Patricia & Christian talk to economist and author of “The Case For A Job Guarantee” Professor Pavlina Tcherneva about her chapter in the recently-published “MMT: Key Insights, Leading Thinkers”. Three Lessons From Government Spending And The Post-Pandemic Recovery: (1) The funding is always there. (2) Unemployment is a policy choice. (3) Large government spending is not the inevitable source of inflation. Also under discussion: the US debt ceiling drama, Universal Basic Income and more. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast All our episodes in chronological order: https://www.patreon.com/posts/43111643 All our patron-only episodes: https://www.patreon.com/posts/57542767 Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers” (2023): https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html LIVE EVENTS! Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/ To attend James K. Galbraith's Keynote Lecture, (June 15th, 2023, 1-2:30pm) RSVP at the bottom of this page: https://edi.bard.edu/events/ Relevant to this episode: All our episodes with Pavlina Tcherneva: https://www.patreon.com/posts/44405631 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/ Christian mentions Pavlina's lecture where she describes the “original sin” of money systems (that they necessarily create unemployment). That's in this episode, along with the route to “redemption” - Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Pavlina mentions the NAIRU (Non-accelerating inflation rate of unemployment). More here: https://en.wikipedia.org/wiki/NAIRU For an intro to MMT: Our first three episodes: https://www.patreon.com/posts/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Quick MMT reads: Warren's Mosler's MMT white paper: http://moslereconomics.com/mmt-white-paper/ Steven Hail's quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 Quick explanation of government debt and deficit: “Some Numbers Are Big. Let Me Help You Get Over It”: https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/ For a short, non-technical, free ebook explaining MMT, download Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf Episodes on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929 Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558 Our Job Guarantee episodes: Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701 Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/ More on government bonds (and “vigilantes”): Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https://www.patreon.com/posts/29621245 Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421 Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Apply for Dr Dirk Ehnts' Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here: https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/ MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757 We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos Show notes: https://www.patreon.com/posts/84268974?pr=true
Techonomics Season 3 continues this week with a special episode deep-diving into Arun's personal experience with Silicon Valley Bank's collapse and it's impact on his startup Model-Prime, and our usual banter on the topic. Find out what it's like to be in the middle of a prisoner's dilemma banking collapse as a founder. Do you keep your funds in SVB or get your funds to make payroll?
In March 2023 Silicon Valley Bank collapsed. It was the second largest banking failure in US history. The regulator, the FDIC, fired the management team and brought in a new person to run the institution while a buyer was found. As the former CEO of Fannie Mae, Tim Mayopoulus has experience of steering a bank through financial turmoil. He speaks to Sam Fenwick about how he steadied the nerves of SVB employees, customers and the global banking sector. Producer/presenter: Sam Fenwick (Photo: Man walking past SVB branch. Credit: Getty Images)
Where is the safest place to keep money? It's a question many people are asking themselves in the aftermath of the recent Silicon Valley Bank failure. Doug Andrew has been...
Silicon Valley Bank was found insolvement yesterday and was seized by the FDIC. How did it get to this point though? How did one of the biggest banks in the nation end up in the position that they are now in? Let's dive in and find out.(commercial at 13:21)to contact me:firstname.lastname@example.org:Silicon Valley Bank scrambles to reassure clients after 60% stock wipe-out | CNN Businesssource:Bill Ackman: Government should consider SVB bailout | FortuneThis show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5003294/advertisement
Building Abundant Success!!© with Sabrina-Marie
CEOWorld Magazine, Medium André Stewart was nominated for Los Angeles Times CFO & CEO Leadership Award in 2021.His latest Book: Epitome of the Mind: Unlock Your Full Potential for Better Health, Prosperity and Happiness, April 15.2023André Stewart is the founder and CEO of InvestFar Capital, Residual Roads Business Institute, and InvestFar, the first mobile app that lets you purchase, renovate, sell, or manage an investment property remotely globally. Have you ever felt overwhelmed or depressed? Been homeless, unemployed, or on government assistance? That was André's life path before entering the world of finance.Previously a commercial banker at Wells Fargo, Silicon Valley Bank and a private bank named OneWest Bank as an advisor to CEOs of startups, major tech companies, and high net worth individuals, everything changed when at the age of thirty-three, his doctor ordered him to quit. The stress was literally killing him, leaving André on the brink of cardiac arrest. André then discovered the knowledge of real estate investing and was able to achieve financial independence in less than seven months in that industry. Residing in Los Angeles, California, André is now on a mission to help others from all walks of life discover mental awareness and financial independence.His book, The Real Estate Investing Diet: Harnessing Health Strategies to Build Wealth in Ninety Days(August 2, 2022; Amplify Publishing) André shares practical tools and techniques for gaining financial independence and generating long-term wealth through real estate investing―without using your own personal credit or up front capital.Whether you have a bank account in the negative or a million dollars to invest, this book will not be like any other real estate guide you've read before. André not only gives you every single tool to make money in any real estate economic climate, but he also does so while navigating an unprecedented modern economy. If you want to be financially free in an unparalleled time in the history of any country, this is the book for you.© 2023 All Rights Reserved© 2023 BuildingAbundantSuccess!!Join Me on ~ iHeart Media @ https://tinyurl.com/iHeartBASSpot Me on Spotify: https://tinyurl.com/yxuy23baAmazon Music ~ https://tinyurl.com/AmzBASAudacy: https://tinyurl.com/BASAud
EPISODE CHAPTERS WITH FULL SUMMARIES ---------(0:00:01) - Managing Interest and Liquidity Risk (10 Minutes)We explore the importance of managing interest rate, liquidity, and credit risk together, focusing on cash flows, and understanding early warning indicators of liquidity risk. We also discuss the importance of focusing on future liquidity tracks versus past measurements as well as the risks associated with the failure of Silicon Valley Bank and the need to understand risks that can build up in hours, not days. Finally, we explore the need for credit unions to have a modern system in place that can track these risks in hours.(0:10:00) - Communication and Blame in Bank Failures (12 Minutes)The importance of having a clear communication plan in place, the finger-pointing that often occurs when banks fail, and the role that regulators have to play are discussed. Mismanagement is almost always to blame for bank failures, and how regulators may have contributed to the situation is explored. The FDIC and other government agencies used the crisis as an opportunity to call for pay raises and other regulations is considered. Lastly, the role of the CPA firm in the failure of Silicon Valley Bank and Signature Bank is examined.
