biden Admin's Reckless Spending
"Reasons why we have this problem right now is because the Federal Reserve printed so much money for so long and simultaneously the Biden administration handed out a third stimulus check along with multiple rounds of stimulus programs like the $1.2 trillion infrastructure plan to know where, along with the inflation reduction act of some 750 $1 billion that just created more inflation. I mean, you name it, they were there ready with a check, including to so many green energy companies, which by the way, SVB serviced. So there is some responsibility, believe me, I would say the bulk of the responsibility is on the federal government for the reckless spending and the reckless money printing that they engaged in over the last couple of years, and yet, when questioned by senator Scott Tim Scott, listen to what Janet Yellen says about this one. Well, this administration acknowledged that their reckless taxes spending contributed to not only the challenges that we see in everyday households, but also to challenges that we're facing today with SVB. Look, inflation is too high and it is the president's top priority to bring it down and there are many contributors to why inflation is too high. Importantly, fallout from the pandemic and Russia's war on Ukraine that boosted food and energy prices, many countries around the world. Suffer from the same problem. So she didn't really answer that one. All she said was inflation is high and it's because of all these other problems. No, no, no. Let me be very clear. Those other factors, Ukraine, et cetera, that certainly influence things as did your refusal to okay a bunch of fossil fuel contracts up until just the other day when reality finally set in and Biden had to go forward with the willow project in Alaska. But the main reason we have the inflation we have is because the federal government continued leaving the money spigot open for way too long way past the point of expiration. The
Executives at First Republic Sold Shares of Stock Prior to Crisis
"I want to get to the disturbing things that Janet Yellen said because it really calls into question whether or not they are in fact helping the system or trying to save the system. But first, according to a report in The Wall Street Journal, there may have been more corruption than we ever thought at some of these banks, including first republic, because we have learned and I do not believe this was some kind of auto sale, like what we saw over at SVB. We have learned that some of the top executives there sold their shares around March 6th, this would have been just days ahead of the crisis, and they pocketed millions of dollars in these transactions. Think about that. I mean, it kind of brings front and center, what everybody's worried about, which is that this is a rigged system where certain insiders have certain information and they're acting on that information. I'll tell you, someone needs to investigate this because if they did, there should be will be, I certainly hope AT double L to pay. Not good, not good. A lot of questions about that because by the way, normally you would file with the SEC this Securities and Exchange Commission whenever you have one of these stock sales and yet these guys over first republic according to The Wall Street Journal, they didn't. They didn't file the forms at the SEC. They only did it with the FDIC and I don't even understand how that happens, given that you're a publicly traded company. So this is weird. Really, really weird. And so now they're getting a bailout. I am sure there's a bunch of government pressure right now on some of the bigger banks to say, hey guys, we need your help here. Step in, do the right thing.
Sen. Bill Hagerty: A Failure Like SVB Would Not Happen in Tennessee
"Senator, that again, we're dealing with startups and the problem was 90% of the companies that had business at the bank were well over the $250,000 Mark, but many of these startups, it usually takes months if you're going to a main line bank to get the approval process and it was just taken about a week or so at SVB, so no wonder they were in such disarray. Yeah, SAB has a very different business model than most traditional banks. I mean, I've served on bank boards in Tennessee, we take a very conservative approach to banking in Tennessee, as you might imagine, this type of situation would not have occurred. I don't believe with any bank in Tennessee. But when you get to the core of what happened here, the management team should have been managing their investment portfolio. What happened was they were taking in a tremendous amount of deposits. They went from a $70 billion bank in 2019 to 211 billion in 2022. They weren't in a position to prudently lend that money out. So what they started doing is buying safe securities, meaning they're buying treasuries, mortgage backed securities that are backed by the government. But to get a higher yield on those, they were going further and further out in terms of the duration of those securities. And so when interest rates start rising dramatically as they did when the fed steps in to try to fight back this inflation that Joe Biden has created, they find those securities underwater because the security that's paying 1.5%, which is a lot of that was in their portfolio. Now that rates are up at 4.5%, you're going to get somebody to buy that security from you today. You're going to have to make up that difference by discounting the value of that security, meaning it may be worth 90 cents to the dollar 80 cents in the dollar 70 cents in the dollar. That's the size of discount. You'd have to get in this environment to want to take that 1.5% paper over the option to make four and a half percent if you just bought short term paper today. So that
Is Credit Suisse the Next Banking Domino?
"Right Friends, today we are talking about the same thing that everyone in traditional markets is talking about, which is Credit Suisse. Bloomberg's headline Blair's Credit Suisse and fight to win back confidence as shares plunge. And that headline has recently been updated to the even scarier Credit Suisse ignites global market route as banking fears return. So what's going on is Credit Suisse the next domino is it a big nothing burger? Is it something totally different, but it doesn't matter that it's totally different because all people here is bank failure and they get scared, let's dive in. So Credit Suisse has been looking shaky for a while. It's in the midst of a larger restructuring process by which its investment banking division will be spun out and the bank will focus just on its wealth management division. This is actually its second big strategic pivot in the last two years and obviously in the world of banking, that sort of bobbing and weaving isn't necessarily something investors get too excited about. To say nothing of course of depositors. Now right now, the specter of Silicon Valley bank is hanging not only over Credit Suisse, but the whole banking sector. This is despite the fact that Credit Suisse's leadership says there's no comparison, and that the bank trying to get back to profitability after changing its strategy has nothing to do with the extreme liquidity issues of smaller U.S. banks. However, this morning markets were further roiled when the chairman of the Saudi national bank, which is Credit Suisse's biggest shareholder, said that they would not be investing any more money into the beleaguered bank. The chairman of the Saudi national bank said that the biggest reason is just regulatory and statutory reasons that prevent them from boosting their share beyond the just under 10% they own now. Now as prosaic that might be, it obviously still wasn't good news. CSS shares were down as much as 29% hitting a new all time low. They're one year default swaps are also in a distress zone currently sitting around 18 X, the one year CDS for UBS, and 9 X for Deutsche Bank. Now, all in all, there are two big and quite different interpretations of what's going on. Investor in China perma bear, Kyle bass writes the recent collapse of SVB, signature bank, and silvergate bank was a warmup of larger things to come outside of U.S. borders. Credit Suisse's 5 year insurance against default has gone parabolic this morning, given their capital structure they now have three weeks or less to be sold.
