This is why they’re distracting the country with a Trump indictment They’re *desperate* to get people to not focus on the fact that the US financial system is effectively insolvent Banks hold over $600 Billion in unrealized losses If everyone tries to pull money out, it collapses.
Calling BS: Package with suspicious powder delivered to Manhattan DA’s office amid Trump investigation. Oh, sure.
Iran-backed fighters were on alert in eastern Syria, a day after U.S. forces launched retaliatory airstrikes on sites in the war-torn country, opposition activists said.
Remembering Jan 21, 2021: Large US military convoy enters northeast Syria on the first full day of Biden’s presidency.
Biden: “Today I want to applaud China… I mean Canada” (while in Canada). Ooof.
New emails revealed through Missouri v. Biden show the administration urged Facebook to censor private communications on its WhatsApp messaging service.
BREAKING NEWS: White House spokesman John Kirby says that since Ukraine is a free, independent, and completely sovereign nation, the US will not allow President Zelenskyy to accept any peace plans proposed by the Chinese delegation in Moscow this week. Ahead of a meeting between Putin and Xi, White House NSC spokesperson John Kirby declares that any “call for a ceasefire” in Ukraine is “unacceptable.”
NPR took $24.6 million from the Bill Gates Foundation The Guardian took $12.9 million from the Bill Gates Foundation NBC took $4.3 million from the Bill Gates Foundation BBC took $3.6 million from the Bill Gates Foundation CNN took $3.6 million from the Bill Gates Foundation.
NPR lays off 100 employees as company faces $30 million decline in revenue.
The Obama Legacy: 26,000 bombs dropped in 8 years. Thousands of innocent people were killed including children. No ICC arrest warrant. Just a Nobel Peace Prize.
“So I am not a former porn star nor did I receive “hush money” I was a Senate staffer for Joe Biden when he sexually assaulted me in 1993. To date no investigation, only media attacks and trolls aimed at me. I ask again to @mtgreenee and @mattgaetz When will Joe Biden be investigated? Thanks.” – Tara Reade.
NYU Prof. Scott Galloway Says Unlike Traditional Media, New Technology Driven Media is ‘All About Money’ “With traditional media, it’s hard to argue that there isn’t a liberal bias because it’s mostly over-educated people in urban centers but with respect to new technology-driven media…they lean green, they’re all about money.”
NPR: The international governing body for track and field will ban trans women athletes from elite women’s competitions, citing a priority for fairness over inclusion despite limited scientific evidence of physical advantage….“Limited scientific evidence of physical advantage.” Nobody actually believes this. Some people pretend to. Others knowingly lie about it. But nobody actually believes it.
Paul Plante says
On September 18, 2016, I posted an essay to the CCM titled “What Kind of Caterpillar Smokes a Hookah? Does Anybody Know?” wherein I stated thusly:
Now, as to that caterpillar, it is blue in color with a haughty look on its face and a supercilious attitude as it sits on a mushroom outside my window smoking its hookah and occasionally blowing smoke letters in the air, which, when put together, seem to say “this **** is too bizarre to be real,” a sentiment I find it impossible to disagree with.
Whatever kind of caterpillar that is, it sure does seem to have its finger on the pulse of these times that we now find ourselves immersed in.
All these years later, I still cannot disagree with that caterpillar!
We do not live in a country, anymore, more like an open-air insane asylum.
How else can anyone explain Joe Biden and Karmela Harris actually being in charge of us?
“Kamala Harris Is One Giant Gaff Machine”
Story by John Rossomando
24 March 2023
Vice President Kamala Harris, like her boss President Joe Biden, has a knack for putting her foot in her mouth.
Harris mistakenly confused America’s ally South Korea with North Korea during a stop in the Demilitarized Zone separating the two Koreas.
“So, the United States shares a very important relationship, which is an alliance with the Republic of North Korea.”
“And it is an alliance that is strong and enduring.”
“And today, there were several demonstrations of just that point,” Harris said in September.
Australian television commentator Rita Panahi mocked Harris on Sky News Australia asking, “Kamala.”
“What did she just say?”
“The U.S. shares a strong and enduring alliance with North Korea.”
“Are you an insane person?”
“The United States has never shared an alliance with the mad, murderous Communists of North Korea.”
Former U.S. Ambassador Alberto Fernandez similarly ridiculed Harris’ comment tweeting, “Diplomacy is back, baby.”
“Evidently we switched sides in Korea under the Biden Administration and nobody told us.”
“Unlike her boss, she can’t claim old age as a defense.”
Harris’ entire term has been filled with similar gaffes.