Ready Set Blow Podcast with Randy Valerio and Chase Abel
Comedian David Hahn joins Randy in studio for his first appearance on the podcast. Randy opens the show by asking Dave if female celebrities get a lot of sexual attention from men because of their fame. This leads to the boys having a conversation about crazy plastic surgery in LA. They move on to have a wildly ignorant discussion about the gender pay gap. David talks about stereotypes, particularly those in the Asian community. The boys shift gears and talk about white collar crime in finance and the collapse of Silicon Valley Bank. Randy asks Dave about his day job doing home inspections. Randy asks Dave what it's like being a conservative Asian man in liberal LA. They close with the news - a Florida principle was fired for showing students Michelangelo's David and scientists successfully mated 2 male mice. Social Media: Instagram: @randyvalerio @readysetblowpodcast Twitter: @randytvalerio @readysetblowpodcast TikTok: @randyvaleriocomedy @readysetblowpod YouTube: @randyvaleriocomedy @readysetblowpodcast
“Silver is gold on steroids. After gold gets going, people start to look at the next big thing, silver takes off,” says John Doody, editor of Gold Stock Analyst. He talks about the factors contributing to the bullish outlook for gold and silver, including unresolved debt issues and the Federal Reserve's aggressive interest-rate hikes. He also discusses the deep-rooted cause for the recent banking crisis. "It's 2008 all over again. The banks are loaded up with bonds, [and] the value is way under what they paid for,” argues Doody. He explains that the Fed's rate-hike policy has diminished the value of bonds, leading to the death of Silicon Valley Bank since it had to sell bonds in losses to return money back to depositors. “The whole problem is really a problem for all banks,” he says. He believes that all banks are underwater in terms of bond holdings. Additionally, he contends that a cashless society is less likely because “people need cash to do transactions.”
In this episode, host Casey Stubbs interviews Tony Greer, the Editor of the Morning Navigator newsletter. Tony shares his background as an independent market analyst, discussing his experience as a commodity trader and equity salesman. He explains how he started writing a note to a client, which eventually led to the creation of the Morning Navigator newsletter with over a thousand subscribers. Tony also mentions his consulting business focused on risk management.Tony explains that he tracks four main narratives: equities, bonds/interest rates, foreign exchange, and commodities. He discusses the current weak dollar theme in the foreign exchange market and the deflationary theme in both bonds and commodities. Tony also highlights the non-linear chaos in the stock market, where violent rotations and various sector drivers create a challenging trading environment.The conversation dives deeper into the relationship between these narratives and how they impact each other. Tony emphasizes the importance of monitoring interest rates as a lead narrative, which influences the strength or weakness of the dollar. He explains that while rising rates typically strengthen the dollar, the current economic conditions and potential recession may create different scenarios. Tony doesn't believe in fixed rules about the dollar's behavior during specific economic periods but instead observes trends and market psychology.Listeners gain insights into Tony's trading approach, where he looks for short-term trades based on themes in the FX market that can be expressed through passive sector ETFs in the US equity market. He also mentions the potential for longer-term trades that extend beyond the initial timeframe due to favorable market conditions. Tony concludes by highlighting the importance of having a trading plan and principles aligned with the underlying market drivers.Casey and Tony discuss their approaches to currency trading. Casey prefers to analyze weekly charts and ride the trend, while Tony emphasizes the importance of observing trends over various timeframes and identifying trend changes.Navigating the markets can be challenging and overwhelming, requiring careful observation and analysis. Tony highlights the significance of studying weekly and monthly closes and shares how he shares his observations in his newsletter and quarterly playbooks for his subscribers.Tony explains the importance of identifying pressure points on charts, such as moving averages and trend lines, and aligning them with macro factors to understand market trends better.They discuss the significance of major trading events, such as rate reversals, and how they can shape market trends. Tony shares an example of how he capitalized on the dramatic turnaround in rates after Silicon Valley Bank blew up,The Physician Syndicate: Angel Investing | Venture Capital | Startups | Personal FinanceThe Physician Syndicate Podcast: A podcast for physicians to jump into the startup world. Listen on: Apple Podcasts SpotifySupport the showConnect with Casey: LinkedIn: https://www.linkedin.com/in/caseystubbs Twitter: https://twitter.com/caseystubbs316 TradingStrategyGuides.com: https://www.tradingstrategyguides.com/ Email: email@example.com
Reggie Young and Alexandra Barrage dive deep into the FDIC's significance in the financial space of both banks and fintech. They talk about the FDIC's functions, compositions, and scope of authority, while analyzing how the collapse of Silicon Valley Bank, Signature Bank and First Republic Bank affects fintechs and their relationship with the FDIC.
