Since March, these banks collapsed:
- First Republic, $FRC, 14th largest bank
- Silicon Valley Bank, 16th largest
- Silvergate, 147th
- Signature, 29th largest
- Credit Suisse $CS, 45th world bank
- Now $PACW (59th) is trying to sale
Today Powell said US banking is strong.
The “American dream” is a debt trap:
$80,000- College
$30,000- Wedding
$300,000- Home
$40,000- Car
We trap people in their 20’s & they spend the next 35+ years giving most of their time to a job to pay it all off.
America does not run on Dunkin… it runs on consumer debt💸
10 depositors had $13.3B in SVB, that's why the FDIC bailed them out.
(Spoiler alert: They were Chinese accounts)
This wasn't about systemic risk, it was about bailing out the billionaires who were caught.
BREAKING: A magnitude 7.6 #earthquake#terremoto just struck western Michoacán, #Mexico.
Dates of Earthquake's in Mexico:
- 19th September 1985
- 19th September 2017
- 19th September 2022