My husband, who is pres of a local independent bank, briefly talked about work over lunch the other day. It doesn't happen often. He was a little grumpier than usual (lol) and said they had just paid FDIC insurance and that the rates went up by quite a bit again, paid over a half mil for insurance.... I said, oh yeah? I wonder which bank they are planning on bailing out this time...
I hope you come back because you are truly a treasure, Mr. Havenstein. You never cease to entertain and bring the laughs out of this curmudgeon. Please reconsider. Your sword of satire must be cutting them deep, so keep swinging it!
I see no reason to keep cash in banks, above or below the FDIC limit, when I can get 5% in t bills. But I’m not as sophisticated as the geniuses who have uninsured deposits at Silicon Valley Bank. No one should get any relief from government. Let the chips fall where they may.
My husband, who is pres of a local independent bank, briefly talked about work over lunch the other day. It doesn't happen often. He was a little grumpier than usual (lol) and said they had just paid FDIC insurance and that the rates went up by quite a bit again, paid over a half mil for insurance.... I said, oh yeah? I wonder which bank they are planning on bailing out this time...
Almost 15 years to the day Cramer said Bear Stearns was okay. Almost 10 years to the day Cypriot banks closed. What a time to be alive!
Every day is a new (albeit startlingly familiar) adventure.
History doesn’t repeat but it rhymes...Samuel Clements
I hope you come back because you are truly a treasure, Mr. Havenstein. You never cease to entertain and bring the laughs out of this curmudgeon. Please reconsider. Your sword of satire must be cutting them deep, so keep swinging it!
Thank you
Reposted with preface:
https://www.2ndsmartestguyintheworld.com/p/long-and-variable-lags
Ok you can drop the mike after this one. Great stuff.
These posts are so great don't blame ya at all for abandoning twitter
I see no reason to keep cash in banks, above or below the FDIC limit, when I can get 5% in t bills. But I’m not as sophisticated as the geniuses who have uninsured deposits at Silicon Valley Bank. No one should get any relief from government. Let the chips fall where they may.
Listen to the new Chris Whalen podcast. My head exploded. https://podcasts.apple.com/us/podcast/think-rising-rates-are-good-for-banks-think-again/id1592743188?i=1000557909663
If the fed cuts rates by 50bp on Monday my head might explode too…
Larry MacDonald now too https://finance.yahoo.com/news/silicon-valley-bank-crisis-force-161835121.html