"svb" Discussed on Crypto Camel Podcast
"Of the for sale of the underwater treasury instruments that play the starting role in the collapses of not only as VB and signature, but also the crypto focused silvergate bank, which we'll get to in a moment, a very important bang for the crypto industry. And it also went under last week. So as many have pointed out that the Federal Reserve's own aggressive movement on interest rates contributed to the duration mismatch that forced those sales. And. In the short term, this all adds up to a reasonable middle path between the horns of the U.S. banking internal dilemma. On the other hand, we don't want the kind of emotional and physical damage that would result from big losses on boring checking account deposits. On the other hand, backstopping banks too aggressively creates a perverse incentive for them to take big risks, potentially feeding longer term and more serious instability. And this was viewed as a broader long-term lens, the balance of the weekend's events would seem to affirm and even amplify the deeply held anxieties of bitcoiners that political influence helped determine who does and doesn't get help from the Federal Reserve. And that a more neutral monetary system would be better for everyone in the long term. Now, a few details about the backstopping of SVP and sigma for deposits could be lost in the coming debate about deposit risk. Perhaps the most important is that silicone valley bank had not only been taking on excess risks with deposits, funds, but had actively angled to avoid rules limiting the exposure. So at VP also made arguably massive errors in strategic communication, but will set that to the side for now. Specifically, Bitcoin, sorry, Silicon Valley bank was massively overexposed to interest rate risk. A good analysis of this basically is that they were banking on interest rates remaining low. And as soon as they went high, it affected all the bonds that they were holding onto as assets and they became more less, and they needed to do a stop gap cover, which set everybody panicking and a bank run happened. And that's kind of how this all happened. So the consensus among banking experts basically seems to lay considerable blame after this and other poor choices at the amendment of SVP. It Andy Kessler made the case in The Wall Street Journal of the market started in January 2022. 14 months ago, surely it shouldn't have taken more than a year for management of SVB to figure out that credit would tighten and the IPOs market would dry up, but there's an even stronger case for that responsibility than 2020 hindsight. Silicon Valley bank also took proactive steps to avoid or recent rules that would have forced it to take fewer risks. As detailed by The New York Times, the Silicon Valley bank CEO Greg Becker was an advocate for Trump administration rollbacks for certain stress tests and liquidity requirements for mid sized banks like this.
"svb" Discussed on Marketplace Tech with Molly Wood
"svb" Discussed on Dennis Prager Podcasts
"An adults are facilitating this, which is of course what you're writing about. Did you come across any dissenters on the left? Is there anybody saying this is horrible? There are they are unable to use their real names, which just tells you the kind of situation that they're in. But there are people on the left descending. And the people that are starting to speak out on this because they're seeing some real truths Barry Weiss published a piece by somebody who works inside a gender hospital where they, you know, the woman who wrote the piece is a lesbian, she's, you know, fairly committed to leftist causes, but she saw that these kids were, there's only one way to treat them now. And we have a chapter in the book on medical licensing. For example, if you are a doctor and you don't think that gender affirming is what we should be doing to every single child, and you can lose your license. And that's really the scariest part of this world conformity that has taken hold that we write about and stolen youth is that you can maybe take your kids out of schools, you can take them out of culture, you can not have them watch modern movies with all this nonsense in it. But how are you not going to take them to the pediatrician? And that's really when the trouble begins. So when we come back, I want to talk to you about the role of women in the stealing of youth. If you have thoughts on that, the book is stolen youth, it is up at them as prager dot com. Now when it's a wrong hi everybody Dennis prager here. Major new book out this week stolen youth. How radicals are erasing innocence and indoctrinating a generation Bethany mandel and Carol markowitz I have Carol Marco it's on. She's columnist the New York Post, every one of her columns is worth reading. So your subtitle is the thing that drives me crazy the erasing of innocence. So I have a question for you. Which is Carol there, by the way. Do we have her on? Yeah, yeah. Great, okay. I've been seeing you, okay, great. So you're a woman and it's a two, it's a two part question. Question number one was I naive in thinking, I literally thought this. Almost all of my life until the present era meaning last few years. That it was built into women to protect children's innocence. So a question number one was at a naive romanticizing of females. And B, now that females are wildly disproportionately taking children's innocence away, how do you explain that? So number one do you think? And by the way, I do now think that I was naive, but maybe there is no such thing even as female nature. I mean, if females are not built to protect children, then. A lot of my understanding of men and women has been incorrect. I think women are built to protect children. I think that what you're seeing is a really small subset of women. Leftism is extremely unpopular. It is a tiny fraction of the population that is leftist. You know, I like to say that recent pupil had 7% of the country describes themselves as very liberal. And I'm sure that number is far lower for true leftists who would do crazy things to children. But they're loud and they are in control of a lot of our institutions. And they push through their agenda to force conformity. And that's like the theme throughout the whole book is that people are afraid because of the repercussions that they might face from these crazy people. And so are women nurtured to protect children. I think we are. I think that my instincts is not only to protect my own children, but all children, I felt like when I was writing this book that I can protect my children, I moved to Florida. I took my kids out of what I thought was a failing situation for them. In so many different ways in New York City. But obviously not every kid can do that. So I felt like this book was fighting for all the kids that don't have the opportunities that my kids might have. And the women that you're talking about, I know exactly who you mean. It's these women who are more afraid to lose their social status. So they take their kids to these drag queen shows where the drag queen is twerking on their toddler, which they would never do if it was a woman, right? If the drag queen was a stripper, they would never allow this to happen. But because it's a man in drag, somehow that makes it okay. And that's really the tell here is that they think it's okay because it's got some proximity to LGBT or whatever. And they think that that makes them that makes it acceptable. And that makes them part of the in group. And for women who care more about belonging to the in group than they do of their children, I fully agree with you that these women are not the standard that we're used to that care about kids and protect children..
