FDIC shuts down Silicon Valley Bank, crash incoming? Update: 2nd bank, Signature Bank in NY closed

[Cobalt Sire]

Why do you have a problem with student loan forgiveness?

"Is the Debt Relief Program lawful?

The Biden Administration thinks that it is and has vigorously defended it in multiple courts. The government’s primary justification cites 20 U.S.C. 1098bb, part of the the HEROES Act, which was initially passed on a temporary basis in the wake of the 9/11 attacks, renewed and expanded twice in the following years, and then made permanent by Congress in 2007. That law allows the Secretary of Education to "waive or modify" federal student loan obligations “as the Secretary deems necessary in connection with a war or other military operation or national emergency” for borrowers affected by the war or emergency. The basis here is the national emergency relating to the COVID-19 pandemic and its nationwide impact on middle-class and poor borrowers."

Reddit - Dive into anything

www.reddit.com

 

[Jefferson Jackson]

 

[jilla82]

Why do you have a problem with student loan forgiveness?

"Is the Debt Relief Program lawful?

The Biden Administration thinks that it is and has vigorously defended it in multiple courts. The government’s primary justification cites 20 U.S.C. 1098bb, part of the the HEROES Act, which was initially passed on a temporary basis in the wake of the 9/11 attacks, renewed and expanded twice in the following years, and then made permanent by Congress in 2007. That law allows the Secretary of Education to "waive or modify" federal student loan obligations “as the Secretary deems necessary in connection with a war or other military operation or national emergency” for borrowers affected by the war or emergency. The basis here is the national emergency relating to the COVID-19 pandemic and its nationwide impact on middle-class and poor borrowers."

Reddit - Dive into anything

www.reddit.com

I dont.

What he's saying is Biden knew he didnt have the power to do it but pumped faked for votes.
it was all a show.

there's liberal fake news just like theres republican fake news.

 

[DrBanneker]

 

[the bossman]

Central banks announce dollar liquidity measures to ease banking crisis

Turmoil prompts authorities to launch daily operations to access dollar funding via standing swap lines

www.ft.com

Coordinated central bank action to enhance the provision of U.S. dollar liquidity

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a

www.federalreserve.gov

Everything sounds perfectly fine brehs

 

[Paper Boi]

Central banks announce dollar liquidity measures to ease banking crisis

Turmoil prompts authorities to launch daily operations to access dollar funding via standing swap lines

www.ft.com

Coordinated central bank action to enhance the provision of U.S. dollar liquidity

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a

www.federalreserve.gov

Everything sounds perfectly fine brehs

 

[In The Zone '98]

Central banks announce dollar liquidity measures to ease banking crisis

Turmoil prompts authorities to launch daily operations to access dollar funding via standing swap lines

www.ft.com

Coordinated central bank action to enhance the provision of U.S. dollar liquidity

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a

www.federalreserve.gov

Everything sounds perfectly fine brehs

What are these nikkas doing with the world's money. Lml.

 

[Chrishaune]

What are these nikkas doing with the world's money. Lml.

What they've been planning to do.

 

[bnew]

depositors are insured but if she owned SVIB stock.

 

[Chrishaune]

Baby Boomer generation literally destroyed the world.

A weak generation.

 

[bnew]

S&P cuts First Republic deeper into junk, says $30 billion infusion may not solve problems

First Republic Bank saw its credit ratings downgraded deeper into junk status by S&P Global.

www.cnbc.com

S&P cuts First Republic deeper into junk, says $30 billion infusion may not solve problems​

PUBLISHED SUN, MAR 19 20236:37 PM EDT

A First Republic Bank branch is pictured in Midtown Manhattan in New York City, March 13, 2023.
Mike Segar | Reuters


First Republic Bank saw its credit ratings downgraded deeper into junk status by S&P Global, which said the lender’s recent $30 billion deposit infusion from 11 big banks may not solve its liquidity problems.

S&P cut First Republic’s credit rating three notches to “B-plus” from “BB-plus,” and warned that another downgrade is possible. Other ratings were also lowered.

The agency said First Republic likely faced “high liquidity stress with substantial outflows” last week, reflecting its need for more deposits, increased borrowings from the Federal Reserve, and the suspension of its common stock dividend.

It said that while the deposit infusion should ease near-term liquidity pressures, it “may not solve the substantial business, liquidity, funding, and profitability challenges that we believe the bank is now likely facing.”

Sunday’s downgrade by S&P was the second in four days for First Republic, which previously held an “A-minus” credit rating.

It could add to market concerns about the San Francisco-based bank, which has scrambled to assure investors and depositors about its health following this month’s collapses of Silicon Valley Bank, which also served many wealthy clients, and Signature Bank.

Another rating agency, Moody’s Investors Service, downgraded First Republic to junk status on Friday.

In a statement following the S&P downgrade, First Republic said the new deposits and cash on hand leave it “well positioned to manage short-term deposit activity. This support reflects confidence in First Republic and its ability to continue to provide unwavering exceptional service to its clients and communities.”

The statement echoed a joint statement on Thursday from the four largest U.S. banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — that together deposited $20 billion.

First Republic shares plunged 32.8% on Friday to $23.03, reflecting concern that more trouble lies ahead.

The shares have fallen 80% since March 8, when Silicon Valley Bank’s parent SVB Financial Group shocked investors by revealing big investment losses and a need for new capital, sparking a bank run.

 

[null]

these "infusions" don't seem to work when all confidence has been lost.



credit suisse just did the "and .... it's gone" meme.

 

[FaTaL]

depositors are insured but if she owned SVIB stock.

Why would you put half your money into a bank stock? Hopefully she’s exaggerating

 

[KFBF]

Baby Boomer generation literally destroyed the world.

A weak generation.

Had every advantage you could imagine, constantly talked down to subsequent generations, then just flushed the world down the toilet.

 

[Lexington Steele]

I don't think things are okay. I don't think things are normal. I don't think it will be just fine.