ECONOMIC UPDATE: Dimon Says Banking System 'Very Stable,' Do You Believe Him?
In America, Bankster Bandits are too-big-to-fail while the plantation workers of Slavelandia are taxed to pay for their failure
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The big news on The Street on Tuesday — a day after the collapse of First Republic Bank — is that Happy Days are Here Again…and everything is just fine.
Never mind that First Republic is the the second largest bank failure in U.S. history and that it followed the third-largest bank failure in U.S. history — when Silicon Valley Bank went bust on 10 March—two days before the fourth largest bank failure in U.S. history, when Signature Bank went under.
The New York Post noted that First Republic, Silicon Valley Bank, and Signature Bank of New York had $532 billion in assets, which was more than the 25 banks that failed during the Panic of ’08 that had around $526 billion in assets.
JP Morgan Chase, America’s largest bank, just became bigger after making a special deal with the Federal Reserve—which, as noted by the Financial Times, “would have been forbidden from buying First Republic on competition grounds.”
CEO Jamie Dimon declared, “This part of the crisis is over.”