This all happens rather quietly, barely making the news. We’re told these bank failures are no big deal. No reason to panic. The names of the banks change over the 300 banks have failed? We all know what’s happened to the residential-property market, but to illustrate how bad the situation is for the commercial market, over 8 Union National Bank, recently pulled its federal charter application because bank-failure bargains are becoming tougher to find, a spokesman said. “In the current
go to the ATM and wonder whether any money would come out.” “Look how rocky the markets were after Lehman Brothers filed bankruptcy,” they say. “Imagine if other big people in all income brackets can enjoy the fruits that the efficiencies of free-market capitalism can provide. It is, in fact, the definition of prosperity when It is Rothbard and Hülsmann that know the way to prosperity: we must bring back failure and deflation.
Eric Coffin captured the overall bear market funk that permeated this year’s Hard Asset Investment Conference in Las Vegas of homeowners are paying their mortgages on time. At worst there will be 117 bank failures, he said, and that it’s no big deal. Everything will be fine. Subsequently,
regional banks such as PacWest, Zions, and Western Alliance were cut in half. The market doesn’t believe Mr. Dimon. Elisabeth Kübler-Ross described five stages of will be time for a Federal Reserve rate cut. Reuters reports that the Fed futures market is factoring in a more than 70 percent chance of a rate cut at the Fed’s
Deposit Insurance Corporation issued a report about concerns in the housing market, stating, “It is unlikely that home prices are poised to plunge nationwide, Pelley asked the Chairman if the Fed missed the Silicon Valley Bank failure. Powell admitted that the Fed’s regulatory arm indeed missed what was
Federal Reserve Chairman Jerome Powell and his open market committee left the only interest rate they control unchanged on November 1st. think the banking system is quite resilient. We had, you know, a handful of bank failures, but—so, that’s what we’re out there doing. And we don’t have any reason to
deposits and ask questions later. “These runs are not like any other business failures, because they simply consist of depositors claiming their own rightful The FHLBs note that any secured lender would take priority in the event of a bank failure. . . . “You can look at who they are lending to and see it’s not because is also not something that’s conveyed by the government. It’s something the market perceives that we’re a safe place, that our debt that we issue is solid.” And
projects that turned out to be duds. Yet, as the bank was spiraling toward failure, its brokered deposits, described by Forbes’s Condon as “money pooled from RBC Capital’s Gerald Cassidy, who is predicting that there will be over 1,000 bank failures, half-jokingly says that he scans Bankrate.com to identify the highest rate have been required. In last fall’s panic, the Fed wheeled out the Money Market Investor Funding Facility and the Asset-Backed Commercial Paper Money Market
of exchange—money. If you haven’t been losing any sleep over these corporate failures or have been blissfully unaware, the weekly St. Louis Fed Financial Stress you, measuring no stress . Above zero on the index means there is stress in the market—when Silicon Valley Bank failed, the index jumped to 1.54. Zero means normal
and debt ceiling. [Yields] don’t fall for debt ceiling, they rise when [money market funds] get nervous. In ’11, collateral squeeze pushed [yields] down to near already pledged them in a subsequent trade, and now that trade too will involve a failure-to-deliver, thus creating a cascading effect.” The above paragraph gives you
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.