Gary Cohn, the previous director of the National Economic Council under former President Donald Trump, discusses the Silicon Valley Bank collapse and why depositors have found it challenging to withdraw their money. #CNN #News
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The way he described on how the banking system works sounded like a Ponzi scheme to me!😏😅
@Bruce Williams 😄
Then you obviously don’t know what a ponzi scheme is.
Yup almost sounded like what happened to enron
Biggest “LEGAL” ponzi
If the taxpayer loans a bank money on the national credit card we should get nothing less than a 30% interest rate on money loaned to banks.
Seriously? You do realize where US banks get their money from, don’t you? You’re basically asking to tax yourself. Do yourself a favour and watch Episode 4 of “The Hidden Secrets of Money”.
WOW – good job we have experts as no one would have thought of that
My father once said to me if America catches a cold the whole world sneezes
My professor use to tell us that
@a exactly. The American greed is that 💩
It’s funny how the CEO of Silicon Valley Bank took out his share before the bank went under
would you ?
@Clark Thompson more like if East Palestine Ohio had more democrat donors they would be getting a bailout also.🤪
If only ordinary citizens had the pleasure of being bailed out when they mess up
@Alex Phoenix if regulations is what kept banks operating properly why haven’t more gone down?
@Alex Phoenix I completely understand what you’re saying. My question is simple. If it was deregulation that caused this and not bad decisions why haven’t all banks fallen like svb has?
@Middle Guy Hmmmm…. well… that’s not always easy to do. Too many players obfuscate such information.
Please directly address the points I’ve raised. You’ve not. Instead, you’re just throwing up more flak. Prove how I’m wrong on the points I’ve raised.
As I stated multiple times, this bank lobbied to deregulate the policies that would have forced them to hold such “cash” to cover their losses. Did you not read what I wrote?
You stated that regulations shouldn’t matter, then state you’d support the very regulations put in place after 2008, which Trump’s government removed. So, which is it? Do regulations matter, or don’t they?
I stand by my original comment.
This being released on Sunday afternoon tells me that they already know there’s gonna be a run on the banks tomorrow and it’s too late to stop the panic.
@NewAge You better get some toilet paper tomorrow.
You might need it .
@NewAge so a few points, there already WAS a run on this bank, second I agree if people has less than 250,000 than there’s no reason to panic (though many had more than that amount), 3rd the comment that you’re responding to is basically just reiterating what the moron in the video is saying as is the thumbnail, they “he” is recommending to pull your money, which in reality is that it’s too late now anyway.
So yeah this is a terrible news story to post, and is designed to illicit panic for clicks. Shame on CNN for this.
They can see it in the digital statements now!
I don’t think there’s going to runs at other banks. That makes no sense.
”It’s easier to rob by setting up a bank than by holding up the bank clerk”
Don’t know who that is, but I agree with the idea.
Berthold Brecht bricht durch lol😂
💕 Brecht 🥰
Bankers need to be thrown into jail, plenty of Bankers who were responsible for 2008 crash got away with the crime and even made a lot of money
😆I assume you live in the U.S. therefore you SHOULD know how we operate here.
His defense of the Dodd-Frank regulation change was unconvincing.
@kay armstrong I don’t expect him to vote for Biden. I am talking about the Republican primary. Why wouldn’t he support DeSantis, for example?
I’ll say. Hedging and hawing.
@Nadia Silvershine I think he’ll vote for the nominee. But you know he’s not going to say who he’s supporting yet! I certainly hope it is DeSantis because I really like him. I am ready to move on from Trump AND Biden.
@kay armstrong The advantage of DeSantis is….he is not Trump!!!!!!!!!
@Nadia Silvershine Agree. That is a huge advantage, but his education and background are VERY impressive. DeSantis is a Yale graduate and was Captain of the baseball team. Then he was a teacher at a private prep school. Went back to school and got his law degree from Harvard. Joined the Navy and represented a prestigious seal team. Then stayed in the Naval Reserves while he was a Congressman. Now twice elected very popular Governor to the 3rd most populated state. Runs FL on 1/3 the budget of New York which now has fewer people than FL. Handled all the hurricanes easily. Want our medicines and medical supplies made in America rather than China. I could go on and on about his policies, but I’m tired of typing. HE is my choice for President because Independents and Dems voted for him as well.
The government needs to clawback bonuses given to SVB employees just before the government took over the bank.
@7.62: What’s wrong with getting those bonuses back from the SVB employees?
For real! What bank did they put it in?or where is the money they got?
He immediately puts the threat of pay to the little guy as a reason to bail out billionaires
@MorpheusΩne same tribe
@LoneGerman: Is that a _`Buy-Bull` `cOnSpIrAcY tHeOrY`_ or is it of some other mythology?
@dreamcoyote No there is no difference. If you lost your money then you lost your money. That’s capitalism. As long as the bail out continues the policies wont change either.
