looks like they patched the problem https://www.npr.org/2023/03/12/1162...o-protect-all-deposits-at-silicon-valley-bank
SVB Bank Collapse in the US
- Thread starter Evoex
- Start date
And the next one …. Regulators close crypto-focused Signature Bank, citing systemic risk
They’re trying to stem the tide of worry?
They’re trying to stem the tide of worry?
So they aren't using tax dollars, instead they are using money that was taken from businesses and pooled to be spent later. That sounds a lot like our "health premium" that isn't a tax.
"The rescue plan involves tapping a deep reserve of bank-funded federal insurance money, not taxpayer dollars, according to officials."
It was nice to see them saying that equity holders would be wiped out. That's as it should be. The precedent of investors taking all gains and being protected from losses by taxpayers was appalling.
ifiddles
Well-known member
Apparently they had a Toronto branch...
www.cp24.com
Toronto, Canada & Global Breaking News – CP24
Most recent News News business news stories and video from CP24
www.cp24.com
looks like in Canada they were just loaning money to big business, not taking individual deposits thankfully.Apparently they had a Toronto branch...
Toronto, Canada & Global Breaking News – CP24
Most recent News News business news stories and video from CP24
That sticks in my craw to this day.
It's funny watching the republicans south of the border flip flopping left and right over this situation. From everything I've learned it happened to begin with as a direct result of Trump removing regulations that were designed to prevent it. Now it's happening and the right is trying to blame it on Biden, of course.
The door swings both ways Brian. You know better than that.
This is EXACTLY what happened in East Palestine Ohio. And yet the Retrumplicans some how want to blame it on wokeism. It's time to tell America the rest of the world is watching and we're starting to laugh.
Red Herring argument, not the root cause.
This happened because the people that were paid to manage the business failed at their jobs. It is not, nor should it be the responsibility of the government to over regulate business so it turns into hand holding.
www.businessinsider.com
Note; not even the co author of the Frank Dodd act believes Trump rollbacks contributed to the bank failing.
Also of note; various Democrats who supported Trumps regulation rollback are still standing by their decision.
This happened because the people that were paid to manage the business failed at their jobs. It is not, nor should it be the responsibility of the government to over regulate business so it turns into hand holding.
Why Trump is being called out in the Silicon Valley Bank collapse
Sens. Elizabeth Warren and Bernie Sanders called out Trump's 2018 rollback of parts of a key 2010 banking law following SVB's fallout. Here's why.
www.businessinsider.com
Note; not even the co author of the Frank Dodd act believes Trump rollbacks contributed to the bank failing.
Also of note; various Democrats who supported Trumps regulation rollback are still standing by their decision.
Let it slide, i'm waiting on the sidelines to buy buy buy!
I currently own, own , own . So I’m a little disappointed.
Last yr when I showed my investment gal a picture of my new Ducati supersport, she said that cash would go a long way in your rrsp. I told her yes but next spring I will still have that Ducati .
Sent from my iPhone using GTAMotorcycle.com
Last yr when I showed my investment gal a picture of my new Ducati supersport, she said that cash would go a long way in your rrsp. I told her yes but next spring I will still have that Ducati .
Sent from my iPhone using GTAMotorcycle.com
Mad Mike
Well-known member
This failure in no way connected to regulatory reform, this bank failed because their investments were poorly diversified.
The catalyst was inflation, which is largely a political creation. US govt and many other followers like Canada, flooded the markets with cash. Too much cash with too little supply ignited inflation. Then they cooled inflation by jacking interest rates.
When a bank sees a run, their cash gets depleted do they sell assets. SVG was unbalanced, too much in govt bonds. Bonds values dropped as fast as interest rates rise, so SVG got kilked as they liquidated bonds at a loss.
Regulation protects against unmitigated risk, it doesn't protect stupid.
errrr.... MAYBE.......
538 US bank failures since 2008
0 Canadian bank failures. Canada being a model for onerous bank regulation. Canadian banks make a lot less profit than American banks, but they don't cost the taxpayer/depositor nearly as much.
When was the last Canadian bank failure?
