This is nothing to laugh about but we have kinda laughed how the powers that be keep telling us the banking system is sound. The same people that told us there was no inflation…the same people that told us inflation was transitory and some of the same people that far back in 07 told us subprime was contained and the housing market was in great shape…are now telling us the banking system is fine…while 3 banks are bye bye, while they had to backstop all deposits even though they have not nearly enough cake to backstop and had to broker bailouts from the biggies. More printing anyone? Of course, isn’t it good news that JP MORGAN has saved the day again and now has 17% of all deposits?
We have had one mantra when it comes to the banks. We have stated it on our tv hits as well as our daily national radio show. “JUST WATCH THE STOCKS!” The stock price will tell all.
As we write this, regional bank etf (KRE) has now broken down again out of bearish flags into BEAR MARKET LOW GROUND. A bunch of regional bank stocks are again imploding with quite the few stopped trading.
THIS AIN’T OVER! Wish we had better news. JUST WATCH THE STOCKS. The same people that caused all this are still running the show. What stupidity are they going to invent next?