Slap MessageBoards
General Discussion => WHATEVER => Topic started by: cky enthusiast on March 16, 2023, 07:02:49 AM
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looks like we have a looming liquidity crisis on our hands.. again! looks like i will be buying boards off of u gear hoarder dudes in ~6 months.
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I got some raw 139 Indy’s from 2008 that I’ve never even skated lying around my house. That’s basically gold bullion at this point.
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Don't worry, I'm sure the American public will be happy to bail them out again
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imagine leaving all your money in a bank instead of keeping it in something safe like crypto or holographic pokemon cards
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Id love to see states take bailouts to the supreme court. Serious over reach from the feds here
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I prefer The Bridge is Over as a classic rap tune.
Happy 50th BD hip hop…
https://m.youtube.com/watch?v=r0Sy4twXSn0
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https://archive.is/rnfWU
blehhhhhhh
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I don’t use it anymore but “the banks are out of money” is one of the best Twitter users.
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Am I going to get kicked off GI?
If I am I should probably start collecting "werk" tools again. I can peel faster than anyone else on earth.
If I can lift it and take it with me than I can't open it.
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SVB apparently didn't follow follow basic banking rules and then announced it in the most baffling way possible and caused their own classic bank run and First Republic is looking like it was probably criminal to have failed the way it did. Wouldn't be at all surprised if the principals were diverting a ton of money to themselves on that one.
The major banks and lenders are still extremely well capitalized including liquidity. This is basically the equivalent of saying skate trucks are doomed because Lurpiv was a failure or some shit
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SVB apparently didn't follow follow basic banking rules and then announced it in the most baffling way possible and caused their own classic bank run and First Republic is looking like it was probably criminal to have failed the way it did. Wouldn't be at all surprised if the principals were diverting a ton of money to themselves on that one.
The major banks and lenders are still extremely well capitalized including liquidity. This is basically the equivalent of saying skate trucks are doomed because Lurpiv was a failure or some shit
Wait! So are you saying tying all my money into Lurpiv stock is going to backfire on me?
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Don't worry pals, they'll print more. Much to our childrens dismay
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SVB apparently didn't follow follow basic banking rules and then announced it in the most baffling way possible and caused their own classic bank run and First Republic is looking like it was probably criminal to have failed the way it did. Wouldn't be at all surprised if the principals were diverting a ton of money to themselves on that one.
The major banks and lenders are still extremely well capitalized including liquidity. This is basically the equivalent of saying skate trucks are doomed because Lurpiv was a failure or some shit
okay guys everything is actually fine, the pro wrestling and weed expert is also an economics expert and he pointed out the error of my ways
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Idea: a subversive episode of “Unwrapped” where Marc Summers narrates us through the making of The Dollar.
Cameras are brought in to record the actual fingers of the people clacking away at keyboards while folks in lab coats and hair nets stand imposingly over their shoulders.
Jerome Powell, the “taste tester” or “chairman of the federal reserve” if you’re nasty, walks us through each manner of currency creation.
Imagine someone stoned, they sit through the episode “American Currency” sandwiched between “Wonder Bread” and “Pringles” , how amazed would some of these people be to know the banks have the power to give you a loan despite having no requirement on their part to hold any reserves then, expect you to pay it back with interest.
I dare you, Marc… I double dare you.
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SVB apparently didn't follow follow basic banking rules and then announced it in the most baffling way possible and caused their own classic bank run and First Republic is looking like it was probably criminal to have failed the way it did. Wouldn't be at all surprised if the principals were diverting a ton of money to themselves on that one.
The major banks and lenders are still extremely well capitalized including liquidity. This is basically the equivalent of saying skate trucks are doomed because Lurpiv was a failure or some shit
thanks bruh, this makes me feel much better
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Expand Quote
SVB apparently didn't follow follow basic banking rules and then announced it in the most baffling way possible and caused their own classic bank run and First Republic is looking like it was probably criminal to have failed the way it did. Wouldn't be at all surprised if the principals were diverting a ton of money to themselves on that one.
The major banks and lenders are still extremely well capitalized including liquidity. This is basically the equivalent of saying skate trucks are doomed because Lurpiv was a failure or some shit
okay guys everything is actually fine, the pro wrestling and weed expert is also an economics expert and he pointed out the error of my ways
Yeah I was gonna chime in, but my knowledge base ends in the mid six figures so…
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Kinda wack how things just keep getting a little bit worse all the time. i suppose it's better than things getting a lot worse all at once but it just makes everything feel hopeless
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Maybe, I'm missing something, but why do I care about SVB? From 2015 to 2020 we had an average of 6-ish banks go under each year, why do I care about this one?
