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"An ignorant man with lawyers is a danger to all society." -- Michael Rivero
The Federal Reserve moved quickly late Sunday to prevent the collapse of SVB Financial from causing any further damage to the U.S. banking system, offering lenders billions in secured loans with a backstop from the Treasury.
The Fed said it will establish a “Bank Term Funding Program” (BTFP) that will allows U.S. banks to borrow billions, at favorable market terms, if the loans are backed by Treasury bonds, high-quality agency debt or mortgage-backed securities.
Those securities will not be subject to the usual discount, or haircut, when used as loan collateral, the Fed said, allowing U.S. banks to get fast cash based on their full par value. Banks are sitting on an estimated $620 billion worth of unrealized losses from Treasury, agency and MBS bonds following the surge in market interest rates that has swamped fixed income portfolios around the world.
China will make further efforts to enable private entrepreneurs to grow and thrive, and the country's private enterprises will enjoy a better environment and broader development space, Premier Li Qiang said on Monday.
The nation will continue to foster a market-oriented, law-based market environment in keeping with international standards, treat companies of all types of ownership as equals and protect the property rights of enterprises as well as the rights and interests of entrepreneurs in accordance with the law, Li said. He was speaking at his first news conference as premier following the conclusion of the first session of the 14th National People's Congress, China's top legislature.
Noting that the country has a supersized market with huge demand and a lot of new untapped sectors, Li said that all these factors promise great opportunities for private entrepreneurs.
President Joe Biden is set to announce a new executive order that would move the United States “as close to universal background checks as possible without additional legislation.”
President Biden will announce an Executive Order with the goal of increasing the number of background checks conducted before firearm sales.
This was in Biden's backpocket. These announcements always timed to change topics. (Not sure how criminals will find guns now)
The Virginia Attorney General’s Office has sent a scathing letter calling on a middle school to stop enrolling students in its college prep program “based on race” after it excluded white and Asian students in its recruitment efforts.
Senior Assistant Attorney General Christine Lambrou Johnson, head of the state’s Office of Civil Rights, lambasted Copper Middle School Principal Lisa Barrow for violating state and federal laws.
Administrators at the school in McLean recently notified parents about the program for eighth-graders – but only for certain national or ethnic groups.
Well, look at that! Another crisis under the Biden administration. You know, when Trump was president, the only crisis we faced was started by a foreign country who works against us. But under Biden, our government keeps helping fuel crisis after crisis.
This time, it isn’t the border, inflation, gas prices, conflict overseas, or crime. It’s the banks. Yes, the last place anyone wants to see red flags, the banking industry, is facing some dark days. This comes just after Biden forced investors into putting money in “woke” investments. So far, two banks had to be bailed out by Biden. And while most will see this as a bad omen, Biden is trying to take a victory lap!
The crew on board, a Lufthansa flight told passengers to immediately delete all videos and photos taken after the flight experienced extreme turbulence.
Yahoo! News reported that the Lufthansa flight had to make an emergency landing after the flight went through extreme turbulence. The flight became wild after it hit the patch of turbulence, and it evolved into a chaotic situation very quickly.
This was DailyMail.com's live blog on the collapse of the Silicon Valley Bank.
The Silicon Valley Bank collapse may have been triggered by a newsletter authored by a tech expert in Texas in the last week of February.
In the wake of the bank's dramatic downfall, one tech writer, Evan Armstrong, pointed out a mail-out authored by fellow writer Bryne Hobart, dated February 23.
'This entire debacle was potentially caused by [Hobart]'s newsletter,' wrote Armstrong, who then shared his own post detailing how Hobart may have knocked over the first domino.
The collapse of Silicon Valley Bank was swift. In just a few days the 16th largest bank in the country suffered the second-worst banking collapse in US history.
But the seeds of the bank's demise were sown in its pandemic boom when Joe Biden's $4 trillion COVID stimulus package flooded Silicon Valley with easy money.
In January 2020, SVB had $55 billion in customer deposits on its books - and by the end of 2022 that had more than trebled to $186 billion.
Two executives at Silicon Valley Bank worked at banks that contributed to the Great Recession in 2008, it has been revealed.
Joseph Gentile joined the now-failed bank in 2007 after leaving his position as the chief financial officer at Lehman Brothers' Global Investment Bank.
His departure came just one year before Lehman Brothers, which was then the fourth-largest investment bank in the United States, collapsed — leading directly to the Great Recession.
Florida Governor Ron DeSantis has spearheaded a statewide campaign to outlaw gender-affirming medical treatments for minors. DeSantis has publicly stated that doctors should face legal action for providing these treatments and even suspended a state attorney for failing to comply with the ban.
