Ripped From The Headlines, April 20, 2023
Congressman Sold Bank Shares During Crisis, Investor: "Credit Crunch For Small Town America," John Fetterman Struggles - Read, Share, & Subscribe - SherlocExposes.com
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“On March 10, as fears were swirling over the health of the nation’s banks, an investment account belonging to the children of Rep. Jared Moskowitz, D-Fla., sold shares of Seacoast Banking Corp. worth $65,000 to $150,000.
Two days later, with the government working to control the crisis, Moskowitz said in a television interview that he had attended a bipartisan congressional briefing on the tumult. And on March 13, as investors fretted over the failure of Silicon Valley Bank and two other, smaller banks, Seacoast Banking shares fell nearly 20%.
A spokesperson for Moskowitz said in an email that the Seacoast share sales had been suggested by the congressman’s financial adviser as a means to diversify his young children’s holdings. Moskowitz said the congressional briefing on the bank crisis had taken place just before the television interview and after the shares were sold.
But the transaction was just one example of how members of Congress continue to buy and sell stocks and other financial assets in industries that intersect with their official duties.
At least eight members of Congress or their close relatives sold shares of bank stocks in March, according to an analysis by Capitol Trades, a project of the data firm 2iQ — a number that could rise in the coming days, as lawmakers make additional disclosures of trades made last month.
A New York Times investigation last year showed that during a three-year period, nearly one-fifth of federal lawmakers or their immediate family members had bought or sold stocks or other securities that could have been affected by their legislative work.
“The banking turmoil of March, which saw the collapse of several regional U.S. lenders, will lead to a credit crunch for ‘small-town America,’ according to veteran strategist David Roche.
The collapse of Silicon Valley Bank and two other small U.S. lenders last month triggered contagion fears that led to record outflows of deposits from smaller banks.
Earnings reports last week indicated that billions of dollars of deposit outflows from small and mid-sized lenders, executed amid the panic, were redirected to Wall Street giants — with JPMorgan Chase, Wells Fargo and Citigroup reporting massive inflows.
‘I think we’ve learned that the big banks are seen as a safe haven, and the deposits which flow out of the small and regional banks flow into them (big banks), but we’ve got to remember in a lot of key sectors, the smaller banks account for over 50% of lending,’ Roche, president of Independent Strategy, told CNBC’s ‘Squawk Box Europe’ on Thursday.
‘So I think, on balance, the net result is going to be a further tightening of credit policy, of readiness to lend, and a contraction of credit to the economy, particularly to the real economy — things like services, hospitality, construction and indeed small and medium-sized enterprises — and we’ve got to remember that those sectors, the kind of small America, small-town America, account for 35 or 40% of output.’”
“Sen. John Fetterman’s first time leading a hearing in the Senate on Wednesday was met with concern among social media users, with many saying that the Pennsylvania Democrat’s obvious trouble reading his opening statement signals that he is unfit to serve.
Fetterman, who suffered a stroke on the campaign trail and was hospitalized for five weeks for depression treatment last month, led the Senate Agriculture Committee’s Subcommittee on Food and Nutrition, Specialty Crops, Organics and Research hearing on Wednesday, stammering and stumbling through his two-minute-long opening remarks.
‘Good lord. This dude is not remotely well or able to do this job. Embarrassing for Pennsylvania,’ Outkick founder Clay Travis wrote in a tweet.
Podcast host Jewels Jones called a clip of Fetterman’s remarks ‘frightening,’ and Harrison Fields, communications director for Rep. Byron Donalds (R-Fla.), tweeted a GIF, joking that it is how ailing Sen. Dianne Feinstein (D-Calif.) would react to Fetterman’s remarks.”
You need to be prepared… there’s just too much crazy stuff happening.
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”Slight Of Hand” Thursday, Ripped From The Headlines. Things To Ponder:
“Do As I Say, Not As I Do… Peasant! PS: Screw You!”
