The Big Government-Big Bank Plot to Exploit Us… Everything’s Falling Into Place for Big Banks to Boom, and the Implications Are Horrible for America

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On May 1, government bank officials sold Republic Bank to JP Morgan Chase, the largest bank in the country. Even the New York Times report about the sale recognized that the normal rules had been suspended when the interests of the big government-big bank cabal were at stake: “Lawmakers and regulators have spent years erecting laws and rules meant to limit the power and size of the largest U.S. banks. But those efforts were cast aside in a frantic late-night effort by government officials to contain a banking crisis by seizing and selling First Republic Bank to the country’s biggest bank, JPMorgan Chase.

At about 1 a.m. Monday, hours after the Federal Deposit Insurance Corporation had been expected to announce a buyer for the troubled regional lender, government officials informed JPMorgan executives that they had won the right to take over First Republic and the accounts of its well-heeled customers, most of them in wealthy coastal cities and suburbs.

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But the resolution of First Republic has also brought to the fore long-running debates about whether some banks have become too big to fail partly because regulators have allowed or even encouraged them to acquire smaller financial institutions, especially during crises.

‘Regulators view them as adults and business partners,’ said Tyler Gellasch, president of Healthy Markets Association, a Washington-based group that advocates greater transparency in the financial system, referring to big banks like JPMorgan. ‘They are too big to fail and they are afforded the privilege of being so.’


via thelibertydaily:

To call our current situation a “banking industry crisis” wouldn’t be accurate. While it’s true that local and regional banks are currently in major jeopardy with many of them going under and more predicted to fall soon, the banking industry itself is thriving. Unfortunately, the only ones who are really benefitting are the huge banks like JPMorgan which are profiting greatly.

But their boon in dollars is minuscule compared to the advances they’re making in trustworthiness. Tens of millions of Americans bank with local or regional companies for various reasons. Among those reasons is a widespread distrust or even hatred toward the megabanks. But the carnage that’s happening to the smaller banks is prompting many Americans to move their money out of institutions similar to SVB or FRB and into whichever megabank they hate the least.

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‘Asleep At The Wheel’: ‘Too-Big-To-Fail’ Banks Are Getting Even Bigger And Economists Are Sounding The Alarm

The largest financial institutions deemed systemically important are expanding even more during the 2023 banking crisis, leading to greater systemic risks, according to economists who spoke to the Daily Caller News Foundation.

When the FDIC bailed out Silicon Valley Bank (SVB) and Signature Bank in March due to a systemic risk exception, depositors moved their money to the biggest banks in the country. “Larger banks mean larger bailouts,” Dr. Thomas Hogan, senior research faculty at the American Institute for Economic Research and former chief economist for the Senate Committee on Banking, Housing and Urban Affairs, told the DCNF.

“For example, JPMorgan Chase, the nation’s largest bank, just got a sweetheart deal from the FDIC to acquire failing First Republic Bank,” he said.

These developments and future ones will cause more consolidation in the sector. “Increasing the concentration in the banking industry simply increases the systemic risk,” E.J. Antoni, research fellow for Regional Economics at the Heritage Foundation’s Center for Data Analysis, told the DCNF.

Bank Stocks Are Nearing a Crisis-Era Threshold

Charles Gasparino: Jerome Powell’s Sappy Talk on Banks Is Weak After Multiple Collapses

‘The US banking system is sound and resilient,” Jerome Powell proudly stated, just days after the government took over First Republic Bank, marking the second-largest bank failure in US history. In our Fed chair’s world, First Republic is just another one-off, like Signature and Silicon Valley banks before it.

Sorry, one-offs (as Powell’s trying to frame First Republic) rarely come in threes, or fours if you count the ill-fated Credit Suisse’s forced merger with UBS by the Swiss.

Not long after Powell’s assurances, regional-bank stocks began to crash. Fox Business’s Eleanor Terrett and Charlie Brady reported that just in the past week, the sector is down 10%. For the year, regional-bank stocks are down 34.6% — compared to an 8.1% rise in the S&P 500.

The latest problem child appears to be LA-based PacWest Bancorp, with $40 billion in assets. It’s smaller than the $200-plus-billion at First Republic, but not insignificant, and its stock collapsed not long after Powell’s remarks. Shares recovered a bit Friday but not enough. They’re still down 82% from their 52-week high and its management continues to seek a white-knight savior.

The main culprit is, of course, higher interest rates. Also a lack of leadership. The Fed is the nation’s front-line bank regulator. But Wall Street appears to have less faith in Powell’s ability to stem the latest systemic threat to the US economy — a smoldering crisis threatening scores of midsized banks — than it had in his ability to foresee “transitory” ­inflation.

Ditto for Treasury Secretary Janet Yellen, another player in the bank regulatory apparatus. For weeks now, she’s also been telling the markets things are fine with our banks. Logic suggested quite the opposite, particularly at the regional-bank level where management collectively appears to have drunk from the same cup of Kool-Aid.

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