The U.S. government on Sunday sought to affirm confidence in the U.S. banking system by announcing protection for all depositors in Silicon Valley Bank.
Treasury Secretary Janet Yellen approved measures to resolve the failure of Silicon Valley Bank “in a manner that fully protects all depositors,” the Treasury said Sunday in a joint statement with the Fed and FDIC.
This means that deposits beyond the $250,000 limit on FDIC insurance will be available on Monday. The Treasury said the measures will not come at a cost to taxpayers.
In a joint statement by the U.S. Treasury, the Federal Reserve, and the Federal Deposit Insurance Corp, the government said:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.
The Federal Reserve added:
To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.
The Federal Reserve is prepared to address any liquidity pressures that may arise.
The financing will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.
With approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds.
After receiving a recommendation from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, Treasury Secretary Yellen, after consultation with the President, approved actions to enable the FDIC to complete its resolution of Silicon Valley Bank in a manner that fully protects all depositors, both insured and uninsured. These actions will reduce stress across the financial system, support financial stability and minimize any impact on businesses, households, taxpayers, and the broader economy.
The Board is carefully monitoring developments in financial markets. The capital and liquidity positions of the U.S. banking system are strong and the U.S. financial system is resilient.
Depository institutions may obtain liquidity against a wide range of collateral through the discount window, which remains open and available. In addition, the discount window will apply the same margins used for the securities eligible for the BTFP, further increasing lendable value at the window.
The Board is closely monitoring conditions across the financial system and is prepared to use its full range of tools to support households and businesses, and will take additional steps as appropriate.
Comments
So how is the Fed getting this approval through CONGRESS!
Remember the Credit limit anyone!
This Credit limit hasn’t been approved yet.
This is a ROGUE TOTALITARIAN GOVERNMENT!
“...Federal Reserve announced a rescue plan on Sunday evening
that is going to radically change banking in America forever.”
“All deposits at Silicon Valley Bank and Signature Bank will be
fully guaranteed and will be available on Monday.”
“So what this means is that from this point forward the Federal Reserve
is essentially promising to guarantee every bank account in America.”
(IN OTHER WORDS... THE BANKING SYSTEM HAS FAILED, Plain and Simple.)
“I want to show you that I am not exaggerating one bit. The following
is the announcement about this new plan that was just posted on the
official website of the Federal Reserve…”
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm
http://endoftheamericandream.com/the-federal-reserve-just-made-an-emergency-decision-which-will-fundamentally-change-banking-in-america-forever/
https://finance.yahoo.com/quote/FRC?p=FRC&.tsrc=fin-srch
https://www.zerohedge.com/news/2023-03-11/weekly-part-1-what-happened-silicon-valley-bank-friday
https://theintercept.com/2023/03/11/silicon-valley-bank-used-former-mccarthy-staffers-to-weaken-regulations-lobby-fdic/
https://www.cnbc.com/2023/03/11/silicon-valley-bank-employees-received-bonuses-hours-before-takeover.html
above linked from (somewhat outdated by events):
https://news.slashdot.org/story/23/03/12/1757228/no-federal-bailout-for-svb-says-us-bank-had-weakened-regulations-paid-bonuses
And the Intercept reports that earlier the bank had successfully lobbied for the rollback of protective rules established in the wake of the 2008 financial crisis. "The lobbying effort managed to exempt banks the size of Silicon Valley Bank from more stringent regulations, including stress tests aimed at uncovering the type of weaknesses that led to the bank's implosion Friday."
The Fiat money is created out of thin air: with banks using Fiat deposits to secure up to ten times as much loan capital. They encourage people to live on debt, then when they cannot pay off the debt-take REAL ASSETS!
This also happens to countries like Greece who were paying 20% interest then had to give : ports, airports and islands to pay their debt!
This latest rouse in a shell game: called hide the debt and they have created another identity to help them do that; the BTFP. They want to put the people to sleep while the wealthy extract their funds so that when the people wake up again it will be too late!
Americas debt is over $31.6 Trillion: that is nearly $95,000 per person; nobody wanted to buy dollar bonds at 4.005%-NOBODY!
This whole system has run it's coarse and is about to come falling down: just as it is designed to do!