Melissa Widner is the CEO of Lighter Capital, the pioneer and leader in revenue-based financing for tech startups, founders, and companies. Seattle-based Lighter Capital is backed by National Australia Bank and Silicon Valley Bank as well as US VCs. Previously, Melissa was the Managing Director of NAB Ventures, the VC arm of the National Australia Bank, and a General Partner at Seattle based SeaPoint Ventures. She was the founder and CEO of 7Software, a Silicon Valley based enterprise software company acquired by Concur (Nasdaq: CNQR, acquired by SAP). She was also the CEO of Northwest Industrial Supply. Under her leadership, both companies generated over a 10X return to investors. She is the co-founder and Chairperson of Sydney-based Heads Over Heels, an organization that supports women entrepreneurs running companies with high growth potential.
When banks like Silicon Valley Bank and Signature Bank went under, many people believed that we were going to start experiencing what we did back in 2008 during the "Great Financial Crisis". While these things definitely rhyme, what we saw a couple months ago versus what we saw more than a decade ago is actually much different. Host: Nic Daniels BFA™, Financial Advisor The Real Money Pros https://www.therealmoneypros.com ————————————————————— SPONSORS: Academy Mortgage: https://academymortgage.com/?lo=dave-perry&utm_source=podcast&utm_medium=description&utm_campaign=show_sponsor Lively (HSAs and FSAs) https://livelyme.com/pro Tree City Advisors of Apollon: https://www.treecityadvisors.com Apollon Wealth Management: https://apollonwealthmanagement.com/ Advisor Insurance Solutions: https://advisorinsurancesolutions.com/ —————————————————————
Silicon Valley Bank was found insolvement yesterday and was seized by the FDIC. How did it get to this point though? How did one of the biggest banks in the nation end up in the position that they are now in? Let's dive in and find out.(commercial at 13:21)to contact me:firstname.lastname@example.org:Silicon Valley Bank scrambles to reassure clients after 60% stock wipe-out | CNN Businesssource:Bill Ackman: Government should consider SVB bailout | FortuneThis show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5080327/advertisement
The innovation economy and the broader global economy runs on capital and the underlying banking system has experienced significant challenge of late. Since March 2023, three regional banks have failed; most notable: Silicon Valley Bank (a bank with deep connections to venture capital and tech companies). Today we are joined by Aaron Gillum, Senior Vice President at 50 South Capital, to help us make sense of what's happening and what it means for the future of agbioscience. He gives us an understanding on how the banking system functions and what broke to put us in the position we are in today. Aaron also talks about bank collapses being more common than we realize, the ripple effects of one collapse paving the way for more instability and what is ahead for the macro economy (and venture capital).
Boardroom Governance with Evan Epstein
0:00 -- Intro.1:30 -- Start of interview.2:12 -- Barrett's "origin story".6:11 -- His start in finance. First in Stone & Youngberg then in Lehman Brothers in SF. His first secondary market transactions in private company stock (Facebook) in 2007.8:54-- His experience working at SVB (internship with wine finance team) and Lehman Brothers (business development).12:10 -- The early days of secondary market transactions for private company stock with SecondMarket, later acquired by Nasdaq in 2015 (now Nasdaq Private Market).14:25 -- His entrepreneurial stint as CEO of Juno Company, a children's educational media company.15:56 -- His VC stint as an advisor with Maveron.17:20 -- On the founding of his firm Scenic Advisement in 2013.18:12 -- History of investment banks in SF helping founders to get liquidity (the Four Horsemen of Silicon Valley's financial community: Alex.Brown, Hambrecht & Quist, Robertson Stephens & Co. and Montgomery Securities underwrote a large number of IPO offerings, both before and during the dotcom boom.)20:36 -- The ethos and vision behind Scenic Advisement. "The opportunity was to build a bank that really was the standard bearer, establishing best practices so that [institutional investors] had a counter-party or a middleman who could speak their language and conversely, the people building great companies had a partner who they could trust, because that partner had empathy: they were ex founders, ex VCs or from the community, not some transactional banker who lives 3,000 miles away and knows nothing of the company but knows that there is a big fee to be had and a league table to be on." "Our plan was to drive hard empathy."24:17 -- On the current state of private markets. "It's been a boom marked by irrational exuberance, and then a correction, as markets do." "But I can tell you, and I do so with great thanks, that the market is thawing and we are starting to see investors come back." "I could have taken all of 2022 off, and from a stress perspective, it would have probably been beneficial, but I just didn't have a crystal ball."27:42 -- On the regulation of unicorns and private markets generally. Going dark speech by SEC Commissioner Lee (Oct 2021).33:08 -- On the Stay Private for Longer ("SPL") advice in Silicon Valley ["The worst advice" per Gurley and Rabois]. "Companies now stay private long. That's it. This is not a trend, it is a market