The story is here.
As recently as the end of January, Moody's had rated Signature Bank, the bank which failed spectacularly over the weekend, investment grade.
Moody's completely missed the problems with Signature.
Their sweeping warnings in the wake of this miss should be taken with a truckload of salt. They're just trying to save face.
Chickens . . . comin' home . . . to roost!
Studies have found the Dodd–Frank Act has improved financial stability . . . lol
$1.8 billion.
That sparked the run.
The problems have been known for months by people like Chris Whalen.
This guy below actually tweeted out some particulars in January. This was no surprise.
Except to the federal regulators, who were completely asleep at the switch.
This is what happens when your bond portfolio is full of low-yielding securities. No one wants them when you have to sell them in the new higher interest rate environment. It's not a problem if you will "hold to maturity".
SVB wasn't very smart loading up on this stuff. Apparently they did not even hedge this otherwise foolish over-large position.
Hell, it's probably all California MBS, too. Think the outrageously overpriced homes, refinanced at rock bottom rates, of the very elite who have all their personal and business banking at SVB which is now blowing up. And all the second tier businesses and their employees dependent on them.
It's an inferno devouring their wealth from every side.
And they are screaming like stuck pigs for a bailout.
Xi Jinpingpong blamed the US for the first time for his domestic failures, according to the Wall Street Journal. He's a commie reactionary with Chinese characteristics. Not a good sign of what's to come.
Some cracker Republican in Florida wants bloggers to register like lobbyists, and Ron DeSantis finally came out against that, thankfully. A little late, though. Newt beat him to it.
Vivek Ramaswamy says CPAC shook him down for $$$$ in exchange for which they'd see to it he did better in the straw poll. There's no report that Matt Schlapp also asked for a reach-around.
LIBOR surpassed 5% for the first time in 15 years on Monday.
Georgia fired up a nuclear power reactor this week. The country now has 93 operating. 67 were never finished after Three Mile Island.
A dog and her pups were rescued alive and well from a basement in Turkey more than a month after the Feb 6 earthquake. The death toll is up to 52k.
Thousands of Iranian schoolgirls are being systematically poisoned in Iran. There was a similar incident in Afghanistan during the first Obama administration. Rag-headed heathen bastards.
South Africa is going the way of Rhodesia.
The UST yield curve aggregate made a new high 4.674% Wednesday v Fed Funds Effective Rate 4.57.
The Obama of Big Oil said peak production from 2019 will never be surpassed.
Pundits who predict inflation won't spiral like the 1970s fail to understand that the price of energy inputs is determinative. Unless energy costs come down big, we're in for it.
Cumulative deaths per million from C-19 in the US are 3,285. In Africa just 181. Follow the science.
The tide is turning on the Wuhan Lab Leak Theory of the origin of C-19 in the press.
Anthony Fauci has authored a paper in CELL which calls for better vaccines than the ones we've got, whether experimental or not. No kidding.
Silicon Valley Bank failed today, the first failure since 2020 when there were four. There was a huge flight to safety. Stocks sold off and longer dated Treasuries rallied 3.45%. The yield curve aggregate plunged 230bp, 3.82%.
Full time employment rose a little in Feb to 49.66% of civilian population. The average last year was 50.1%.
A third world shit-hole of problems, problems, problems.
The crime bill passed the D.C. City Council unanimously in January. After Washington D.C. Mayor Muriel Bowser (D) vetoed it, the city council overrode it 12-1. Among other things, the bill would eliminate most mandatory sentences and lower penalties for a number of violent offenses, including carjackings and robberies. It would also expand the requirement for jury trials in most misdemeanor cases.
More.
"typically"
"more common"
"separate"
"avoided"
"generally"
Over 100k still out in DTE service area in the east, 28k in the Consumers Energy service area in the south.
Pretty shocking multi-day outage, with overnight lows averaging 26F for the last five nights.
