stock market was up today...

[Vol737]

It's why after this it is probably going to move to 100% insurance, no matter the amount.

They moved it from $100k to $250k during GFC.

Come to think of it, we are about 15 years beyond that black swan event. About time for the .gov and the Jekyl Island folks to engineer another one. Errbody have your powder ready!

 

[85SugarVol]

Yep. Absolutely even at least this far. Think back to 2008. That was no doubt a bailout as the paper those banks held was worthless. The banks in question this far have assets of value they’re just upside down on liquidity. If they go under as SVB and Signature have those assets are seized and sold to restore depositors funds as they should be since they were purchased with those funds. Right now anyway using bailout is a dog whistle.

Fair enough. We’ll see.

 

[Orangeburst]

 

[utvolpj]

Did our own little bank run today to grab some cash. I don't trust any of these fools

 

[NorthDallas40]

Fair enough. We’ll see.

It could go way south. I don’t have a crystal ball. But there is a whole bunch of needlessly stoked fear and irrational behavior. See my post about SVD depositors being relieved that they got a cashiers check from the bank they think is insolvent and decided to take their money out. Why take a check from somebody you don’t think can pay you

There are unprecedented actions being taken now which can rightly be pointed at and debated. The FR issuing loans for basically 70% collateral for one. Nobody else would do that. Also the Feds saying “all depositors will be made whole” is a bit too much to state right now. The plan is to sell the seized assets to make the depositors whole but if they cannot cover 100% of deposits nobody is talking about how to close that gap. That is the reality.

And I am rolling on the floor laughing my ass off at the flight to bitcoin today

 

[NorthDallas40]

Did our own little bank run today to grab some cash. I don't trust any of these fools

Did you get cash or a cashiers check?

 

[utvolpj]

Did you get cash or a cashiers check?

Cashier's check. Momma didn't raise no dummy

I also have gold, silver and brass in case that doesn't work

 

[Vol737]

Did our own little bank run today to grab some cash. I don't trust any of these fools

My mattress is my friend.

 

[Orangeburst]

What they're not saying: Most taxpayers are also bank depositors, and some portion of their bank deposits is used to fund the FDIC, in what feels much like an involuntary tax being levied by a government agency.

Let the bailout debate begin

Happy to see Cuban get his $10M guaranteed at the expense of 40 other $250K depositors

 

[NorthDallas40]

Cashier's check. Momma didn't raise no dummy

I also have gold, silver and brass in case that doesn't work

Lol… I made a post earlier on this

The second statement makes more sense. If the banking system fails brass will be the most precious metal.

 

[85SugarVol]

It could go way south. I don’t have a crystal ball. But there is a whole bunch of needlessly stoked fear and irrational behavior. See my post about SVD depositors being relieved that they got a cashiers check from the bank they think is insolvent and decided to take their money out. Why take a check from somebody you don’t think can pay you

There are unprecedented actions being taken now which can rightly be pointed at and debated. The FR issuing loans for basically 70% collateral for one. Nobody else would do that. Also the Feds saying “all depositors will be made whole” is a bit too much to state right now. The plan is to sell the seized assets to make the depositors whole but if they cannot cover 100% of deposits nobody is talking about how to close that gap. That is the reality.

And I am rolling on the floor laughing my ass off at the flight to bitcoin today

I think we both know full well how they will close the gap

 

[85SugarVol]

I can’t tell if PJ is mocking or serious. Well played.

 

[NorthDallas40]

I think we both know full well how they will close the gap

I won’t disagree with you at this point. All depositors are equal. Some depositors are more equal than others.

 

[utvolpj]

I can’t tell if PJ is mocking or serious. Well played.

Also got some more ammo in case I have to shoot my way thru Atlanta on the way to TN

 

[NorthDallas40]

I can’t tell if PJ is mocking or serious. Well played.

I assumed the former. And yeah it was a good take.

 

[NorthDallas40]

Also got some more ammo in case I have to shoot my way thru Atlanta on the way to TN

Well done if you paid for it with that cashiers check!

 

[utvolpj]

And I am rolling on the floor laughing my ass off at the flight to bitcoin today

bought some more Bitcoin when I first heard of this. Made a couple of quick bucks there

 

[Vol737]

Also got some more ammo in case I have to shoot my way thru Atlanta on the way to TN

You're assuming we'll let you in??

 

[NorthDallas40]

bought some more Bitcoin when I first heard of this. Made a couple of quick bucks there

I wouldn’t hold it for more than a couple of weeks unless you’re long in ur by nature.

And I applaud your behavior at not risking any losses in such as unstable mechanism as the national banking system and instead moving to s more stable well regulated and guaranteed financial tool like bitcoin

 

[NorthDallas40]

You're assuming we'll let you in??

Most brass wins

 

[Orangeburst]

So the FDIC has $125B with liabilities of $10T..

Wonder how that stacks up to a State Farm

 

[utvolpj]

You're assuming we'll let you in??

My post clearly details my key to the city

 

[utvolpj]

I wouldn’t hold it for more than a couple of weeks unless you’re long in ur by nature.

And I applaud your behavior at not risking any losses in such as unstable mechanism as the national banking system and instead moving to s more stable well regulated and guaranteed financial tool like bitcoin

It was easily the best way to make money off this. The reaction was predictable and I can use it to buy other stuff

 

[VolStrom]

My mattress is my friend.

Why do people always hide their money under a mattress? Come on man!

 

[Hunerwadel]

I never have.