reality at this point." "It's also totally business dependent."37:52 -- The opportunities and challenges for founders, investors and employees in private markets. "The Sequoia move to an evergreen fund structure is a brilliant idea." "The Stripe multi-billion financing was the company being really proactive to options expiry, to ensure that the most important asset at Stripe, the people, are made whole or don't loose the benefit of the bargain (that would be awful for everyone and for morale)." "We are going to see more and more of that." 39:39 -- How companies treat employees vs ex-employees on stock options: "It varies from company to company and from founder to founder. My advice typically is to be egalitarian."41:21 -- On regional differences in tech ecosystems in the US.43:47 -- The impact of the collapse of SVB and First Republic in the SF/Bay Area tech ecosytem. "I believe in diversification. I believe in selling early and often. I want to implore founders and investors to take chips off the table when you can, because you can't always and things go away. People forget that."47:40 -- Thoughts on crypto and digital assets market.49:17 -- Thoughts on Artificial Intelligence (AI) market. "It's the next major wave. Unlike crypto and digital assets, this is not a fad."51:05 -- The books that have greatly influenced his life: Everything by Philip Roth.Exodus, by Leon Uris (1958)Everything is Illuminated, by Jonathan Safran Foer (2002)51:38 -- His mentors, and what he learned from them: the most impactful mentor for him has been his mother.52:58 -- Quotes he thinks of often or lives his life by: "Have hard conversations early and often." "Empathy is a very important tool even when delivering difficult messages."53:25 -- An unusual habit or an absurd thing that he loves: sneaker collection and tequila ("it's like love in a bottle").58:14 -- The person he most admires: entrepreneurs.Barrett Cohn is the CEO and co-founder of Scenic Advisement, a San Francisco based investment bank specializing in servicing the liquidity needs of high growth, late-stage technology companies, their investors, and founders. __ You can follow Evan on social media at:Twitter: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
Silicon Valley Bank was a titan in the financial sector for past 40 years that saw them involved in financing of some of the biggest start ups in the business and it only took 48 hours for it all to come tumbling down. So, how could this happen? Let's dive in and see what's up!(commercial at 10:43)to contact me:email@example.com:Silicon Valley Bank collapse: How it happened (cnbc.com)This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5080327/advertisement
Silicon Valley Bank was a titan in the financial sector for past 40 years that saw them involved in financing of some of the biggest start ups in the business and it only took 48 hours for it all to come tumbling down. So, how could this happen? Let's dive in and see what's up!(commercial at 10:43)to contact me:firstname.lastname@example.org:Silicon Valley Bank collapse: How it happened (cnbc.com)This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5003294/advertisement
This episode is brought to you by Oberle Risk Strategies, the leading insurance brokerage and insurance diligence provider for the search fund community. The company is led by August Felker (himself a 2-time successful searcher), and has been trusted by search investors, lenders, searchers and CEOs for over a decade now. Their due diligence offering (which is 100% free of charge) will assess the pros and cons of your target company's insurance program, including any potential coverage gaps, the pro-forma insurance pricing, and the program structure changes needed for closing. At or shortly after closing, they then execute on all of those findings on your behalf. Oberle has serviced over 900 customers across a decade of operation, including countless searchers and CEOs within the ETA community. * This episode is brought to you by Symphony. Symphony not only performs technical due diligence engagements for search funds, Private Equity firms, and strategic acquirers, but they also partner with those buyers on an ongoing basis on all things product (outsourced development, team augmentation, new product prototyping, UI refreshes, QA professionalization, and so on). Symphony is offering a full 15% off of any of their services for listeners of In the Trenches. Just go to the Contact form on their website and tell them that you're a listener of the podcast to receive this discount! * To say that it's been an active 6-12 months in the banking sector would be an understatement: Beginning as recently as January, 2022, we've seen the US Federal Funds rate increase from .08% to 4.83%, the rapid collapse of Silicon Valley Bank, and the rescue of First Republic Bank by JPMorgan, representing the second largest bank failure in the history of the United States. Against this backdrop, CEOs and prospective acquirors of small businesses understandably have a lot of questions about their banking partners, their ability to secure loans, and the terms under which they might be able to do so. To get us up to speed on the state of lower-middle-market credit in North America, I'm joined by Anthony Rodriguez and Conor Tidgewell of Avidbank, who walk us through what has changed, the "new normal", and what it all means for entrepreneurs and CEOs running (or seeking to acquire) a small business. Please Enjoy!
