4.4 • 1.1K Ratings
🗓️ 9 September 2024
⏱️ 21 minutes
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0:00.0 | Well, guys, it's happening. |
0:05.0 | Yes, the consolidation of power, taking away the small guys and consolidating the power at the national level. |
0:12.0 | Over the weekend weekend we saw more |
0:14.5 | movement now along these smaller bank lines these smaller community banks and |
0:18.4 | the breaking up of Silicon Valley Bank and the spreading of this bank bailout into Europe. |
0:23.6 | So what's going on here? |
0:24.6 | Well, a couple of moving pieces because it's been like a crazy two pots of coffee kind of |
0:29.9 | of a weekend to follow what's happening in the banking sector. |
0:32.6 | Normally the banks shut down on Friday night at 5 o'clock, right? |
0:35.4 | They're done. |
0:36.2 | No, no, no, all weekend. |
0:37.4 | They've been scrambling across Europe to figure out what they're going to do with Credit |
0:41.0 | Suisse. |
0:41.8 | Now it looks like the Swiss National Bank is going to jump in and offer about $100 billion of liquidity, |
0:48.4 | and while it's going to be sold off for about $2 billion, so all these people losing their deposits inside of the Credit |
0:55.0 | Suisse, unbelievable disaster hitting Europe. Silicon Valley Bank in the United States. |
1:00.3 | Now we're learning it's going to be broken up and sold off into multiple pieces. |
1:04.1 | We don't still know how that's all going to come together. |
1:06.8 | And the Treasury Secretary Janet Yellen admitting that, hey, you know your small local |
1:11.5 | bank, like will the FDIC step in and |
1:14.3 | protect those little guys you know the little community banks and your and your |
1:18.4 | credit unions and she says no no and that's not going to happen she said I would have to sign off on it and |
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