"svb" Discussed on Dennis Prager Podcasts
"So when you say you begin with the history, what history are you referring to exactly? So I open with a story of my own family, I was born in the Soviet Union. My great grandfather died in a gulag in the Soviet Union and how that affected my family, how his children suffered how they were always afraid how they felt like they were the enemies of the state. And that they had to renounce their father and really make a whole big spectacle of it. My great grandfather died under Stalin's rule and yet when Stalin died, his two daughters set out to make a scrapbook of Stalin's life. And then, of course, a few months later, Stalin was out of fashion. So they had to quickly destroy the scrapbook. And that kind of conformity and spectacle is something that we just have really not experienced in America, but during the George Floyd riots were immediately all of my neighbors in Brooklyn put up BLM signs and defund police signs. It was so familiar of the not only do you need to believe and you need to believe in a very specific way. You can't say I'm not racist. You have to say I'm antiracist. You have to make the spectacle of it so that you know that you're allowed into the in group. And if you're not, if you don't, you know, who knows what will happen to you? I'm just trying to picture Carol markowitz surrounded by defund police and beyond. On their $5 million brownstones, you know? Oh, the more expensive, the more likely you are to have this. Right, absolutely. 'cause they don't have to worry about that. It wasn't their problem. It's the police were defunded. Have you ever I haven't, of to say that I would love to, but they don't come on shows like mine, they don't die a lot. They don't meet anybody who differs with them, but have you in any way experienced a dialog with any of these people at children's hospitals. Who say that a ten year old, a 12 year old, a 14 year old, can be given hormone blockers and even eventually horrible surgeries. Have you ever spoken to any of these people? I've never spoken to anybody in a hospital that actually has is doing this or having a direct result on these children. But I've absolutely spoken to people who believe that this is the right path for so many kids. And I will say, you know, hormone blockers can have lifelong effects on these children. It can really damage them. They can maybe never have kids. Other terrible things happen to them. And they'll say, no, no, I read that it's completely harmless. And you can reverse it at any time. And it's shocking to me that they believe something that's so obviously untrue. And in stolen youth, we've spoken to people who had this gender dysphoria, were convinced into one way or another. And it ended up being that they didn't feel ultimately. They were the other sex than the one that they were born in. And we felt that these stories were really important to tell because, again, people are living in a world where they're told that there's no repercussions to trying to change the gender that you were born with. Obviously there is, how could there not be? You know, I haven't heard this mention much, but I do agree. I like you to vote a lot of attention to this, though, of course, have not written a book like you have in a runner repeat the book is called stolen youth, it's up at Dennis prager dot com. But the very notion that a person thinks they're the opposite sex. Is bizarre. I mean bizarre because it defies any understanding, not because I don't have it, but because how could you possibly know if you're a boy, what it means to be a girl? How do you know? How do you know you're a girl? You don't know what being a girl is like. So how can you possibly say you are something you have no idea what it is like to be? Yeah. What's even scarier is that blue past that so quickly, you could change your gender from boy to girl or girl to boy. Now you can be non binary. Before we left New York, my 12 year old daughter's Friends were all one by one coming out as non binary because it was an easy thing to be. You don't have to change anything. You just have to declare yourself a day. Last week, The Washington Post on ironically referred to somebody as I don't even know what that's supposed to be. What pronoun is there? I've never heard of that. Well, there is non binary. You're serious? The Washington Post did that. It appeared in an opinion or a news piece. No, no. In a newspaper. You're kidding me. No, I'm serious. I'll send it to you. The person in the story wants to be referred to as zur, and that's what they got. Yeah, it's happening. It's here. A lot of somebody said that the post I'd like to be referred to as his eminence. Well, Dennis, if you don't do that, should the post ever interview you, then I don't even know you. You have to do that. So right, you're so right. I will have blown a real opportunity. I would love to have an answer to that question. How do you know that the other sex see you can't have it both ways? If you're a girl and you say you're a boy, then you obviously are saying, I'm something quite different. I'm willing to mutilate my body, that's how different I feel from my sex. But the very fact that the boy is so different means you don't have a clue what it means to be a boy. You don't you literally don't know what you are doing..