Mohnish Pabrai's Presentation and Q&A at the University of Nebraska, Omaha on May 5 2023 (00:00:00) - Introduction (00:02:22) - Buffett's 2022 Shareholder Letter (00:03:25) - Berkshire's dozen truly great decisions (00:07:16) - Naspers; Tencent (00:12:14) - Rakesh Jhunjhunwala; Titan (00:14:56) - Nick Sleep; Amazon (00:18:39) - Ben Graham; Geico (00:20:20) - Walmart vs. Nifty 50 (00:23:37) - Buffett's Coke investment (00:26:35) - Chuck Akre's Three-legged stool (00:29:51) - Compounding is the 8th wonder of the world (00:33:47) - Silicon Valley Bank (00:36:37) - Reysas (00:38:38) - Identifying great businesses (00:44:02) - Investing in Turkey (00:47:06) - Seritage (00:48:29) - Start specializing at the age of 11 (00:50:39) - Circle of competence (00:52:37) - Ajit Jain (00:57:18) - Index Investing
On today's show we are taking a look at the so-called liquidity crunch to understand why it is happening. Is it just rumour? Is the lack of liquidity real? On today's show we have concrete proof as to why the credit markets are seizing up. A few months ago it was simply a thesis that the regional banks were losing deposits to the major banks. These medium sized banks were under pressure ever since the failure of Silicon Valley Bank. The outflow of capital has been largely to the benefit of the larger banks like JP Morgan Chase, Wells Fargo and Bank of America. But the outflow has not been a zero sum game. A recent review of the Federal Reserve Bank of St. Louis data set shows that nearly $1T in deposits have left the banking system entirely since June of 2022. The bulk of that decline was in the last 8 weeks. Back in June there was 18.1T in deposits in US banks. Today, that number is down to 17.1T. Somewhere along the way, 1T just vanished from the banking system. The question is, where did it go? ---------- Host: Victor Menasce email: email@example.com
The lack of risk assessment in some investment types can lead people to overlook potential risks until a negative outcome occurs. With the current state of several regional banks such as Silicon Valley Bank, it is becoming increasingly important to understand and manage financial risks pertaining to cash and other investments. In this podcast episode, … Continue reading The Risk Factor: Unraveling Investment Pitfalls (Ep. 129) →
Pass the Secret Sauce by Matt Shields
Join us on this captivating podcast as we embrace failure by recognizing for every level there's another level and celebrate the journey of entrepreneurship. If you've ever felt like a failure or faced the tough decision to close a business or pivot, congratulations, because you're on the right path. In this podcast, we delve into the secrets of exceptionally wealthy individuals with net worths of $100 million or more. Surprisingly, their key to success lies in their failures. We explore how failure is an integral part of the entrepreneurial journey and how learning from mistakes is the ultimate catalyst for growth. Discover the concept of business blockers and how they can unknowingly hinder your success. We uncover practical strategies to identify and overcome these obstacles, empowering you to unlock your full potential. But that's not all! We also talk about an incredible strategy that promises to constantly grow your wealth. We reveal the power of whole life policies, offering insights into how they can shape your financial future and pave the way to prosperity. Join us on The Profitability Paradigm on Invest in Sqft " as we challenge conventional notions of failure, embrace resilience, and inspire you to thrive amidst setbacks. Get ready to embark on a transformative journey of learning, growth, and ultimately, achieving your fullest potential. Links and Resources: Personal LinkedIn: https://www.linkedin.com/in/teresakuhn Personal Website: http://teresakuhn.com Company Website: https://100yearrei.com/tag/teresa-kuhn I was talking with Amanda Holmes about a week ago or so, and if you don't know who Amanda Holmes is, she is the daughter of Chet Holmes who wrote the Ultimate Sales Machine, which is known as the Red Bible in the marketing industry. Unfortunately, Chet passed away a number of years ago, and Amanda has taken over her father's companies. We were talking about time management, and Amanda made a statement that I feel is so simplistic, but yet we all completely screw it up, right? We make things so much more complicated than what they should be. She said the number one technique for time management, and we've been deploying this ever since. She said This is to only touch the thing once, so don't keep kicking the can down the road. Don't let things keep coming back up again. Talking about things re re. Engaging with things, touch it once, get it done, get it off your plate, and move on to the next thing. What this does is it allows you to keep moving things forward because basically what happens is if you keep doing a little bit here, a little bit there, before you know it, your bandwidth is completely. Taken over, right? You are completely using everything that you can concentrate on just to get all of this stuff done that you have in your life. So by getting rid of it, seeing it once, touching it once, addressing it, accomplishing it, filing it, whatever the thing is, that is the way to be able to properly manage your time I was talking with Amanda Holmes about a week ago or so, and if you don't know who Amanda Holmes is, she is the daughter of Chet Holmes who wrote the Ultimate Sales Machine, which is known as the Red Bible in the marketing industry. Unfortunately, Chet passed away a number of years ago, and Amanda has taken over her father's companies. We were talking about time management, and Amanda made a statement that I feel is so simplistic, but yet we all completely screw it up, right? We make things so much more complicated than what they should be. She said the number one technique for time management, and we've been deploying this ever since. She said This is to only touch the thing once, so don't keep kicking the can down the road. Don't let things keep coming back up again. Talking about things re re. Engaging with things, touch it once, get it done, get it off your plate, and move on to the next thing. What this does is it allows you to keep moving things forward because basically what happens is if you keep kicking the can down the road and keep touching things and doing a little bit here, a little bit there, before you know it, your bandwidth is completely. Taken over, right? You are completely using everything that you can concentrate on just to get all of this stuff