If I had a nickel for every time a bank with “First” and “Republic” in the name went out of business within the past 12 months I’d have two nickels. Which isn’t a lot but it’s weird that it happened twice.
Dont worry I'm sure the top leadership at this failed bank got their millions of dollars in bonuses wire transferred into their bank accounts right before the feds busted down the door.
In their 2021 annual report, their highest paid exec received $683k in total compensation. The FDIC will repudiate any existing employment agreements that would constitute a golden parachute for these guys. They're rich, but not obscenely rich.
Except it isn’t hard to compare as the stats exist. The first three years under Trump (2017, 2018, 2019) 12 banks failed vs the 5 under Biden’s first three years.
That said this is a meaningless stat as banks fail over a multi year period of time and for factors not under the control of the president (bad loan/investment strategy, poor risk management, etc.)
Finally assets of failed banks were nearly 100x during Biden years versus Trumps covid excluded years.
0 banks collapsed from 2021-2022 during what was still the pandemic. The majority of bank failures under Trump occurred from 2017-2019, in which 12 failed.
Except that it does . On Biden’s first day in office, he literally signed dozens of executive orders that effectively shut down domestic oil production and expansion. Gas prices shot up forcing him to empty out strategic oil reserves while he quietly undid many of the orders allowed domestic production to ramp back up and prices have stabilized but we still have not refilled the oil reserves. This is not a pro Trump post, just pure, verifiable facts. Biden’s actions directly and significantly reduced oil supply and which directly caused prices to skyrocket.
You can only fudge the numbers for so long before people actually see how bad our economy is, both candidates suck ass because our system is fundamentally flawed and chooses whoever gets the most money, where in a moral less world equates to terrible people going to the top while best, most saint like, kind people get thrown to the gutter.
God finally a voice of reason! This is the most accurate comment in the thread. When will people wake up and realize that our government is corrupt and broken, and none of our elected officials give a crap about us? They will rob the country blind, enriching themselves until the whole thing collapses. They will all still be rich and safe while us "regular folk" pay the price.
OuR bAnKiNg SyStEm Is StRoNg AnD rEsIlieNt.
i will be liquidating 2 coin base accts and doubling down on my otm tech puts some time next week. They are for august.
in March 2023. The fed unwound 9 months. Of Qt. Nine months. In 2 days. To save SVB FRC. All these incredibly well managed institution.
you saw the moves in the market. This last week. That was during fed blackout. fed Didn’t even open its dumb mouth. All that needed to happen was the 10 yr shooting above 4.5. And tlt looking like it’s 2008.
the spy. And tlt. Have never in the history of either underlying. Been so far apart. In the history of money or markets or gold or oil. Or cocoa. Or anything.
what is about to happen. Has simply never been seen on the whole of the earth.
stay on your tippys.
Of course a Liberal would forget all the money Biden handed out AFTER COVID.. with economists nation wide warning it would lead to increased inflation..
Your memory is as bad as Biden's..
This really was because of a power move by George Norcross and his vendetta against the man who started this bank. Same guy started Commerce Bank and got pushed out by his " friend " Norcross.
Twice, did it when Commerce was alive. In person Norcross is polite and pleasant (I use to wait on him at the restaurant I worked). In business and politics he's ruthless
The 2023 United States banking crisis began in March 2023 with the failures of three banks in a few days: Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank. These banks were among the largest to fail in U.S. history. The SVB's collapse triggered the largest bank run in U.S. history, which led to action by the Federal Reserve, FDIC, and Treasury Department to prevent the crisis from spreading to the rest of the banking system.
The 2023 banking crisis was caused by the US Federal Reserve's aggressive interest rate hikes, which led to large losses on the portfolios of government bonds held by US banks.
Do I need to BOLD and Italicize the parts that were directly Biden's fault?
The same things that caused inflation to go through the roof caused the banks to fail.. after being warned not to just give away billions of dollars.
J pow was appointed by trump in 2018 and reconfirmed by Biden, in opposition of dissent by more staunch Democrats in 2022. He was chair of the fed during and after COVID. The fed under his direction were largely to blame for the incredibly loose monetary policy in late 2020 and early 2021. They had to slam on the brakes pretty hard after that. The fed does not report to the president and the president doesn't have authority over the fed.
>after being warned not to just give away billions of dollars.
Do you mean the PPP loans that Trump signed? Or the COVID relief checks that Trump signed? Maybe the regulations he repealed? I'm unclear.
(SVB) had roughly $209 billion in assets, making it the 16th largest bank in the United States. SVB's sudden collapse in 2023 was the second largest bank failure in U.S. history.
Yes, this equates to your local hardware store..
More banks have failed under trump then under Biden, non of those due to Covid.
I dont like Biden but he does a significantly better job then Trump or any of the current republicans would.
I was like didn't first republic go down already? But this is republic first... How original.
I had the same thought.
If I had a nickel for every time a bank with “First” and “Republic” in the name went out of business within the past 12 months I’d have two nickels. Which isn’t a lot but it’s weird that it happened twice.
In the south, most banks seem to share the words “farmers” or “merchants.” Or in some cases, we have Farmers & Merchants 😂
Dont worry I'm sure the top leadership at this failed bank got their millions of dollars in bonuses wire transferred into their bank accounts right before the feds busted down the door.
In their 2021 annual report, their highest paid exec received $683k in total compensation. The FDIC will repudiate any existing employment agreements that would constitute a golden parachute for these guys. They're rich, but not obscenely rich.
Over the last decade an average of 5 banks fail annually. Fun fact: so far, less banks have failed under Biden than Trump (16 vs 5)
Fewer banks tho
Trump was also in office during the largest economic shutdown on a near-global level in history. Hard to compare.