“What we’re facing right now is really serious,” Pomboy, founder of economic research firm MacroMavens, said on Friday in a Fox News interview. “We are on the brink of a 2008-style financial crisis.”
Pomboy made her assessment in the wake of Friday’s shutdown of Silicon Valley Bank (SVB) by federal regulators – the second-largest failure in US banking history. SVB’s collapse came on the heels of this week’s closure of cryptocurrency lender Silvergate Bank, as well as the bankruptcies last fall of crypto firms FTX, BlockFi, and Three Arrows Capital.
“Look, you don’t raise rates in record fashion on an economy toting record leverage at maximum speculation and expect no consequences,” the economist said. “This was clearly going to happen, and now we’re seeing the weak links in the chain break. The areas where speculation was most rampant and most egregious are clearly coming down.” She added that years of excessive risk-taking are “coming back to bite them hard” and predicted that the situation will “devolve very rapidly.”
Compounding what Deputy Inspector General Sheldon Shoemaker of the Small Business Administration (SBA) called “the biggest fraud in a generation,” the officials stressed that the figures they gave represented an extremely conservative estimate of the total amount lost as they did not include the amount defrauded from the Pandemic Unemployment Assistance program.
Glad to see someone GETS IT.
Its hard to mount a revolt with NO money in the bank, and no gas in the car, no food, etc.
This is a reprieve for true Patriots who get it.
Its the 99% vs the 1%.
I don't know why we have waited this long to take action.
I guess too many ball games on tv.
The Protocols of Zion
https://files.catbox.moe/itw9c6.pdf
Once you understand the game plan, there are no surprises.
Most have one foot in the world and one foot in the kingdom, or less.
Many are pseudo Christians, luke-warm, but you must be truly born again, sold out to see God work in your life.
When you know that you know that God is real and His Bible is true it's a new ball game. It makes every day a joyful experience but to get there you must make a serious effert, not half-hearted.
Politics can be a religion and you can tell who is saved from what comes out of their mouths.
I've been saved 44 years and I am hoping for the end of this age as I see the perfect storm is coming. It's a time of great joy to me because I know the script. I've read the end of the Book and the Christians win.
If you're not happy you need to get saved but do it quickly. The rapture could be tonight!!! It's very easy and it's free! Wake up to reality!
Tsunami tomorrow, war Wednesday?? Serious watch dates based on strong prophetic dreams and visions. Surrender to Jesus tonight!
Another nothing burger. My family thinks I am nuts, and why wouldn't they? everything I warn them of proves to be false. DONE.
I take it from your gif/photo on this post, that YOU ARE EXTREMELY DISAPPOINTED THAT THERE WILL BE NO BANK RUNS THIS WEEK.
EXACTLY WHY IS THAT?
PLEASE EXPLAIN.
You want to see people thrown out of their jobs and their homes?
You want to see people starving and homeless because they have no money, and their banks are closed because of a National Bank Holiday?
Who are YOU???
What is the matter with YOU???
So the can was kicked down the road for awhile. This can has been kicked down the road since the 1970's, longer than most of your readers/listeners have been alive.
Exactly WHY are you NOT happy?
WHO are thinking of? Yourself?
What is the matter with YOU???
Get into your prayer closet and converse with Almighty God. You need a check up and a tune up. Something's way off here.
Most people are relieved, but you are depressed about and mocking this development. Why?
You want people to be homeless and starving and....dying???
What is your objective here?
I seem to be missing something here. What am I missing?
So please explain to us who read your disparaging little rant, what exactly do you know? If I were Hal, or to say if it was me that you did that to, I'd send you a GIF of my behind to your email so you could kiss it.
Grow up and start dealing with things like an adult. Pull up your big boy/girl pants and get to work while you can. Buy some dry beans, rice, noodles, canned vegetables and some cans of soup.
If folks go hungry, it isn't like the information wasn't there. No one wants a disaster, but no one asked us little folks. Steve Quayle has been begging folks to prepare for 25-30 years. To get out of debt, live within their means. It sure as hell isn't Hal's fault and he's trying to interject a bit of levity in a dire situation. If you can't laugh a bit, here and there, you aren't going to make it through what's coming.