done that you have in your life. So by getting rid of it, seeing it once, touching it once, addressing it, accomplishing it, filing it, whatever the thing is, that is the way to be able to properly manage your time and effectively manage your time. I was talking with Amanda Holmes about a week ago or so, and if you don't know who Amanda Holmes is, she is the daughter of Chet Holmes who wrote the Ultimate Sales Machine, which is known as the Red Bible in the marketing industry. Unfortunately, Chet passed away a number of years ago, and Amanda has taken over her father's companies. We were talking about time management, and Amanda made a statement that I feel is so simplistic, but yet we all completely screw it up, right? We make things so much more complicated than what they should be. She said the number one technique for time management, and we've been deploying this ever since. She said This is to only touch the thing once, so don't keep kicking the can down the road. Don't let things keep coming back up again. Talking about things re re. Engaging with things, touch it once, get it done, get it off your plate, and move on to the next thing. What this does is it allows you to keep moving things forward because basically what happens is if you keep kicking the can down the road and keep touching things and doing a little bit here, a little bit there, before you know it, your bandwidth is completely. Taken over, right? You are completely using everything that you can concentrate on just to get all of this stuff done that you have in your life. So by getting rid of it, seeing it once, touching it once, addressing it, accomplishing it, filing it, whatever the thing is, that is the way to be able to properly manage your time and effectively manage your time. On invest in square feet, we unlock the secrets of wealthy entrepreneurship. I'm Matt Shields and my mission is to help business owners just like you, protect your wealth so that you can invest passively into multi-family real estate. Have you ever looked at very, very wealthy individuals or maybe even banks, for instance, and wonder how they protect their wealth, protect their business? No matter if you're looking to enhance your investments, safeguard your assets, or simply increase your net worth. This episode that we're gonna talk about today dives into the realm of achieving financial success. Today we're gonna learn how some of those wealthy individuals and incredibly large banks power themselves into wealth building machines so that we can all do the exact same thing with our businesses. You, you know, the level of success as I worked on myself and I healed parts of myself and I understood more and more about me. Um, my success grew and that's not an accident. Um, wherever someone is in life in terms of business and relationships, et cetera, it is a direct reflection to the healing and the growth that they, uh, they have within themselves. When somebody presents themselves with, Hey, I can only reach this level of success, or I can only do this, or I'm struggling with this, you know, it's all about my, my suggestions to them is go inside because only to the level of your healing and your self-awareness is the level of success that you're going to have in life. And I'm not talking about just financially, but for me financially, As I heal certain parts of myself and as I figured stuff out and as I worked on myself, it's not a surprise that my revenue and my income went up right, and as I became more comfortable in my skin, the world opened up to me because I was not projecting my insecurities and my lack of feeling comfortable in my own self on other people. As I loved myself, I could love more people. As I accepted myself deeply, I could accept more people. Well, what happens when you can expand your world and accept more people? You have more opportunities. Mm-hmm. Then the question becomes, are we aligned in terms of those opportunities, energetically, values, you know, et cetera. So, um, yeah, entrepreneurship, you can. Dig a great hole in terms of energy and time suck and distractions. Um, and for a lot of people, I think they, I know it was me, like I worked my butt off n to distract me from whatever pain I was in. Um, but the more people go inside and heal those parts of themselves, I think the more success they have in every area of their life. Yeah, I couldn't agree more. And just real quick, do you, you know, in your coaching or however you want to, to call it, um, are there any, I guess, steps maybe that you would suggest to be able to start to realize that maybe I have something to, to, to fix or maybe even steps to be able to start, um, you know, that self. Uh, you know, self realization, self awakening, anything come to mind as far as, you know, steps that you can do to, to start realizing that? Um, well, for one, typically the, the problem that people think they have is not truly the problem. It's the symptom, right? And so, uh, having some kind of exercise. Or time to reflect where somebody is able to identify, Hey, these are all the items that I think are my problems today. And then having someone in their life, be it a coach or a therapist. You know, therapy is great looking backwards to reframe and to understand, you know, childhood stuff or experiences that may be traumatic. Coaching, I believe is more about, um, proffer coaching is about establishing objectives. And roadblocks to getting to those objectives, right? Uh, and roadblocks typically are, Hey, these are my problems or these are my beliefs, or this is where I'm stuck. But those are typically symptoms. Those aren't the problems. So if I think my problem is I can't, um, I can't exceed a certain level of, of revenue in my business. I've hit a ceiling. That's really a symptom, right? What is the problem that is keeping you from meeting the objective of, you know, increasing revenue? Um, I have a saying that I absolutely love, that I, that I borrowed. I, I borrowed things from everywhere, right? I don't necessarily have original thoughts. I have interpretations of different ideas that are out there, um, that I put through my own filter. But one of them is for every level there's another double. So let's say there's an entrepreneur who's hit, you know, a, a revenue ceiling of a million dollars a year, right? Um, they picked that ceiling and they're trying to get to the next level, let's say 2 million in revenue while in order for them to get to the next level of $2 million in revenue, there are whole host of demons and devils in that. Gap that they've gotta figure out in