"svb" Discussed on Dennis Prager Podcasts
"I couldn't get behind that. It shows you how people are animated by emotion more than by reason. Exactly. It's so real. And I think that's why what we're doing at PragerU is so important because it's about actually putting logic in front of people and equipping young people like me who were in college before. I left the university of Alabama to come join PragerU, but equipping the campus conservatives with the knowledge that they need to defend their ideas and to advance the movement in our lecture halls because in far too many classrooms what we see is that these college professors, they get to condemn America decried as this racist, sexist, bigoted institution, and no one in those classrooms sometimes has the courage to raise their hand. But what I always noticed when I was in those classrooms and I would raise my hand after class, you would have people walking up to you and saying, I've never thought about it that way. And I didn't even know that conservatives thought that way about this issue. And I think that one of the best things that we do at PragerU is we just don't focus on preaching to the choir, but we focus on growing the congregation. To ensure that the conservative movement not only can continue to survive, but thrive and grow. And we do that every single day here and it's been such an incredible thing to be a part of. You're enjoying it. I'm having so much fun. You know, I never thought that I would move to LA from the south after living in Augusta going to the university of Alabama in Tuscaloosa, but you know the great thing about being in LA and I think it's so interesting about PragerU is that you're reminded of the reason that we fight every single day because that's a great live. I finally found a justification for staying at LA exactly. Like you can't live in LA and be surrounded by the homeless encampments and the lack of support for our law enforcement and say that this is where America should go. And so living here, you say, I'm going to fight incredibly hard with so much passion with so much zeal with so much energy to ensure that the rest of the American people don't have to undergo what we volunteered to go through every single day. But we do have great weather here, Dennis. So that's a burnt. Yeah, but believe me, if we had Alabama's weather, nobody would be living here. It's a sad fact. Well, CJ, it is a joy to have you on board at PragerU and how do people watch you or hear you? Yes. Yeah, yeah, so you guys can check out my weekly show the wrap up, which is available on PragerU dot com and the PragerU YouTube. And you guys can also check me out on Twitter at the CJ Pearson and I'm on all the apps and you can catch me there. Thank you so much, Dennis. Thank you so much. And folks, this is fundraising month for PragerU. Now you understand why, why did he say it was such a great point? We grow the community or whatever it is. That's right. That's exactly right. Think of a 20 year old watching CJ Pearson. Who used the key word, it's not a matter of, it is a matter of course of conservatism. But do you know what it is a matter of primarily logic? That's the term he used. That's exactly right. It's not logical to say men give birth. It's absurd. Anyway, so go to prager U dot com, please. Thank you. Hello, everybody. I'm Dennis prager. Address the issue of the Silicon Valley bank..
"svb" Discussed on Dennis Prager Podcasts
"Please know. You can hear every one of my hours without commercials at prager topia dot com. Prager topia dot com. People around the world listen to the show via prager topia. Last night was the Academy Awards. I don't know if you say, was the Academy Awards or worthy Academy Awards, because the Academy Awards is the name of a, of an event, an event is singular. A very few people have troubled by this I am. Well, we picked our troubles. One of the heroes of America today's Christian toto, well-known Hollywood, Maven, that is kind of sure of what goes on there. Why is he an American hero? Because I believe he watched the entire Academy Awards last night. My Friends, that is like jumping into icy water and saving a drowning child. Christian toto, who is author of virtue bombs, how Hollywood got woke and lost its soul. He also has a video up at PragerU on Hollywood, and it will Cassidy. So without being cute, I was cute, but on the non cute level, tell me the truth, and I don't have any agenda for the answer. On a one to ten scale, ten being fascinating exhilarating, I didn't want it to end, one being so boring that I would have preferred to stare at a ceiling. What would you rate the Academy Awards? You know, it's usually floats between a one and a two. Last night was a solid four. I have to give, I have to give you a show. No, I knew you would be honest. And that's why I was curious. So why was it better than previous ones? Well, the last couple of years have been almost like a caricature of what a conservative would imagine the Oscars would be at la la Hollywood land. Just virtue signaling and preaching and not entertaining. And they pushed some, not all, but some of that away. It was much more straightforward. There was a lot of gratitude. There were some beautiful speeches, and Jimmy Kimmel, the shock of all shocks, was not a hardcore progressive politician during the monologue. He was actually kind of funny and charming. And he did some jokes late in the show that we're definitely for his base. But he kept to the basics. It wasn't Billy Crystal, but it was crystal like. And I was shot by that. There's no question, then, that the whoever runs the Academy Awards, what is it the academy motion pictures academy? What is it called? Academy motion pictures arts and scientists. Okay. They got the message Americans were tuning out. Is that correct? You know, they've never said that. And it's been bad for a while, but when you watch the show last night, something changed. Something happened. Some message got out. And it wasn't completely message free, but it was very different than recent years. It can't be an accident. Especially with Jimmy Kimmel, who's bread and butter is very progressive political humor, always one sided. And he really held his punches for most of the night. It can't have happened just, oh gosh, we're going to make it like this. Yes, of course. I've also been some sort of edict push down. That makes perfect sense. So do we have any idea what the ratings are or will that come out later in the week? You know, it should be later today. I just checked before we came on, didn't see anything yet. Usually Twitter will have it first. You know, it's been very interesting. I think that the slap last year that Chris Rock Will Smith incident, maybe we'll help a little bit this year because people think, oh gosh, what's going to happen now? But other than that, I don't think anything will be changing dramatically. It is radically smaller than it was ten years ago. Gargantuan difference between now and 20 years ago, it's just not a must the event. They've chased a lot of people away. And they're not coming back. Well, I'm one of them. I mean it. I really