Trillions of $$$ are draining out of the banks ... into money market funds. That weakens the banks.
Fear that the banks are at risk is driving this trend and thus making the banks even weaker.
🔊
Last week, Treasury Sec. Yellen said the US was considering backing ALL deposits.
1 day later, she said the US is no longer considering this.
Banks stocks fell with regional bank ETF $KRE making a new low.
Follow us @KobeissiLetter for real time analysis as this develops.
7/7
According to the Wall Street Journal, nearly 200 banks are still facing the same issues as SVB.
The crisis has spread to Europe with the collapse of Credit Suisse, $CS, and Deutsche Bank credit default swaps hitting a 4-year high.
Meanwhile, there still is not a solution.
6/7
The Fed just reported that U.S. banks borrowed $475 billion last week as the banking crisis continued.
Meanwhile, over $500 billion has been withdrawn from small banks in the TWO WEEKS since SVB collapsed.
We did some research and the numbers are alarming (a short thread):
1/7
I am in Greg Mood again. Ahead of $TSLA's CMD, we have published this week a FANTASTIC piece of research, looking into the economics of the upcoming Model 2. If this tweet gets 10,000 likes and 1,000 retweet, I will share key findings on Twitter over the week end.
We continue to believe next week’s $TSLA Investor Day will cover:
- Gen 3 platform/reducing costs by 50%/vertical integration
- Scaling energy/megapacks
- FSD/Robotaxi/HW4
- Cytruck final design/timing
- $25K EV
- Price cuts
- Supercharger network
- AI/Optimus
- Capital strategy
This small American town absolutely lit up today. The happiness Trump brought to the people here in East Palestine can NOT be overstated!
Thank you for coming, President Trump.
This is exactly what these great people needed. Many now have a newfound sense of hope.