Banks Are Failing - March 13th, Hour 1

Several Silicon Valley banks failed over the last week and President Biden has said that the federal government will backup all deposits so that everyone is kept whole.  Biden says this will happen "without the taxpayers being on the hook."  If the taxpayers aren't going to pay, who will?  Bidenomics is clearly failing.

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Episode Transcript

Speaker 1 (00:00):
All right, thanks Scott Shannon, and thanks to all of
you for being with us. Lots to talk about today,
eight hundred and nine four one, Shawn, if you want
to be a part of the program. Obviously, the issue
of banking in America is top of mind for everybody.
You know, when you're being lied to and when you're

(00:21):
being propagandized. When everybody in administration, and then the media
follows Soup because they're in the pocket of the Democratic
Party starts they start using the same words, you know,
like Joe Biden, our banking system is safe, and then
Janet Yellen, American banking system is really safe and resilient.

(00:41):
And then the Office of Management Budget Director Landa Young says,
our banking system is resilient and secure. Meanwhile, yesterday Janet
Yellen was saying, you're not going to see a bill
out of the Silicon Valley Bank. Well, that lasted less
than twenty four hours before Joe, you know, stepped up.
There's a lot to cover here, and you have the

(01:05):
FDIC now taking control of this first bank, you have
a second bank now closing, and you know, I know
you're hearing a lot about the convoluted technical explanations. But
what we see happening in America's banking system. But the
root cause of bank collapsing is quite simple, and that's
after two years of record breaking Joe Biden inflation, America's

(01:29):
banking system has started a crack under the pressure. Now
in the case of Silicon Valley's bank collapse, we have
we've had fifteen years of record low interest rates in
this country and then Biden inherits one point four percent inflation.
It's a joke, by the way, when he says this
is Donald Trump's fault. You know, he has blamed Donald

(01:50):
Trump for the border. He has blamed Donald Trump for
even the Chinese by balloon. He's blamed Donald Trump for
Russian aggression, open border inflation, the East Palestine, you know, crash,
the refugee program, budget deficits. Now bank failures. I mean,
if the dog bites the beast things you're feeling sad.

(02:11):
It's not Joe's fault, it's Donald Trump's fault. But this
is how sick they are. But you have in this
case in Silicon Valley banking, you know that they ended
up with interest rates being so low, you know, buying
ten year treasury mortgage backed securities, and when they started
rapidly raising interest rates, you know, they they ended up

(02:33):
to meet deposit or withdrawal demands. They ended up cashing
in those those ten year notes and massive losses, I
mean massive, which which led to where you know we were,
you know, on Friday. And now the question is how much,
how widespread will this potentially become, especially now that you

(02:55):
have the second major bank closing. You know, I hear
a lot of people talk about this, but they're not
talking about the root cause of this collapse, which is
very simple. You know, inflation was at one point four percent,
went as high as nine point one percent. It's still
not under control. America's banking system, you know, at some

(03:15):
point started to crack under this pressure. Silicon Valley's bank collapse,
you know, is rooted in the fact that they had
artificially low interest rates that they maintained, and then of
course the inflation caused by Biden's economic and energy policies.
A lot of these problems were preventable, you know, resulting

(03:37):
in oh, we invested our money in in ten year
treasuries and mortgage backed securities, and uh, yeah, we need
the money back to make our bank keep working, and
you know, people like Jamie Diamond, you got to give
a lot of credit to he saw this happening back
in November at this particular bank. Anyway, So federal regulators
yesterday said that the New York based Signature Bank was

(03:59):
being shut down to protect consumers and the financial system,
you know, following the collapse of California's Silicon Valley Bank.
And then, you know, the most outrageous thing that Joe
Biden said is, Oh, it's it's not gonna cost the
taxpayers a penny, not one cent. Okay, then who's going
to pay for it? Yeah? Just to ask you, so,

(04:19):
where is that money going to come from to back
up all of these billions of dollars that they're going
to have to end up using to bail out everybody?
Because they're saying that, you know, even if you have
FDI c ensured, that that only ensures you up to
two hundred and fifty thousand dollars. And people that I
know that have money often will put two hundred and