enjoy watching movies, but I'm not a movie buff, but I really enjoy movies. I. Liked gratitude speeches. They touched me. You said that there was a lot of that last night? Not only that, but one of the winners for best supporting actor, kiku kwon. He said that his life is the American Dream he was an immigrant in games. You're kidding me. Wait, wait, wait one second. Wait, wait, wait. He wasn't censored for saying that they didn't bleep it out. He said the words. Wait, he said the words, the American Dream? Absolutely. I can't lie about that. Well, no. I am not kidding. I'm saying this to my audience. I'm not kidding. People ask me all the time, is there hope for America? And I never patronize audiences. There's always hope, but we're in a bad situation. That's a reason for hope. Just that fact alone at the Academy Awards, and he's an immigrant, where the immigration from, you know? You know, he's Asian American. It might be that I don't know is it right. That was part of his story. And the audience obviously applauded. You know, he was such a great story. He was out of acting for a few years. He came back. Everything was sort of on his side. And I think there's nothing he could have said, that would have turned the audience against him. So I think that and also, you know, he spoke from the heart and as liberal as Hollywood is, I think on some level, I get it. They get the American Dream. They get the story. They know that they're so lucky to be able to dress up for a living. So I think on some internal level, it registered with them as well. Christian toto wrote virtue bombs how Hollywood got woke and lost its soul. And these stationed in Denver. Was there a lot of security because of the Chris Rock issue I read something about that. I'm serious. You know, they mentioned there was a crisis team. I didn't see any physical signs of it. I'm sure they had people on guard. But that was a once in a lifetime thing. Thank goodness. But, you know, you mentioned signs of hope in times of despair. I think the fact that the Oscars did what they did last night. In a way, is sort of a global better sign as well. I mean, listen, this is a large fight. But the fact that they decided to dial it down, it does speak something. It says that they get it on some level. So the name, everything everywhere all at once. At one 7 awards. Had I spoken to you on Friday? Would you have predicted the winner? Oh, yes. You know, it's been winning almost every award before the Oscars. It's got all the buzz, the critics liked it. It was kind of an indie film, a very quirky movie, but it made a fairly good amount of money for that kind of production. So everything was in its favor. It's got a mostly Asian cast and of course diversity matter is extreme to extreme level and Hollywood. Well, listen, it was inventive. It was different. And Hollywood is so obsessed with sequels and remakes and reboots. This was fresh. I didn't love it. I didn't think it was a great movie, but it was definitely different and challenging and clever. And you know, I think that's interesting. So my producer taught screenwriting, the American Film Institute. Is that correct? I got the name, right. That's his background. He really knows movies like you do. And he had the exact same reaction. It was a good movie, not a great movie. So did it win because the others were mediocre or did it win to a significant extent because of its Asian cast? That's the $1 million question. And that's why what we're seeing now in Hollywood is so toxic because when you win, you should win because you're the best or people think you're the best. It's an artist objective. So now you have to think, okay, was it just that it was a wonderful movie and that it was original and dynamic or was part of it that, you know, Hollywood has been dismissive of minorities for years and they feel such guilt that's trying to overcorrect. And you know, no one should have that on them. And the people who want to think, you know what? We won it's great. And that's wonderful. But there's always that thought in your mind that maybe this was winning for a different reason. There's a different motivation there. You can never say for sure, but you know. Well, why do you think this movie? At the Top Gun: Maverick was at the Top Gun: Maverick did everything right. It had nostalgia. It had action. It had a beautiful arc to it. And it fine performances. It was visually dazzling. It continued a story that people loved from the 80s in a fresh way. It was so apolitical. It was kind of political in a sense. I think for all those reasons, it was the best picture. And it was the most popular. And I don't always think that the most popular should be the best picture at the Oscars. Don't get me wrong. But I think it did enough to just check every possible box. And it was nominated, but it had no hope of winning. Because it was too celebratory of the military. You know, I don't know, you know, maybe there's sort of a, when you're so popular, that sort of rubs against you in a way, like, oh, you know what? Oh, that's interesting. It's like something different. But you know, critics liked it as well. So listen, it just didn't have that Oscar feel. It had a blockbuster field. The Oscar movies are, you know, biopics and serious and sober and addressing societal ills. And it didn't do that. It was just fun. I got a few more questions because. It's an important event in America to give it's one of those things that you could measure the heartbeat of the country. By the way, his website is Hollywood in toto dot com. Hollywood in toto dot com. Christian toto. We return momentarily Christian, I thank you. Just when you thought it couldn't get any better, Mike lindell with my pillow is launching the my pillow 2.0. When my invented my pillow and had everything you could ever want in a pillow, now nearly 20 years later, he discovered a new technology that makes it even better. The MyPillow two has the patented adjustable fill of the original MyPillow, and now with a brand new fabric that is made with a temperature regulating thread..
"svb" Discussed on Dennis Prager Podcasts
