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Thread: SVB - second largest FDIC insured bank failure since WaMU

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    Quote Originally Posted by PM Bug View Post
    Bold emphasis is mine:


    https://www.federalreserve.gov/newse...y20230312b.htm

    The Fed has essentially announced that they are going to backstop 100% of depositors across the entire banking system. This is how fragile the banking confidence game has become.
    ...and Biden explicitly claimed that the tax payer will not be on the hook to pay for it. That means that they know the people are on to what they have been doing in response to recent "emergencies".

    Nixon took the big gamble in 1971, removing the gold standard from the USD. I expected a collapse at that time. In 2008, I had similar feelings. I suspect that round 3 of that risk level is now coming on deck.
    Last edited by SilverPalm; 03-13-2023 at 10:17 AM.
    “The Federal Reserve is not currently forecasting a recession.”
    Fed Chairman Ben Bernanke, January 2008
    This is no longer posted in the Fed Minutes of January 2008, but still quoted here - https://www.nbcnews.com/id/wbna22592939. The FOMC minutes still quote MR. Reifschneider. as stating the same thing.

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