(04:40):
twenty five thousand and one bank, another two hundred and
twenty five thousand in another bank. If you're really wealthy,
another two hundred and twenty five thousand in the first
at a third bank, because you get the protection in
every single bank, and now in this case Silicon Valley
in their case, you know, they were putting it all
in this one bank, and now you the taxpayer or

(05:01):
you're going to be the ones on the hook for
there's all of us are going to be on the
hook for this, and it's not going to be pretty.
But anyway, they've now assumed controlled s VB is how
they referred to the Silicon Valley Bank. And anyway, if
you look at what happened here, it is, you know,
according to regulators or March tenth, they took custody. It's
the sixteenth largest bank in the country, the top lender

(05:24):
for American tech and life sciences firms and startups. According
to the press release, the collapse of this bank is
the largest failure since the Washington Mutual in two thousand
and eight, during the last major banking crisis. The FDIC
is set up, you know, they set up a so
called bridge bank, the Deposit Insurance National Bank, and they're

(05:46):
saying now that everyone's investments are going to be safe
and you'll have full access to your money starting March thirteenth,
meaning today, And although the main office and branches will
reopen beginning next week, how do you have access to
all your money if they're not going to be opened anyway.
Side note, the FDIC added it will pay uninsured depositors

(06:09):
depositors and advanced dividend within the next week and we'll
receive a receivership certificate for the remaining amount of uninsured
funds and anyway, but what's happened here is the massive
interest rate hikes because of Biden inflation caused by Biden
economic policies and Biden energy policies, you know, have caused

(06:30):
the value of bonds to fall, particularly those that take
many years to mature. Turns out SVB invested heavily in
all of those and anyway, they they got caught, is
the bottom line here, Bees you know, suffered significant losses.
Heavily invested in US treasuries and mortgage backed securities, which

(06:54):
have all taken a beating, and their shares fell more
than sixty percent after a March eighth announcement, out nine
point four billion in market value. And there were people
that saw this coming early. Apparently Peter Thiel was one
of them anyway. So the Treasury and the Fed have
said the FDIC announcing their steps, et cetera, et cetera,

(07:14):
and they think that this is going to satisfy people.
If you have concerns about your bank, you need to
look into it. Because the people that actually looked, you know,
in the weeds, whose job it is to look in
the weeds, saw what was happening here long before it happened.
As I said Jamie Diamond, he first mentioned it in November.

(07:36):
I have the article here somewhere in front of me.
I don't know where I put it, but you know,
this is deep and profound. If some people are seeing
stuff and we're not seeing it, why are they seeing it?
You know? And I think you can make a strong
argument that they don't deserve a taxpayer bailout, and Biden
making the point that is not a taxpayer bailout is
just a lie, and him saying that the spanking system

(08:00):
is safe. I don't. I don't particularly believe in that,
have confidence in that. And then you get into the
weeds of this particular bank. You know, first of all,
the FDIC has less than half the cash on hand
that they need to bail out depositors at these two
failed banks, in spite of Biden insisting this morning the
taxpayers won't be on the hook for bailing out depositors

(08:21):
of the two banks. So my question is, where's that
money going to come from. The FDIC has one hundred
and twenty eight billion of cash on hand deposits at
the failed banks, or two hundred and sixty four billion
dollars according to the latest data that I was able
to find available. You have Biden Treasury officials asleep at
the wheel because inflation was ravaging these banks and their

(08:45):
balance sheets. Charlie Gasparino had a great article in The
New York Post about this, explaining that Biden's top treasury officials,
you know, we're totally out to lunch as these storm
clouds were beginning to gather over America's banking them. The
way he put it was the Biden administration's economic priorities
were focused on encouraging investments in woke causes as the

(09:09):
markets and economy began stressing out over the FED interest
rate hikes. SEC chief Gary Gensler's supported who's supposedly out
there to protect small investors from stock scammers, was busy
pushing public companies to make costly and unnecessary disclosures about
their carbon footprint. Janet Yellow, the Treasury Secretary, was more

