So Stu yesterday we were talking how Much did how much did you say the FDIC Had in its full account Gosh I don't have the number up in front Of me still but I think it was a 128 Billion yeah something like that Something like that let's just be Generous say it's 150 because that's Over right yeah I think so okay so 150. In 2007 25 Banks 25 Banks Uh they had to be bailed out including Washington Mutual the single largest Bank failure in history Total of 526 billion dollars and that Was over 1’ months In the last five weeks We have had three U.S banks Banks fail And uh we're already over the 2007 total By six billion dollars This is the data from the Federal Reserve uh Um Uh and I I don't know if there's more to come Because the Federal Reserve is uh you Have to wait two years before they give You the official numbers so I'm not you Know can't we can't verify for two years Now that is adjusted for inflation But it doesn't include Credit Suisse a Month ago and we have no idea how much The Federal Reserve provided in Emergency lending there because it was
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Overseas a foreign bank they don't have To report anything again for two years Now you have Pac West and Western Alliance in deep trouble yesterday the Bank stock index lost 50 percent of its Value in the past two months It's starting to smell like a panic There are other Banks now on The Chopping Block So we are already ahead Of 2007 in bank failures compared to uh Uh you know 2007 were already ahead of That that's remarkable I mean there's no No feeling in the media no no uh no Indication to the average person that This is anywhere close to the size of What happened in 2008. ah And isn't it interesting that it took 27 Banks To equal uh five this time to beat five Five And the whole point of their crappy Legislation after this happened in 2007-2008 was to not to make sure these Big Banks don't get too big correct they Were supposed to avoid this exact thing Yeah and now now all of them are too big To fail and not now not only has a 21’ Billion Dollar Bank gone under but they Sold it to the largest bank in the Country so that one's even bigger First Republic now just think of this in Deposits okay just think of you know FDIC
All of this money isn't in deposits Obviously but first Republic 21’ billion Silicon 209 billion signature 110 Billion uh 94 billion in 24 other Banks And 43’ billion in the Washington Mutual Bank Okay so uh wow that's not good right So 21’ building to 209 billion 110 Billion You're already over your FDIC You're already over right just just that Which is one of the reasons why they do These forced sales correct and you look At it was 43’ in Washington Mutual Bank Well We've got that in two Banks two Banks uh Already this failure and another 110 Billion on what it took for a hundred Billion in 07 24 other Banks One Bank And it's over that And how where are you getting the money To bail all these these people out with Their deposits where where's that where Where in this case JPMorgan Chase I Guess right Now remember all that that doesn't mean All that money is gone right these Banks When they go under they just are they Sold but they sold to JP Morgan Chase For the good they they took the good Things that JP Morgan Chase could use It'll help them grow even bigger and They left on the table for the FED for Us
All of the stuff that's collapsing And we should also note that First National Bank would have collapsed Months ago if not for places like JPMorgan Chase depositing 30 billion Dollars into their account to keep it Afloat that already happened How much money they have given to these Banks already okay so let me ask you What caused the instability what what Caused Silicon Valley Bank to go Silicon Valley Bank was this basically they had Long-term Um assets so they take you know you Deposit a hundred dollars they take your Hundred dollars they deposit it into a Fund that pays two percent and then all The interest rates go up because the FED Decides to Jack them all up and suddenly Though the Investments they made Thinking you know it's long-term debt It's very you know we haven't had Inflation in such a long time When the inflation goes up it lowers the Value of those that hundred dollars they Invested so Mark to market now they Can't take the hundred dollars out Because it's locked into this investment Right and they can only get it at a Lower rate and they don't have enough to Cover the deposits that are there Correct just terrible risk management Combined with the FED doing something They hadn't done in 20 years okay so
That's what kicked off Silicon Valley Bank and and all of these Banks they're They're they're all out of whack yeah Partially I think it's partially in play Here with First National and then Signature had a little bit more crypto Exposure but that was which was a little Bit of that but you still also have the Problem that there is a tight money Supply right because of the the jacking Up of the rates so all things Everything's stopping okay Uh today The Federal Reserve is slated to raise Interest rates for the 10th time in over 1’ months The tenth time After their two-day meeting yesterday Central Bank expected to announce a Quarter point hike which would bring the Feds fed's Benchmark interest rate to a Level between 5 and 5.25 percent So that's great but they are saying But we think this will get it under Control if not we're going to have to do It again You're at a breaking point I I Know nothing about this stuff I know Nothing about this stuff but I know Enough to know you cannot continue to Raise interest rates Or you will break the back of the Economy But they're doing it anyway
Now what's the other thing that they say Could break the back of the economy The other thing is the debt ceiling If we don't pay our bills we're going to Be downgraded yeah yeah yeah we will So what is the plan The uh house says we'll negotiate White House won't negotiate we'll negotiate But if you want the debt ceiling raised You've got to cut spending now we'll Show you where we think you can do it But you got to cut it so where are you Cutting spending The White House says we're not now think Of this your inflation is caused by too Many dollars there's just too much we've Printed too much money that's why They're raising the interest rate that Brings that money sucks it back into the Treasury where they can burn it okay Get rid of it Our government Is borrowing more money which they then Have to print Far more than you and I are spending at TJ Maxx okay far more than all of Americans we went out and we just were On a credit card binge We wouldn't make a dent Into what the federal government is Spending And yet we're going to be the ones Paying the price Why is nobody up in arms saying you've
Got to cut the deficit you have to stop Spending money But the the Democrats In the house and the senate in the White House say Congress has to raise the debt Limit without any spending cuts or any Other conditions Screw you Where is my representation Sincerely where is my reputation my Representation Yes we can vote for clowns But they have given away their Responsibility they have given a given Away the only thing that can be done With an out of control government is to Cut the budgets and bring it back under Control that's the job of Congress But they gave that away in 2008 we don't Care anymore Well how am I being represented how are You being represented the they don't They don't care They'll they'll bail everybody's uh you Know college funds out they'll bail them Out because they don't have to answer to You it's being done through the Administrative arm That's unconstitutional and what are They doing they're saying that a debt Ceiling uh from Congress is Unconstitutional they don't need it They're actually now pushing that that Constitution doesn't say anything about
A debt ceiling no because our Constitution says pay your debts It's unbelievable It's unbelievable that's actually their Argument too that it Constitution says Pay your debt so even if yeah even if Congress makes a law saying we have a Debt ceiling we can ignore it because The Constitution because you know look The left cares about the Constitution You know the buy Administration just They're super constitutional it's all They care about they want to make sure They're very loyal to that document so That is actually the argument they're Making behind the scenes and they've Been floating to the media now there's Oh well they're having these Conversations and Joe Biden's not sure If this is actually the right way to go But this is what they're just some aides Are bringing it up they're always doing This including this and uh look you know And even if it's not sure he'll just do It anyway he doesn't care he will just Do it anyway evidenced by the Student Loan program which obviously is Unconstitutional obviously and he's Doing it anyway I wanna
