A chain reaction is being realized, the infection is intensifying. The system went haywire. The second bank collapsed, and the Fed resumes emergency lending programs.
The Fed officially announced that two days after the collapse of SVB (assets 200 billion), another bank, Signature Bank, with assets of 110 billion dollars, collapsed.
The management of the bank was immediately suspended, insured deposits up to 250 thousand are guaranteed, uninsured on an auction basis with an unclear distribution criterion.
The Fed urgently renewed credit lines to banks. Additional funding will be provided through the creation of a new Bank Term Funding Program (BTFP) offering loans for up to one year to banks, savings associations, credit unions and other eligible depository institutions.
These loans are secured by treasuries, mortgage-backed securities (MBS), agency securities (agency debt) valued at par.
It doesn't matter what the current market price is. The Fed's new program values assets exclusively at par, which is intended to be an additional source of liquidity, eliminating the need for banks to sell securities during a liquidity gap (which hurt the SVB ).
The Treasury, in coordination with the Fed, will allocate an additional $25 billion from the currency stabilization fund as support for the BTFP.
Given the experience of credit lines in 2008 and 2020, the current Fed initiative actually means unlimited funding of banks (from hundreds of billions to plus infinity).
The system went up in flames! Interest rate expectations sharply changed down by 0.5-0.6 p.p., which was the strongest change since March 2020 . Join Slavyangrad chat. Your opinion matters.
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Feel free to reply to any comment by clicking the "Reply" button.These banks must fail and the uninsured depositors, all Democrat donors, must loose all or the system must collapse. The politicians making these decisions are dooming the economy, whether by ignorance or design.
FuzzyMarineVet
Level 8
Mar 14, 2023
0
The "ripple-effect" is obvious because of the levy system against a central bank pool, where periodic losses can be covered by absorption through levies. These levies are intended to cover short-term shortfalls...not FAILURES!
Also, investigators need to look at the risk profile this bank carried. Were they gambling with depositor's funds? Were they implementing restrictive hiring and loan policies that harmed the business opportunities and potential profits? Did they act in the fiduciary interests of the depositors?
Sensrhim4hizvewz
Level 8
Mar 13, 2023
0
Is this the start of history repeating itself re 1930's
angelo
Level 8
Mar 13, 2023
1
Unfortunately, we all know that time is inevitable, just hard to predict the exact date, since the so called everything bubble is so blown out of every proportion that anything can trigger it. One can make the case that it will be larger crash and consequences than in the 1930's because its globally connected in far more ways than it ever was back in the day. The bubble is far larger and people are not industrial anymore as they were back in 1930's, today many are struggling to find bathrooms. So in the event of crash, what do you do with all these basket cases. You can't employ them. They are depressed, incompetent, or plain insane. Many are overweight and have been only consumers their entire life. And those that are trained are trained to be political activists, not nation builders.
Whatever is left, is long in the tooth. They say average age of a farmer in USA is over 60 year old. Back in 1930's it was probably closer to 30 year old.
EU is so corrupt, full of incompetence bureaucrats and with no energy, dependent on the US handouts that its not even funny. You add migration on mass with hostile groups on every corner, collective debt is hard to even write, how many zeros it has... and its not looking pretty.
To be fair, anticipating this, Russia, China, India etc are looking to distance themselves for them western financial ponzi scheme, so when it blows they won't be unaffected and probably will be bad, but maybe less bad than in the anglosphere and EU.
There is a saying. when all else fails, they take you to war.
USA only got out of great depression by entering WWII and turning into war economy. Interestingly so did Germany. the rest is history as they say. And with insane neocons and western war machine itching for war with China, I hope we see a collapse in western financial system and people focusing their anger inward towards bankers and politicians and not other nations. But you never know.
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