order for their million dollars to now be a new floor and $2 million to be their ceiling. So for every level, there's another. Issue or things that come up that you've gotta figure out and something that you've gotta change within. Right. Maybe it's a belief, maybe it's a system, it's a process. How you live your life, whatever, in order to break through that ceiling to get to the other level. Mm-hmm. I love it. I love it. And that's, that's a great, a great way to be able to prepare yourself, you know, another level, another devil. Again, it's kind of a fun way to be able to remember that. You know, this isn't this, you, you should be expecting those blockers and those things as you progress through, you know, your levels of entrepreneurialism. This isn't like, you know, shit, I'm failing. It's no, I gotta figure this next step out. Right? You know, there, there's always more to figure out as you're, as you're going through. So again, it's a great way to be able to, um, you know, just kind of realize that and keep that in in mind. I love it. Um, we fail forward, right? Yeah. It, it, and there really is no failure. You know, these words I'm not crazy about, but they're just rhy and they, they, they're easy to remember, you know, every experience. There's so much to learn from and you just can't quit. You just can't stop, right? Mm-hmm. And so, Hey, you have a setback. Keep going, keep going, keep going, keep going, keep going. The most successful people are the ones that I've had the most setbacks. Yeah, I work with really wealthy people. I work with, you know, business owners, entrepreneur, entrepreneurs, which sometimes business owners don't consider themselves entrepreneurs, but real estate investors, professionals, middle America people that are super wealthy, considered, you know, wealthy. Net worth over a hundred million. I can tell you, everyone fails. Everyone has setbacks. There is nobody in the world of money that has never lost and made stupid investments and stupid decisions. Um, it's just, are you learning from it? Mm-hmm. Yeah, I love it. And, and actually that's a perfect transition into talking about whole life policies and, and that whole thing, which, um, just being transparent. So we, we set up, uh, policies for my, my partner and I a couple of months ago, I don't know, four or five months ago now, something like that, maybe not quite that long ago. So, um, so this is something that we absolutely see the value in. Um, And I'm, I'm curious as to your definition of what the whole life policy is and why it's different than other types of, um, I guess investments or cash placement vehicles that, that might be used, you know, you know, on the market. Right. Does that, does that make sense? Yeah, absolutely. So, um, I, so going back to my career real quick, um, to give some understanding there. So I worked with the real estate developer, um, then went back to working in the more traditional Wall Street type of mindset. But I was a different person. I was an attorney, um, trained to think like a lawyer, and I was looking at all the information from a Wall Street perspective saying, you know, Clients aren't experiencing what Wall Street, traditional Wall Street is offering, and are there financial strategies out there that I could offer my clients in building my business, uh, and my relationships with my clients that could bring them options that the traditional Wall Street model does not offer? And I went looking in the marketplace of financial services. What, what are those options and alternatives that I could offer my clients? Um, I met a gentleman by the name of Nelson Nash, who is, um, the grandfather I think of, you know, this whole, whole life insurance, using it as a, as a, um, savings plan and vehicle for investing and doing all sorts of things, right? I met him, became very dear friends. He was my mentor, um, taught me so much and started using this with, with myself first and my clients, and then from there, Um, so I've been doing this a really, really long time, right? Working with, I've had conversations with thousands of people, have worked with the best of the best in this niche in this industry. And what I've found today is there are a lot of newcomers out there that don't have a lot of experience, so to speak. But see, there's something great here and they've totally complexified, if that's a word. Um, there's a lot of complexity around these policies. What I like to say in keeping it super simple, and I think there's elegance and simplicity, is look, does someone need to save money, have money in a savings account, have money in reserves for real estate investor, CapEx account? Of course, we all need money that is earmarked for savings from a Wall Street perspective and an investment perspective. There is. A fallacy out there that says every dollar you have has to be working super hard for you and chasing a return. I, I say differently. I say, you need money. That's your last man standing. You need money on the side, savings, wherever that, if everything else goes to hell in a hand basket, you know you've got that money in reserve to help you for whatever reason. So that money, if you've got it, should be in a whole life policy. And why is that? Because the whole life policy is gonna give you, Advantages, benefits, options that you will never have in a regular savings account. So if you look at it from that perspective, keeping it super simple, that's it. That's all it is. Now, can you do all sorts of other things with it? Absolutely. But keeping it super simple, that's what it gives you an alternative to savings. That is far superior in benefits and tax advantages and options for your future that you're not gonna get anywhere else. Mm-hmm. Yeah. And talk about some of those, some of those ways that you can use, uh, a whole life policy, right? Like there, there's, this isn't just a savings account where you pull the money out and spend it, you know, when needed, uh, to buy whatever it is, right? I mean, there's, there's. There's a whole other side to this. Talk about some of those benefits that, well, from one, the growth inside of the policy is income tax favored, it's tax managed. Um, we have many clients that set up these policies because they wanna grow their wealth in the strategy that they can pull money out to supplement retirement, and you're not taxed on that money. Taxes are a big deal right now. Day one, you got life insurance, right? You die, it pays you live. Have some health issues. You can tap into that death benefit to help you with your, your health