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Biden Bails Out Silicon Valley Bank's and Signature Bank's Depositors, But Says It's Not a Bailout
President Biden on Monday stressed that Silicon Valley Bank (SVB) will not get a government bailout after regulators seized the assets of the failed bank. Um, if we're paying to put money back into depositors' accounts, of course we're bearing the losses. He means that he will be taxing the banks and the FDIC to pay for this. The FDIC will sell off SVB assets to cover some costs but, beyond that, depositors will be paid with money from the Deposit Insurance Fund. This fund has been built up by fees collected from banks. Any losses to the fund "to support uninsured depositors will be recovered by a special assessment on banks," write Yellen and company. By the way: We'll be bailing out Joe Biden's Chinese business partners, obviously. The failure of Silicon Valley Bank has left many Chinese funds and tech start-ups in the lurch, as the collapsed institution served as a key funding bridge for groups operating between China and the US. I think they're talking mostly about SVB lending to Chinese companies, not Chinese companies keeping funds on deposit with SVB -- but we'll have to see. Note that a big driver of this is a panic in Mortgage-Based Securities (MBS), which banks hold. Why is there a panic in MBSs? Because Biden's hyperinflation has caused flexible-rate mortgages to skyrocket in costs, and some people are walking away from their mortgages, and then the value of MBSs fall, leaving the banks holding them in a precarious situation. Paul Sperry @paulsperry_ Of course, Biden flacks and the Democrats and the media -- but I repeat myself thrice -- are claiming the big problem is that Republicans made a few minor tweaks to banking regulation. They're saying that by reducing the amount of cash banks were required to keep on hand, this... caused the banks to lose billions in investments? How? No, the problem is that Biden's hyperinflation is provoking another 2008-style mortgage-based security crash. Now First Republic bank has lost 60% of shareholder value, and fears are growing of regional banks collapsing. First Republic Bank shares plunged by about 60% in premarket trading on Monday even after the regional lender announced steps to shore up its balance sheet. Jim Cramer recommended that his viewers buy shares in the bank. Note that these shares are now essentially worthless.
On Friday, Cramer was still telling people to take a look at SVB's common stock and think about investing: Jim Cramer @jimcramer Anyone who listened to Jim Cramer bought stocks in a bank for real money which were quickly worth near-zero dollars. Bear in mind that SVB's investors were certainly looking to unload their stocks-- they knew the stock price was going down. So Jim Cramer told his viewers to help out SVB's former investors by taking the soon-to-be-worthless stock off their hands. Jim Cramer enlisted his viewers to buy out the old investors, shifting the cost of the wipeout from the former investors to the new ones.
Is this all a coincidence? Is he just this incompetent?
Trump did warn everyone:
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