(09:31):
concerned with Ukraine than the US banking system, while musing
that the Supreme Court's decision on Row was somehow bad
for economic growth. So we've had massive spending paired with
zero interest rates until inflation forced the Fed to raise
rates to stop Biden inflation, and the GOP, you know,

(09:51):
took the House to hopefully curb you know, these idiotic
impulses that they have that they think are going to work.
You know, I'll give you one exam couple just days
before the Silicon Valley Bank collapsed in part because their
executives were focused on woke programs, programs some five billion
dollars worth. I mean, you can't even make up this

(10:13):
stuff that this is the type of thing that would
take place. By the way, the Silicon Valley Bank CEO
sold three point five million in shares just two weeks
before the collapse, I'm sure it was a mere coincidence.
And less than twenty four hours before their collapse. Silicon
Valley Bank, you know, known throughout the tech industry as SVB,
hosted a private dinner for dozens of people at Perry's

(10:37):
Steakhouse in Grill in downtown Austin. One guy that attended,
you know, said he ordered a specialty pork chops. That
I was expecting that sv B would address the elephant
in the room, but nobody said a thing about it.
And Silicon Valley Bank employees guess when they received their
bonuses Friday, just hours before the government took over at

(11:00):
timing seems a little odd too, But Joel Ry Joe
Biden is saying the banking system is safe and he's
monitoring what's going on. And Janet Yellen now says it's safe.
Janet Yelling yesterday said they wouldn't bail them out. Now
they are bailing him out. By the way, it turns out,
you know, we keep hearing about well, Donald Trump, it's
Donald Trump's fault. No, not Donald Trump's fault. Turns out,

(11:22):
former Congressman Barney Frank, Dodd Frank, author of Dodd Frank
in the banking legislation. He was on the bank board
of Signature Bank, the other bank. You know, I mean, this,
this is insanity. You can't even make this up. You know,
first Republic is on the brink. Bank shares plum at
seventy four percent in pre market trading. You know, they're

(11:45):
trying to say, well, we've got to contain this. We
can't let this become a contagion, meaning spreading becoming widespread.
I mean, it's um it's it is that bad, it
really is, and it's that nerve racking, you know. But
the idea that, just like the border is caused by
Donald Trump, I'm saying donald Trump did this is it's nuts.

(12:07):
Banks didn't collapse under Donald Trump. We had secure borders
under Donald Trump. Everything they claimed that Donald Trump did,
everything was working. We didn't have Chinese spy balloons under
Donald Trump. Russia didn't invade Ukraine under Donald Trump. Inflation
was at a very low one point four percent with
Donald Trump. Donald Trump didn't cause the East Palestine train

(12:31):
crash either. You know, Donald Trump didn't need a refugee program.
You know, the budget deficit. Look at this latest monstrosity
of a budget proposal put out by Joe Biden. It's insane,
but you know that's what Democrats do. Silicon Valley Bank
imploded in a single day. It could be the just

(12:52):
the tip of the Iceberg business insider Peter Thield's founders
of fund withdrew millions from the bank. Why because they
read they they read the deep details in the bank's
finances and they came to the conclusion this isn't being run. Well,
that's that's that's being responsible to his investors. He can't

(13:14):
he can't single him out and say, well, why why
did you sell out? Because I saw that the underlying
finances of this bank were in trouble, just like Jamie
Diamond saw in November that this was in trouble. So
if they saw it, why didn't yell and see it?
Why didn't the head of OMB see it? Chalonda Young?

(13:36):
Why didn't Joe Biden see it? Why didn't Kamala Harris
see it? All Right, so they don't have enough cash,
Joe Biden lies and says it's not going to cause
taxpayers a dime for these bank pailouts. Uh. Biden's Treasury
officials were asleep at the wheel as inflation was, you know, roaring. Uh.

