Banks Bleeding Out
Calling banks a ticking time bomb makes Don a dull boy.
Calling banks a ticking time bomb makes Don a dull boy.
Calling banks a ticking time bomb makes Don a dull boy.
Regional bank stocks painted the tape a sea of red today.
It’s frankly impossible to say exactly what opened the floodgates. But at the time of this writing, the KBW Nasdaq Regional Banking Ind (^KRX) was down over 6.5%.
PacWest Bancorp (PACW) led the way, lopping 25% of its share price. But Western Alliance Bancorporation (WAL) and Metropolitan Bank Holding Corp. (MCB) were not far behind.
Even diversified “Too Big to Fail” banks took it on the chin.
Just yesterday I said that name would be put to the test as the entire banking system (including the Federal Reserve bank) is permanently impaired.
Earlier this month I suggested that bank failures are merely a prelude for major economic turmoil in the months ahead.
And last month I pointed out how unsalvageable this whole banking fiasco will turn out to be, ultimately kicking open The Back Door to Centralized Banking.
Maybe I got “the Shine” when it comes to systemic global financial collapse…
In any case, however bad it gets, banks are clearly bleeding out. And Scott Welsh, Garrett Baldwin, and Jack Carter will join me for tomorrow’s “Roundtable” to discuss the implications.
We’ll cover lots of other topics too, of course. Including the implications of the IMF’s lowered estimate on global growth, the Fed’s rate decision due tomorrow afternoon, and the looming debt ceiling.
Plus, Scott will share a simple indicator that has predicted every bear market turn.
Join us at 11am ET, right here.
Take What the Markets Give You.