In 2021, the Los Angeles Times noted that Harris praised President Biden’s decision to pull out of Afghanistan without a plan.
Harris’ rhetorical missteps compound Biden’s, but unlike her boss, she can’t claim senior memory issues.
It makes the Biden administration look lost and confused.
Such miscues likely are being examined in Moscow, Tehran, and Beijing as evidence of an America in decline.
Paul Plante says
CCM: They’re *desperate* to get people to not focus on the fact that the US financial system is effectively insolvent.
Banks hold over $600 Billion in unrealized losses.
If everyone tries to pull money out, it collapses.
“Banks sought record Fed liquidity in wake of SVB collapse”
By Michael S. Derby
March 16, 2023
NEW YORK (Reuters) – Banks sought record amounts of emergency liquidity from the Federal Reserve over recent days in the wake of the failure of Silicon Valley Bank and Signature Bank, driving up the size of the Fed’s balance sheet after months of contraction, central bank data on Thursday showed.
Banks took a record $152.9 billion from the Fed’s traditional lender-of-last resort facility as of Wednesday, while also taking $11.9 billion in loans from the Fed newly created Bank Term Lending Program.
Including more than $140 billion in other funding provided to the new bridge banks for Silicon Valley Bank and Signature Bank established by the Federal Deposit Insurance Corp, the central bank’s total balance sheet mushroomed by roughly $300 billion in the last week.
That reverses a substantial portion of the balance sheet reduction accomplished since last summer.
“Biden has confidence in Fed Chair Powell – White House”
March 20, 2023
WASHINGTON, March 20 (Reuters) – President Joe Biden maintains confidence in Federal Reserve Chair Jerome Powell, the White House said on Monday, amid criticism about the multiple rate increases the Fed has approved in recent months and its handling of the banking crisis.
“Fed says rising income costs cut payments to US Treasury in 2022”
By Michael S. Derby
March 24, 2023
NEW YORK, March 24 (Reuters) – Rising interest costs cut into the amount of money the Federal Reserve handed back to the U.S. Treasury last year compared to 2021, the U.S. central bank said in an audited financial statement released on Friday.
The Fed returned $76 billion to the Treasury last year, down from $109 billion in the prior year, according to the document, which updated figures first released in January.
The central bank said it earned $58.8 billion last year versus $107.9 billion in 2021.
Higher costs related to interest ate into the bottom line and left the Fed at the end of 2022 with what it calls a $16.6 billion deferred asset, which describes what is essentially a loss for the central bank.
As of March 22, that deferred asset had risen to $42.2 billion.
“Yellen chairs meeting of FSOC regulators amid banking turmoil”
By David Lawder
March 24, 2023
Yellen again sought to calm fears of further bank deposit runs on Thursday, telling U.S. lawmakers that she was prepared to repeat actions taken in the Silicon Valley and Signature Bank failures to safeguard uninsured bank deposits if failures threatened more deposit runs.
Those actions to invoke “systemic risk exceptions” were taken by Yellen, President Joe Biden, the FDIC, and the Fed, which supervised Silicon Valley and Signature.
“Treasury yields rise to start the week”
Tanaya Macheel, Sophie Kiderlin
March 27, 2023
Meanwhile, Bloomberg reported that U.S. authorities were considering expanding an emergency lending program for banks, which could give First Republic more time to shore up its liquidity.
“TREASURIES-Yields rise on bank sector optimism, weak 2-year auction”
By Karen Brettell
March 27, 2023
Top U.S. banking regulators plan to tell Congress that the overall financial system remains on solid footing after the recent bank failures, but will comprehensively review their policies in a bid to prevent future collapses.
“U.S. backstops Silicon Valley Bank sale to First Citizens”
By Scott Murdoch and Mehnaz Yasmin
March 27, 2023
March 27 (Reuters) – U.S. regulators said on Monday they would backstop a deal for regional lender First Citizens BancShares to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund.
The deal comes after the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank on March 10 after depositors rushed to pull out their money in a bank run that also brought down Signature Bank and wiped out more than half the market value of several other U.S. regional lenders.
The deal was “momentous” for First Citizens, CEO Frank Holding told investors on a conference call Monday.
First Citizens will also receive a line of credit from the FDIC for contingent liquidity purposes and will have an agreement with the regulator to share some losses on commercial loans to protect it against potential credit losses.
Paul Plante says
Ain’t it just grand to be a LOOTER BANKSTER running a bank these days?
If Willy Sutton were around these days, he would be a bank president robbing his bank from the inside instead of the other way around, and the beauty is, you can rob your bank blind, and never get held to account.
As Willy said back when, when asked why he robbed banks, “that’s where the money is!”