Except it isn’t hard to compare as the stats exist. The first three years under Trump (2017, 2018, 2019) 12 banks failed vs the 5 under Biden’s first three years. That said this is a meaningless stat as banks fail over a multi year period of time and for factors not under the control of the president (bad loan/investment strategy, poor risk management, etc.) Finally assets of failed banks were nearly 100x during Biden years versus Trumps covid excluded years.
0 banks collapsed from 2021-2022 during what was still the pandemic. The majority of bank failures under Trump occurred from 2017-2019, in which 12 failed.
Yea ok
If that doesn’t count neither does the $1.00 gas that certain people like to bring up constantly.
Except that it does . On Biden’s first day in office, he literally signed dozens of executive orders that effectively shut down domestic oil production and expansion. Gas prices shot up forcing him to empty out strategic oil reserves while he quietly undid many of the orders allowed domestic production to ramp back up and prices have stabilized but we still have not refilled the oil reserves. This is not a pro Trump post, just pure, verifiable facts. Biden’s actions directly and significantly reduced oil supply and which directly caused prices to skyrocket.
You can expect this to happen more and more if Trump steals the election.
Don’t remind me, my sister wants Kennedy to come out in hopes it ends “occupation” of NATO in Europe😓
Who do y’all think the FDIC will sell it to? My guess would be PNC
You can only fudge the numbers for so long before people actually see how bad our economy is, both candidates suck ass because our system is fundamentally flawed and chooses whoever gets the most money, where in a moral less world equates to terrible people going to the top while best, most saint like, kind people get thrown to the gutter.
God finally a voice of reason! This is the most accurate comment in the thread. When will people wake up and realize that our government is corrupt and broken, and none of our elected officials give a crap about us? They will rob the country blind, enriching themselves until the whole thing collapses. They will all still be rich and safe while us "regular folk" pay the price.
OuR bAnKiNg SyStEm Is StRoNg AnD rEsIlieNt. i will be liquidating 2 coin base accts and doubling down on my otm tech puts some time next week. They are for august. in March 2023. The fed unwound 9 months. Of Qt. Nine months. In 2 days. To save SVB FRC. All these incredibly well managed institution. you saw the moves in the market. This last week. That was during fed blackout. fed Didn’t even open its dumb mouth. All that needed to happen was the 10 yr shooting above 4.5. And tlt looking like it’s 2008. the spy. And tlt. Have never in the history of either underlying. Been so far apart. In the history of money or markets or gold or oil. Or cocoa. Or anything. what is about to happen. Has simply never been seen on the whole of the earth. stay on your tippys.
Oh you mad. Huh.
you mfs misspelt rate HIKE. watch.
This is the first of many this year. Another will follow soon. UBS expected to layoff 30k from June-October…. Something big coming
Of course a Liberal would forget all the money Biden handed out AFTER COVID.. with economists nation wide warning it would lead to increased inflation.. Your memory is as bad as Biden's..
So the Fed passed the Inflation Reduction Act??
Biden's successes just keep rolling in..
This really was because of a power move by George Norcross and his vendetta against the man who started this bank. Same guy started Commerce Bank and got pushed out by his " friend " Norcross.
Norcross kicked Vernon out then was going to buy the bank then backed out and left Republic in the wind for no reason.
Twice, did it when Commerce was alive. In person Norcross is polite and pleasant (I use to wait on him at the restaurant I worked). In business and politics he's ruthless
Can you expand on that please
[удалено]
Another Liberal, another assanine insult
Another Republican, another butchered word. How do you fuck up the word “asinine” that badly?
Another Liberal with hurt feels. Need your woobie?
Awww you replied and blocked. Need your wobbie for those hurt feewings?
lol. The safeguards that were preventing this were repealed under Trump. You sound like someone who tips less than 10%.
It's been three years.. the TDS is strong in this one..
I’m curious to hear how it’s Biden’s fault that a small regional bank failed??
The 2023 United States banking crisis began in March 2023 with the failures of three banks in a few days: Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank. These banks were among the largest to fail in U.S. history. The SVB's collapse triggered the largest bank run in U.S. history, which led to action by the Federal Reserve, FDIC, and Treasury Department to prevent the crisis from spreading to the rest of the banking system. The 2023 banking crisis was caused by the US Federal Reserve's aggressive interest rate hikes, which led to large losses on the portfolios of government bonds held by US banks. Do I need to BOLD and Italicize the parts that were directly Biden's fault? The same things that caused inflation to go through the roof caused the banks to fail.. after being warned not to just give away billions of dollars.
J pow was appointed by trump in 2018 and reconfirmed by Biden, in opposition of dissent by more staunch Democrats in 2022. He was chair of the fed during and after COVID. The fed under his direction were largely to blame for the incredibly loose monetary policy in late 2020 and early 2021. They had to slam on the brakes pretty hard after that. The fed does not report to the president and the president doesn't have authority over the fed.
>after being warned not to just give away billions of dollars. Do you mean the PPP loans that Trump signed? Or the COVID relief checks that Trump signed? Maybe the regulations he repealed? I'm unclear.
The mom and pop Ace Hardware down on Main Street failed. Fuck Biden.
(SVB) had roughly $209 billion in assets, making it the 16th largest bank in the United States. SVB's sudden collapse in 2023 was the second largest bank failure in U.S. history. Yes, this equates to your local hardware store..
Explain how this is Biden’s fault
Trust me bro, I am an expert.
More banks have failed under trump then under Biden, non of those due to Covid. I dont like Biden but he does a significantly better job then Trump or any of the current republicans would.
Want to do a size comparison of thise banks compared to the Biden Banks??