Update (10:30am): it’s just getting worse and worse:
- *PACWEST SHARES HALTED AFTER EXTENDING ROUT TO 52%
- *KBW BANK INDEX DOWN AS MUCH AS 5.5% TO LOWEST SINCE SEPT. 2020
- *S&P 500 FALLS 1% TO LOWEST INTRADAY SINCE MARCH 30
And now Western Alliance has joined the collapse…
- *WESTERN ALLIANCE RESUMES, EXTENDS SLUMP TO 45%, HALTED AGAIN
After an FT report said that it too, like PacWest, is exploring strategic options including a potential sale of all or part of its business. Citing two sources, the FT notes that the bank has hired advisers to explore its options and adds that deliberations are at an early stage, although at this rate, there won’t be much to deliberate in a few short hours when the bank is out of all deposits.
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Earlier
Two days ago, on May 2, in the aftermath of the FRC take-under by JPM which Jamie Dimon praised (of course) as a deal proving that the “system works as it should”, and predicted that the bank crisis is now almost over, a forecast which the Fed chair reiterated yesterday (just before all hell broke loose), we warned that the “banking crisis is baaaack” for the simple reason that by bailing out FRC, up to $75 billion in Fed reserves would be drained from the system pushing small banks back to their reserve constraint and forcing another market puke and/or Fed bailout.
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I had to go to Murphy on Monday and Tuesday of this week. The cars going into our bank were backed up out of their parking lot, into the street and backed up to the main artery into town. No major media channel is reporting bank runs but consider the following:
Europeans drain billions from banks, fed up with shrinking savings
Elon Musk Backs Risky Idea to Stop Bank Runs
The solution of eliminating the limit of FDIC insurance limits on accounts is strange. Why would they propose this step now unless they plan to seize accounts in the future. Another question is why are people putting so much cash into bank accounts instead of the stock market or other investments? We see that people are withdrawing money and buying precious metals by the increasing price of silver and gold. Of course, the media is not reporting this important trend.
From our bank:
Earn 0.03% APY on your daily balance, compounded daily and credited monthly.
The average mortgage rate is 7.08% with 20% down and excellent credit. I wish I could get that kind of return multiple times over on 0.03% interest. I may sound like a broken record but why would anyone put their money in a bank paying 0.03% interest? Even a higher interest rate is not as strong an incentive as getting rid of your fiat currency and buying “things” that you use use or barter with in the future.
Stay vigilant and pray for guidance.
David DeGerolamo
They will not report the truth, minutes, hours days until collapse. Good advice David, seek God for discernment.
Advice! 🆘
If you live in an HOA find out the name of bank the property management company deposits your HOA dues. Check the stocks of that bank! Western Alliance is an HOA Bank. Contact your HOA to find out what plan A and B us to ensure your GOA funds are protected.
We have four weeks Fargo branches in our town. One of them is closing in August.
How many are even aware of what’s coming? How many more kinda know but don’t have the strength and faith to deal with it? What a mess.
The FDIC will indeed seize the banks and protect the accounts…. However, the funds i your accounts will only be available to you in the form of digital currency, this is how it will roll out IMHO.