"Many investment advisers have been recommending cryptocurrencies such as Bitcoin. They claim it's the new gold. This is Dennis prager for am fed coin and bullion. Why would you buy the new gold when you can buy real gold and silver, which have maintained value for thousands of years versus the highly volatile crypto market. When I purchase gold and silver, I do so from my friend and I don't often say my friend in these ad copies, Nick groves, owner of coin and bullion. I like the fact that it's tangible, I can hold it in control how it's stored unlike digital currency that's held in a digital wallet. I want to preserve my wealth, which is far from the case with Bitcoin spiraling drop in price. Mix been in the precious metals industry for over 41 years and he has established the reputation built on trust transparency and fair pricing called Nick and his team at am fed coin and bullion to take advantage of his honest advice and extensive expertise 802 two one 76 94. American federal dot com, American federal dot com. So I'd like you to hear this. This video made by this incompetent bank Silicon Valley bank, their British division, about how they welcome the marginalized and they reach out, there isn't a word about whether they're a good bank. The whole preoccupation, which is part of the reason they crumbled. Their preoccupation was with woke policies, not good banking. Well, it's okay. The airlines are starting some of the airlines are starting to be preoccupied with the same thing. Not good piloting, but reaching out to make sure that the underrepresented and the marginalized are in the cockpit. So they don't use any longer. Flight deck. Here is the I hope you'll follow it, and you can watch it because my show is. My show is in fact on the same news channel on video. So you can watch this video as we play it. But if you're just listening, listen carefully, they all have British accents, which you will acclimate to rapidly. How does SVG? I think what really sets us apart when we think about diversity, equity, and inclusion at SVB is our culture and our united desire to lead with empathy to listen without judgment. This is a bank ladies and gentlemen. But they listened with empathy. That's where I want to place my hard earned money. An empathic bank. There's one group, however, that SVB did not have empathy for. Do you know what group that is? Can you guess? Now, I think I know what you're thinking, but I'm not thinking that. You're thinking Christians, Republicans, Trump supporters. I'll get to that. The group that they didn't have empathy for. While there were two, their investors, and their depositors. But they did have empathy for the marginalized, continue please. And put ourselves in the shoes of others. The result of that is a place to work where you don't feel like you have to self edit when you come to work. When you go to any woke institution, you don't have to self edit if you're a Trump supporter, a Republican, a conservative, a devout Christian, you don't have to self edit. Really, they lie with the ease with which you breathe. This guy is lying, and he doesn't know he's lying. He believes what he's saying, because he's only thinking of certain groups. Of course you have to self edit. At any left wing institution, which means any institution by and large today. That's exactly what you have to do. Shut your mouth, Christian. Shut your mouth conservative, shut your mouth maga supporter. Shut your mouth if you think that children are born male or female, just shut up. Because you're a hater. If you say there are only two sexes. Nobody has to self edit at our bank. Continue, please. One way you can bring as much as yourself to work as you really want to. Okay. You can bring as much of yourself to work, really, so if the person is pro life and they bring in pictures of a baby's in the womb, that's not an issue at Silicon Valley bank, the late unlamented Silicon Valley bank, this is the culture that they're creating. By the way, it's not the only bank creating this culture. The biggest banks are going as woke almost as Volker's SVB did. Continue please. This is their video. This is of joining SVB. I think it's the people and the culture that there is here. Everyone's been really friendly approachable about being open and it's made it really easy to be comfortable being much free self here. But that's not true. The whole video is a lie. It's your only comfortable if you are gay, if you're non binary, if you are what else, transsexual or transgender, then you're comfortable. If you hold any traditional value, it is a place of profound discomfort. And now here's this Jay AirPod that I was quoting the one who was the head of the chief risk officer, and she, if describes herself, let me get that again. A queer person of color. So here she is. Make it our mission at SVB to ensure that our clients, employees, and partners feel listened to and that their voices matter. So from funding underrepresented entrepreneurs, to having multiple employee resource groups, I could not be proud of working for a company like SVP. Right. And now, and if we're in for a bailout, how many of your clients would have lost savings? And of course, the investors have lost all their money. They're not bailed out. But this is their mission was not good banking. Their mission was to make a place comfortable for the non binary. Continue, please. What we do throughout the year, the space that we hold throughout the year for all of these groups for everyone that feels that they have a space in one of these ERGs and talking about it all the time, not just for Pride Month, not just for, you know, any other kind of day related, it's about how we support each other all the time. I think we do. They only support each other if they're a certain persuasion. They really, they committed suicide at SVB..
"svb" Discussed on Dennis Prager Podcasts
"Yeah, it's not fascinating. Meanwhile, J erpa, there's another female, by the way, named J, why is this female named J? Because she describes herself as a queer person of color from a working class background. She is the chief risk officer for the bank in Europe, Africa and the Middle East. Describes herself as I said as a queer person of color from a working class background, organized a host that really still doesn't explain why she's Jay. Because that, if she were non binary or trans, but she's not, she's only meets person of color female and queer. So she doesn't quite hit the jackpot. Of victimized groups. Or what is their word marginalized? I love the marginalized. Let me ask you a question. Those of you who believe in this marginalized theory, if your kid were applying to a prestigious prestigious college, would it be better or worse if your kid put down non binary indigenous people queer? Or something to that effect. Or cisgender white male. That's the worst. Cisgender means you actually identify with the sex that you are. You are a certain sex, my Friends. They made up the word gender and applied it to human beings in order to deny that we have a sex. She organized a host, she's the kind of chief risk officer for Europe, Africa and the Middle East. She organized the host of LGBTQ initiatives, including a monthlong pride campaign and implemented safe space catch ups for staff. What's a safe space catch up, do you know? Catch up must be a British term. That's what I think. This is a British thing. Yeah, have you ever been to a ketchup? Have you sketchup? I had a feeling you would say something about ketchup. That's rare for you. This was a. Fusion of punning and. It's just like, yeah, it's fine. Maybe that's what they meant, safe space, ketchups. They have played me. They have played out. This is safe space catch ups is as logical as safe space ketchups. In a corporate video published just 9 months ago, she said she could not be prouder to work for SVB serving underrepresented entrepreneurs. Okay. Is that the one who has the video? Is it from this J ursa? Who is the person who gives we're going to play? A lot of people write, thank you, yes. I sent it to you and I don't remember what is. I read too much. More on SVB when we return..
