#LondonCalling: Is the bank crisis solved? @JosephSternberg @WSJOpinion
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 19 April 2023
⏱️ 13 minutes
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Summary
@Batchelorshow
#LondonCalling: Is the bank crisis solved? @JosephSternberg @WSJOpinion
https://www.wsj.com/articles/you-dont-need-a-banking-crisis-for-a-financial-meltdown-regulation-credit-suisse-svb-venture-capital-hedge-funds-nonbanks-54485d5c
https://www.wsj.com/articles/inflation-incomes-americans-kevin-mccarthy-new-york-stock-exchange-dc3bd179
Transcript
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| 0:00.0 | Hey there! Here's some important news from Network Rail, if you're planning to catch a train |
| 0:04.8 | over the May Bank holiday weekends. From the 28th of April to the 1st of May, and from the 27th |
| 0:11.1 | to the 29th of May, Network Rail will be working to upgrade and improve the railway for us all. |
| 0:17.2 | And while most of the network will stay open, some train services will be affected. |
| 0:22.1 | So, be in the know before you go. Please check before you travel at |
| 0:26.8 | nationalrail.co.uk forward slash May. |
| 0:35.4 | This is CBS Eye on the World. Here's John Bachelor. |
| 0:41.5 | The bank crisis of some days past is it over? The Wall Street Journal headline, |
| 0:47.4 | few banks are hedging interest rate risk. Subhead a recent paper focuses on how banks handle |
| 0:54.1 | rising rates, years and years of low interest rate practically zero, and then suddenly, in sweeping |
| 1:02.3 | jumbo hikes, we're now 5% and we're facing another hike possibly within weeks. At the same time, |
| 1:10.6 | financial times, the London paper. Depositors pull nearly 60 billion from three US banks, |
| 1:17.5 | as Apple raises pressure, Charles Swab, State Street and M&T report outflows as |
| 1:24.4 | savers hunt for better rates, searching something better than under 1% for perhaps the new savings |
| 1:31.6 | accounts at Goldman Sachs or an Apple for 4.15%. The gist of this is that the money is moving around, |
| 1:38.8 | cash money is moving around, and the public's doing it sometimes in the past. That's been |
| 1:46.0 | described as something approaching a bank run. When people don't trust their banks and say, |
| 1:51.8 | give me my money, I'll keep it at home, or I'll take it someplace where it's safe. |
| 1:57.0 | Joseph Sternberg, member of the editorial board of the Wall Street Journal, he writes political |
| 2:01.7 | economics. He's in London, where I have no reason to believe there's a bank run. But you never know, |
| 2:07.4 | Joe, a very good evening to these discordant headlines. So I ask the big obvious question, |
| 2:14.0 | is the presumption at the journal your editorial page and your measure of the banking crisis |
... |
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