For those not paying attention:
Blackstone $70 billion REIT mostly holding commercial real estate debt paying low yields has halted redemptions going on 4 months now.
Large investors tried to redeem, and Blackstone said "sorry, no".
There is no buyer. This is 2008 again.
— ZeroHedge (@govttrader) March 21, 2023
The US Govt says it studies ways to guarantee all bank deposits if the banking crisis grows.
They say that because they know that the banking crisis will grow?
They don’t have the $18 trillion required to protect depositors.#RunOnTheBank while you can.
Gold, Silver, Crypto.— Kim Dotcom (@KimDotcom) March 21, 2023
When bank stocks are tanking, we're usually not in a bull market
S&P500 (blue) vs Banking Sector (orange) pic.twitter.com/BdscYby0Cg
— Simon Ree (@simon_ree) March 21, 2023
BREAKING
Bank stocks collapsed.
In February, many politicians sold.
– David Trone sold $250k $C, $100k $GS, $250,000 $MS, $100k $WFC 02-16
– Shelly Capito 15k $WFC
– Rep Sullivan 15k $SCHW Feb 10
– Rep Curtis 15k $JPM Feb 23
– Clifford Franklin sold 100k $JPM Feb 15Unusual.
— unusual_whales (@unusual_whales) March 21, 2023
It may seem like the banking crisis started overnight.
In reality this is the product of:
1. $4 trillion in printed stimulus
2. Years of 0% interest rates
3. Fed literally buying bonds and ETFs
4. 22 straight months of 5%+ inflation
We are paying for years of “free” money.
— The Kobeissi Letter (@KobeissiLetter) March 20, 2023
This Financial Crisis Will Be Like None Other In History
The first is that this crisis isn’t going away anytime soon – it may shape-shift, but it’s not going away. The second is that the outcome of this crisis is going to be unlike anything that’s ever occurred in history.
The Banking Crisis Is Young Yet – Brace for a Long Hot Summer of Financial Accidents
Swiss regulators have tossed nitroglycerin onto the global financial fire. They have also committed shameless expropriation. So much for the safety of Zurich.