(13:56):
They didn't think that these banks had had bought ten
year treasury notes. They didn't think or they were buying
mortgage backed securities. And for them to have to cash
in and lose all of that money to even begin
to meet their own customers demand was ridiculous. But they
did have enough money to go to dinner an expensive

(14:18):
steakhouse the night before. We did have the CEO cashing
out what three and a half million dollars in stock?
Two weeks earlier, we did have the Silicon Valley Bank
handing out bonuses just hours before the bank collapsed. Bank officials,
you know, spending what some five billion dollars and bragging

(14:40):
about being a woke company. Why are they being forced
to be a woke company, because that's exactly what it is.
Silicon Valley Bank commits to five billion and sustainable finance
and carbon neutral operations to support a healthier planet. This
is insane. You know they're they're more scerned about wokeness.

(15:01):
How much money did they waste? Five billion dollars worth
did they spend the full five billion? Will continue solid
as a rock, honest, cruful. This is the Sean Hannity Show,

(15:24):
all right, twenty five to the top of the hour,
toll free. It's eight hundred and nine for one, Sean,
if you want to be a part of the program.
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let me go back to November. In November, and there's

(17:11):
been a couple of people whose names pop out as
having been right about biden Omics from the get go.
One believe it or not, it was Obama. What was
what was Laurence Summer's job? Was he Treasury secer? I
think it was Treasury secretary? I forget anyway, He's been
right the whole time about biden inflation. He said early on,

(17:33):
it's not going to be transitory. Also talked about what
needed to be done in terms of raising interest rates
and how to do it. They didn't quite listen to him.
He was the Secretary of the Treasury anyway, And another
one is is Jamie Diamond was that a JP Morgan.
Now JP Morgan themselves they warned in November. Now, if

(17:56):
JP Morgan is warning people in November about this particular bank,
Silicon Valley Bank or SVB, then you would think that
the government would take note. You know. One of the
things I like to do in my life is listen
to smart people and then I take their smart information,
I process it as best I can, and then try

(18:18):
and pass it on to all of you as best
I can. Because smart people usually they're just the people
that are really really brilliant in certain areas, and I
think JP Jamie Diamond is one of them. Anyway, what
they predicted at JP Morgan was that this bank SVB

(18:39):
had sixteen billion dollars in unrealized losses and how it
could pose a serious risk according to an analysis the
report reviewed by The New York Post on Sunday, and
this is after the collapse on Friday, and anyway, JP
Morgan released their now troubling research to holding a deep

(19:01):
dive or doing a deep dive webinar with SVB CFO
Dan Beck. According to the report, should the balance of
the deposit outflows and inflows persist for longer than expected?
Another key topic was discussed is the risk that SBB

(19:22):
will need to sell underwater held to what's called HTM,
it's mean held to maturity. I've been telling you that
they had all of these investments, their ten year treasury investments,
their mortgage backed security investments, that the treasury investments were
ten years, and now all of a sudden, interest rates

(19:43):
are going up, and now all of a sudden, the
money that they have in treasuries isn't worth anywhere near
what the market is performing at. And they said at
the time, should the balance of the deposit outflows and
inflows persist for longer than expected? Another key topic discussed
the risk that this bank SVB will need to sell underwater,

(20:05):
meaning at a loss HTM securities and realize the losses,
and the focus of the investors, you know, rapidly shifted
to the company sixteen billion unrealized losses to their they're
held to maturity securities portfolio, which was extensive. Should you know,

(20:28):
should this in fact happen and they need cash? Well,
that's exactly what happened, and JP Morgan analysts were largely
optimistic about the bank and even gave it an overweight rating,
meaning the stock's value would increase. But that was temporary.
But you know, there's a reason that a lot of
these smart people saw this coming, because these are people

(20:50):
that's their job to read, you know, the fine print
and the details that none of us will ever have
time to read in our life. Anyway. There's an article
out today, The headline is in the Epic Times. Mortgage
Stanley warns investors to sell stock rebounds that may follow
the government intervention in the SVB collapses. What they're saying now,

