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"Truth above all, though the heavens may fall!" -- Michael Rivero
Despite cries from Summers, Yellen and other the DC illuminati (Biden is oddly silent), US banks are NOT fine. In fact, banks in general are suffering from Fed rates increases due to holding of long-term Treasuries and MBS.
In fact, The Federal Reserve’s fight against inflation is causing serious problems, as exemplified by AOC. No, not THAT AOC. but bank Accumulated Other Comprehensive Income.
Accumulated Other Comprehensive Income (AOCI) are special gains and losses that are listed as special items in the shareholder equity section of a company’s balance sheet. The AOCI account is the designated space for unrealized profits or losses on items that are placed in the other comprehensive income category.
On the regulatory call reports, AOCI is added to regulatory capital. Since SVB’s AOCI was negative (because of its unrealized losses on AFS securities) as of Dec. 31, it lowered the company’s total equity capital. So a fair way to gauge the negative AOCI to the bank’s total equity capital would be to divide the negative AOCI by total equity capital less AOCI — effectively adding the unrealized losses back to total equity capital for the calculation.
Jen Psaki, the truth-challenged former press secretary and future host at raging left-wing propaganda mill MSNBC, slammed Fox News in an appearance at South by Southwest (SXSW).
“The question I have for you then, as a former White House press secretary and now as a host on MSNBC, is should we be referring to FOX as a news network?” left-wing New York Times writer Wajahat Ali asked. “And if so, why do we give them legitimacy?”
“I don’t know,” she replied. “Probably not. We shouldn’t call them a news network.”
“Probably not?” Ali asked.
“Well, we shouldn’t,” Psaki said. “But I don’t know if that’s the most important question. I think the challenge here is all of that is insane, horrific. And everybody should think it’s crazy.”
Billionaire hedge fund manager Bill Ackman is forecasting an “economic meltdown” within hours of the banks opening up on Monday morning following the failure of Silicon Valley Bank (SVB). Ackman is urging Joe Biden to step in and protect all of the bank’s depositors, warning that inaction could lead to a ripple effect across other smaller banks within the industry.
Silicon Valley Bank (SVB), the 16th largest bank in the United States, collapsed this week. This marks the worst financial institution failure since the Great Recession in 2008. With $209 billion in total assets at the end of 2022, the bank failed after a 60 percent drop in shares due to declining customer deposits, forcing SVB to sell off $1.75 billion in shares.
Ackman’s warning came hours after Greg Becker, the CEO of SVB Financial Group, sent a video message to employees of the bank acknowledging the “incredibly difficult” 48 hours leading up to its collapse on Friday. Becker said he is working with banking regulators to find a partner for the bank, but there is “no guarantee” a deal will be struck.
There’s no doubt that socialism is on the rise in America, especially among younger citizens.
Today, as a supporter of liberty, you can help Hillsdale College understand the extent of support for—and opposition to—socialism. Your input will help us develop the most effective strategy to fight for the future of liberty in our country.
The survey will take only a few minutes to complete. The results will help strengthen Hillsdale College’s educational outreach efforts that reach and teach millions of Americans about our nation’s great heritage of liberty.
Your survey answers will remain strictly confidential.
White House Press Secretary Karine Jean-Pierre had her feet held to the fire by an unlikely opponent in MSNBC host Chris Hayes.
She appeared on his primetime show on Friday when Hayes grilled her on the rumor that President Joe Biden’s administration was going to start detaining families at the border again to assist in scaling back the border crisis prior to the 2024 presidential election.
“There were reports that the White House was considering – or the Department Homeland Security was considering – reintroducing the practice of family detention,” the host said, as he mentioned that this “was harshly criticized” by Biden was campaigning against former President Donald Trump. “Is it true that that’s being considered?”
Jean-Pierre could have chosen to crush the rumor right there, but she danced around it.
House Oversight Chairman James Comer (R-KY) joined Maria Bartiromo on Sunday Morning Futures this morning.
This was an explosive interview. Comer dropped several bombs on the Biden Crime Family. According to Comer the House Oversight Committee is working with four individuals with close ties to the Bidens. Comer says the committee now has documents that tie the Bidens to the Chinese Communist Party.
Biden is finished.
James Comer: “It’s as bad as we thought… Since we’ve last spoken we have bank records in hand. We have individuals who are working with our committee. In the last two weeks we’ve met with either these individuals personally or with their attorneys. And that would be four individuals who had ties in with the Biden family in their various schemes around the world. So now we have in hand documents We have in hand documents in hand that show just how the Biden family was getting money from the Chinese Communist Party.”
Comer’s got the goods!
Silicon Valley Bank has failed following a run on deposits, after its parent company’s share price crashed a record 60% on Thursday.
Trading of SVB Financial Group’s SIVB, -60.41% stock was halted early Friday, after the shares plunged again in premarket trading. Treasury Secretary Janet Yellen said SVB was one of a few banks she was “monitoring very carefully.” Reaction poured in from several analysts who discussed the bank’s liquidity risk.
