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Crisis? What Crisis?

andyoz said:
I commented here a year ago when Chase bank was the first to offer 1.5% on savings when base rates were still in the toilet.... They were front running the market. Chase is JP Morgan....they 'knew' what was coming or maybe I'm too cynical :)
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Of course they knew. AIUI not knowing would be an auditing failure
 
andyoz said:
I commented here a year ago when Chase bank was the first to offer 1.5% on savings when base rates were still in the toilet.... They were front running the market. Chase is JP Morgan....they 'knew' what was coming or maybe I'm too cynical :)
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Chase never really did retail outside of Americaland before (some in Hong Kong) so they are basically doing some loss leading to gain market share.
 
Kirk said:
Not the same.
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There's obviously lots of jitters about banks at the mo but, interest rates aside, it doesn't feel like the problems at SVB, CS and DB are linked in the way CDOs were in 2008.

But who knows.

Anyone who is absolutely certain what's going to happen obviously has the opportunity to clean up and become a trillionaire.

Not me I'm afraid.
 
paulfromcamden said:
There's obviously lots of jitters about banks at the mo but, interest rates aside, it doesn't feel like the problems at SVB, CS and DB are linked in the way CDOs were in 2008.

But who knows.

Anyone who is absolutely certain what's going to happen obviously has the opportunity to clean up and become a trillionaire.

Not me I'm afraid.
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IIRC, CS and DB have been steaming piles of poo for years.
 
paulfromcamden said:
There's obviously lots of jitters about banks at the mo but, interest rates aside, it doesn't feel like the problems at SVB, CS and DB are linked in the way CDOs were in 2008.

But who knows.

Anyone who is absolutely certain what's going to happen obviously has the opportunity to clean up and become a trillionaire.

Not me I'm afraid.
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Yes, we have to wait for mainstreams banks to be holding loads of toxic assets for 2008 to repeat...
 
Crikey, I’m seeing opinions suggesting a DB collapse could bring the Euro down with it! If I had any money in DB, it would be out, right now. We could soon discover how far central banks are willing to go.
 
Ponty said:
Crikey, I’m seeing opinions suggesting a DB collapse could bring the Euro down with it! If I had any money in DB, it would be out, right now. We could soon discover how far central banks are willing to go.
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should it come to that (I don’t think it will), DB will be bailed out at any cost.
 
ks.234 said:
I rather remember you taking great pleasure in misspelling Le Baron’s name into something rude, what was it? Le Bore On or something similar.
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Wrong again. Nothing rude or remotely salacious about “Le Barn Bot” on account of his sudden appearance on the Ukraine V thread having not previously posted or shown any interest in Hi-Fi or music on PF hence a few folk suspected he was not a real person. He had earlier referred to me as young man or some other patronising term so he was fair game for a bit of banter.

ks.234 said:
You might not have started the thread started for the sole purpose of abusing another person, but did you contribute?
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I have been unable to find the Simon Says thread just now so can’t say for definite but from memory it only lived for a day or so which coincided with my cancer op so no social media action for me that day. I only became aware of it a few days later when Super Bigote, Klassik and Le Baron had decided that five or six days in the forum was enough for them. I have been on PF in various guises for fifteen years or so preceded by quite a few years of lurking.
 
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ks.234 said:
I rather think it is clear from your contribution to this thread and others that you have an interest in arguing against me, even when those arguments don’t stack up. You’ve been doing it for some time across different threads
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A few points on this one:

1. Without any sense of irony from you, this rant completely contradicts the principle you constantly preach of arguing with the content of the post and not the character of the poster.

2. Regarding my argument not stacking up - how could it when I haven’t made the point/argument you say I have. I have on several occasions asked for you to show where I stated “wealth inequality did not increase under Thatcher” on this thread - you have been unable to do so.

ks.234 said:
It now seems that you are taking exception to someone who, like me, cannot see any sense or evidence to your argument other than arguing for the sake of it
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And a few points on this one:

1. “Taking exception” - WTF now you’re sounding like Jacob Rees Mogg :).

2. I am sure SuePertwyr is sufficiently robust to cope with anything I post. He is obviously a clever chap who makes lots of good points, often with humour (hint) and humility (hint) but on this one he seems to have let his support for you/dislike for me to cloud his judgement as he too has been unable to show where I stated “wealth inequality did not rise under Thatcher”.

3. If, as I suspect, the purpose of your post is an attempt to label me as a troublemaker with a view to getting me banned by the mods then you really need to take a long hard look in the mirror and think about the nature of your battle-tops type exchanges with established and respected members such as Hook and PsB for example and even the site owner TonyL!
 
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Anyway, the banks. They only borrowed half a trillion dollars in the last two weeks so move along nothing to see.

FsDefY2XsAEyYVo
 
Similar thing happened at the start of the pandemic but no global crisis happened then. I am sure that there are a few more banks out there in trouble, but is this the start of GFC 3.0? I think probably not but who knows.
 
Interesting podcast from Ralph Nader with James Henry. Henry has written extensively on the problems of financial secrecy, capital flight, tax evasion, tax justice and developmental finance.https://open.substack.com/pub/ralphnader/p/spank-the-banks?r=1traco&utm_campaign=post&utm_medium=web

There is a lot of detailed analysis about the mechanics of what went wrong with SVB, but Henry also notes that the finances for the bailouts from the Fed were illegal because it had no authority from government, there was no enabling vote. But what this also demonstrates is that government spending is not restrained by tax. Government can find what it needs, when it needs it without recourse to tax.

https://open.substack.com/pub/ralphnader/p/spank-the-banks?r=1traco&utm_campaign=post&utm_medium=web
 
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