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Ah, reminiscences! I nonetheless bear in mind the 2000s housing bubble and subsequent monetary disaster and financial institution bailout from 2008/2009 prefer it was yesterday. And I bear in mind Consultant Barney Frank (D-MA) claiming that the Dodd-Frank laws would finish financial institution bailouts. I laughed out loud once I heard Mr. Frank utter these preposterous phrases.
Now right here we’re once more with one more financial institution contagion. First it was Silicon Valley Financial institution, now it’s First Republic Financial institution (down -28% at opening).
And there’s a buying and selling halt on First Republic. However YoY progress on FRC’s earnings of -34.7% is horrendous.
Not less than cryptobank Silvergate isn’t down as a lot as Silicon Valley Financial institution and First Republic Financial institution.
And the SPDR Regional Financial institution index is getting clobbered as Fed withdraws stimulus.
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