Do we care because this is a real issue or do we care because the tech venture capital assholes who banked there have huge megaphones are making us care? I've kind of listened to NYTimes's podcast the Daily and Ezra Klien's podcast (I can't concentrate on podcasts and never walk away with much knowledge) and I just can't bring myself to get excited about this bank failure. What am I missing?
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Well here in America we love delusional thinking. For example, America is a democracy where everyone has the same amount of influence as everyone else due to their single vote. This is in contrast to reality where exceptionally rich individuals and corporations have the ability to "lobby" or otherwise use their financial position to influence policy making and political outcomes.
I loved when Aunt Becky from "Full House" got lambasted for using her money/position to influence her child's acceptance to college. The collective outrage was hysterical when at the same time billionaires and corporations do the same exact thing but it is accepted as "business as usual" with almost no questioning whatsoever.
el oh el
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Well here in America we love delusional thinking. For example, America is a democracy where everyone has the same amount of influence as everyone else due to their single vote. This is in contrast to reality where exceptionally rich individuals and corporations have the ability to "lobby" or otherwise use their financial position to influence policy making and political outcomes.
I loved when Aunt Becky from "Full House" got lambasted for using her money/position to influence her child's acceptance to college. The collective outrage was hysterical when at the same time billionaires and corporations do the same exact thing but it is accepted as "business as usual" with almost no questioning whatsoever.
el oh el
So, we are upset that the regulations were rolled back a few years ago and this bank failed a few years later? I agree it is annoying there was deregulation that this bank lobbied hard for and then this shit fails.
Are we mad that SVB was able to purchase Boston Private Bank and Trust, even though it was deemed that it wouldn't be a big deal if the bank failed post-purchaser? I sort of agree, but the bank increased it assets dramatically after that merger. Should the regulators been able to see this growth? I have no idea.
Are we mad that the depositors are getting their money back? I'm a little mad about this, but maybe I'm just hopeful that if I had 260K in the bank, I'd get all 260 back instead of just 250.
And, I mean Roku seems dumb for keeping $500 million in cash at SVB if the government only insures $250K, but do we let Roku along with the other tech companies that stupidly kept tons of cash at SVB, fail with SVB? I don't know.
It is wrong to bail out Roku, but what would happen to Roku, all the other companies, and the broader economy if the insurance wasn't expanded to cover the deposits?
What would the best response to the situation be? Offer Roku and the other companies that kept too much money with SVB no or low interest loans that need to be paid back over time? Just let any company that over banked with SVB possibly fail? Give them a portion of their money back? I honestly have no idea.
I do agree there is some capitalism for the masses and socialism for the rich to this. Maybe a better solution is the US government refunds all the money for these companies but gets a huge portion of the companies that banked with SVB because otherwise they'd be fucked. They can get their money handed to them and give up partial ownership to the government or they can risk trying to make it without the money they deposited at SVB?
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I don't know shit about money stuff but it sounds like a bank run by rich powerful assholes failed because it was gambling with America's play money in a psychopathic but state-sanctioned way and did poorly at it. It's basically a microcosm of America and we're supposed to care because it's the elite.
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Expand Quote
SVB apparently didn't follow follow basic banking rules and then announced it in the most baffling way possible and caused their own classic bank run and First Republic is looking like it was probably criminal to have failed the way it did. Wouldn't be at all surprised if the principals were diverting a ton of money to themselves on that one.
The major banks and lenders are still extremely well capitalized including liquidity. This is basically the equivalent of saying skate trucks are doomed because Lurpiv was a failure or some shit
okay guys everything is actually fine, the pro wrestling and weed expert is also an economics expert and he pointed out the error of my ways
Feel free to actually correct anything that's wrong rather than throwing shade at me because I have hobbies. You're claiming a global liquidity crisis because of the failure of A VC bank, a crypto bank, and CS which has been on a steady downward trajectory since the start of the pandemic due to shitty risk management and general fuck-upery like having employees orchestrate massive money laundering schemes for drug cartels that regulators and investors tend to frown upon. If you didn't know CS was in trouble, you haven't been paying attention for the last few years.
I can make another shitty skate company analogy if you'd like, but I'd rather just watch nothing happen.
