The United States and world remains concerned about fallout and potential contagion from the collapse of the Silicon Valley Bank. Judging from the bikinis on the West Coast beaches, however, there appears to be plenty of demand for silicone.
On the serious side, you lost your shirt, and shoes, if long SIVB. There are lots of incompetent unqualified people in responsible positions these days creating terrible outcomes. SIVB drops from 287 to 100 last week a -65% crash and near -90% crash from the peak, and then it collapsed into nothingness. Officials shuttered the bank on Friday when SIVB was down to 40 in the pre-market.
President Biden, Treasury Secretary Yellen, Federal Reserve Chairman Powell and television pundits are shouting from the rooftops, with arms waving frantically, yelling at people to not panic. Don't panic! Don't panic!
The Federal Reserve and US government step in as usual to save the day promising to make all depositors whole even if over the 250K limit. Such is America's dirtbag crony capitalism system that is collapsing under its own corrupt weight. Be glad that crony capitalism is in its final throes; it only serves to make the wealthy richer since they control the game.
Signature Bank also fails as global markets continue assessing contagion. A lot of smart people say there is no concern going forward but these are the same a-holes that never saw the Silicon Valley Bank problem developing even as the stock was in a steady downtrend for 16 months. The human corruption runs too deep to fix. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.