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People forget Bear Stearns failed March 2008 - months of denial followed before the public realized how bad the situation was under the surface.

Similar happening now but much larger scale. They did not fix fundamental issues after 2008 - everything is more fragile.

The Fed preemptively bailed out every bank with their BTFP program and First Republic still failed. The second largest bank failure in history.

There will be more failures. There will be more bailouts. Depositors will be "protected" by socializing losses across everyone.

Our President and mainstream financial pundits are currently pretending the banking crisis is over while most banks remain insolvent. There are going to be many more bank failures as this ponzi system unravels.

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Discussion

Adam 2y ago 💬 1

True, but compared to 2008, there seems to be no resistance to bailouts anymore. It's all been normalized.

Nice and Kind Vic 2y ago

Just wait another 9 to 18 months and we'll see all kinds of hemming and hawing over the 6 trillion dollar bailout. There will be angst over it compared to the size of the financial bailout disguised as COVID PPA rescue but they'll still go through with it, because if they don't it'll be so much worse, I mean,think of the children. All the while,there will never be fresh drinking water in places like Flint Michigan, and we'll see more bridge collapses. But that just happens on the regular like heart attacks and strokes

OpenMike 2y ago

How much resistance was there in 2008? I don’t recall much until it was well in the rear-view mirror.

Blake 2y ago

This is their way of ushering in CBDC .. making debt slaves first then offering a debt forgiveness program.

Carman 2y ago

JP Morgan is a fortress

BoomTown 2y ago

The Creature from Jekyll Island is a pretty awesome read to better understand the response(s) we’re seeing from the Fed and major banks.

Thank God for #bitcoin

Ancap Bitcoin Descartes 2y ago

Absolutely awesome book.

Everything happening today becomes clear after reading this book.

Ancap Bitcoin Descartes 2y ago

Only because the Fed is behind it.

OpenMike 2y ago

A fortress + FRC

Patricia 2y ago

And we bottomed in 2012.

Kane McGukin 2y ago

The process is always the same, only different dates, people, and firms.

It feels like even the headlines are recycled.

MattM 2y ago

I sent an angry letter to my representative about these bailouts. No response.

OpenMike 2y ago

Who? I heard that all reps are really good at replying.

MattM 2y ago

Not gonna give away my district location but I sent letters to my state's US senators and representative of my district. I only got a generic response from the senators. No response from the rep.

joshmatix 2y ago

Don't blame Cramer. He gave clear signal on the eve of Bear Stearns collapse.

Smith 2y ago

Unfortunately most people have been fooled into thinking bailouts fix the problem and they are expected now

BHN 🍁 2y ago 💬 1

They just don't realize they are the ones paying the bailouts.

BHN 🍁 2y ago

A single bank failure had the equivalent loss of 60% of all bank failures from the 2008 financial crisis. Yea... I think its already worse now that a handful of other banks have now failed. The failures now need to ripple out through the economy before people feel it enough to believe.

Nice and Kind Vic 2y ago

Serious question... Which bank is solvent

Penta Sophia 2y ago

Custodia?

OpenMike 2y ago

I think #[4] would have been.

BitcoinJujitsu 2y ago

Time to get into a credit union. They cant play your money in a casino

OpenMike 2y ago

Assuming they don’t do the same to her higher rates also

BitcoinJujitsu 2y ago

They are not allowed by law

paulie 2y ago

Mandibles

OpenMike 2y ago

I am afraid of this, but in no way rooting for this. #bitcoin helps with that fear, at least for me. Presumably a lot of you all on this thread also. #bankingbad #grownostr #plebchain