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2023-03-15 Home Front: Politix
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The Biden Economy Is Falling Apart, Everything, Everywhere, All at Once
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[PJ] The Biden Economy — hailed Monday morning by Presidentish Joe Biden as "strong" — seems like it’s falling apart, everything, everywhere all at once. NYSE halted trading of Charles Schwab, whose shares fell by more than 20%, and even a few Etsy sellers have been impacted by the fallout of Silicon Valley Bank’s (SVB) collapse.
Schwab’s fall was the firm’s "most ever on an intraday-basis," even as company execs assured investors in a press release that "Schwab’s long-standing reputation as a safe port in a storm remains intact."
Overall, trading of shares in over 30 banks was halted on Wall Street Monday morning, as the entire sector suddenly looks like a risk investors aren’t willing to take. Almost everything banking was down, down, down in pre-market trades, which MarketWatch described as "panic-like activity."
"Among some of those that have already been halted at least twice," MarketWatch reported, "shares of Western Alliance Bancorp WAL, -51.05% plummeted 78.2%, Regions Financial Corp. RF, -5.33% sank 15.6%, First Republic Bank FRC, -64.05% plunged 65.5%, Comerica Inc. CMA, -21.24% tumbled 39.4% and PacWest Bancorp. PACW, -25.18% took a 47.7% dive."
Signature Bank, "a key financial institution for the cryptocurrency industry," according to the New York Post, was shut down on Sunday over "similar systemic risk" to SVB.
SVB and Signature are the second- and third-largest bank failures in U.S. history, respectively, with combined assets in excess of $300 billion. Depositors will be made whole, even deposits greater than the $250,000 covered by FDIC insurance. "Federal Reserve also said it is creating a new Bank Term Funding Program aimed at safeguarding institutions affected by the market instability of the SVB failure," according to CNBC. 
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Posted by Besoeker 2023-03-15 03:37||
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Posted by Mercutio 2023-03-15 06:27||
2023-03-15 06:27||
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Posted by Skidmark 2023-03-15 10:20||
2023-03-15 10:20||
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Posted by JohnQC 2023-03-15 16:38||
2023-03-15 16:38||
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