I realize the bank is dissolved part of it. It's still a FDIC bailout of the 93% of depositors over the 250K threshold. The Feds had no choice but to make the funds available. The market would have crashed to oblivion.
Apparently, Signature Bank made some bad gambles on crypto banking and is in trouble. Now tax payers are on the hook for shitty crypto activity. I am in favor of legislation that would either require a bank to disclose crypto related activity or out right ban crypto related activity. Otherwise, the real economy could be brought down by that crap game. My gawd.
I have posted before, I would rather own a well run business than anything else, including cash. This is why. I trust a well run business more than I trust the American economy. I expect a big sell off tomorrow but that is because I think people are morons. If people were smart, they would shy away from cash for the moment. I'm not talking about stocks that go up and down. I'm talking about business. Whatever comes of this banking shake down, we can be certain Tesla will be building cars at the end of the week and John Deere will be blocking people from repairing their own equipment. These things are more sure than what the dollar will be worth. Buying a stock because you think it will go up must be really uncomfortable, right now. Owning a company that is run by hard working people is extremely comforting.
If Signature Bank is a big lender in the crypto industry, why would the fed make any effort to save them? They should burn like crypto investor parent's credit cards.
You are killing those Tesla trades. You have caused me to reconsider my long hold approach. Nicely done, Spud.
I'm out of Tesla for awhile, probably can get it cheaper later on. I'm really not a longterm investor, I want my ATM to show immediate gains. Doing a different kind of bankrun today, the <5DTEs are making up my losses in SVIB,CVNA and BBBY. I did add to CVNA though.
Deep ties to Lehman Bros, also sat on the S.F. Fed Reserve board, etc,etc,etc. Had the stock not been halted in PM " which is extremely rare" the put options would have crippled the MMs that weren't covered. The puts that were cashed in Thursday were astronomical in value. The kid that tossed in 1,000 on Wednesday became a overnight millionaire. A lot of this story is yet to unfold.