California regulators closed Silicon Valley Bank and handed the wreckage over to the Federal Deposit Insurance Administration later on Friday.
Below is the same list of 10 banks we highlighted on Thursday that showed similar red flags to those shown by SVB Financial through the fourth quarter. This time, we will show how much they reported in unrealized losses on securities — an item that played an important role in SVB’s crisis.
California’s wine industry is facing a potential short-term cash crunch and long-term loss of funding from the collapse of Silicon Valley Bank, which was a significant lender to vineyards and winemakers.
Hundreds of wine producers borrowed from the bank and deposited their cash there, including some small, midsize and privately held businesses that are trying to make payroll or loan payments.
Following the collapse of the Silicon Valley Bank this past week, investors remembered being recommended to purchase the stock by CNBC’s Jim Cramer during his show Mad Money last month in what is perhaps one of the worst stock buy calls in the host’s history.
Cramer made the call on February 8th when he explained that the bank was a high performer: “The ninth-best performer to date has been SVB Financial. Don’t yawn.”
“This company is a merchant bank with a deposit base that Wall Street has mistakenly been concerned about,” he said noting that it bought a research firm called D.A. Davidson,” he said, adding, “SVB’s nearly 40 percent rally this year is barely a drop in the bucket.”
Ilove a good conspiracy theory. Aliens, ancient builders, Bigfoot—I will absolutely click on that headline and read the latest conspiracy, no matter how fanciful or ludicrous. Everyone has a harmless personal foible, right? And in the times we live in now, shadowy government conspiracies and UFOs are no longer just for “The X Files.”
My favorite new conspiracy theory goes like this: the Democrats know they are in big trouble for 2024. They have this addled, dementia-riddled, diaper-wearing octogenarian and his dreadful wife occupying the White House, and he’s become an embarrassment. These days he makes three to four hair-curling, cringey gaffes per week, falls up the stairs to Air Force One every time he tries to trot up them to project American strength and vigor, and has been credibly accused of passing gas in front of the Queen Consort of England. But Democrats can’t abandon him before the primaries because, well, Kamala. So Biden will announce he is running again but will withdraw sometime around the Democratic National Convention so as to clear the presidential field for . . .
The stench of desperation is hilarious, isn’t it?
Imagine what it would take to get 419 members of the House of Representatives, the most conservative and the most liberal, to vote unanimously together on something, and then realize that it just happened.
In a 419 – 0 vote the House voted on Friday to declassify all intelligence reports on the origins of the COVID pandemic, CBS News reported.
The bill, which already passed the Senate, would require Director of National Intelligence Avril Haines to declassify any information about links between the origins of the COVID-19 pandemic and the Wuhan Institute of Virology, the controversial viral research laboratory in the city where the SARS-CoV-2 virus first emerged. The vote in the House was 419 to 0.
The Biden Administration’s proposed budget for 2024 includes funding for genital mutilation surgeries and hormone treatments for veterans who think they are “transgender.”
As the Daily Caller reports, the budget proposal comes after the Department of Veterans Affairs was ordered to lift a 20-year ban on such transgender procedures in June of 2021, thus allowing such treatments to be covered by Veterans Affairs (VA) benefits.
“Recognizing the diversity of America’s veterans, the Administration is also taking action to advance equity across veterans’ services,” the budget proposal declares. “In addition to ending the ban on transgender service, the Administration is committed to providing gender affirming care to the Nation’s veterans — and last year, the VA announced that it was extending survivor benefits to certain survivors of Lesbian, Gay, Bisexual, Transgender, Queer, and Intersex veterans.”
‘Moderate’ Sen. Joe Manchin continues to be a thorn in the side of President Joe Biden and fellow Democrats by refusing to go along with the party’s most extreme left-wing initiatives and political nominees.
Twice last week, for instance, the West Virginia Democrat refused to support Biden’s political nominees as he blasted the administration’s “partisan politics” in picking hard-left nominees.
And he also lashed out at the administration for refusing to follow the letter and spirit of the law when it comes to the co-development of renewable and fossil fuel energy.
In an op-ed Friday published in the Houston Chronicle, Manchin announced that “as chairman of the Senate Energy and Natural Resources Committee, that I will not be moving forward the nomination of Laura Daniel-Davis as assistant secretary of the Department of Interior.”
The federal government won’t bail out the failed Silicon Valley Bank, Treasury Secretary Janet Yellen said Sunday.
Yellen, appearing on CBS’ “Face the Nation,” balked at the government rescuing the nation’s 16th-largest bank, as was done for hundreds of institutions during the financial crisis in 2008.
“During the financial crisis, there were investors and owners of systemic large banks that were bailed out,” Yellen said. “And the reforms that have been put in place means that we’re not going to do that again.”
Yellen still insisted that officials are “concerned about depositors and are focused on trying to meet their needs.”
Customers are widely expected to make a run on Silicon Valley Bank on Monday morning when cash covered by the Federal Deposit Insurance Corp. is supposed to be available.