The collapse of two Democrat-run banks in Democrat-run states has the Democrat-run Federal Reserve and the Democrat-run Treasury Department telling us we are in a crisis. Democrats tell us the government must save the banks. The banks Democrats target are the community and regional banks in Republican-run states.
Mar 23, 2023·edited Mar 23, 2023Liked by Don Surber
During my career, I consulted with large (for Mississippi and Alabama) and very small (one or two branch) banks.
I loved the small banks and the people working there. The CEOs were awesome as were the employees.
At the big banks, they all were buttoned up and tighter than Stacey Abrams’ pants after supper.
For at least twenty years, the democrats have made laws and put pressure on the little banks trying to force them to sell to larger ones. In many cases, they have succeeded.
One nugget left out of the chatter on SVB is the reminder that a lot of the cash deposits were a direct result of the funding authorized in the 2 big Biden spending bills directed to “climate action.” Startups and other alt energy companies got beaucoups of taxpayer cash from those bills which were deposited in SVB. All insider deals for friends and relations inside the Dem circles. Remember Solyndra? Why should taxpayers bail out companies that grafted their way to the cash via Biden’s payola circuit?
Worthless money in worthless banks. On a good note because of Biden’s inflation, soon I’ll be able to pay off my mortgage with 1 Biden Million dollar bill, and have change for a Big Mac.
I have a problem with your brilliant & scientific polls, Don. I consistently wish to chose the missing “all of the above” option. On the other hand, they always make me smile, so thanks!
When my dad was young he bought some bank stock, he held it for 50 years. It eventually became Wachovia. Then when he was 80, it was stolen by Wells Fargo and the government.
"The collapse of two big Democrat-run banks in Democrat-run states has the Democrat-run Federal Reserve and the Democrat-run Treasury Department telling us we are in a crisis. Democrats tell us the government must save the banks. Democrats want to save the banks by targeting community and regional banks in Republican-run states, not the big banks that failed."
This republican is tired of carrying failures on my back. Democrats need to step up and police your own for once.
And another thing. Charles Hugh Smith writes extensively on the Crapification of the U.S. (Western) economies where everything is about cheaper price, quality be damned.
And that has been extended fully to the Crapification of Western Leadership, including Politicians.
We have Biden, Trudeau, Schultz, Macron, etc. who couldn't run a stick into a bucket of shite, running us over a cliff.
''Any business owner or executive who acquires wealth through ethically questionable tactics is still known as a Robber Baron.'' Merriam-Webster wasn't the fat chick in senior high that grew up to be svelte, famous and very wordy. I am enjoying Suber's History Class so much.
I haven't forgotten what a complete sleaze JP Morgan, the man, really was ESPECIALLY after the Titanic sinking and perhaps before it as well. I have no reason to think that JP Morgan, the bank, would be any different and just as sleazy if not moreso.
Whew! Whenever I read stuff like this, as any kind of math is so far from my suit, my head goes on maximum boggle!
I really need this kind of stuff dumbed-down to analogies like, “Johnny had 10 apples….”
My math intellect being thusly revealed to be nil, I endeavored to try some figuring based on some of the numbers being throw out there with regard to JP Morgan’s acquisition of Bear Stearns and Washington Mutual. Here goes:
JP owed the Govt 19b in fines.
They paid 3.3 b for those two banks, essentially knocking their fines down to 16.3 b.
The Government then backed their purchase with 30b, leaving JP, after deducting the 16.3 from their tab in remaining penalties, with a surplus of 14.6 billion.
This little mathematical equation may crystallize my utter deficiency in understanding these matter, or else, if I am correct, JP sure made a real killing in that deal.
I’m sure, however, that somewhere in my calculations I’m way off, but in addressing the whole banking meltdown situation on the whole, we are in a very scary place right now. Can you even imagine what that phone call between Buffet and Biden must have sounded like? I mean, depending upon Joe shit/for-brains Biden to negotiate a way out of this mess - which he is wholly responsible for?! We are so doomed.
I also wondered - we’ll, more like fantasized things being as they are - what if we unleashed our energy sector? I mean really let it rock? Fossil fuels are liquid/gas gold. It could turn this whole mess on its head. Just sayin’….
I've been a member of the same credit union since 1976 or so. I like credit unions. I neither like, nor trust, banks. (IIRC Mr Potter ran a bank; Jimmy Stewart ran a Savings and Loan association.)
I forgot to say ZeroHedge has morphed into Pillow Fight Club, now that Goldman and Google pull Dyler Turden's strings. I started on ZH in 2009, but got kicked off last year. If you can't sing the company song, as orchestrated by Google, ZH, now a eunuch, doesn't want you.
1. Buffet never saw a Monopoly, Oligopoly or Government Handout/Nudge that he didn't like.
2. The cancer on America is Too Much Power in Too Few Hands. Banking is the Poster Boy.
3. Too Big To Fail ? Ask the Dinosaurs. Too Big to Exist is the truth. Saving the TBTF Banks is the disease that has metastasized. Skimming and Churning baseless paper, while the real economy has been completely offshored to China (and Mexico).
4. And now "Made in USA" China is Too Big To Handle.
Don this column both amuses me and pisses me off.I am amused by Mr. Omaha calling punch in the White House to discuss any thing other than pudding flavors.What pisses me off is pudding brain dishing out money from his money tree and not buying Mr.surber a Bentley
Like I've said on this blog, Canada's banking sector is small (7 major banks) and staid and has few problems that bubble to the surface. That said, though, the banking industry did Justin's bidding when it locked the truckers' accounts and didn't gain any public respect for it. I don't worry (yet) about our Canadian banks in terms of solvency or overall decision making, but I do not ever want to see any political interference again. That will be the beginning of something neither the government or Canadian banks will like. I want my bank to be boring and dull.
