How is this level of incompetence possible… Prepare yourself for the bank crash that is coming

This is unprecedented humiliation for the @federalreserve.

Just 2 hours earlier, Powell said US banking system is "sound and resilient", seemingly unaware that yet another of the largest California banks was teetering on the edge.

How is this level of incompetence possible

— zerohedge (@zerohedge) May 3, 2023

Banking system is sound and resilient….meanwhile 🤔

More banks failing not long after those remarks were made by the chairman of the Fed.🔥

Ht WSB pic.twitter.com/kRlmOXHzkH

— Wall Street Mav (@WallStreetMav) May 4, 2023

Prepare yourself for the bank crash that is coming pic.twitter.com/qF53VinhCq

— karma (@karma44921039) May 3, 2023

Since March, these banks collapsed:

– First Republic, $FRC, 14th largest bank
– Silicon Valley Bank, 16th largest
– Silvergate, 147th
– Signature, 29th largest
– Credit Suisse $CS, 45th world bank
– Now $PACW (59th) is trying to sale

Today Powell said US banking is strong.

— unusual_whales (@unusual_whales) May 3, 2023

Getting ready for our favorite FDIC Friday game.

It's Bankruptcy BINGO 🔥🔥🔥

I am crossing off PacWest and Western Alliance in anticipation for Friday and the weekend auction. pic.twitter.com/wyR4yOtL0s

— Wall Street Mav (@WallStreetMav) May 3, 2023

US banking contagion spreads as PacWest shares tumble

The collapse shown on the chart began June 2nd, 1930.

We're coming up on 93 years with Janet Yellen claiming the debt ceiling will be reached June 1st.

— Financelot (@FinanceLancelot) May 3, 2023

We are one major crisis away from hyperinflation