Praying for you and everyone here.
https://usdebtclock.org/
Everyone I know are breathing a sigh of relief tonight.
Our day of reckoning is coming.....just not yet.
More time for YOU to get more people saved.
You don't appear to self-reflect or accept responsibility for your own actions or for the consequences of telling someone how to run their life. Time to get your own forum.
If the truth hurts, just don't read it.
Go back to your TV brainwashing machine.
Hal is heavily invested in Gold and Silver Coins.
When the music stops, and everything crashes, Hal will be a rich man. ....until then he won't be.
And who cares what happens to his fellow man.
Ok, no need to answer my questions, I get it.
But Hal's joy of his gold and silver will be fleeting.
“They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.”
Ezekiel 7:19
You have to read the Whole Book to understand the times we are in.
Yeah..it’s easy to see he is a woke punk
In fact I know the Bolsheviks plan to crash our economy and our banks at some point, so they can roll out the Great Reset. I've read their plans, have you? The Protocols of Zion
https://files.catbox.moe/itw9c6.pdf
But until that crisis happens, and it will be a horrible disaster whenever it happens, many people are spared the horrors of that and the even WORSE Horrors of the after math:
Digital Currency including Social Crediting, as is currently happening to the poor Slaves in Communist China now. You a bad commie: your bank account is frozen, you can't buy or sell.
So I get that. But the longer that day is postponed the better it will be for every person on this planet. And the greater the chance that MAYBE some of the young people today, "might" get up the nerve to oust these psychopaths from control of our country via the 2nd Amendment.
As long as that dreaded financial collapse day has not come there is hope.....not much I realize that. The young people today, totally hooked on their TV brainwashing machines and other tech gadgets. No one cleaning their guns and making plans to take back our country.
But the longer the day is put off of the financial crash, the more there is hope some Patriots will get off their duffs and take back our country, and the more people come to saving knowledge of Jesus Christ.
Anyone vested in Gold & Silver coins are just fooling themselves. You won't be able to buy or sell anything in a 100% Digital world.
“They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.”
Ezekiel 7:19
Only Jesus Christ is our Salvation, and don't ever forget that.
SVB payed higher deposit interest rates, and pulled in the greedy suckers.
Then the big boys will bail and the little guy is once again on the losing side. Some folks never learn.
makes complete sense for them to cover this entire thing up with the slower road to hyperinflation
it was a no-brainer. AND JUST THINK OF IT....
50% OF THE MORONS AT YOUR WORK TOMORROW WILL AHVE NO IDEA ANYTHING HAPPENED
Never Fear!!
UNDERDOG IS HERE !!! HOLD MY BEER!
Reaction: ppl demand their $
Solution: Digital ID —>CBDC—> UBI
All planned. ALL on purpose
Silicon Valley Bank Provided Massive
Amounts of Capital to Chinese Tech Ventures – Now Biden
FDIC and Federal Reverse Are Bailing It Out – Clearly
Biden Is Working for China
Just this morning the US House reported that they have
the goods on the Bidens’ corrupt and criminal actions with
China. The Bidens are in bed with the corrupt China regime
and the House has the evidence. The Bidens were receiving
money from the CCP.
https://www.thegatewaypundit.com/2023/03/outrageous-silicon-valley-bank-provided-massive-amounts-of-capital-to-chinese-tech-ventures-biden-fdic-and-federal-reverse-are-bailing-it-out-clearly-biden-is-working-for-china/
Almost looks like it was done on purpose, like maybe diversion of the FTX-congress-ukraine connection and laundered money.
Israel turned their ear from all their prophets and lost their country. They actually killed Christ and all the prophets, 1Thes.2:15.
Most here mock Bible prophecy and the prophets' warnings. Even this was prophesied, 2Thes. 2:3
"Don’t be carried away and deceived regardless of what they say.
For that day will not come until two things happen: first, there will be a time of great rebellion against God, and then the man of rebellion will come—the son of hell".