During my career, I consulted with large (for Mississippi and Alabama) and very small (one or two branch) banks.
I loved the small banks and the people working there. The CEOs were awesome as were the employees.
At the big banks, they all were buttoned up and tighter than Stacey Abrams’ pants after supper.
For at least twenty years, the democrats have made laws and put pressure on the little banks trying to force them to sell to larger ones. In many cases, they have succeeded.
I hate liberals.
One nugget left out of the chatter on SVB is the reminder that a lot of the cash deposits were a direct result of the funding authorized in the 2 big Biden spending bills directed to “climate action.” Startups and other alt energy companies got beaucoups of taxpayer cash from those bills which were deposited in SVB. All insider deals for friends and relations inside the Dem circles. Remember Solyndra? Why should taxpayers bail out companies that grafted their way to the cash via Biden’s payola circuit?
Worthless money in worthless banks. On a good note because of Biden’s inflation, soon I’ll be able to pay off my mortgage with 1 Biden Million dollar bill, and have change for a Big Mac.
I have a problem with your brilliant & scientific polls, Don. I consistently wish to chose the missing “all of the above” option. On the other hand, they always make me smile, so thanks!
When my dad was young he bought some bank stock, he held it for 50 years. It eventually became Wachovia. Then when he was 80, it was stolen by Wells Fargo and the government.
"The collapse of two big Democrat-run banks in Democrat-run states has the Democrat-run Federal Reserve and the Democrat-run Treasury Department telling us we are in a crisis. Democrats tell us the government must save the banks. Democrats want to save the banks by targeting community and regional banks in Republican-run states, not the big banks that failed."
This republican is tired of carrying failures on my back. Democrats need to step up and police your own for once.
And another thing. Charles Hugh Smith writes extensively on the Crapification of the U.S. (Western) economies where everything is about cheaper price, quality be damned.
And that has been extended fully to the Crapification of Western Leadership, including Politicians.
We have Biden, Trudeau, Schultz, Macron, etc. who couldn't run a stick into a bucket of shite, running us over a cliff.
''Any business owner or executive who acquires wealth through ethically questionable tactics is still known as a Robber Baron.'' Merriam-Webster wasn't the fat chick in senior high that grew up to be svelte, famous and very wordy. I am enjoying Suber's History Class so much.
Warren Buffett - Henry F Potter incarnate. Lionel Barrymore's portrayal of the character seems warm, and human, in comparison.
I haven't forgotten what a complete sleaze JP Morgan, the man, really was ESPECIALLY after the Titanic sinking and perhaps before it as well. I have no reason to think that JP Morgan, the bank, would be any different and just as sleazy if not moreso.
Whew! Whenever I read stuff like this, as any kind of math is so far from my suit, my head goes on maximum boggle!
I really need this kind of stuff dumbed-down to analogies like, “Johnny had 10 apples….”
My math intellect being thusly revealed to be nil, I endeavored to try some figuring based on some of the numbers being throw out there with regard to JP Morgan’s acquisition of Bear Stearns and Washington Mutual. Here goes:
JP owed the Govt 19b in fines.
They paid 3.3 b for those two banks, essentially knocking their fines down to 16.3 b.
The Government then backed their purchase with 30b, leaving JP, after deducting the 16.3 from their tab in remaining penalties, with a surplus of 14.6 billion.
This little mathematical equation may crystallize my utter deficiency in understanding these matter, or else, if I am correct, JP sure made a real killing in that deal.
I’m sure, however, that somewhere in my calculations I’m way off, but in addressing the whole banking meltdown situation on the whole, we are in a very scary place right now. Can you even imagine what that phone call between Buffet and Biden must have sounded like? I mean, depending upon Joe shit/for-brains Biden to negotiate a way out of this mess - which he is wholly responsible for?! We are so doomed.
I also wondered - we’ll, more like fantasized things being as they are - what if we unleashed our energy sector? I mean really let it rock? Fossil fuels are liquid/gas gold. It could turn this whole mess on its head. Just sayin’….
I've been a member of the same credit union since 1976 or so. I like credit unions. I neither like, nor trust, banks. (IIRC Mr Potter ran a bank; Jimmy Stewart ran a Savings and Loan association.)
I forgot to say ZeroHedge has morphed into Pillow Fight Club, now that Goldman and Google pull Dyler Turden's strings. I started on ZH in 2009, but got kicked off last year. If you can't sing the company song, as orchestrated by Google, ZH, now a eunuch, doesn't want you.
Where to begin, where to begin:
1. Buffet never saw a Monopoly, Oligopoly or Government Handout/Nudge that he didn't like.
2. The cancer on America is Too Much Power in Too Few Hands. Banking is the Poster Boy.
3. Too Big To Fail ? Ask the Dinosaurs. Too Big to Exist is the truth. Saving the TBTF Banks is the disease that has metastasized. Skimming and Churning baseless paper, while the real economy has been completely offshored to China (and Mexico).
4. And now "Made in USA" China is Too Big To Handle.
Don this column both amuses me and pisses me off.I am amused by Mr. Omaha calling punch in the White House to discuss any thing other than pudding flavors.What pisses me off is pudding brain dishing out money from his money tree and not buying Mr.surber a Bentley
Like I've said on this blog, Canada's banking sector is small (7 major banks) and staid and has few problems that bubble to the surface. That said, though, the banking industry did Justin's bidding when it locked the truckers' accounts and didn't gain any public respect for it. I don't worry (yet) about our Canadian banks in terms of solvency or overall decision making, but I do not ever want to see any political interference again. That will be the beginning of something neither the government or Canadian banks will like. I want my bank to be boring and dull.