Bank failure warning

General Off Topic
1

This is a financial notice thread, so it belongs here, not in politics forum.

Article from Newsmax website: ""Is 2008 repeating?

Another bank First Republic Bank is the second largest bank failure in US history with over 200 billion in assets.

2 out of the 3 largest bank failures in U S history have been in the last 3 months. Over 550 billion dollars, greater than the 370 billion dollars in 2008 from 25 banks.“”

You can make it political by figuring which party was in charge at the time if YOU like.“”

1 Like
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Newsmax just reporting this? First Republic failed in April, acquired by JPM on May 1st. Pretty hard for me to connect the dots of a bank run to a political party.

3

If you dig a little deeper, the bank closures are worse right now than they were in 2008.

On a good note, I put some of my savings in a 4.47% 5 month CD at Wells Fargo to roll over compounded if I do nothing. much better than . 007%

4

I found a couple of banks offering 5.05% on savings accounts but who knows if they will be in business in 6 months?

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Check the records and the years that we have had the most financial problems, especially the Savings and Loan debacle.

ALL during specific leadership nationally.

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Dang it. I’m telling Bob Bib Lowell
Oh I forgot. Never mind

7

That’s fantastic on a straight up savings account!

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8

Makes one wonder what the risk is

9

Yeah, being naturally suspicious, I’m going to have to look into it a bit. My current online account is paying 4%, so may not be worth the trouble. I’ll see.

10

Slow news cycle for Newsmax to cover a 3 month old story that has had minimal market impact. S&P, NASDAQ both up since then. Dems get blamed for Credit Suisse failure?
Pretty sure biggest financial crisis since the depression was on W’s watch in 2008. Note: I’m an R but recognize many macro forces at work for any of this to happen.

11

If it’s FDIC insured institution, no risk up to $250k

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2 out of 3 is quite convincing, but we onv the right side are not allowed to talk politics outside our separated politics forum.

15

Yeah about that