I long for the old days when multi-billion dollar bank bailouts required a vote of elected officials.
Seriously, do Americans realize Congress didn’t even vote on this?
Too much authority has been ceded.
At least Fed, FDIC, and Treasury gave us a courtesy Zoom call. 🤦♂️
— Thomas Massie (@RepThomasMassie) March 21, 2023
Remember, we are also at a maxed out debt ceiling of $31.4 trillion … but somehow they can also insure all bank deposits without needing Congress to pass anything. 🤡🌎 pic.twitter.com/VnzdbHDUMc
— Wall Street Silver (@WallStreetSilv) March 21, 2023
Every day the Fed is paying the LARGE banks and money markets $650MM in interest on reserves and reverse repos ($700MM tomorrow). Meanwhile, the small banks are hemorrhaging billions in liquidity and are about to shut lending activity due to a deteriorating reserve shortage pic.twitter.com/VGjTJGEXJn
— zerohedge (@zerohedge) March 21, 2023
- Investors say the biggest risk facing the stock market is no longer inflation, but a systemic credit event.
- The shift in Bank of America’s Fund Manager Survey comes after the collapse of Silicon Valley Bank.
- “Investor sentiment close to levels of pessimism seen at lows of past 20 years,” BofA said.