(21:12):
and this is the reason I never give out medical advice.
I don't give out financial advice. I tell you what
I like and don't like. But I always also add,
you know, talk to your own financial people and ask
ask them. But Morgan Stanley as their top investment officers
advising investors to sell any rebounds in stock prices that

(21:33):
may follow this regulatory support measures since the collapse of
SVB B, and they suggest selling any bounces on a
government intervention to quell the immediate liquidity crisis at the
bank and other institutions until we make you know, new
bear market lows at a minimum. This was written by

(21:55):
Mike Wilson, Morgan Stanley's chief US equity strategist, and first
reported by Bloomberg News just earlier today. Anyway, he's considered
among the most bearish investment strategists on Wall Street and
successfully predicted a stock selloff last year and the October rebound.
So you're not dealing with the dummy here. Something to

(22:15):
pay attention to as you move forward with all of this.
But you know, there was a Andy Kessler, writing in
the Wall Street Journal today said, you know, he pointed
out the amount of money. Well, first of all, in
January of twenty twenty, SVB had fifty five billion in
customer deposits on their balance sheet. Two years later, they
had one hundred and eighty six billion on their balance sheets.

(22:38):
He said, there, in many ways they're a victim of
their own success. But because these deposits were often from IPOs,
and you know, they banked almost half of all the
IPO proceeds in the last two years, and most startups
had relationships with the bank. And what he pointed out

(22:58):
is that a lot of the money. You know, that's
a lot of money to put to work, and some
of it was lent out. But with staring stock prices
and near zero interest rates, no one needed to take
on excessive debt, and there was no way that SVB
was going to initiate one hundred and three billion, one
hundred and thirty one billion of new loans. So the
bank put a lot of their money and new capital

(23:21):
into higher yielding long term government bonds and eighty billion
dollars into ten year mortgage backed securities paying one point
five percent instead of the short term treasury paying point
two five percent. That's a big mistake that was made
by them. Also talked about their wokeness, which I mentioned earlier,

(23:41):
which was not wrong either on any point. There is
an issue evolving NBC and CNBC analyst Jim Kramer. Look,
how do I say this in a nice and honest way, Lenda.
You ever watched Jim Kramer's show. We actually booked him

(24:03):
once he was here. Yeah, how long ago was up?
Oh my gosh, it was when I first started. It's
over ten years at least. It seems like a likable guy.
But you know, he's got this this mania kind of
stock show, and he's you know, he rolls up his
sleeves and he knows everything. It's it's too much for me.
I can't take it. But I watched a show and

(24:24):
I'm like, I'm watching and watching and watching, and I'm like,
I'm not taking financial advice from this guy. I'm just not,
absolutely not. And anyway, it turns out that the Mad
Money host recommended to his viewers, which is very little.
By the way, he does not have many viewers that
they buy shares of this bank, Silicon Valley Bank's parent company,

(24:46):
which owns the tech driven commercial lender that swiftly collapsed
on Friday, and he said it was the ninth best
performer to date, as ben s v B Financial, and
then he told viewers on February eighth that he listed
sv BE Financial among its biggest winners so far in

(25:06):
twenty twenty three Lepsie Daisy. But I would I would
think that they run a disclaimer before that show. If not,
they should, I doubt it. Goldman Sachs said it didn't
expect a federal interest rate hike now as a result
of this in March, which Jerome Powell had predicted pretty
much said would happen last week. Of course, the politics

(25:30):
Joe Biden is blaming, you know, Donald Trump, which is
a joke on a million different levels. But there are
a lot of risks to this ballout strategy. If they
guarantee the deposits without congressional approval, they're gonna face a
lot of legitimate legal questions, that's for sure. And the

(25:50):
White House is gonna seemingly choose to jam Speaker McCarthy
if markets aren't calmed down. But that's not mycarthy's job.
McCarthy does have a fiduciary responsibility to we the American taxpayer,
unless he's going to buy the lie that we're not
going to be the ones on the hook for this.
That's just an outright lie. In Business Insider that had

