Failed Banks Continue - March 14th, Hour 1
The Sean Hannity Show
Sean Hannity
4.0 • 9.9K Ratings
🗓️ 15 March 2023
⏱️ 36 minutes
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Summary
Sean covers the latest news that more banks find themselves in trouble. The FDIC failed bank list is growing at a rate more than you'd think. How far does this go? Sean gives his take...
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Transcript
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| 0:00.0 | All right. Thank you, Scott Shannon. And thanks to all of you for being with us. |
| 0:03.9 | toll free art number is eight hundred nine four one Sean. If you want to be a part of |
| 0:08.0 | the program, busy show today, our economic experts will weigh in on this entire banking |
| 0:15.5 | issue. Is this going to spread into a contagion? How dangerous is it? Do you need to be worried |
| 0:22.6 | yourself? If you have more than two hundred and fifty thousand dollars in any one bank, |
| 0:28.9 | you need to talk to your accountant, your financial advisor or somebody that's smart and finances |
| 0:33.4 | that you know and ask them what to do. I'm not going to give out financial advice, but |
| 0:37.9 | banks traditionally only ensure up to two hundred and fifty thousand dollars. There's a lot |
| 0:43.7 | of people that have more money, but they'll put two hundred and forty thousand in this |
| 0:47.1 | bank, two hundred and thirty thousand in that bank. And then each individual accountant |
| 0:52.6 | is then therefore insured at a different bank. Not really good news as it relates to the |
| 0:59.0 | four biggest banks. Now, this this Silicon Valley bank was what the sixteenth largest |
| 1:04.8 | bank in the country. But the four biggest US banks, they lost a lot of money, fifty |
| 1:10.0 | two billion dollars of market value as part of this, you know, broad route of across |
| 1:18.4 | financial stocks. A lot of banks, smaller banks are seeing massive losses in terms of their |
| 1:24.6 | stock prices, et cetera, et cetera. I'll give you one example. JP Morgan lost about |
| 1:29.9 | twenty two billion market value. Bank of America lost roughly sixteen billion. Wells Fargo, |
| 1:38.5 | their capitalization was down ten billion, city bank down four billion. Now, these are |
| 1:43.3 | banks that are you know, are going to be safer and more secure, et cetera, et cetera. But, |
| 1:48.3 | you know, when you look at the data and the failed bank list, it's beginning to grow. I mean, |
| 1:54.4 | you have signature bank. Remember Barney Frank, Dodd Frank legislation. That's where he was |
| 2:01.0 | on the board of. He's the one that was advocating and lobbying for this regulation change that |
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