Surviving the crash

[The Heretic]

 

[ATCclears]

https://townhall.com/tipsheet/spenc...ades-us-economic-outlook-to-negative-n2620582

 

[ATCclears]

Credit Suisse shares fall as bank admits 'material weaknesses'

Credit Suisse shares fell by 5 percent in early trading on Tuesday to an all-time low, hours after the bank revealed it had found 'material weaknesses' and recorded an $8billion loss in its 2022 annual report.

www.dailymail.co.uk

 

[Howard1955]

https://townhall.com/tipsheet/spenc...ades-us-economic-outlook-to-negative-n2620582

Pretty sure that's fake news. C'mon, man! We have gays, blacks, trans, gay-black-trans, and an admiral who wears a dress! The banks are solid!

Time to buy more ammo?

 

[Nick Burkhardt]

 

[ATCclears]

from the WSJ Editorial Board:

Rising rates amid high inflation are driving down the value of those "safe" assets and plenty of others too. Unrealized losses for securities held by U.S. banks stood at $620 billion as of December 2022, according to the Federal Deposit Insurance Corp. Other regulators around the world are noticing, too. Germany's financial regulator in January identified this as a significant concern for banks in the eurozone's largest economy, though officials believe banks are sufficiently prepared to absorb the hit for now.

Now taxpayers and depositors must wait nervously to see if any other fuses are burning away in the financial shadows.


https://www.wsj.com/articles/silico...93bcm23dyl5&reflink=desktopwebshare_permalink

 

[Burt Gummer]

Oh well personal wealth is just an illusion anyway. Reset counter to -0- pre-2030.

 

[ma96782]

Given their history (which has been widely reported), I am surprised anybody would bank at Wells Fargo anymore.

Awwww........Come On Man.
No one went to prison. So obviously......there was nothing ILLEGAL/BAD going on.



Is that you Brandon?

Aloha, Mark

 

[arakboss]

My advice is to stop buying unnecessary items and services now, if your job security is in doubt. Pare down monthly expenses to bare minimum. Lower your standards for replacement job. Meta is laying off another 10,000 employees.

More Than Half of Americans Wouldn’t Be Able To Afford Their Bills and Groceries If They Lost Their Job

What would be your immediate concern if you lost your job? In a GOBankingRates survey polling 1,002 Americans, more than half of overall Americans said they wouldn't be able to afford their basic...

finance.yahoo.com

 

[gmerkt]

if your job security is in doubt.

I fretted over that noise for years. Reductions in force (I lost one job when Jimmy Carter cut DoD), cost containments, realignments, blah blah blah. But now I don't have that hanging over my head anymore. Now my worries are about health. It's always something.

 

[gmerkt]

Unrealized losses

Bonds, notes and other instruments loaded up when interest rates were near zero. Now, they are hard to unload and will incur losses when unloaded. So they are carried on the books at their nominal value but are worth substantially less. Bombs waiting to go off.

Now taxpayers and depositors must wait nervously to see if any other fuses are burning away in the financial shadows.

Like swaps and derivatives.

I find it interesting that with this latest banking curfuffle, people are drawing money out of banks and plunking it into crypto.

Decades ago, my parents explained to me, to the extent of their understanding, what brought about the Depression. I couldn't quite fathom the idea of "tight money" nor could I get how it was that money would just disappear. Since then, I have kind of gotten it. That is, when financial exuberance is going on and lots of new money is created out of speculation, it's created out of air. It's not created, as Karl Marx would have it, out of labor. So money that is created out of speculative enthusiasm can just as easily disappear when the enthusiasm goes away.

 

[arakboss]

Credit Suisse shares fall as bank admits 'material weaknesses'

Credit Suisse shares fell by 5 percent in early trading on Tuesday to an all-time low, hours after the bank revealed it had found 'material weaknesses' and recorded an $8billion loss in its 2022 annual report.

www.dailymail.co.uk

Credit Suisse shares slide 20% after Saudi backer rules out further assistance

Shares of embattled bank Credit Suisse hit another all-time low for a second consecutive day as the bank's biggest backer says it can't provide more financial help.

www.cnbc.com

 

[ma96782]

Credit Suisse stock slump triggers close monitoring by regulators

Credit Suisse shares slumped by as much as 30% on Wednesday after its largest shareholder said it could not provide further support, prompting the Swiss bank's CEO to make new assurances on its financial strength. Saudi National Bank (SNB), which holds 9.88% of Credit Suisse, said it would not...

news.yahoo.com

Credit Suisse and Other European Banks Halt Trading after Shares Drop over 20% - KAOHOON INTERNATIONAL

European markets saw a sharp loss in early trading hours, after posting the biggest single-day gain in nearly three months the day before, as banking equities remained in negative territory following the Silicon Valley Bank fallout

www.kaohooninternational.com

Maybe, it's your second chance? To buy some US Banks......CHEAP?

Aloha, Mark

PS........BTW, anyone notice the Bitcoin prices lately? OMG!?!?!

Bitcoin on Its Best Winning Streak Since the Last Bull Market. What Comes Next.

Despite crypto bank failures, Bitcoin has ripped higher amid optimism that the Federal Reserve will pivot to more accommodative monetary policy.

finance.yahoo.com

BUT, But, but........I wouldn't.

 

[Alexx1401]

My advice is to stop buying unnecessary items and services now, if your job security is in doubt. Pare down monthly expenses to bare minimum. Lower your standards for replacement job. Meta is laying off another 10,000 employees.

More Than Half of Americans Wouldn’t Be Able To Afford Their Bills and Groceries If They Lost Their Job

What would be your immediate concern if you lost your job? In a GOBankingRates survey polling 1,002 Americans, more than half of overall Americans said they wouldn't be able to afford their basic...

finance.yahoo.com

Hey remember that hot housing market? Skyrocketing rent increases? As soon as we have mass unemployment those problems will vanish. Look how great Joe is doing, common man.

 

[The Heretic]

My advice is to stop buying unnecessary items and services now, if your job security is in doubt. Pare down monthly expenses to bare minimum. Lower your standards for replacement job. Meta is laying off another 10,000 employees.

FIFY

 

[Burt Gummer]

More good humor with truth mixed in of course.

 

[Jay Walk]

Treasury Secretary said over the weekend that she has been watching a few other banks but now has gone silent.

Our government wouldn't lie to us though.

Don't wear a mask
Wear a mask
Wear two masks

Masks eradicated the flu for two years
Masks don't stop Rona

Shots keep you alive... er uh keep "others" alive but not you....

 

[The Heretic]

 

[Longwalkhome]

Just thinking out loud but it looks like people are moving their money from the small banks into big banks that are too big to fail. As the small banks fail the big banks will have control, probably not good for us.

From what I read it looks like the banks will set up a CCP style social credit score that will make buying guns and ammo difficult. If you believe this may be our future then buying now may help you survive.

 

[The Heretic]

Just thinking out loud but it looks like people are moving their money from the small banks into big banks that are too big to fail. As the small banks fail the big banks will have control, probably not good for us.

From what I read it looks like the banks will set up a CCP style social credit score that will make buying guns and ammo difficult. If you believe this may be our future then buying now may help you survive.

Credit unions not owned by big banks (which they usually are not) are, IMO, safer than banks - and better service IMO.

That said, as long as you don't have more than $250K in an FDIC protected account, you are better off (nothing is foolproof, but FDIC protected accounts would be the last to go, if ever). The only places I have that much $ sitting in, is my real estate and my IRAs. I am not worried about my checking account in a credit union as it contains less than 1% of my net worth.