How’s the stock market?

[PJ]

Signature Bank into receivership last night.

My son went to high school with the Signature CEO's son and interned in the CEO's office while going to Fordham University for finance. Hahaha I had to buy him two Brooks Brothers suits for that job. My son decided against going into regular banking which he felt the script was already written for and wound up at Google where they do things that haven't been done before and they don't wear suits there so those two suits are still hanging in his closet. The Signature CEO and his son are nice people and were very good to my son.

At the time my son was interning, around 2014, Signature was very big in Taxi medallion loans in NY City. The city was gleefully auctioning off new medallions for close to a million dollars in 2014 as tickets to the American dream, with immigrants willing to work a lot of hours, borrow from relatives and take on a lot of bank debt buying them (along with some big operators who owned many medallions). At the same time the city let Uber and Lyft in without medallions which crashed the value of the medallions they were selling down as low as $25,000. One cab driver killed himself. Incidentally Trump's Lawyer Michael Cohen owned a number of medallions - I've always wondered if some of Cohens actions were caused by his medallion empire evaporating. I know Signature had some fairly painful losses with the medallion loans.

https://www.nytimes.com/2023/03/12/business/signature-bank-collapse.html

 

[Sharkbiscuit]

BTW, my invitation still stands for anyone who still wants to make a bet the “hawkish” Fed won’t pivot and cut. Any takers? Lol.

I'll take your bet, Jerome is gonna keep full steam ahead on rate hikes.

Does anyone here actually disagree the rate hikes are done?

Anything more would further cause damage to the banking system.

I’d like to hear a contrarian opinion.

Yes. Although honestly I'm more open to "emerging information" that winds up proving you correct. But lunchtime Monday March 13th, yeah, we haven't reached peak interest.

Can we place bets on whether or not Cramer sheds tears (again) on live TV this afternoon?

We can, after you:

1. present yourself to @vanrysss and myself and explain why you aren't actively defining criteria and stakes/wager on the rate hike bets
2. explain why you deleted the post I quoted previously about rate hikes being done
3. beg forgiveness for talking the above schmack
4. promise to address @grapedrink and @Northern_Shores as "Sir", "Excellency" or "Your Majesty" in future posts on this thread.

 

[Mr Doof]

U.S. Regional Bank Stocks:

1. Western Alliance, $WAL: -75%
2. First Republic, $FRC: -65%
3. Zions Bancorp, $ZION: -43%
4. PacWest, $PACW: -41%
5. Comerica, $CMA: -33%
6. Fifth Third, $FITB: -20%

I won't be trying to catch that falling knife.

I bought 200 shares of Honest (HNST) for my wife yesterday. The timing wasn't bad and it'll be interesting to see how it behaves over the next few months.View attachment 109489

When did you get out?

 

[PRCD]

SJIM

The Inverse Cramer Tracker ETF (the “Fund”) seeks to provide investments results that are approximately the opposite of, before fees and expenses, the results of the investments recommended by television personality Jim Cramer.

SJIM – The Inverse Cramer Tracker ETF

SJIM seeks to provide investments results that are approximately the opposite of, before fees & expenses, the results of the investment suggested by Jim Cramer

www.crameretfs.com

View attachment 150258

I’m calling my broker!

 

[Subway]

Luckily my banks are not in this clownshow. People acting like the world is gonna end over some bank noone has ever heard of before now. If you want to be in the finance world, getting beat up is part of it. It's not fun, but it is part of the job.

I am getting smoked, but listening to grandpa Joe's speech made me feel better

The Viking occasionally gabbles some sense through the fog of meade, fetal pig blood, and P/E ratios

 

[PRCD]

The Viking occasionally gabbles some sense through the fog of meade, fetal pig blood, and P/E ratios

Nordic autism does not travel well. It’s endearing in Metalocalypse, otherwise it’s not.

 

[Subway]

Fair point, but I read and enjoy the Viking precisely BECAUSE i found Metalocalypse so entertaining. They's like peas n carrots

If that show never existed, it's very likely @Northern_Shores would never have existed either

 

[Sharkbiscuit]

Nordic autism does not travel well.

Back the fuck up off these hype ass Crocs, biatch.

 

[brukuns]

The lesson here is, don't put more money in the bank than you can afford to lose.

 

[casa_mugrienta]

Core CPI continuing to increase, more than doubling since November

 

[r32]

FRC up huge. 200% since yesterday bottom.

 

[brukuns]

 

[brukuns]

Must be so good to have a world currency reserve printer to use as you please. wish I had one of those.

 

[casa_mugrienta]

Must be so good to have a world currency reserve printer to use as you please. wish I had one of those.

There is a good chance that will end at some point in our lifetime. Likely sooner rather than later IMHO.

 

[brukuns]

There is a good chance that will end at some point in our lifetime. Likely sooner rather than later IMHO.

Yup. The FED has put itself between a rock and a hard place. Now they need to either save the banks or save the currency system.

The world will slowly but surely lose faith in the dollar, that is a fact. (slowly is key here)

 

[Northern_Shores]

You two having an emo fisting session again

When this shitship has righted itself, I will show you a funny graph. For now, here is my daily inflation

 

[brukuns]

You two having an emo fisting session again

When this shitship has righted itself, I will show you a funny graph. For now, here is my daily inflation
View attachment 150308
View attachment 150310

If you're jealous I can spare you a finger.

 

[casa_mugrienta]

Moody's cuts outlook on U.S. banking system to negative, citing 'rapidly deteriorating operating environment'

The firm, part of the big three rating services, said it was making the move in light of key bank failures.

www.cnbc.com

 

[Northern_Shores]

Moody's cuts. The crymo band you never can unlisten. Or unsee.

 

[Driftcoast]

They should have let the bank fail. For all the people taking money out, where do that money go?