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11/23/2024 - Russia’s hypersonic missile attack on Dnipro two days ago was originally reported to be from... Read More
11/22/2024 - Yesterday the new Prophetic Year began. It began later than usual. Normally, it begins within the... Read More
11/21/2024 - David was a man of war; Solomon was a man of peace. David was allowed to make preparations for the... Read More
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View Full Tract ListYesterday, March 16, Credit Suisse was bailed out by the Swiss National Bank with a loan of nearly $54 billion.
Credit Suisse on Thursday said it is exercising an option to borrow $53.75 billion (CHF 50 billion) from the Swiss National Bank, as it looks to stave off concerns about its liquidity a day after the crisis-ridden bank’s stock plunged to a record low.
At the same time, First Republic Bank, a large regional bank in California, was bailed out by some of the larger US banks with a $30 billion loan.
March 16 (Reuters) - Large U.S. banks injected $30 billion in deposits into First Republic Bank (FRC.N) on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size U.S. lenders over the past week….
Some of the biggest U.S. banking names including JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N), Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N), Goldman Sachs (GS.N) and Morgan Stanley (MS.N) were involved in the rescue, according to a statement from the banks.
Bailouts spread “contagion.” It will be interesting to see how long it takes to use up the bailout money. To put it another way, how long will it take for the depositors to withdraw the bailout money, putting the bank back into the same adverse position? Because of the principle of fractional reserve, keep in mind that if depositors withdraw $3 billion, it would wipe out the entire $30 billion bailout.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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