Anyone who thinks the Banking situation is stabilizing should know that the Federal Reserve Bank has lent $150 Billion to banks THIS WEEK ALONE!
The chart above shows this week's lending, and compares it to the "Great Financial Crisis" of 2008. It becomes instantly clear that this year, things are very much WORSE for banks than in the year 2008.
Data published by the Fed showed $152.85 billion in borrowing from the discount window — the traditional liquidity backstop for banks — in the week ended March 15, a record high, up from $4.58 billion the previous week. The prior all-time high was $111 billion reached during the 2008 financial crisis.
HAL TURNER OPINION
What this tells me is that all the legislation and rule changes done after the Great Financial Crisis . . . . didn't fix a thing. The banks seem to have gone out and done the same mismanagement and risky business they did back then, which caused that crisis.
The fact that the federal reserve has already lent more than fifty billion dollars MORE than they did at the peak of the great financial crisis, shows the banks are in worse shape now than they were in 2008. After all, they wouldn't be borrowing this money if they didn't NEED it!
It seems to me that the general public ought to carefully re-assess whether or not it is practical to continue thinking the banks "will be there." It now seems (to me) that it is well within the realm of possibility, that one day soon, we could wake up to the Headline "Banks Ordered Closed for Two Weeks; ATM's, Credit and Debit Cards ALL Shut Down" until this new bank crisis is resolved.
If that happens, you would do well to be prepared, as outlined in yesterday's story HERE