We pay because of loosy-goosy financial practices implemented by the irresponsible bankers who feel that they are too big to fail. Us plebes have our feet held to the fire should WE get ourselves into a financial pickle but the fraudsters seem to skate on by. Don't hear much of Sam Bankman-Fried debacle lately do we. Maxine Waters seems to have recovered as well.
https://www.thegatewaypundit.com/2023/03/just-in-massive-group-of-military-age-males-storm-port-of-entry-in-el-paso-in-effort-to-get-into-us-video/
https://www.thegatewaypundit.com/2023/03/top-executives-with-silicon-valley-bank-sold-their-shares-weeks-before-crash-investors-tried-to-pull-42-billion-on-thursday-before-bank-failed-on-friday/
https://www.thegatewaypundit.com/2023/03/silicon-valley-bank-employees-made-large-donations-to-biden-and-other-democrats/
https://www.thegatewaypundit.com/2023/03/the-employees-of-silicon-valley-bank-were-given-annual-bonuses-hours-before-the-bank-was-taken-over-by-regulators/
https://www.thegatewaypundit.com/2023/03/silicon-valley-bank-deletes-twitter-youtube-videos-and-scrubs-website/
SVB "died" on Friday.
https://www.thegatewaypundit.com/2023/03/janet-yellen-no-federal-govt-bailout-of-silicon-valley-bank-economy-is-in-good-shape/
ZeroHedge, 6:20ET:
Quote:
So the good news is, the Sky is Not Falling today.
Dolph said on Oct. 21, 2022 “A FEW SHORT DAYS LEFT!”
But he has “no comment” on his fail.
Dolph also said that the Nov, 2022 Thanksgiving Day dinner has
to be canceled because they were being raptured. More lies
and deceit.
NOW we have...
Dolph the Deceiver said on 03/06/23
Quote:
“THIS IS IT FOLKS!! TO SUM UP: Rapture imminent, giant tsunami on the 14th,
America nuked on the 15th.”
THAT'S 1 DAY FROM NOW! And the clock is ticking
on the next load of Dolph's never ending BS.
So based on past experience, I "think" we will see interest rates go down.......for a while anyway.
But we'll see.
Mortgage backed securities are what sunk SVB. Interest rates have shot up, and those MBS are dropping like rocks. Same for treasuries, unless TIPS. AND THEY ARE BASING THE LOANS ON THE SECURITIES AT PAR. That means, the govt is loaning out money on items that are inflated in value. Meaning, the backstop for the govt loans will not cover the loan; they are worth MUCH LESS than PAR.
To me, thats the giveaway. The govt is desperate to avoid panic, and are throwing money at these banks that made bad decisions. Just like 2008. And here Yellen said "no bailouts". She lied then.
IMHO of course.....
"These assets will be valued at par."
Yes, key point. Instead of at market value; which, because of the rising interests propagated by the Fed, values have been negatively impacted.
Kicking the can down the road...
So after a year and the bank is still dead in the water and only floating because of mortgage backed securities, who gets to hold the title to those securities?
Play ball because the FED will have you by yours. There was never an outcome to this where you and I could win.
But; "The actions to protect SVB depositors will not extend to shareholders and certain unsecured debtholders, the regulators said, while senior management has been removed. Any losses to the Federal Deposit Insurance Fund, which will pay out uninsured depositors, will be recovered by a special assessment on banks, a current aspect of federal law."
WOW! Let's rearrange the deck chairs on the Titanic..
So, since WW3 is the order of the day, the gov't has to step in and stop bank failures.
You might need to realize that's how we got into this debt mess.
Silicon Valley Bank was “funded by over $173 billion in deposits (of which $151.5 billion are uninsured).” Not that most people have this problem, but anyone who goes over the FDIC limit at any bank is not too bright. Or, as in this case, an intelligent group of liberal Satanist money changers.
Quoting watchmann:
Once again, there are two sets of rules in the USA.
Make a bunch of loans to financial institutions on a one year note under the watchful eye of the gubbmint then step in and run them when they eventually fail.
It's a good time for a major banking distraction.
Look where we are at.
** Tucker Carlson blew the lid off of the J6 committee hearings
causing a very big stink.
** More people are now realizing that the US support for the
Ukraine war is a scam.
** The Vaxx deaths are adding up and more heads are turning in
that direction.
** The wheels are coming off of the Anthony Fauci lies.
And that's just for starters.
