Big Bankers call on Uncle Sam to preclude seizures

Posted On: Thursday - March 16th 2023 6:01PM MST
In Topics: 
  Music  Humor  Global Financial Stupidity

Imagine if the world's bankers had to exist in the free market. The invisible hand would slap the BeJesus out of most of them for such acts as the loaning out of 4 years worth of tuition money to Womyn's Studies majors and the hiring of CROs - Chief Risqué Officers who spend much more time on DIE stupidity than risk management.

It's important that the FDIC* and its Credit Union sister (also Feral Gov't) NCUA at least act like they can insure us all, like more than one of us at a time, for this Ponzi Scheme of an economy to stay afloat for a bit longer. In this latest case, the Feral Gov't seems to be backstopping the SVB and Signature Bank depositors, digging the debt hole that much deeper.

We'd probably be better off if we had a real economic system, with banks, and hell, bankers too, subject to seizures. With our usual Peak Stupidity warning to readers, especially including bankers now, let's all Wang Chung tonight, if only for 4 minutes:

* It has in the neighborhood of 0.1 % of the assets in those < $250,000 accounts it insures. I happened to run into a guy who was a big shot in banking during the Carter Administration and got to pick his brain for a few minutes, including asking him about this.

The Alarmist
Saturday - March 18th 2023 10:30AM MST

$32m bought you a RC-135 way back when.
Saturday - March 18th 2023 4:15AM MST
PS: $32 million for a drone?! That used to buy an F-16, not too long ago.
Saturday - March 18th 2023 4:14AM MST
PS: "The CBDC is must have for the global soviet." Yes, this is why I do my part in resisting business that won't take cash. (I'm kind of wondering why Big Brother has not required a bill serial-number reader at all banks (money machines being an easy part in this) and points of sale, in order to start keeping track of cash too. People could still use it among themselves... anyway, hopefully they don't come HERE for ideas, haha.)

"My work here is done." Good meme. I'm sure they've got them made up for lots of the people in question (responsible for the ruin). Thanks for the comment, TNC

Dieter, I'll check out the video. China has the digital Yuan (RMB - "the People's money" - there's that "people" deal again) and the use of phone payments is pretty entrenched already. I may yet end up over there again in the coming summer, so I'll report, but I'm not looking forward to it, this time.

Stockdale Conundrum, you sound like you may have read the M. Stanton Evans book "Blacklisted by History", or maybe it was our review and other posts. Yep, it's going on 100 years, maybe only 90 or so as of now. The McCarthy story is entrenched too, as if it were the Gospel. I think the teachers have moved on now, but this is why you want them out of government schools.

Private schools can do the same though, but then there's more chance they'll listen to or act on a complaint. (How about, "listen, I won't keep raising hell about this, if you just require all students to read the Peak Stupidity review before they learn this section in your "history" books"?"
Saturday - March 18th 2023 4:04AM MST
PS: Indeed, it's like those spinning plates or musical chairs, Mr. Blanc. That is the way Zerohedge writers (the "Tyler Durden(s)") and the commenters thereunder used to describe it 12 years ago.

Speaking of that, I would not remember your handle on there anyway, Alarmist, but I did enjoy the comment section very much. There was one guy named Johnny Bravo who wasn't the gold bug that most were. "If it gets up to $1,200, I'll quit commenting!" he promised, and he kept that one. That's not that I think of it as an investment at all - not the point, as most of the commenters understood. Still, as I wrote in another post of mine way back, though these commenters decried the whole financial system, they were still IN it and pissed that they didn't know the inside secrets to make some money!

I'll paste in a link about that when I find it, but here's another:

"Peak Stupidity votes ZeroHedge commenters as BEST IN CLASS"
The Alarmist
Friday - March 17th 2023 3:02PM MST

After seeing how they railroaded Slobadan Milosovich, Mr. Putin would be well advised to save a couple Khinzals or Zircons for Den Haag.
(S)elect A Clown Get A Circus
Friday - March 17th 2023 11:23AM MST
PS Off topic-Breaking-ICC has issued an arrest warrant for Putin.
It is allegedly about war crimes in the 51st state Ukraine.
Jet dump on $32 million drone upset Brandon's puppetmasters and the vassals are trying to act like they have power?
The video of the SU-27 Flanker was downloaded last night and there is a hilarious meme showing the jet as a person dumping on the reaper that has an NPC face instead of a tiger shark.
The Stockdale Conundrum
Friday - March 17th 2023 11:13AM MST
PS @ Mod, McCarthy is a great American hero.
Like the Dresden James quote about when you have been sold well packaged lies for years, anyone speaking truth will seem like a raving lunatic.
The State Department has been communist for 100 years and esteemed CPUSA party member comrade commissar FDR set the bureaucratic state in stone.
Dieter Kief
Friday - March 17th 2023 11:09AM MST

Jeffrey Sachs: The Government's Weaponization of the Dollar is One Reason for it's Further Decline - Digital Renminbi The Big One to Fill the Gap in the Next Ten Years
The New Civility
Friday - March 17th 2023 11:05AM MST
PS The CBDC is must have for the global soviet.
The dumbing down was done so that the dullards would embrace communism and be happy wards of the state in the pods munching on chocolate covered crickets.
The bank nationalization is just step one.
Soon you will see department of agriculture and other low level minions in generalissimo outfits riding jeeps with .50 cal mounts.
I still have the demotivational of Barry Soetoro at a crater of smoking ruin scene stating my work here is done.
Barry and Brandon burn it all down bigly for their bankster Bolshevik fellow travelers. (honk!)
It only gets worse with a befuddled Brandon puppet is right on.
The Alarmist
Friday - March 17th 2023 10:43AM MST

“But Tuesday always comes.”

We’ve securitized the days of the week ... I will gladly pay you Tuesday for the $2m you lend me today.

Yes, Mr Mod, I was one of the early ones to the Hedge. It made the GFC a lot more fun than it might have been, as I had just moved into an Asset Management role. Fortunately, I was so new to the position that I could blame my predecessor for the losses on the shitty portfolio he left me. Did you ever catch Fu** that was an occasionally fun read at the time. I stopped commenting on ZH ages ago.
Friday - March 17th 2023 10:30AM MST
PS Perhaps it wasn’t theoretically necessary to create a galaxy-sized amount of debt that could never be repayed in order to create the global economy. But, theoretically necessary or not, they created it. And it made a lot of them rich beyond imagination. Now, the monster that they created is trying to devour them. Pissants such as Powell and Yellen are tasked with keeping all the balls of debt in the air, so that they don’t come crashing down and create another economic crisis. Maybe they’ll succeed this time. Maybe they won’t. But Tuesday always comes.
Friday - March 17th 2023 5:39AM MST
PS: I'd like to hear more of your experience here, Alarmist. (Not today, but here in the comments in general, that is.) Are you, or have you ever been a ZeroHedge reader/commenter? No, my real name is not Tailgunner Joe.

BTW, they are teaching the same wrong history of Senator Joe McCarthy in the elementary school about which I learned the truth over the last year. My boy will have to read my review of "Blacklisted by History". I won't make him read the book ... yet.
The Alarmist
Friday - March 17th 2023 2:46AM MST

I've worked in a couple investment banks, and I'll admit that the repeal of Glass-Steagall and the rise of interstate banking was a huge mistake, largely because it led too many utility bankers to think that they too were worthy of stratospheric compensation packages like those on the IB side, which is why they do stupid things.

Hanging a couple failed bankers would do wonders for the industry.
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