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Nearly $100 billion in deposits pulled
from banks; officials call system 'sound
and resilient'

Original Article

Posted By: Dreadnought, 3/25/2023 2:17:32 AM

Regulators again assured the public that the banking system is safe, as fresh data showed customers recently pulled nearly $100 billion in deposits. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and more than a dozen other officials convened a special closed meeting of the Financial Stability Oversight Council on Friday. A readout from the session indicated that a New York Fed staff member briefed the group on “market developments.” “The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient,” the statement said. “The Council also discussed

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Reply 1 - Posted by: WhamDBambam 3/25/2023 6:42:01 AM (No. 1432940)
I believe everything that anybody in this so-called Administration says.
16 people like this.

Reply 2 - Posted by: JackBurton 3/25/2023 6:45:32 AM (No. 1432942)
$100 Billion out of...what? Is that 10%? Is the $100b 1%? Is it 1/10%? I have cash in a Money Market paying 4.6%... you know, close to what short term Treasuries pay. With banks paying 0.1%, did Biden cause this problem? Did the banks. I'm sure they have overhead and their mortgages are charging 4.5%, some of them. How can they compete with money markets?
13 people like this.

Reply 3 - Posted by: Midnight Rambler 3/25/2023 6:58:30 AM (No. 1432952)
When Janet (transitory inflation) Yellen says all is good you know they're blowing smoke up our collective backsides.
44 people like this.

Reply 4 - Posted by: mifla 3/25/2023 7:06:10 AM (No. 1432956)
As the bank executives sell their shares...
37 people like this.

Reply 5 - Posted by: Strike3 3/25/2023 8:14:38 AM (No. 1432984)
Yep, sound and resilient. The economy is flourishing. Inflation has been reduced. Employment is up. Joe is mentally sound. Gas prices are down. The stock market is roaring. Please don't wake me up.
41 people like this.

Reply 6 - Posted by: Venturer 3/25/2023 8:27:37 AM (No. 1432994)
How did that Old lady, Yellen, ever get the job she has. I watched her on TV the other day and she had no idea what was going on.
36 people like this.

Reply 7 - Posted by: downnout 3/25/2023 8:38:47 AM (No. 1433006)
Our banking system would benefit if the damned bank examiners would do their job. Instead, they’re waltzing around promoting their commitment to diversity, inclusion and equity. Did you know the head of Silicon Valley Bank was a member of the San Francisco Federal Reserve Board? That branch is headed up by Mary Daly, a lesbian activist. And the so-called risk management expert at SVB (who should have warned the bank about all those low interest T-bills in a time of rising interest rates) was busy creating a gay pride event somewhere. No one was doing their job….and now we have the privilege of bailing out rich SVB depositors like Mark Cuban and Harry/Meghan. We don’t need more regulation, we need competence and people who will do their jobs.
53 people like this.

Reply 8 - Posted by: Dodge Boy 3/25/2023 8:41:41 AM (No. 1433008)
Play this short video from Lynette Zang, Chief Market Analyst at ITM Trading. Then try to convince yourself that everything is just fine with our banking system. Afterall, Janet Yellen says so.
9 people like this.

Reply 9 - Posted by: hershey 3/25/2023 9:33:59 AM (No. 1433057)
I don't believe anything these azzholes say, but, people are pulling their funds...mattresses are swelling around the nation...
10 people like this.

Reply 10 - Posted by: Maggie2u 3/25/2023 10:10:24 AM (No. 1433099)
When this administration tells us that banks are sound, you know what that means? Remove your money immediately.
18 people like this.

Reply 11 - Posted by: LC Chihuahua 3/25/2023 10:22:42 AM (No. 1433113)
What's the insurance limit for a bank? 250k? If you have more than that in a bank, perhaps you should move some of your money to protect it. The other question is: Where do you put your money? You want some place safe, and if possible, invested in something that will not lose value. At this point in time thanks to F Joe Biden, your strategy may simply be minimizing your losses.
5 people like this.

Reply 12 - Posted by: Safari Man 3/25/2023 10:24:40 AM (No. 1433114)
At the end of last year I liquidated almost all my long positions and just held my short positions. So I had a lot of cash waiting for a place to jump back in. I don't think that opportunity is going to come im 2023, maybe not until 2025. Until then, I've been learning how to buy T-Bills and Money Market funds (VMFXX) out the wazoo. I have zero appetite for risk in this environment.
7 people like this.

Reply 13 - Posted by: smokincol 3/25/2023 10:51:33 AM (No. 1433132)
sure enough!! if the federal government takes all the money out of the banks then, no one has any money so - problem solved
3 people like this.

Reply 14 - Posted by: Zigrid 3/25/2023 11:04:00 AM (No. 1433139)
I've taken precautions to insure my not that I don't trust the Yellen woman...but......I don't trust the Yellen all centers on your own instincts and do what YOU need to do to stay safe....the government in DC are incompetents who haven't a clue on how to run a country...they are to busy looking in the mirror and deciding who they are and how bad America is....their indecisions are not about me and mine...WE are happy and healthy and safe from the ruling elite....
8 people like this.

Reply 15 - Posted by: Trump'sCousin 3/25/2023 12:57:55 PM (No. 1433198)
Once again the conspericy theorists are ahead of the curve. GO TINFOIL HATTED ONES GO!!!
4 people like this.

Reply 16 - Posted by: JHHolliday 3/25/2023 4:45:19 PM (No. 1433342)
#11 is correct. Don't keep more than 250 grand at any one bank. I recently got a brokers' CD paying 4.66%. If you are really wealthy ( I am not), buy short term treasuries. You won't make much but, right now, safety is primary.
0 people like this.

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