People need BIGGER things to worry about!
I want everybody to go to your window right now, open it and yell, I'M MAD AS HELL AND I'M NOT GOING TO TAKE IT ANY MORE!!
Because when its mainstreet USA and everyday Americans we are not just talking about a few pissed off silicon valley pukes. No we are talking about MILLIONS of citizens when THAT WAVE starts there is nothing that will stop it.
2. What is this going to do concerning inflation.
3. Everyone should understand and know that the rest of the world is watching (China) as to see what happens. Won't this spur China and other BRICS nations to want to further dump the US Dollar in their cross border transactions?
4. What about the Dodd-Frank Act?
"No more bailouts: The lawmakers behind Dodd-Frank say that taxpayers won’t foot the bill the next time a bank fails '
https://www.marketplace.org/2018/09/19/no-more-bailouts-lawmakers-behind-dodd-frank-say-taxpayers-won-t-foot-bill-next/
On the one-hand I understand the other side's issues for wanting to protect the banking system. However at some point one has to deal with the issues at hand and not keep pushing them down the road to have to address them at a later time when those issues grow into problems.
Printing One Dollar per second it would take almost 12 days to print One Million Dollars, 31.7 years to print One Billion Dollars, and 31,709.8 years to print One Trillion Dollars.
1 $55,387,209,000,000 JPMorgan Chase Bank
2 $51,794,949,000,000 Goldman Sachs Bank USA
Top Two Banks have 106 trillion in Derivates.
31,709.8 years X 106 = 3,361,260 Years! Not Enough Resources on the planet to fulfill all of the Promises of these Trillions. You are Being Conned.
NO MORE~
https://www.biblegateway.com/passage/?search=Revelation+2&version=KJV
Jews today are the same Jews that killed Christ and all the prophets, 1John 2:15, because they came back from being dispersed to all over the world (a miracle in itself) and must be here to play a major role in the imminent Tribulation (Jacob's Trouble) where two thirds will lose their lives, Zech. 12 & 13.
It interesting to see this yet again, every time different yet the same.
They all knew it's been done before and even celebrated it but never thought it would happen to them. Their delusion was strong.
Now at $336,000 / (whom ever THEY say is a Black recipient?)
THOU SHALT NOT STEAL!
https://www.youtube.com/watch?v=PwkPTkNdAkA
the lies have started and continue.....
This WILL cost you, even if they print up the money out of thin air. This will cost you.
I am on the lookout for the pitch (another lie) that to prevent this from ever happening again (the original excuse to have a national bank) that we MUST go to a Federally controlled electronic currency.
Americans are stupid enough to fall for anything and the globalists know it.
+1
Story pictures are GREAT!
LOL
As long as the accounts identify as the correct gender .
So, shareholders are not protected? For lending institutions that had share price issues?
Gonna see some interesting dumping of unprotected stocks on Monday.
Whatever happens, you can bet the NWO will have moved the goal posts ever-more-closer after their chaos.
https://www.thesun.co.uk/news/21681055/veteran-british-airways-pilot-dies/
https://sonsoflibertymedia.com/january-6-videos-bombshell-mockingbird-media-blackout-on-jabbed-pilots/
Get ready and hold on!
https://www.youtube.com/watch?v=oDd32K-mOVw
James 1:25 But whoso looketh into the perfect law of liberty, and continueth therein, he being not a forgetful hearer, but a doer of the work, this man shall be blessed in his deed.
MostRespectFully,
Mb
I hadn't seen that little tidbit until you pointed it out.
Yes, now the banks, most of which are slightly insolvent to dramatically so, can unload all their non-performing assets onto the Fed as "high quality", just like they did in 2008 with all their bundled Mortgage Backed Securities. I hear the Fed is still sitting on a number of those, and the rest they sold at a loss.
So yeah, the potential is there for another injection of $Trillions in keyboard Dollars.
There will never be restored confidence in a system at the end of a grand debt supercycle. There will just be palliative language and activity until it appears in another form. The next form will involve the banking system once again. There's no getting away from highly inflationary final stage debt runaway without letting massive deflation occur, and the Fed and Treasury would rather hyperinflate everyone else's savings to nothing before they let that occur.
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