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(https://i.ibb.co/Fg42Wsw/Screenshot-2023-03-17-at-10-33-41-AM.png)
the first spike is 2008, second one is 2020, the third one is this week. g'head and take a gander at what credit suisse is goin thru rn- this isnt isolated to three "dumb" banks, somethings cookin'
(https://i.ibb.co/85R74j3/Screenshot-2023-03-17-at-10-39-36-AM.png)
unrelated, here's the fed's exposure to mortgage backed securities (remember them?)
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Well here in America we love delusional thinking. For example, America is a democracy where everyone has the same amount of influence as everyone else due to their single vote. This is in contrast to reality where exceptionally rich individuals and corporations have the ability to "lobby" or otherwise use their financial position to influence policy making and political outcomes.
I loved when Aunt Becky from "Full House" got lambasted for using her money/position to influence her child's acceptance to college. The collective outrage was hysterical when at the same time billionaires and corporations do the same exact thing but it is accepted as "business as usual" with almost no questioning whatsoever.
el oh el
She broke the law by committing fraud through the post office iirc
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And we cant get 10000 in student loans forgiven because it is called executive overreach. Social security, SNAP, public education are all on the chopping block, all the time. My partner has expensive as fuck debilitating long covid effects that cost us $4k out of pocket before the deductible of her employee provided top tier insurance is met. Mortgage interest rates are at about 7%. Theres no rent control or price control on anything. Gas where i live in CA, where there are no price gouging laws, is 5.49/gallon. It was under $3 in Mass”tax”achusetts 3 weeks ago.
Thats what i care about and examples of why this is a bullshit bailout. I reckon these investors were hooked up or received plum deals for putting say $5mil into this VC bank.
The majority of Americans are failing and not a shit is given or a thing done to help, but hey, go roku!
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(https://i.ibb.co/Fg42Wsw/Screenshot-2023-03-17-at-10-33-41-AM.png)
the first spike is 2008, second one is 2020, the third one is this week. g'head and take a gander at what credit suisse is goin thru rn- this isnt isolated to three "dumb" banks, somethings cookin'
(https://i.ibb.co/85R74j3/Screenshot-2023-03-17-at-10-39-36-AM.png)
unrelated, here's the fed's exposure to mortgage backed securities (remember them?)
As Peter lynch says, “Charts are great for predicting the past.”
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And we cant get 10000 in student loans forgiven because it is called executive overreach. Social security, SNAP, public education are all on the chopping block, all the time. My partner has expensive as fuck debilitating long covid effects that cost us $4k out of pocket before the deductible of her employee provided top tier insurance is met. Mortgage interest rates are at about 7%. Theres no rent control or price control on anything. Gas where i live in CA, where there are no price gouging laws, is 5.49/gallon. It was under $3 in Mass”tax”achusetts 3 weeks ago.
Thats what i care about and examples of why this is a bullshit bailout. I reckon these investors were hooked up or received plum deals for putting say $5mil into this VC bank.
The majority of Americans are failing and not a shit is given or a thing done to help, but hey, go roku!
Watch the latest Problem with Jon Stewart on inflation
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(https://i.ibb.co/Fg42Wsw/Screenshot-2023-03-17-at-10-33-41-AM.png)
the first spike is 2008, second one is 2020, the third one is this week. g'head and take a gander at what credit suisse is goin thru rn- this isnt isolated to three "dumb" banks, somethings cookin'
(https://i.ibb.co/85R74j3/Screenshot-2023-03-17-at-10-39-36-AM.png)
unrelated, here's the fed's exposure to mortgage backed securities (remember them?)
The banking system in general is significantly healthier and better capitalized than it was for 2008 which was really a perfect storm, and you'll notice that your second graph indicates that the fed is already on the right track in its RM strategy as it relates to mbs. Funny how no liquidity crisis or massive financial failure followed the entire civilized world shutting down for months even though theres a big Ole spike right there too. Heres a decent talk on the subject and some of the things they've learned since 2008, it actually gives pretty good insight on the path they're taking to address it.
https://www.newyorkfed.org/newsevents/speeches/2021/log210811
The banks that are failing right now were either horrifically mismanaged or operate at the edges of the system and would need perpetually low rates and inflation for their model to work. Their entire business is based on high risk, high reward investing strategies, so much like the crypto crash they're going to fold at the the slightest pressure and that's what's happening. Seriously, go look at how SVB was giving out money and what their clients were doing with it and it's not hard to see what happened. They catered to rich and volatile depositors thinking the gravy train would last forever and didn't diversify and it bit them in the ass. We're in a period of economic stress for a number of reasons we have varying degrees of control, but I think it'll end up much like the great recession of 2021 (and then 2022) that so many people predicted yet never came to fruition. I don't really see anything that worries me. At least not yet. The big banks that are the foundation of the system haven't shown any cracks and realistically probably don't really mind the stress since they can leverage it.