That’s at least one-fifth of the US Congress talking…
To you… you are the peasant… don’t forget that!
So, we have another member of Congress, with inside information, making a suspect trade, right before things went down with the banking crisis…
Just in case you missed this, we wanted to share it again:
At least eight members of Congress or their close relatives sold shares of bank stocks in March, according to an analysis by Capitol Trades, a project of the data firm 2iQ — a number that could rise in the coming days, as lawmakers make additional disclosures of trades made last month.
A New York Times investigation last year showed that during a three-year period, nearly one-fifth of federal lawmakers or their immediate family members had bought or sold stocks or other securities that could have been affected by their legislative work.
These people spend your money like they’re drunk at a casino…
And when they lose it or are about to lose it, they just spend more of your money… or use insider information to get out of the way of an oncoming disaster…
Guess where you’d be if you did that?
**PRISON**
Oh, just in case you wanted to be even more upset, here you go:
Efforts to pass legislation to place limits on trading by members of Congress or to ban it have stalled in recent years.
“As the Silicon Valley Bank was closed, even during that period, there were reports that members of Congress were trading bank stocks,” Sen. Sherrod Brown, D-Ohio said. “I mean, imagine that — that members of Congress, we have more inside information,” he said, adding, “members of Congress are able, because of our jobs, to know more about the economy.”
Know. Your. Foe.
“They Only Provide 99% Of The Jobs & 50% Of The Lending… Who Needs Them Anyway?”
Here’s what that headline means:
Small to Mid-Sized Businesses create about 99% of the jobs in the US.
Small Banks provide over 50% of the lending in key business sectors.
Both are under full frontal assault right now.
As we shared yesterday (Click Here to read the full article):
Equally scary is the data from S&P Global:
Data from S&P Global Market Intelligence showed 71 corporate bankruptcy petitions in March, a jump from 58 in the previous month. This is the highest monthly total since July 2020 and the fourth straight month of increases.
First-quarter corporate bankruptcy filings came in at 183, which is “more than any comparable period in the past 12 years,” S&P Global said.
Combine that fact with this statement:
'“So I think, on balance, the net result is going to be a further tightening of credit policy, of readiness to lend, and a contraction of credit to the economy, particularly to the real economy — things like services, hospitality, construction and indeed small and medium-sized enterprises — and we’ve got to remember that those sectors, the kind of small America, small-town America, account for 35 or 40% of output.”
And we’re in for a world of hurt.
As we’ve shared before, this is VERY different from 2008…
What happens when EVERY SECTOR of the economy tanks?
Brace for impact.
The Sad State Of Desperation…
There’s really nothing funny about John Fetterman’s condition…
It’s truly sad, and he’s being used as a tool for someone else’s bidding… make no mistake, he’s a political nutjob, but this is really bad.
Here’s the opening statement for you to watch:
Now ask yourself this: How many others in Congress are having this issue?
Know. Your. Foe.
What does this mean?
The people who pull the strings have already “baked in” your massive losses (financial, spiritual, moral) into their plans and are preparing to “help you” with the things you need (security, handouts, order) when things go down.
They figured now was a good time to let you know.
Why should I care?
This one is probably obvious to you. What may not be as obvious is what this means for any legacy you hoped to have or anything you planned to leave, for future generations.
What should I do?
Take the time to understand how the game is really played.
Watch what they do, versus what they say.
Your advisor/broker etc. isn’t going to pull you out of this. You’re going to have to be vigilant and take action.
Now.
Plan, prepare, and look at alternatives, ASAP. Your future depends on it.
James Wesley, Rawles, publisher of SurvivalBlog.com has put together a “bookshelf” list of key things you should have. CLICK HERE to access the list.
Plus a recap of the 50 things you should have handy to barter.
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I would like to hear from Martha Stewart weigh in on the bank shares sold off and ask how is this different than her stock trades that landed her in prison.