Today, these LOOTER BANKSTERS would give the same answer!
Paul Plante says
I’m moving my bank account to banks in either Haiti or Zimbabwe where I know it will be safe because they have a far better regulated banking system than we do here in this third-world ****hole under Joe Biden and the Democrats, and this pathetic federal reserve:
“Biden says banking crisis ‘not over yet'”
March 28, 2023
WASHINGTON, March 28 (Reuters) – U.S. President Joe Biden said on Tuesday he has done what is possible to address the banking crisis with available authorities but that it is “not over yet.”
Asked if the administration would not take any more executive action to address the matter, Biden said “Oh no, It’s not over yet.”
“We’re watching very closely.”
Earlier in the day, a top U.S. regulator told a Senate panel that SVB did a “terrible” job of managing risk before its collapse, fending off criticism from lawmakers who blamed bank watchdogs for missing warning signs.
“US regulator cites ‘terrible’ risk management for Silicon Valley Bank failure”
By Pete Schroeder and Hannah Lang
March 28, 2023
WASHINGTON, March 28 (Reuters) – A top U.S. regulator told a Senate panel on Tuesday that Silicon Valley Bank did a “terrible” job of managing risk before its collapse, fending off criticism from lawmakers who blamed bank watchdogs for missing warning signs.
In the first congressional hearing into the sudden collapse of two U.S. regional lenders and the ensuing chaos in markets, both Democratic and Republican lawmakers pressed the Federal Reserve’s top banking regulator on whether the central bank should have been more aggressive in its oversight of SVB.
“It looks like regulators knew the problem, but no one dropped the hammer,” said Senator Jon Tester, a Democrat.
Michael Barr, the Fed’s vice chairman for supervision, criticized SVB for going months without a chief risk officer and how it modeled interest rate risk, which he said “was not at all aligned with reality.”
Fed supervisors had flagged such issues with bank management, but they went unaddressed, he added.
“The risks were there, the regulators were pointing them out and the bank didn’t take action,” he said.
Senior members of the Senate Banking Committee agreed with Barr that the banks had been mismanaged and former executives should be held responsible, but also questioned how the banks could collapse so quickly with regulators on the case.
Barr told the committee he first became aware of the interest rate risk issues at SVB in mid-February, while Fed supervisors had been raising issues with the bank directly in months prior to that.
“The failure of Silicon Valley Bank, Signature Bank and the general turmoil in the banking sector are the direct result of the failure of regulators, including the agencies we have before us today,” said Senator Steve Daines, a Republican.
Regulators have vowed to review their rules and procedures after the twin failures while insisting the overall system remains sound.
Barr and FDIC Chairman Martin Gruenberg both stressed in their remarks that depositor funds are safe and sound.
“Fed official tells Congress many to blame for Silicon Valley Bank failure”
By Hannah Lang
March 29, 2023
March 29 (Reuters) – The scope of blame for Silicon Valley Bank’s failure stretches across bank executives, Federal Reserve supervisors and other regulators, the banking system’s top cop on Wednesday told U.S. lawmakers demanding answers for the lender’s swift collapse.
“I think that any time you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed,” Michael Barr, Fed Vice Chair for Supervision, told Congress.
“So we’re looking at all of that.”
Depositors tried to pull more than $42 billion in a single day at SVB in early March, surprising regulators and kicking off deposit flight across other regional banks.
“That’s just an extraordinary scale and speed of a run that I had not ever seen,” Barr said.
“I think all of us were caught incredibly off-guard by the massive bank run that occurred when it did.”
The Fed was in discussions with Silicon Valley Bank the day before its collapse to move pledgable collateral to the discount window, a key facility long associated with providing emergency loans to banks, Barr said on Wednesday.
“(Fed) staff were working with Silicon Valley Bank basically all afternoon and evening and through the morning the next day to pledge as much collateral as humanly possible to the discount (window) on Friday,” Barr said.
“Fed lending to banks ticks slightly lower in latest week”
By Michael S. Derby
March 30, 2023
WASHINGTON (Reuters) – Federal Reserve emergency lending to banks ebbed slightly in the latest week, causing the size of the central bank balance sheet to move down modestly.
As of Wednesday, banks tapped $88.2 billion from the central bank’s discount window lending facility, versus $110.2 billion on March 22.
Lending via the Fed’s new Bank Term Funding Program moved to $64.4 billion on Wednesday, from $53.7 billion the week before, while Fed “other credit” lending stood at $180.1 billion, from March 22’s $179.8 billion.
The three facilities extended a total of $332.7 billion to eligible firms on Wednesday, versus $343.7 billion the prior Wednesday.