The collapse of Silicon Valley Bank could just be the start of “a “slow rolling crisis” in the US financial system with “more seizures and shutdowns coming”, the chief executive of the world’s largest asset manager has warned.
The CEO of BlackRock, Larry Fink, also predicted in a letter to investors and company bosses that inflation would persist and rates continue to rise, trends that both contributed to SVB’s collapse.
CA Governor Benito Newsolini is in this up to his ears. All sorts of of stuff coming out & he's caught lying worse than Biden
Shook down the bank to give $100k to his wife's *charity*
Had this personal & business accounts with them for years, President of SVB Capital is on the BoD of his wife's charity.
Now claiming it's "all in a blind trust".. oh yeah motherfucker? You don't know where your fucking paycheck is deposited??
& a list of his *behests" came out...These are payments he wants other people/business to make to various places that aren't reportable, but can't exceed $100K... & the total is at least $23.7Million.
The collapse of Silicon Valley Bank could just be the start of “a “slow rolling crisis” in the US financial system with “more seizures and shutdowns coming”, the chief executive of the world’s largest asset manager has warned.
The CEO of BlackRock, Larry Fink, also predicted in a letter to investors and company bosses that inflation would persist and rates continue to rise, trends that both contributed to SVB’s collapse.
I see Credit Suisse is expected to go under with it's main investor saying it's had enough.
Expect Credit Suisse to be bailed out by the SNB.
But the real danger is the risk of contagion to other European banks that trade with Credit Suisse.
I got an email yesterday which was a lot of waffle from CS basically saying "We're fine...no honestly, we really are...trust us...look at that tree over there...".
I think there is a lot going on to try and prevent any drama, not just with CS but everywhere, there are a couple of scenarios that I could take a stab at but I'd be a fortune teller if I knew the actual outcome.
I hope this drops to a forgotten simmer and the world goes back to dealing with inflation, the worst case scenario is another crisis where the financial world goes up in smoke, but not far behind is stalemate where fear stops inflation management and we have another cycle of slowly watching cash go up in smoke.
Have Banks been allowed to grow too big? The consequences when they fail tend to be catastrophic, and global in scale. They have repeatedly proved themselves very far from infallible.
I have no doubt that little banks fail too, but at least the effects are limited and contagion is not a major issue.
Cousin Jack wrote: ↑Thu Mar 16, 2023 8:33 am
Have Banks been allowed to grow too big? The consequences when they fail tend to be catastrophic, and global in scale. They have repeatedly proved themselves very far from infallible.
I have no doubt that little banks fail too, but at least the effects are limited and contagion is not a major issue.
No but they have too much control over governmental policies/decisions and that control is in too few hands.
I am sure all those people who lost everything with SVB will be comforted by the fact that SVB made massive donations to BLM - during the riots...
The Biden admin is promising to guarantee uninsured losses. Even a financial ignoramus like me can see that flies in the face of capitalism. Lots of Democrat supporters want their money back after woke ideology failed to make a profit (that's my take on these failed banks, typically also ESG supporters).
ZRX61 wrote: ↑Wed Mar 15, 2023 11:31 pm
CA Governor Benito Newsolini is in this up to his ears. All sorts of of stuff coming out & he's caught lying worse than Biden
Shook down the bank to give $100k to his wife's *charity*
Had this personal & business accounts with them for years, President of SVB Capital is on the BoD of his wife's charity.
Now claiming it's "all in a blind trust".. oh yeah motherfucker? You don't know where your fucking paycheck is deposited??
& a list of his *behests" came out...These are payments he wants other people/business to make to various places that aren't reportable, but can't exceed $100K... & the total is at least $23.7Million.
Macron invokes nuclear option to force through his pensions reform in huge political setback
French President Emmanuel Macron will bypass parliament to get his flagship reform over the line, risking backlash from politicians and protesters that threatens to wreck his leadership, in what is seen as a defeat for the president.
"Truth does not change because it is, or is not, believed by a majority of the people." - Giordano Bruno
mangocrazy wrote: ↑Thu Mar 16, 2023 10:23 am
Just following the Trump playbook by the look of things. Set up a blind trust (that actually has 20:20 vision) and carry on.
Except Trump never claimed to not know where his paychecks were deposited or where he had his personal bank account because of a *blind trust*.
mangocrazy wrote: ↑Thu Mar 16, 2023 10:23 am
Just following the Trump playbook by the look of things. Set up a blind trust (that actually has 20:20 vision) and carry on.
Except Trump never claimed to not know where his paychecks were deposited or where he had his personal bank account because of a *blind trust*.
No, he claimed that someone else was running his companies...
Macron invokes nuclear option to force through his pensions reform in huge political setback
French President Emmanuel Macron will bypass parliament to get his flagship reform over the line, risking backlash from politicians and protesters that threatens to wreck his leadership, in what is seen as a defeat for the president.
So,
a) Do you not think that the French pension system needs reform?
b) If not, why not?
c) If yes, who do you think could deliver it?
Seems to me he's prepared to take a big risk in order to do something that needs doing.
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
mangocrazy wrote: ↑Thu Mar 16, 2023 5:06 pm
No, he claimed that someone else was running his companies...
Not denying that. Newsolini is in the SVB collapse so deep he's claiming he didn't know that's where he had his personal accounts. If we are to believe that, we have to believe that he never wrote a check, paid a bill or did any online banking since 2018 & suffered complete amnesia regarding where he banked.
I don't think this is a surprise - the French system is overly generous compared to other similarly wealthy EU nations, and the money simply isn't there. Absolutely this is shit if you're knocking-on to retirement ....
