Things just keep getting better and better.

WORLD NEWS AND COMMENTARY fro Jeff Childers

'The biggest distraction today continued to be the sudden and unexpected failure of Silicon Valley Bank (SVB). The Wall Street Journal ran countless articles about the latest and greatest emergency, including one published online around 9pm last night headlined “SVB, Signature Bank Depositors to Get All Their Money as Fed Moves to Stem Crisis.”

Treasury operatives worked on the problem all weekend, so of course it got progressively worse, with Biden officials starting out the weekend promising there would be “no bailout” and by the end of the weekend promising that the government would make every SVB depositor whole, starting first thing Monday morning, at which time most depositors will probably continue yanking their money out before Biden changes his mind again, if they know what’s good for them, that is.
In between those opposing promises, Treasury announced, organized, and briefly held an invisible auction of SVB’s banking assets, in an effort to find a sucker, I mean a buyer, to take over the mess, sorry, I mean the opportunity. The “winner” was to be announced Sunday afternoon, but when Sunday afternoon rolled around, officials mysteriously stopped talking about the auction, and all reference to the auction vanished from corporate media faster than Fauci fled Washington after Republicans took the House.

So that was that. The only reference I found to the failed auction was this one line from an unrelated WSJ story:

'Regulators struggled to find a buyer on Sunday and pivoted to backstopping the deposits, according to a senior Treasury official, as they sought to announce a resolution to depositors by Monday morning.'

Whew! A blogger has to move fast these days, to keep up with all the Einstein-like intellects infesting the nation’s capital. Their brains move so much faster than everyone else’s. Or — as a possible alternative — they have no idea what they are doing and just lie all the time, take your pick.
Anyway, on Sunday afternoon the Treasury Department issued a statement intended to quiet the markets and solve every political problem of the Biden Administration with the stroke of a pen, in this case by whipping out the Nation’s checkbook and generously covering the cost of the second-largest bank failure in the country’s history:

To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.

On Sunday, the extra-busy Treasury Department took control of ANOTHER financial crisis, this time Signature Bank, which specialized in cryptocurrency speculation, I mean investments, and which was “reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked down on lenders’ exposure to digital assets.”
It’s nothing to worry about, everything is going swimmingly, or as the Wall Street Journal flatly described Signature Bank’s implosion:

'The failure is the third-largest in U.S. history.'

It was probably just bad luck. Don’t worry though, Signature Bank’s high-risk investor customers will also be fully guaranteed by free government money, I mean opaque government financial shenanigans, I mean calculated money moves that benefit everybody, especially YOU.

You’re welcome.

Great job, Joe! It is becoming increasingly obvious that the bizarre collapse of NSA-funded crypto-giant FTX and its flabby founder injected a problem now spreading like turbo-cancer throughout the foundering digital-currency market, a problem demanding a solution in the form of even more massive bailouts.

Soon we’ll need a new global currency to replace the hyper-inflated dollar. Thank goodness they’ve coincidentally been working on just such a solution. What would we do without government?
The usual bailouts arguments are predictably making the rounds, with folks pointing out Biden’s hypocrisy toward East Palestine’s non-politically-connected residents who got poisoned water instead of a bailout, versus the connected Big Tech investors who were mildly inconvenienced for 24 hours before Biden used YOUR MONEY to make them whole.

So in other words, the US taxpayer participates in the RISK of élite investments, but doesn’t get to share in the profits. It’s all downside for us, and all upside for them.'