In response to DeSantis’ actions, Biden appeared to criticize the governor’s handling of transgender youth and hinted at the possibility of implementing a nationwide transgender law.
“What’s going on in Florida, is as my mother would say, is close to sinful. I mean, it’s just terrible what they’re doing. It’s not like, you know, a kid wakes up one morning and says, ‘you know, I decided I want to become a man or I want to become a woman or I want to change.’ I mean, what are they thinking about here? They’re human beings,” Biden said.
Forty-fifth President and leading 2024 presidential candidate Donald Trump, a legendary man known for shattering attendance records, traveled to Davenport, Iowa on Monday to give an address on education to a massive crowd of supporters that not only overflowed the arena, but wrapped around the block outside in freezing temperatures.
Trump’s speech was held at the Adler Theatre which offers seating for 2,400 people. Despite the event not being advertised heavily, Trump massively overflowed the theater with a crowd much larger than 2,400 people and a crowd of over 500 people waiting outside.
Videos show a massive two-mile-long line of loving supporters there to see President Trump wrapping around the block of the Adler Theatre.
While the Fed’s move yesterday (Sunday, March 12th) to bailout depositors from the Big Tech banks that crashed in recent days may have prevented a stock market crash today, it did not stop the bank runs, and more than 30 banks halted trading at one point today.
Since I launched my Substack site, a recurring theme of my writing has been the sorry state of mainstream journalism and (alleged) “journalists.”
My main critique has been that corporate journalists all think alike and only publish articles that protect the “authorized narrative.”
However, another feature explains the sorry state of journalism in America - namely, the number of journalists at big-city newspapers is evaporating at a stunning rate.
Even if journalists did cover taboo topics (which they don't), there's no longer enough journalists in newsrooms to devote the time to complex and time-consuming investigations.
An investigative reporter has revealed a link between Janet Yellen, who is Joe Biden's treasury secretary, and the recent collapse of Silicon Valley Bank.
The bank serving mostly tech startups was shut down on Friday after failing, while Biden and others promised no depositor would be forced to bear losses.
It is Paul Sperry, a New York Post columnist and longtime Hoover Institute media fellow, who posted his discovery on social media.
Under a "Developing" alert, he explained, "Fed Reserve Bank of SF that missed massive red flags @ SV Bank run by openly gay diversity quota & Janet Yellen protege Mary Daly who focused more on 'climate change and inequities' than regulating rogue banks like SVB. Also chairs SF Fed Diversity & Inclusion Council…"
While WW1 ended nearly a century ago, its scars can still be found across Northern France and Belgium. Zone Rouge (French for Red Zone) is perhaps the ultimate example of this.
At the end of the war in 1918, the French government isolated the areas in red above and forbade activities such as forestry, farming and even the building of houses from being performed inside them.
In total the non-contiguous areas took up 1,200 sq km (460 sq mi) (roughly the size of New York City).
The primary reason the areas were declared no-go zones was that they had seen some of the worst fighting during the war, particularly during the Battle of Verdun in 1916. The areas were environmentally devastated and contained large numbers of unexploded ordnance along with human and animal remains that further contaminated the environment.
The Battle of Verdun lasted 303 days and was one of the longest and bloodiest in human history with somewhere between 700,000 and 1,250,000 casualties in total. It also resulted in the destruction of villages, 6 of which have never been rebuilt.
From producing reports and analysis for U.S. policy-makers, to enlisting representatives to write op-eds in corporate media, to providing talking heads for corporate media to interview and give quotes, think tanks play a fundamental role in shaping both U.S. foreign policy and public perception around that foreign policy. Leaders at top think tanks like the Atlantic Council and Hudson Institute have even been called upon to set focus priorities for the House Intelligence Committee. However, one look at the funding sources of the most influential think tanks reveals whose interests they really serve: that of the U.S. military and its defense contractors.
This ecosystem of overlapping networks of government institutions, think tanks, and defense contractors is where U.S. foreign policy is derived, and a revolving door exists among these three sectors. For example, before Biden-appointed head of the Pentagon Lloyd Austin took his current position, he sat on the Board of Directors at Raytheon.
Before Austin’s appointment, current defense policy advisor Michèle Flournoy was also in the running for the position. Flournoy sat on the board of Booz Allen Hamilton, another major Pentagon defense contractor. These same defense contractors also work together with think tanks like the Center for Strategic and International Studies to organize conferences attended by national security officials. On top of all this, since the end of the Cold War, intelligence analysis by the CIA and NSA has increasingly been contracted out to these same defense companies like BAE Systems and Lockheed Martin, among others — a major conflict of interest. In other words, these corporations are in the position to produce intelligence reports which raise the alarm on U.S. “enemy” nations so they can sell more military equipment!