"svb" Discussed on Dennis Prager Podcasts
"Check out monorail dot com, America's affordable investment app made for conservatives who want to keep their hard earned money with companies that share their values. Download the monorail app today, join monorail. Hello, everybody. Dennis prager here, I'm a good Monday to you. I'm, of course, I hope you have a good weekend. I expected, well, I didn't say I can't say I expected, but I would not have been surprised that there have been some massive run on banks for people to take their money out. With the Silicon Valley bank going under and first, the announcements from the government that they would not bail the bank out. The bank. This could be universally acknowledged the bank was more preoccupied with carbon emissions than with running a bank. Please know that this is going to be the case woke policies will be the case for more and more professions. Medical schools like Indiana University medical school, I will talk to you about that later. Our telling students, are you ready in a medical school, do not use the words male and female at a medical school. There is no such thing as male and female. There are just people who have a uterus and a cervix and there are people who have testicles and a penis, et cetera. That's it. That is a medical school. Airlines are now hiring like a united and southwest. They are hiring a based on color and sex more than they are on competence. And banks are now being run more on what is your policy with regard to LGBTQ than what is your policy Vis-à-vis protecting the savings of your depositors? Everything the left touches it destroys banks should not be exempted from that rule. Everything the left touches it destroys. I used to say everything the left touches it ruins and now I would say destroy is the more accurate term than there is nothing left after destruction. Let me tell you a little about this bank. This Silicon Valley bank. Oh cool, that is from the Silicon Valley bank. The head, right? The head of what is it to make sure that the bank is solvent, I'll talk about that in a moment. Collapsed lenders from the daily mail Silicon Valley bank operated without this is that's at risk officer. I think it's the risk officer. This is the person you have to understand who should be in charge of the issue. Of risks. That the bank is taking so as to protect those who invest in the bank, there are two people banks have to protect investors in the bank and depositors. Collapse lender Silicon Valley bank operated without a chief risk officer between April 2022 and January 2023, while the operations United Kingdom based head of risk stands accused of prioritizing pro diversity initiatives over her actual role. Not surprising it is a female. I point that out regularly, women are disproportionately left wing and disproportionately hurting children and many other areas of life. It's amazing what you can say about men, but if you say a critical word, even if it's completely factual, about women, then, of course, a hater, which is a way of saying you can only criticize men, women are uncritical, and that is exactly what they say. That is a left wing position because truth is not a left wing value. So is it true that women are disproportionately ruining children with robbing them of innocence, of course it is? How could it not be that disproportionately wildly so, kindergarten teachers, elementary school teachers, and librarians? And now, in many other professions, these woke women SVP SVB former head of risk of Laura izu Rita, who formerly performed a similar role for Capital One left the bank in April 2022. She wasn't replaced until January 2023 when the bank hired Kim Olson, SVB has an impressive record chief. This is what she said when she was hired. Kim Olsen, SVB has an impressive track record of sound growth and remaining true to its strategy of serving the innovation economy. You know what the innovation economy is? What does she mean by it? I'm not being cute. What does she mean serving the innovation economy? So it's oh, I see 'cause it's Silicon Valley and they're they do. They innovate censorship. I want to say that that is their greatest innovation in Silicon Valley, where the tech companies are reside. For the first time in American history, widespread censorship. I am excited to leave SVB outstanding risk management team. It's an outstanding risk management team, as we have now learned. And continue to build SVB, risk management framework and capabilities in this important next chapter of the firm's trajectory. God, do you know AI would have come up with a better statement? Wright doesn't it sound like an artificial intelligence thing? Yeah. If you said artificial intelligence, give me a two sentence paragraph that the head of risk operations of a bank would say, this is what you would get..
"svb" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"That saw circles flagship USD C stablecoin break its peg from the dollar, following below 90 cents early on Saturday before a series of moves by banks and regulators restored confidence that the token and at the time of publication, USD C had recovered and trades at 99 cents, and during the weekend, circle issued a press release confirming a 100% of USD C reserves are safe and secure. The company said it would complete the transfer of the remaining Silicon Valley bank cash to BNY Mellon and liquidity operations for USD C will resume at banking open on Monday. Now circles announcement noted it had no exposure to silver gate, the crypto friendly bank that announced it would voluntarily liquidate its holdings as a part of the takeover process by federal regulators this weekend's USD C turmoil was a part of the broader financial catastrophe that started due to the collapse of SVB, the 16th largest bank in the U.S. and a financial pillar of the tech and venture capital world, the failure of SVB triggered a panic as thousands of companies, including circle, could not access billions of dollars in deposits. However, the fed and other agencies calm the markets by announcing depositors at SVB would be made whole, so there you have it. All I know is this, the FDIC only has so much money at the end of the day. I mean, they have maybe a hundred plus billion in secure funds, but then there's trillions in the banking system. So if there was a bank run, it's almost impossible to get your money. And we have seen this all over the world happening in countries outside of the United States. Like in Lebanon, they're burning down the banks. You feel me? So now let's dive into breaking news that signature bank was just announced collapsing. I believe late last night, we'll break that down. Then we'll dive into the latest with Kathy wood and her prediction with Bitcoin and Ethereum moving forward. So let's break down signature bank. New York based signature bank and other crypto friendly bank has officially closed down, and it is being taken over by the New York department of financial
"svb" Discussed on The Trish Regan Show
"I still think there is some danger as we go into this week that a lot of people are going to rethink anything they may have in a regional smaller bank that's not subject to the same kind of scrutiny as the big guys. So any small business or medium sized business that's banking with one of these regionals may say, wait a second. I don't want to go through this headache. Let me just pull my money out and put it into chase or Bank of America or Wells Fargo or one of the big guys. And I'll be more secure. We've kind of had this two tiered banking system, if you think about it, right? In a way, with the big guys being subject to all these liquidity restrictions, et cetera, all these stress tests ever since 2008, and then the regulation changing for the little ones in hopes that they had a chance to one day become one of the big ones, and yet now I think a lot of that is going to get rethought. Because of what we just saw and what we're about to see. Anyway, it's all kind of frustrating because you look at it and you say, the reason the reason this bank was in some of the trouble it was in was because the tech sector went wild. And why did the tech sector go wild and then have that bust? Because the Federal Reserve printed too much money. Joe Biden and the Democrats gave out too much money. There has been so much money in the system so much inflation that it created an environment that was ripe for these kinds of crises. I said this all along and you know, sometimes you just don't even know you can't anticipate what it's going to be. We've been thinking maybe a systemic crisis of some sort. Maybe they were making bad loans. In this case, they weren't even making bad loans. They were just treasuries. I mean, they were bad loans in the sense that they were treasuries that were trading at a lower level because they were only paying about one and a half percent interest rate and now on a two year you can get nearly 5%. So that was too bad for them and they didn't properly allocate for the risk period that they were entering. Nor did they probably even understand the inflationary period that we were going into. They're not listening to this podcast. And they were drinking the Kool-Aid with Janet Yellen and Joe Biden and Jerome Powell trying to say, oh, it's all just transitory. Don't worry, don't worry. Well, they didn't worry, and then they got caught in this really bad situation.