Bankers constantly call for deregulation and when they mess up, they ask for a bail out. The whole banking system is a joke.
@Skippy That’s bc they’re both very likely … smarter than you!
@Charles G Than why don’t you move to Cuba, Venezuela or Russia?
@Alay Patel good my friends are fine then stop complaining cnn viewers it’s time for your sixth booster all this will go away once you have your booster.
@John Dough haha! Probably so! 👌
And as a self fact check, I pursued where that originally came from. I found out that $640 million was a cherry picked number – the highest in the range in an estimate of $127 million to $640 million. (That range tells me the quality of the estimate = 💩). And of course, the original estimate was derived by a supposed political watchdog group – one that mainly spins numbers for Democrats to use as political weapons. They‘re nearly as dishonest as Tucker and the gang. So I take back my criticism until I find out otherwise. Cutting through political dishonesty takes time and effort.
All my concern is for the SVB CEO, i know he sold 3.3M in shares 1 week before the collapse happened. That amount simply is too small and we should all be concerned for his well-being. Any bailout must first include the CEO’s bonuses so there is no way he will lose any of his extra mansions and sports cars
We have to empathize a little bit. The CEO must be going through some stress now.
If what you say is true, this CEO will have to pay tax on this cash.
@Gia Lâm HUYNH weird comment. You should tell everyone who lost their life savings to emphasize with him ?????
Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
@Bastian Russo wow!!! how are you able to achieve all that given that the market has being a mess most of the year?
@Louisa Irvin I learned that from my mentor, ”KAITLIN ROSE STERNBERG” she’s seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next.
@Bastian Russo Thank you for this wonderful advice. I simply Googled the person’s name, discovered her website, and wrote to her outlining my financial market objectives. I hope she gets back to me soon. Gratitude once again
Just like SVB huh?
Bank insiders including the CEO had been selling their shares in the weeks prior to the collapse and as security was shutting the doors and sending customers away in the back offices staff were rushing to award themselves financial Bonuses which they transferred to other Banks .. this bank run needs to be investigated thoroughly ..
What banks did they move their money to?
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
For the first time in our history, an entire generation has collapsed without having been taught financial literacy, civics, or the idea that Google will solve all of their issues if their parents won’t. Trophies for participation are about to arrive.>
@Stevens Middlemass Asking for advice or assistance from a consultant or investment coach is the best line of action if you lack market understanding. Even though it sounds cliche or apparent, talking to a consultant has helped me stay afloat in the market and increase my portfolio to roughly 65% since January. That, in my opinion, is the current most successful strategy for breaking into the industry.
@Patricia Martin Mind if I ask for recommendation on this coach that guides you?
@Rose Roland <>
@Patricia Martin She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people’s cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today’s economy, assistance is critical if we are to survive.
In this moment, when you can use a capable portfolio advisor to passively learn about and experience a fully varied market, it has never been easier to understand how to increase your money. The implications of a rising or declining dollar on assets, in my opinion, are difficult.
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it’s how I’ve managed to stay afloat in the market and increase my portfolio to roughly 65% since January. It is, in my opinion, the best way to get started in the industry right now.
@Compton’s Finest Where may one locate an experienced FA? I like the notion of employing their services, but it’s terrible that recent stock market tragedies have started to happen more frequently.
@Tate loves Tesla I encountered Yvonne Annette Lively through a CNBC interview, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I’m interested. You can hunt her up online if you require care supervision.
@Compton’s Finest Insightful… I was curious after reading what you shared, so I Googled her name. I came across her webpage.
Bad start to the year with these banks collapsing, META down 40k, ALLP down 35k, Draft Kings down 6k, NIO down 15K, ABML down 8k, and my wife doesn’t know. I’m just hanging on to Jim Cramer’s words about opportunities in volatile times so perhaps, I either wait for a recovery or pick profitable investments to substitute for my loss.
There are quite frankly a number of ways to make high yields amidst volatile times, but such trades are best done under the supervision of a portfolio-coach
@Willie Yeager I agree with Willie on having a portfolio coach, also patience is your best friend here. I’m a huge investor and cant afford to take the risk of investing by my knowledge, rather my portfolio is overseen by a license advisor, since late 2019 amidst rona-outbreak till date. I’m only about $86k short of closing in a $1m ROI
@Lowcostfresh 2266 magnificent parameters! can you please share more info on the coach that guides you? really could save me much
@Tom D Cant divulge much, her name is Melissa Scott Glazner, most likely, the internet is where to find her basic info, kindly research.
I lost over $70K when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that’s what everyone said.
I’m still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market,
I’m really grateful I find one source to recover my money, at least $9k profits weekly. Thanks so much Mrs Cynthia M. Levi
Mrs Cynthia changed my life because of the huge profits I got from investing with her.
I invest with Mrs cynthia too, she charges a 20% commission on profit made after every trading session which is fair compared to the effort she put in to make huge profits
please I’m new at this, how can I reach your broker?