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Michael Hudson gives a wide-ranging talk on SVB and other recent bank collapses, focusing on the considerable role of misguided Fed policies
(Bloomberg) -- Switzerland’s largest party said it was against a state guarantee for Credit Suisse Group AG, signaling increasing hurdles for additional support for the lender. “The government shouldn’t give Credit Suisse a state guarantee,” Thomas Matter, a member of the right-wing Swiss People’s Party’s leadership team said on Thursday. “The Swiss National Bank was responsible for providing liquidity to Credit Suisse, and the SNB has acted.” That contrasts somewhat with the second-largest party. A spokesman for the Social Democrats said they wouldn’t oppose a state guarante...
(Bloomberg) -- Risk assets got pummeled as fresh turmoil at Credit Suisse Group AG days after the collapse of some American regional banks spurred a frantic rush for cover, evoking memories of the 2008 global financial crisis and bolstering speculation that major central banks will have to hit the brakes on tightening to prevent a harsher economic landing. Traders on edge hit the sell button on equities as a plunge in the Swiss lender’s shares ignited a financial industry selloff, engulfing even big names like JPMorgan Chase & Co. and Wells Fargo & Co. First Republic Bank led a rout in US re...
Shares in regional lenders were under pressure, even after regulators unveiled a vast backstop for U.S. banks after Silicon Valley Bank’s collapse