While he's there he probably needs to address similarly generous unemployment benefits, amongst others, because that seems similarly unaffordable. But the pensions thing is potentially crippling and, a bit like the UK, this is probably only step one of further changes.
mangocrazy wrote: ↑Thu Mar 16, 2023 5:06 pm
No, he claimed that someone else was running his companies...
Not denying that. Newsolini is in the SVB collapse so deep he's claiming he didn't know that's where he had his personal accounts. If we are to believe that, we have to believe that he never wrote a check, paid a bill or did any online banking since 2018 & suffered complete amnesia regarding where he banked.
But aren't personal accounts OK? Surely it's the administration of the Bank that matters, not whether he holds a personal account there. I mean, if you owned a Bank (even via a blind trust) wouldn't you bank with 'your' Bank? To do otherwise would indicate a lack of confidence in 'your' Bank. It's a bit like owning shares in a company you run, surely? (And don't call me Shirley...)
I don't think this is a surprise - the French system is overly generous compared to other similarly wealthy EU nations, and the money simply isn't there. Absolutely this is shit if you're knocking-on to retirement ....
While he's there he probably needs to address similarly generous unemployment benefits, amongst others, because that seems similarly unaffordable. But the pensions thing is potentially crippling and, a bit like the UK, this is probably only step one of further changes.
It's worth noting that the French retirement age is currently 62. That's 4 years less than the uk. Even the proposed retirement age is 'only' 64. And the French on average live 2 years longer than us Brits, so it's clear to impartial observers that something needs to change in the French system. And just to twist the knife, the French state pension is roughly 50% higher than that in the UK.
I don't think this is a surprise - the French system is overly generous compared to other similarly wealthy EU nations, and the money simply isn't there. Absolutely this is shit if you're knocking-on to retirement ....
While he's there he probably needs to address similarly generous unemployment benefits, amongst others, because that seems similarly unaffordable. But the pensions thing is potentially crippling and, a bit like the UK, this is probably only step one of further changes.
It's worth noting that the French retirement age is currently 62. That's 4 years less than the uk. Even the proposed retirement age is 'only' 64. And the French on average live 2 years longer than us Brits, so it's clear to impartial observers that something needs to change in the French system. And just to twist the knife, the French state pension is roughly 50% higher than that in the UK.
Not half as good or problematic as the Greek one though. Given the popularity of the Mediterranean diet and how long it will help one live it seems strange that they have to retire so young.
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
Macron invokes nuclear option to force through his pensions reform in huge political setback
French President Emmanuel Macron will bypass parliament to get his flagship reform over the line, risking backlash from politicians and protesters that threatens to wreck his leadership, in what is seen as a defeat for the president.
So,
a) Do you not think that the French pension system needs reform?
b) If not, why not?
c) If yes, who do you think could deliver it?
Seems to me he's prepared to take a big risk in order to do something that needs doing.
It does need to be done (see Deftrap's post), but I expect a repeat of 1995. Who do I think could deliver it? I don't think anyone can, more likely to be indirectly reformed as a result of a French debt crisis.
Edit: as a result of
Last edited by irie on Thu Mar 16, 2023 6:00 pm, edited 2 times in total.
"Truth does not change because it is, or is not, believed by a majority of the people." - Giordano Bruno
mangocrazy wrote: ↑Thu Mar 16, 2023 5:30 pm
But aren't personal accounts OK? Surely it's the administration of the Bank that matters, not whether he holds a personal account there. I mean, if you owned a Bank (even via a blind trust) wouldn't you bank with 'your' Bank? To do otherwise would indicate a lack of confidence in 'your' Bank. It's a bit like owning shares in a company you run, surely? (And don't call me Shirley...)
Sure they are, but this lying sack of shit is claiming he had no idea he had ANY accounts there because "blind trust".
We know that at least 4 of his businesses had accounts there & both he & his wife had personal accounts there. How could the mere act of being elected Governor (& putting the businesses in a blind trust) cause you to forget this?
Biden risking underwear based incineration on his support of gay marriage. Gave an interview where he claimed his dad or grandfather had told him it was all ok & he was a big supporter of it while he was still in HighSchool... Media immediately aired mutiple videos from many years of him clearly stating he was 100% opposed to gay marriage.
Bidens reaction:
We need just one reporter with balls to yell "Hey asshole! Get the fuck back here!" when he does this.
a) Do you not think that the French pension system needs reform?
b) If not, why not?
c) If yes, who do you think could deliver it?
Seems to me he's prepared to take a big risk in order to do something that needs doing.
It does need to be done (see Deftrap's post), but I expect a repeat of 1995. Who do I think could deliver it? I don't think anyone can, more likely to be indirectly reformed as a result of a French debt crisis.
Edit: as a result of
So, if he is trying to reform it, why do you appear to be so anti? It needs to be done, he is trying to do it. What do you want?
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
a) Do you not think that the French pension system needs reform?
b) If not, why not?
c) If yes, who do you think could deliver it?
Seems to me he's prepared to take a big risk in order to do something that needs doing.
It does need to be done (see Deftrap's post), but I expect a repeat of 1995. Who do I think could deliver it? I don't think anyone can, more likely to be indirectly reformed as a result of a French debt crisis.
Edit: as a result of
So, if he is trying to reform it, why do you appear to be so anti? It needs to be done, he is trying to do it. What do you want?
I neither said nor implied that I was "anti", I don't know where you conjured that up from!
What I said was that this is the expected result of cohabitation.
"Truth does not change because it is, or is not, believed by a majority of the people." - Giordano Bruno
Given the popularity of the Mediterranean diet and how long it will help one live it seems strange that they have to retire so young. 
