That

 

Trading halted on two more lenders as fears of a banking crisis mount

was yesterday.

(Regulators step in after PacWest and Western Alliance shares plunge 

as investors fear repeat of First Republic, SVB and Signature failures)

"Trading in the shares of two more regional US lenders was temporarily suspended on Thursday amid a widening crisis for the country’s mid-sized banks."

(It's contained remember?

Oh and inflation is transitory too :-).

'Regulators stepped in to halt trading in the Los Angeles-based PacWest and Arizona’s Western Alliance following dramatic drops in their share prices."

"It came after another mid-sized bank, First Republic, was sold to JP Morgan earlier this week. Depositors had pulled $100bn from First Republic, fearing their money was no longer safe."

"PacWest had sought to calm markets on Wednesday and said it was in talks with several potential investors after its shares fell by as much as 60%. But the sell-off continued on Thursday and affected other regional banks."

"Bill Ackman, chief executive of the New York hedge fund Pershing Square, warned that the entire US regional banking system was at risk. In a tweet before PacWest’s statement, he wrote: “Confidence in a financial institution is built over decades and destroyed in days. As each domino falls, the next weakest bank begins to wobble.'

“We are running out of time to fix this problem. How many more unnecessary bank failures do we need to watch before the FDIC [Federal Deposit Insurance corporation], and our government wake up? We need a systemwide deposit guarantee regime now.”

(If we do that?

And all the regional banks go in the direction this seems headed?

You'll get your $.

It just wont be worth anything 

since they had to create it out of thin air to give you what was yours to start with)

“The president will cover it no matter what,” Lee said. 

( A bank customer)

“They don’t want to see other banks fail or people start withdrawing money.”

(“The president will cover it no matter what,”. Thats kinda the problem yo...part of it anyway.)

"Other, less well-known regional banks have also been affected. Shares in the Dallas-headquartered Comerica were down 13%, and Zions Bancorporation fell by about 16% on Thursday."

"The sell-off came despite reassurances from the chair of the Federal Reserve, Jerome Powell, that the US banking system remained “sound and resilient”," after the central bank voted to raise interest rates to a 16-year high. The benchmark interest rate is now at a range of 5-5.25%.

(Yeah and the money supply doesn't matter anymore 

and inflation is transitory 

and...

and...

and...

"a US Federal Reserve team losing global confidence with distressing speed.")

“You can’t ask JP Morgan to come to the rescue again,” said Neil Wilson, the chief markets analyst at the trading platform markets.com. He pointed out that Powell had said: “It’s probably good policy that we don’t want the largest banks doing big acquisitions.”

Wilson added: “No, but that is what happened, because it was the ‘best’ outcome for the banking system … The quicker the Fed gets to a point of cutting rates, the better for these mid-size banks, but there is a lot more time and likely a lot more pain before we get there.”

There isn't going to be a choice but for the bigger fish to swallow up the smaller ones...And an AI takeover of financial networks is looming...

count on it.)