First Republic Bank collapses and it's assets are sold to JP Morgan Chase. Ana Kasparian and Cenk Uygur discuss on The Young Turks. Watch TYT LIVE on weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live
Read more HERE: https://www.reuters.com/business/finance/california-financial-regulator-takes-possession-first-republic-bank-2023-05-01/
"Regulators seized First Republic Bank (FRC.N) and sold its assets to JPMorgan Chase & Co (JPM.N) on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil.
First Republic was among regional U.S. lenders most battered by a crisis in confidence in the banking sector in March, when depositors fled en masse from smaller banks to giants like JPMorgan as they panicked over the collapse of two other mid-sized U.S. banks."*
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230501__TA03Bank
We need strict rules governing banks as well as significant enforcement. Businesses exist to fulfill the needs and wants of we the people. Sadly, businesses run our government by owning our leaders. We must get business out of government and teach businesses that they serve our needs, not their selfish greed.
@scorpionxiiclips Says:
This video is poorly framed and misleading. The size of a bank is determined by the amount of money held relative to the monetary supply, which is about 800x higher now compared to the time in which the actual largest bank collapses took place during the great depression. I'm not saying these recent bank collapses aren't bad, but the faulty reporting here greatly exaggerates the scale of the issue.
@diplomat696yt4 Says:
You lacked to mention some important facts in this piece….Chase put $5B into the bank before it failed. No mention of that being insured/uninsured whether that was a consideration as part of any deal as well as the other $25B from others. The Dodd Frank Act was a direct response to the 2008 collapse and focused on a ton of things including protecting consumers from themselves, rooting out unscrupulous mortgage lenders who got rich quick on non-beneficial to the consumer and in some cases fraudulent transactions. Last, the democrats have increased interest rates in an unprecedented manner over the past 15 months. These bank collapses happened in part because of disinformation in the system via social media from people without a complete understanding of the facts and partly due to lack of consumer confidence based on that information. The regulators definitely failed as well and republicans and democrats pushing for deregulation bear at least some responsibility in that regard. Failures all around from my perspective. Trump won in 2016 because he offered something different not because he was a great politician, personally I think overall he is bad for the country but we do need something different because more of the same clearly doesn’t work. How about a government that actually works for the majority of the people not one that works for whichever special interest controls them…
@-Pamela Says:
Individuals don't realize that corporations like banks are likewise motivated by greed. One of the causes of SVB's collapse was the banks' overleveraging of their assets beginning in 2020. I've never felt comfortable storing a lot of money in the bank. I merely make investments through my financial advisor, get my gains, and then spend them as I like.
@Danielle-zq7kb Says:
There is private insurance that wealthy people can buy for deposits over the FDIC insurance limit. No bailouts above the FDIC levels should be allowed!
@ewenchan1239 Says:
Your capitalism at work.
Oh wait...who seized the assets (and sold it to JP Morgan Chase)?
Huh.
@david4096 Says:
More bolanga.
@phlprinting Says:
Need a Chinese loan?
@DimaRakesah Says:
These banks will ruin the economy.
@Firefly-101 Says:
No matter how anyone feels about the founding fathers, most of them hated the banks and especially a centralized bank like the bank of England. They always felt the banks would be the death of the Republic. I like Lincolns view that banks should serve the public by providing them a place to store the money, without being used to extort the public as today. Control the banking system and you control the people.
@JH-gy7fn Says:
First Republic Bank CEO gives himself a $250,000,000 dollar retirement account.
@ThaRealDawn Says:
Don't get caught up in Democrat and Republican. Its rich and poor; that's the division the rest is smoke and mirrors! I KNOW THIS FOR A FACT!
@ThaRealDawn Says:
I guess everyone forgets that all those people know each other. They all knew what was going to happen before these people reported on it. That be like if my friend and i both owned a bank and he said hey my finance in trouble do you think you can help out and devise a believable plan for the public so i can buy his bank and look like the savior rather than a predator. This Chase not checkers! The question is Why they want to be bigger? Why the government allowing it?
@yuraraina Says:
You think greed played a part and all this. I do!
@westswell2757 Says:
We in California know First Republic as the bank where all the famous old rich people keep their money. Safety and liquidity were the paramount concerns. It shouldn't have been too difficult to run it responsibly. 😤
@bill42608 Says:
Hi all, Don't get jealous, get yourself a good helping of the proverbial piece of the π
1. Invest with your ❤.
2. Look for products and services that can help you and your neighbors ASAP
3. Have small groups of friends to Share the Share 😁Invest in Penny stocks as a whole to benefit the community they call Home.
I never like to sound dumb, Buy I sure would be stupid if I keep letting only the Big survive, think of micro economic boost instead of one day highs and gains, and remember the world don't start at 9:30am and ends at 4:00pm EST 5 days a week.
One company I like is ideanomics their intuitive approach to the EV industry and having a rechargeable future that adapts to a shrinking world like no other human technology had in the past.
@traceysheneman8652 Says:
Inverted socialism. Right. Here.
@slothachunk Says:
Privatizing profits, socializing losses. Where are the Republicans, I thought they hate socialism? Now there quiet? I guess they like socialism when it when it benefits them.
@castlev1986 Says:
let them collapse who cares
@raymondsanders3584 Says:
I honestly think that if a bank fails that anybody had a loan with that bank should automatically be free of that loan. They didn’t borrow from the other group that’s purchasing the assets. At a minimum they should have to renegotiate the loan with the borrower.
@lisarochwarg4707 Says:
Two words:. American capitalism. Shoddy, narcissistic, and cannibalistic.
@arnobertogna4718 Says:
More to come - you can only kick the can down the road for so long - the next recession will end up more like a depression.