Since we're doing graphs, heres a good one that helps demonstrate what happened with CS. Actually a kinda funny story if you don't have money there. They even fucked up bad enough that the infamously hands off Swiss govt came after them...that takes some doing. There IS something going on with them for sure, but it's been going on for a long time and really has a lot less to do with SVB/FR than you seem to extrapolating. They had lost investor confidence literally over a year before most people even knew what SVB was. It's a classic case of poor risk management combined with the sort of incompetent corporate buttfuckery rarely seen outside the lower 48.
(https://www.reuters.com/graphics/CREDITSUISSEGP-REVAMP/lbpggrokepq/chart.png)
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my fault og
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Expand Quote
(https://i.ibb.co/Fg42Wsw/Screenshot-2023-03-17-at-10-33-41-AM.png)
the first spike is 2008, second one is 2020, the third one is this week. g'head and take a gander at what credit suisse is goin thru rn- this isnt isolated to three "dumb" banks, somethings cookin'
(https://i.ibb.co/85R74j3/Screenshot-2023-03-17-at-10-39-36-AM.png)
unrelated, here's the fed's exposure to mortgage backed securities (remember them?)
The banking system in general is significantly healthier and better capitalized than it was for 2008 which was really a perfect storm, and you'll notice that your second graph indicates that the fed is already on the right track in its RM strategy as it relates to mbs. Funny how no liquidity crisis or massive financial failure followed the entire civilized world shutting down for months even though theres a big Ole spike right there too.
the rest of this post is just "things are good because they are" which is impossible to respond to, but these are two points where i think you're off base.
1. i dont see how having over 2 trillion in MBS is good risk management, especially with housing going the way it is, feel free to inform me otherwise
b. there was no liquidity crisis in 2020 because of QE. those rates cant stay down forever if we want to deal with inflation. feel free to inform me otherwise
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Guys, relax, we can just print more money. Problem solved.
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Guys, relax, we can just print more money. Problem solved.
A good homie hooked it up with a couple pairs of blazer mids and a pair of 440 highs. After wearing vans most of my sk8 lyfe, my feet feel risky and rich!
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Kinda wack how things just keep getting a little bit worse all the time. i suppose it's better than things getting a lot worse all at once but it just makes everything feel hopeless
Everything stays the same but somehow gets worse.
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This has been long time coming, but this was all planned and is all by design. Notice all the food processing plants burning down, train derailments, the hordes of “migrants” flooding the border, etc.? Hope you all have been stocking up on non perishable food, survival supplies, etc. Get right with God.
realistically i don't think we'll go into a survival situation any time soon. i think things will just get shittier and shittier until life is so unbearable the people DEMAND some kind of novel political solution, which will be something on either the extreme left or extreme right. but that's probably a decade away, i think we have a while longer of simmering before the pot boils over.
always a good idea to stock up on food though.
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This has been long time coming, but this was all planned and is all by design. Notice all the food processing plants burning down, train derailments, the hordes of “migrants” flooding the border, etc.? Hope you all have been stocking up on non perishable food, survival supplies, etc. Get right with God.
Oh to yearn for annihilation.
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https://youtu.be/oHjDCC6Vigc
Worth watching if, like me, you don't know what the hell's going on.
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This is about the extent of my understanding of the situation:
https://youtu.be/Bzz8BvaQL9Q
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https://www.youtube.com/watch?v=Vd2YVXbd4I0
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SVB apparently didn't follow follow basic banking rules and then announced it in the most baffling way possible and caused their own classic bank run and First Republic is looking like it was probably criminal to have failed the way it did. Wouldn't be at all surprised if the principals were diverting a ton of money to themselves on that one.
The major banks and lenders are still extremely well capitalized including liquidity. This is basically the equivalent of saying skate trucks are doomed because Lurpiv was a failure or some shit
2 weeks later and all i can say is you were totally right. you clearly know what youre talking about.
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Expand Quote
SVB apparently didn't follow follow basic banking rules and then announced it in the most baffling way possible and caused their own classic bank run and First Republic is looking like it was probably criminal to have failed the way it did. Wouldn't be at all surprised if the principals were diverting a ton of money to themselves on that one.
The major banks and lenders are still extremely well capitalized including liquidity. This is basically the equivalent of saying skate trucks are doomed because Lurpiv was a failure or some shit
2 weeks later and all i can say is you were totally right. you clearly know what youre talking about.
Lurpiv is coming back though, so…