Ripped From The Headlines, March 18, 2024
SCOTUS Hears Key Social Media Case, What's PNC Bank's CEO UP To, Credit Suisse Still Having Issues - Read, Share, & Subscribe - SherlocExposes.com
What if…
You would have known what was going to happen with the banking crisis…
You would have known the US government's plan for #CBDC…
You would have known about how the surveillance state was going to be weaponized against you…
A year before they happened?
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“In a busy term that could set standards for free speech in the digital age, the Supreme Court on Monday is taking up a dispute between Republican-led states and the Biden administration over how far the federal government can go to combat controversial social media posts on topics including COVID-19 and election security.
The justices are hearing arguments in a lawsuit filed by Louisiana, Missouri and other parties accusing officials in the Democratic administration of leaning on the social media platforms to unconstitutionally squelch conservative points of view. Lower courts have sided with the states, but the Supreme Court blocked those rulings while it considers the issue.
The high court is in the midst of a term heavy with social media issues. On Friday, the court laid out standards for when public officials can block their social media followers. Less than a month ago, the court heard arguments over Republican-passed laws in Florida and Texas that prohibit large social media companies from taking down posts because of the views they express.
The states argue that White House communications staffers, the surgeon general, the FBI and the U.S. cybersecurity agency are among those who coerced changes in online content on Facebook, X (formerly Twitter) and other media platforms.
‘It’s a very, very threatening thing when the federal government uses the power and authority of the government to block people from exercising their freedom of speech,’ Louisiana Attorney General Liz Murrill said in a video her office posted online.”
THINGS TO PONDER:
Do you remember what happened to us?
If you spoke out in ANY WAY that ran counter to the preferred narrative on COVID, BLM/Antifa, or any other hot-button issue, you were deemed a thought criminal…
That part you likely already knew.
Here’s what you may not have realized:
The US government was deciding what a “thought crime” was and delivering justice by banning you from social media.
Let that sink in…
Now, you know why this case is so important. Pay close attention to how it goes.
Know Your Foe.
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“CEO Bill Demchak is not happy that he is still paying for the March 2023 banking crisis.
The boss of the nation’s sixth-largest bank recently learned that PNC Financial Services Group will have to shell out another $130 million to the FDIC to cover losses associated with the seizures of Silicon Valley Bank and Signature Bank — on top of $515 million it already paid in the fourth quarter.
Other large banks are also seeing their bills rise as they are asked to pay $4 billion more to replenish the FDIC’s insurance fund.
‘I’m a little bit raw at the moment,’ Demchak said in an interview with Yahoo Finance. ‘We just upped the size of the check we are paying to the FDIC because they didn't do their job.’
It turned out to be a seminal experience for PNC, but not because it ran into trouble. It didn’t. In fact, PNC tried to play the role of rescuer by bidding for the assets of the failed First Republic last May.
Instead, the fallout from the events of a year ago convinced the bank’s boss that a lot has to change — in Washington, D.C., and at Pittsburgh-based PNC.
US regulators, he said, need to do more to prevent banks from going down, do a better job at handling failures, and make it easier for regional banks to get bigger so they can compete with the giants of the industry.
That way all of the power isn’t concentrated in the hands of JPMorgan Chase (JPM) and Bank of America (BAC).
Such a scenario, with two banks looming over the rest of the industry, will result in a ‘20-year train wreck’ for the country, he said, because he views such concentration as bad for US economic activity and the consumer.
THINGS TO PONDER:
Is PNC’s CEO playing a shell game to grow his bank into a national player, or did he say the quiet part out loud?
It’s probably a bit of both…
And, by doing so, he artfully avoids the splatter that’s coming as the banking system deals with the end of the Temp Bank Funding Program and the addition of Basel 3 regulations on US banks (Click Here to learn more.)
What is also interesting here is what he didn’t say…
While US regulators have LOTS of work to do on this issue (outside of collecting fines,) the banks themselves also have a role in making sure they are prepared for a crisis…
Unless of course they either:
a. Are drunk off of free money and think the ride will never end, or;
b. Know the government will bail them out, so they don’t care.
We’re thinking it used to be a… but now it’s b.
And that ain’t good.
This is another warning signal that reminds us to be vigilant about what’s happening with the system… and what isn’t.
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“A year after the banking crisis that felled Credit Suisse, authorities are still considering how to fix lenders' vulnerabilities - including in Switzerland, where the bank's takeover by rival UBS created a behemoth.
The Swiss government-sponsored rescue of Credit Suisse and U.S. bank salvages in March 2023 doused the immediate fires kindled by a run at little-known U.S. regional lender Silicon Valley Bank.
A top global financial watchdog recently warned Switzerland must strengthen its banking controls, highlighting the risk that a failure of UBS - now one of the world's biggest banks - would pose to the financial system.
‘The banking system is no safer,’ said Anat Admati, professor at the Stanford Graduate School of Business and co-author of the book ‘The Bankers' New Clothes: What's wrong with banking and what to do about it.’
‘Global banks can cause a lot of harm,’ she added.
Rules introduced after the 2008 financial crisis did little to avert last year's crash, as clients pulled cash from banks at unprecedented speed.
One of the key weaknesses that emerged last year was that banks’ liquidity requirements proved insufficient. Credit Suisse saw billions of deposits exiting in a matter of days, burning through what had appeared to be comfortable buffers of cash.
THINGS TO PONDER:
What you’re reading above is what we talked about one year ago when this banking crisis started…
What got missed in this article is why Credit Suisse had issues:
Because their credit default swaps had become SO RISKY that their insurance company would no longer insure them.
Remember credit default swaps?
That’s what kicked off the 2008 US housing crisis.
And a year after things went sideways, there’s still no answer.
WOW.
Brace For Impact.
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.
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