(26:14):
an interesting piece about Silicon Valley Bank and how it
could just be the tip of the iceberg. I'm not
trying to give you bad news, but it certainly has
to be looked at as a possibility. We already have
another bank taken over. But the bank's collapse is a
byproduct of the federal reserves hiking of interest rates by
seventeen hundred percent in less than a year. Once risk

(26:36):
free treasuries started generating more attractive returns than what SVB
was offering. People started withdrawing them money and the bank
needed a quick way to pay them, and that ultimately
forced them to sell off their ten year treasury notes
and also their market back securities. They had to sell

(26:58):
all of that to just to stay in business, and
it got to the point where they couldn't afford to
do it anymore because the losses were piling up left,
right and sideways. You know, when you raise interest rates
this quickly after fifteen years of low interest rates nearly
zero at some points, you know, you really you don't
have a lot of leverage at that point if you've

(27:21):
invested in a long term treasury bond for example. Anyway,
so s b B did a thing for the bank,
a normal thing under regular circumstances, and it ended up
working against them, you know, because they went long term
and they should have gone short term because they were
they were betting that interest rates would remain low. Now

(27:43):
now the Fed is in a pickle. What is the
Fed going to do here? Because if they raise interest
rates again, you know what happens in that case? Does
that now spur another round of bank failures? If they
don't raise it? How does it impact inflation? It but anyway,
panic had already there were some smart people that actually

(28:06):
do the reading and the ones like like a JP
Morgan or Peter Thiel's group, you know people. The way
it was written up was critical of Peter Eelam like
it sounds to me like Peter heel And as founders
fund had no money in Silicon Valley Bank that they
had taken it out in large part because they did

(28:27):
their research. Now the question that everyone's asking is this
going to be a contagion? You know, customers lining up
outside of First Republic Bank to get their money out.
Dozens of customers lined outside of First Republic Bank in
south southern California, eager to withdraw their funds in the
wake of the bank of Silicon Valley Bank. You know,

(28:49):
it's um it's this is a far bigger mess, and
I think most people are really understanding. And by the
way it's it's having you know, an impact on the
world economy. The British tech sector is now seriously at
risk after this bank collapse. I was an article written
abroad that I read, you know, from Wine Country. According

(29:11):
to the ape from Wine Country to London. As banks
failure shakes the worldwide markets. I think it was the
Daily Mail that pointed out this is not a one off.
Financial markets brace for more pain from Silicon Valley after,
you know, an a possible death spiral with First Republic,
pack West and Signature bank stocks now going down by

(29:32):
up to fifty percent and tech giants unable to access
frozen billions. He's what does the long term out output
an impact? Dramatic? What is Biden's answer? A seven trillion
dollar record budget with massive tax increases, wanting to raise
you know, the income tax by by five percent, race

(29:56):
taxes on small business, nearly doubling the capitol date gains tax.
He wants a tax on unrealized capital gains. We spent
a lot of time on that last week. A massive
increase again on corporate corporations, a Medicare tax, stock buy
back tax. I mean, none of this is supposed wall

(30:17):
for the economy, seven trillion dollars at a time that
we need to be cutting back. But just so you know,
because of Biden's incredibly dumb energy policies, we do have
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oil company Aramco reported record annual profit of one hundred

(30:41):
and sixty one billion dollars for twenty twenty two, the
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You're on the Sean Hannity Show. All right, a lot
of ground to cover today. Jim Jordan will be with
US Congressman Ohio, also the chairman of the all important
House Judiciary Committee, discussing his hearings, his approach to all this.

(32:37):
Will also get his take on this banking issue. Also,
our economists Steve Moore and Eju and Tony you're going
to be with us. We'll get their take on this
banking disaster. And I know a lot of you have
a lot of questions. The best advice I can give
you is listen to the smartest people you know, check

(32:58):
in with every financial advisor you like and respect, and
get their take on it. Anyway. Eight hundred and nine
four one. Sean is our toe free telephone number you
want to be a part of the program, Quick Quickbreak,
Jim Jordan's Next. As we continue,