Ah, memories! I still remember the 2000s housing bubble and subsequent financial crisis and bank bailout from 2008/2009 like it was yesterday. And I remember Representative Barney Frank (D-MA) claiming that the Dodd-Frank legislation would end bank bailouts. I laughed out loud when I heard Mr. Frank utter those preposterous words.
Now here we are again with yet another bank contagion. First it was Silicon Valley Bank, now it is First Republic Bank (down -28% at opening).
And there is a trading halt on First Republic. But YoY growth on FRC’s earnings of -34.7% is horrendous.
At least cryptobank Silvergate isn’t down as much as Silicon Valley Bank and First Republic Bank.
And the SPDR Regional Bank index is getting clobbered as Fed withdraws stimulus.
