BREAKING NEWS: Three more large U.S. Banks have seen their stock values PLUNGE today, causing all three to have stock trading SUSPENDED!
Last night I told my radio audience that, with the Banking Crisis, “We’re just getting started” after First Republic Bank failed. This morning, three MORE banks are heading south . . .
PacWest Bancorp $PACW stock trading halted, citing volatility, after sinking 30% today.
Western Alliance Bank, $WAL, now down 25%, stock halted.
Metropolitan Bank, $MCB, now down 24%, stock halted.
I also pointed out to my radio audience that some of the very same people who told us all that the COVID-19 “vaccines” were “safe and effective” are now the people telling us the banks are “safe and sound.”
Well, we all found out that the allegedly “safe and effective” COVID vaccines, were nothing of the sort. So what does THAT say for folks who are now telling us the banks are “safe and sound?”
A Banking COLLAPSE Bigger Than 2008 Is Upon Us!
Regional bank stocks fell sharply Tuesday as the fallout from the third major bank failure this year continued to put pressure on the sector.
Shares of PacWest fell nearly 28% on Tuesday and was on track for its fourth-straight negative session. The stock was halted for volatility multiple times.
From a few days ago
The United States could run out of funds to pay its debt obligations — triggering a catastrophic default — as early as the start of June, Treasury Secretary Janet Yellen said Monday, as policymakers tussle over raising the debt ceiling.
Last week, the Republican-led House of Representatives voted to lift the national borrowing limit, but only with drastic cuts as they sought a showdown with President Joe Biden, a Democrat, over what they see as excessive spending.
But Biden has refused to agree to spending cuts to get the debt cap increased.
While the United States hit its $31.4 trillion borrowing limit in January, the Treasury has taken extraordinary measures that allow it to continue financing the government’s activities.
If the debt ceiling is not raised or suspended by Congress before current tools are exhausted, the government risks defaulting on payment obligations, with profound implications for the economy.
“Our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time,” said Yellen in a letter addressed to House Speaker Kevin McCarthy and other leaders.
“Given the current projections, it is imperative that Congress act as soon as possible to increase or suspend the debt limit in a way that provides longer-term certainty that the government will continue to make its payments,” she said.
In an earlier letter, Yellen said it was unlikely that cash and extraordinary measures would run out before early June.
In her update on Monday, she said the latest estimate is based on current available data and noted that the actual date when Treasury exhausts its measures could be “a number of weeks later” from the early June estimate.[ ]
Jordan Peterson with Peter Schiff
Economic Storms are Gathering
Bill Holter, the gold guy