"svb" Discussed on The Trish Regan Show
"I'm Trish and before we start today's show, have you signed up for my newsletter yet? If not go to our new site, Trish Intel dot com. That's Trish Trish Intel dot com to sign up for news alerts from me and my team plus get special access to my free invitation only events, including video and audio conference calls exclusively with me and my favorite financial and political experts where you can ask us anything. It's easy to sign up today at Trish Intel dot com. Wow, I haven't had a weekend quite like that since. So, I don't know. Lehman Brothers? Going back all the way 2008, we just experienced ladies and gentlemen. The second largest consumer bank failure in history, Silicon Valley bank, going under, the feds, having to come in on Sunday Night and say, you know what we're going to guarantee the deposits and not only that, we're going to make sure that we have a lone window open to any other bank that might be dealing with the same kind of issues and yet the president of the United States had the audacity to tweet out and I quote thanks to the American rescue plan, we've come a long way with a picture of him and Kamala Harris, his VP standing alongside him. I mean, talking about tone deaf, we are still on the verge of a major disaster. We nearly experienced a run on all of America's banks and the president is so clueless as to say hip hip hooray. Come on. All right, we're going to get into all of this. I want to talk with you today about why SVB failed why more could still run the risk of failure and why the feds had to jump in at the 11th hour on Sunday Night so that we could start today on hopefully a little bit of stable ground. We are so not out of the Woods yet. Hello, everyone. Welcome to the program. I am Trish free and portions of today's show are brought to you by legacy precious metals. Good time. Good time, shall we say to be looking at something like gold right now? Don't you think? I mean, given everything that's happening, I mean, I like gold in my own portfolio. I use it as kind of a hedge, and sometimes it goes up, sometimes it goes down, but I'm a big believer that long-term my gold is going up because long-term, we get some problems here. Major, major problems. And that's being reflected in terms of all this inflation that I don't think is going away. It's also being reflected in terms of this major debt load that we're struggling with. It's one of the reasons why I like golden. If you look at gold, especially on Friday as we were watching the total demise of SVB, you saw gold, of course, go up in value because it's that sort of safe haven that people like. Well, if you're interested in buying some, go over to legacy, p.m. investments dot com again. It's legacy p.m. investments. They have a free investing guide. You can also sign up to actually be on their platform. We buy the gold directly with right off the computer, or you can call them at one 8 6 6 5 8 9 zero 5 6 zero one 8 6 6 5 8 9 zero 5 6 zero..
"svb" Discussed on Bloomberg Radio New York
"9 29 Monday morning in Hong Kong, 1229 Monday afternoon here in Sydney. I'm Paul Allen. And I'm Doug prisoner at the Bloomberg interactive broker studio in New York coming up on 9 30 Wall Street time bear in mind that the U.S. went into daylight saving time and as a result we sprang forward, so to speak. So that's why the clocks have been adjusted will take a closer look at what markets are telling us at this hour when Brian Curtis joins us in about ten minutes right now, a few of the sours top business stories. U.S. regulators say Silicon Valley bank depositors will have access to all money on Monday The FDIC kicked off an auction process for the bank's assets late Saturday results could come late tonight, clients uninsured deposits will be available tomorrow. Meantime, New York State banking authorities have closed signature bank and separately we hear the fit, the US Treasury Department also preparing landing program to backstop bank deposits. Meantime on the opinion side, the opinion columnist Muhammad el Arian is saying these U.S. banks can contain contagion risk and system stress stemming from the collapse of SVB and he told us the slump is not necessarily a sign of financial instability. The correct statement that the banking system is sound as a whole doesn't mean that every bank is strong. We are seeing the correct statement that if your bank sensitive to both and I want to stretch both interest rate risk and credit risk, then you have a more difficult outlook. Now, mister L Arian went on to say contagion risk can easily be contained by careful balance sheet management and avoiding more policy mistakes. Banks are in talks with the UK treasury about a potential plan to take on depositors from SVP financial groups at British arm. We've got more from Bloomberg, Susanna Palmer. This in a bid to avoid wide scale disruption in the tech sector and to try to calm markets. We're hearing some of the UK's biggest lenders have been discussing the idea with ministers. Its being prepared as a plan B if the government fails to find a buyer for the bank according to the people. Under the plan several big banks would take on SVB is depositors offering them access to money until their funds are released from the lender. SVB is set to enter a resolution process following an announcement by the Bank of England late Friday. A treasury spokesman declined to comment. Susanna Palmer Bloomberg daybreak Asia. 32 passed the hours we update global news
"svb" Discussed on HASHR8
"Welcome back to the mining pod is just me rocking the mic by myself this week. Matt Kimmel is away and last week. I was often Jackson hole doing some podcasts in person. We will have those coming out shortly, including one with Fred teal of marathon digital Zach Bradford of clean spark and Dan Lawrence of foreman mining, those were three great conversations, audio only, but you can catch them on both our YouTube channel and on our podcast feed. We will be releasing those shortly. As for today, we actually have a lot more stories than normal. We have 7 stories. So we'll go through them very quickly and just talk about the headlines for the most part. And I'll give a little commentary on each of them as I see it from a mining angle. So we'll start off with the collapse of Silicon Valley bank or SVB and silvergate. This is actually happening this morning Friday when I'm recording at SVB is a prominent bank within the solar panel circles and a lot of founders use in order to bank their companies earlier this week. The teal fellowship fund decided or settled notice saying, hey, you should probably pull your funds from the bank pretty quickly after that we saw a run on the bank and it stock price plunged as much as 60%. As of this morning, the FDIC has put out notice that they've actually taken control of SVB and are going to start giving out funds to customers of the bank based on their line in the credit there. We'll see what happens with this. This, of course, happens after silvergate, voluntarily decided to shut down their bank, their cotton the collapse of FTX, and then they also had a law of their other banking partners, including Queen bees and Gemini, decide to withdraw from the bank. What we are really sitting here is that the Federal Reserve is continuing to increase the cost of capital and some of these banks are on the wrong side of that bet.