Matt on Nostr: From kanekoa copied from shitter "It's not about SVB anymore. It's about the 20 banks ...
From kanekoa copied from shitter
"It's not about SVB anymore. It's about the 20 banks and the cascade that comes next. Remember, on Thursday, it was just SVB, Friday, it was Signature; over the weekend, it was three to five more, and now it's 20. Do you know who's smiling right now? Jamie Dimon.
Do you know where all these deposits are going from all these regional banks? They are flooding into the top four banks. They are flooding into JPM Chase, which is too big to fail; thanks to the bailout in 2008, which we all have problems with, he is too big to fail.
And so, the logical response for everybody is to go to a big four bank. Why would you do anything differently? If the fed is not clear that your deposits are safe if you have any doubt about that, if there is a 1% chance that you might lose your money, why wouldn't you go to a too big to fail bank? This is the problem."
"It's not about SVB anymore. It's about the 20 banks and the cascade that comes next. Remember, on Thursday, it was just SVB, Friday, it was Signature; over the weekend, it was three to five more, and now it's 20. Do you know who's smiling right now? Jamie Dimon.
Do you know where all these deposits are going from all these regional banks? They are flooding into the top four banks. They are flooding into JPM Chase, which is too big to fail; thanks to the bailout in 2008, which we all have problems with, he is too big to fail.
And so, the logical response for everybody is to go to a big four bank. Why would you do anything differently? If the fed is not clear that your deposits are safe if you have any doubt about that, if there is a 1% chance that you might lose your money, why wouldn't you go to a too big to fail bank? This is the problem."