@theonetruetim Says:
ok....a few errors, Cenk. We DID get- not only bailout money (2008-9) back we got billions in interest as well. (the US Government actually booked $15.3 billion in profit, as it earned $441.7 billion on the $426.4 billion invested.) You guys (mostly Ana, although i really do love you all) are getting closer to relevant- not just culture war referring (left-wing Tucker stylez) keep going.
Shocking but salient analogy for ya's=PORN is ok if we let creators run it- and we keep that underage, torture pervert- shit out of it
** like LEFTISM is ok, if we keep that Leninist taint (anti-capitalist, anti imperialist agitation based on emotion & dispossession-NARRATIVE, not reality.) out of the deal. Do this for humans not an audience= we win.
T-
carry on. 80% true.
keep going...
I'll spare you the further corrections. You "know" what you're doing...
i think. get people to respond to me. Help me flesh this convo out for all of our benefit; and I will retract all the noise, and be normal. Too much error and emotion out here to play this any other way.
Lots to say. Help me say it= we a team
or, not.
up to you. I have no power and the doors to the arena are locked for anyone who didn't get in here before trump.
kinda maddening...
@martinperry5072 Says:
Quantitative easing was supposed to be a short term solution to the sub-prime mortgage collapse. Since it continued for 15 years, we have been living in a situation that resembles that same collapse. Apparently "moral hazard" doesn't simply apply to the poor getting some more money.
@johngreen6421 Says:
I will never go back to the banks. I am a Unify and Northern Redwood. FCU member, I have never been so happy until I left the private sector banks. Credits Unions are stress free and no hidden services fees or bank scandals and failure, And the care about people
@johngreen6421 Says:
Go federal credit union, Get the private sector banks off our backs.
@johngreen6421 Says:
Same scenario seems to be going on today with the banks, We should not have to pay for JP Morgan We need to protest the banks and JP Morgan to be able to scam the people,
@johngreen6421 Says:
JP Morgan and McKinley rigged the economy to fail for their scam, it's all over the internet how scandalous they are. They are still corrupt and scandalous,
@johngreen6421 Says:
Screw the private bank sector. They are scandalous, Divest your money from the private banks and move to a federal credit union. Banks do not care about people just your money. Federal Credit Unions care about the people and not just your money.
@johngreen6421 Says:
JP Morgan has a history of corruption since president McKinley,
@kdhemingo Says:
Lol fdic money ain’t taxpayer money
@nilsmafr Says:
When you set up a system where the banks get taxpayer money if they fail, the banks will ensure that they fail.
@theonetruetim Says:
This is powerful. Impressive Reporting. Can't hand wave this.... I have to process for a bit, before I issue my 'take'. Good job, TYT; Heavy stuff -Lotsa moving parts. Well put.
T-
@PetaloudesTouYialou Says:
Socialism for the rich, then, but "austerity" (poverty) and discipline, punishment & demagoguery for the rest of us. Got it. 👍
@easwarsankar Says:
Please do a follow-up piece on the Fed chair's remarks on Tuesday
@eddielopez5708 Says:
If Martha Stewart went to prison for insider trading, so should those politicians go to prison.
@rondiggity1677 Says:
Banks don't fail, all of this stuff is fraud.
Legalized fraud, sometimes, but not always. Doesn't matter either way, the thieves still get paid.
@bruggeman672 Says:
When are Americans going to get out there and demand change for the better? There's plenty of online rage but little of it translates to the real world...
@kuistancfraine3488 Says:
Don't hold ur breath...the rest are tottering...
@johneverimanne3986 Says:
Monopolies are part of the actual reasons inflation goes up. When they don't have to compete, the opportunity for price gouging increases. I remember a time when everyone agreed that a monopoly is bad and that it was supposedly illegal. Love having an ulagarchy instead of a democracy. Totally not bad for the country, like, at all. Everyrhing is right, and good 😶
@Erikkurilla01 Says:
Increasing interest rates are going to continue to increase bank failures because it puts their commercial paper and treasuries underwater. They need to freeze interest rates to prevent a deep recession in the economy. At the same time the White house needs to help industry to increase gas and oil output to reduce fuel prices. The war on oil only serves to increase energy prices which trickles out to the rest of the economy as inflation. Lowering interest rates, tightening the money supply, reducing government spending and increasing the cheap supply of fuel will result in reduced inflation and a booming economy. Presto, no inflation and no recession. Of course there are a lot of other agendas out there that will never let all of that happen, so hello recession and sticky inflation.
@bigdev1281 Says:
the regulators are corrupt ccp agent
@markm3869 Says:
Financial advice: Trade like a Congressman.
@michellem4287 Says:
We need regulations! Big Banks are holding US hostage. More safety nets for the rich. #EndCorporateWelfare #TaxBillionaires50percent
@michellem4287 Says:
No bailouts for big business. Let them fail! They aren't good at business. Bailout SMALL business. END CORPORATE WELFARE.
@gordontall2441 Says:
Do we evan have to have banks. I get my paycheck in cash so I don't have to report it to the government. I even tell the government I'm unemployed sometimes when I'm not. I work hard and I don't want to give it to a bank who does God knows what with it.
@virginiachris80 Says:
Who is the woman from the first clip? She is amazing!
@wadebuck69 Says:
Unregulated capitalism is unsustainable because you can only siphon off a certain amount of wealth from an economy before that economy can no longer hold itself up and collapses
@neotheboxer Says:
What is insane is that employees of BANKS cannot trade on the knowledge of changes like these and Martha Stewart went to prison for this.
@neotheboxer Says:
Ok, so JPMORGAN has agreed to buy a bank whichbif it fails would affect millions. In this case, I say thank you to the bank for stepping in because isn'tit better than allowing the large economical impact to occur?
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