U.S. Treasury Secretary Janet Yellen on Tuesday defended government intervention in the banking sector and suggested that it may be necessary to take similar measures in case smaller financial institutions experience deposit runs that could lead to contagion. She also called the American banking system “sound,’ and said that overall “the situation is stabilizing” due to…
Yellen: Government Could Step in Again to Protect Other Banks From Deposit Runs to Stop Contagion
March 21, 2023
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Japan Plans $75 Billion Investment Across Indo-Pacific to Counter China
TOKYO/NEW DELHI—Japan’s Prime Minister Fumio Kishida on Monday announced a new plan to promote an open and free Indo-Pacific, promising billions of dollars in investment to help economies across the region in everything from industry to disaster prevention. The plan he announced in New Delhi is seen as Tokyo’s bid to forge stronger ties with…
Credit Suisse Taken Down by Endless Stream of Scandals
The collapse of Credit Suisse, the Swiss banking giant that ended its 167-year history on Monday morning in a state-sponsored takeover by rival bank UBS, was not the result of mismanaging liquidity or interest rate risk like Silicon Valley Bank, but rather death by a thousand self-inflicted cuts. The past decade featured an endless parade…
‘Australia’s Banks Are Unquestionably Strong’: RBA Assures Australians After US Banking Crisis
March 20, 2023
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The Reserve Bank of Australia (RBA) has assured the public that Australian banks are in a solid position despite the high-profile collapses of several global banking organisations lately. Addressing representatives of financial institutions across Australia during a debt capital market summit in Sydney, RBA assistant governor Christopher Kent said that while Australian financial markets still…
Too Wrong to Fail
March 20, 2023
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Commentary As the old saw goes, a banker is someone who lends you his umbrella when the sun is shining and then wants it back as soon as the first drops of rain fall. Hostility toward money lenders goes way back. In the Middle Ages in Europe, to deposit your money with one was unlawful,…
Morgan Stanley Strategist Warns of ‘Vicious’ Bear Market Phase as Bank Turmoil Challenges Investors
March 20, 2023
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Morgan Stanley’s top investment officer has warned that investors shouldn’t see the bailout of Silicon Valley Bank’s uninsured depositors as a reason to get bullish on stocks, predicting a “vicious” final stretch to the current bear market marked by sharp price declines and few opportunities to hedge portfolios against losses. The lightning-fast collapses of Silicon…
Not All Uninsured Deposits Will Be Government-Protected in Future Bank Failures: Yellen
March 20, 2023
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Not all Americans’ uninsured deposits will be protected by the federal government in the event of future bank collapses, Treasury Secretary Janet Yellen warned during a hearing before the U.S. Senate Finance Committee on March 16. “I can reassure the members of the committee that our banking system remains sound and that Americans can feel confident…
East Palestine Real Estate Market in Limbo, as Fallout From Toxic Train Crash Continues
March 20, 2023
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Prior to Feb. 3, East Palestine, Ohio, was a small, unassuming village in the northeast corner of Columbiana County, Ohio, close to the Pennsylvania border. The middle-class suburban community is considered safe and affordable, with a median home sales price of $140,000. But all that changed when the village became a national spotlight following the…
Credit Suisse Shares Crash to Record Low After Emergency Takeover
March 20, 2023
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Credit Suisse shares dove 63 percent in early trading Monday to a new low after it was announced that UBS would buy the troubled bank in a multi-billion-dollar deal backstopped by a Swiss central bank $100 billion emergency credit line. Shares of Credit Suisse clawed back some of the initial losses Monday morning and at…
A Mismanaged Silicon Valley Bank Failure Has Grave Consequences
March 18, 2023
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Commentary This was undoubtedly the week that was. Silicon Valley Bank’s (SVB) failure sent the markets into the worst turmoil since the 2008 financial crisis. And, as I write this Friday morning, St. Patrick’s Day, there are “little fires everywhere” in regional banks that have unsettled markets. Most of them could have been avoided. What…
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