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Trying something new – some thoughts from me on the events (specifically the release of the Hinman documents) of this week. For me, this has all had a personal bent to it - and felt like it warranted some personal comments.
1/ It’s been 5 years since Bill Hinman gave his infamous speech – and through the SEC’s lawsuit against @Ripple (and 7 court orders), we can finally share what happened behind the scenes through the now public emails / drafts of the speech.
🚨 NEWS - Today I filed the SEC Stabilization Act to restructure the @SECGov and #FireGaryGensler.
U.S. capital markets must be protected from a tyrannical Chairman, including the current one. It’s time for real reform and to fire @GaryGensler as Chair of the SEC. Statement ⬇️
The #SECStabilizationAct explained ⤵️
❌ Fires Chair @GaryGensler
✅ All rulemaking, enforcement, & investigations conducted by 6 commissioners
➕ Creates ED Role for day-to-day operations
Thank you, @GOPMajorityWhip for helping lead this legislation.
The problem Silicon Valley Bank faces today is VERY different than the 2007-2009 banking crisis.
$SIVB was thriving. Credit losses are fairly low. Its deposits TRIPLED from 2019 to ‘21.
How’s that a problem?
It sounds great, right?
Well, it’s a Wonderful Life…
🧵👇
Without some kind of giant ramp upward before the daily and weekly candle closes for the Dow Jones Industrial Average, we may be witnessing the start of the Great Depression before our very eyes.