issues. Um, uninterrupted compounding. Super cool concept. Uh, real estate investors love this. You've got money in there. You borrow it out to go invest or buy cars or equipment or whatever. That money is still working for you in your policy. Um, so keeping it super simple, those are probably the most, um, popular advantages. With, with the whole life policy, what would, what would be some things that you wouldn't want to use it for? Right. Because again, we're all human. We have these savings account, we see this money there, and, um, we, we feel we have access to it, so we should spend it. Right. Talk about about that, a little bit, about that mindset of, you know, I, I, I have the, these funds, I should, I should be spending it. Um, and, and how that applies to the, the whole life policy. That's a really good question. A lot of, you know, that's, that's very, um, particular to the circumstances of the person who owns the policy. Everybody's numbers are a little bit different, but number one, everyone should have savings, um, as the last man standing. I use the analogy of a balance sheet. Pull out your balance sheet and give every dollar a job on your balance sheet. And again, most investors think, oh, every dollar on my balance sheet has to give me an roi, right? Has to chase the return. You are getting a return with your whole life policy, but it is a return that is, uh, very competitive compared to other safe money strategies. You can't compare this to at, you know, you getting, um, Uh, a, a return in real estate in the last 10 years, right? Or crypto if you made money in that or whatever, right? And it is compe, I mean, it's compelling. 5% income tax free is pretty compelling without risk, right? Mm-hmm. So your safe dollars go there. Now I have clients, I've been doing this a very long time, who've accumulated hundreds of thousands of dollars in their policies and. Just because they have that money in their policies doesn't mean they need to go out and buy a super expensive car that they otherwise wouldn't, um, wouldn't buy if they didn't have the money in the policy. So I've got a client, um, he loves fancy cars, and uh, a number of years ago he had the money in his policy. He borrowed $150,000 to go buy. A fancy car, which back then was a lot of money today. Now it, you know, a, a almost a regular car costs a hundred thousand. Right. And could he buy? Absolutely. He's got the net worth. He's got the income, no big deal. But another client who has a lot of money in his policy probably shouldn't go out and just buy the car to buy the car. And there's a lot of conversation in the marketplace around these policies. To like run all of your expenses through your policies and the more you finance, the more money you're gonna make in your policies. Variations of what Nelson Nash used to teach, but where I think it's a bit irresponsible, and I think this is where the experience doesn't come in. 99% of the people out there do not have the bookkeeping or the um, they don't have the attention to detail in the minutia of what it takes to run all your expenses and run a lot of stuff through your policies. I tell my clients who bring that up, and I, and I know my clients, I get to know my clients really, really well. You know, my engineers, my CPAs that have that kind of mind, they can get away with it. An entrepreneur who's more visionary and creative, no way should they be involved with that. They're gonna create a mess unless they've got a bookkeeper who can keep up with it. And that creates an extra expense. So I tell my clients, Hey, keep it super simple, um, and don't do anything exotic. In fact, make sure you respect the policy and the strategy. And instead of spending all that time in the minutia, go make a ton of money elsewhere and just put a, a, a percentage of it into the strategy so that it's there to serve you in the future. There's so much conversation on the minutiae and the complexities of how these can work. Yeah, you could do that if you've got the bandwidth and, uh, the brain, right. That lights the minutiae. Most of us don't. Mm-hmm. Go chase the money with what you're good at and just build your policies. Yeah. Yeah. Love it. Love it. Um, talk a little bit about the, like the, the good ways to be able to use the policies, right? Like, you know, we wanna be able to, to have this money grow in itself, right? You can, you can put the money in and leave it there. Um, but what are some, some ways to be able to maximize that, like, Again, we, we've talked about this before, where maybe there's real estate opportunity. You take the money out for that. The, the money is still in the account working for you technically. Uh, you're going to be able to then make the money on the real estate and then reinvest or re re uh, deposit that back into the policy again. And there's some complexity there, uh, as well as far as, uh, you know, maximizing out your policy you know, if, if we had a windfall from a, from a real estate investment and we had a policy set up, it might be better to create a new policy so that we don't maximize out that that other policy. Is that, does that all resonate? Like talk a little bit about that, that, that process a little bit. Yes, absolutely. So every policy does, every policy that's set up has a maximum. I'm, I'm just gonna use some examples. Let's say it's $50,000. We set up a policy for you, $50,000. And you're, you're feeding it. You're paying into it up to that 50,000. If you've got a windfall, if you just sell real estate property, you've got an extra $200,000 that you might come to me and say, Hey, I wanna max out my policy and put that $200,000 in that policy, and I'm gonna say, you can't. I've gotta maximum 50,000. Now if it makes sense, we can take your 200,000 and design a new policy from which you could position that 200,000. So I think that's what you're referring to there. Yeah. In terms of the great stuff that you could use these policies with. Um, and, and again, after you've got your cash and your cash preserves and you've got enough money to, to protect your business investments, your household, whatever, right? Anything above that that you've got in the policy. Go use it and invest it. Like in real estate, you know, in the real estate world, you've got flippers, you've got buy and hold, you've got hard money lending, like a hundred different ways you can make money in real estate. And we've got probably most of our real estate investors are dabbling in all of those. Right. Um, hard money lending's probably the easiest to explain in terms of opportunity. If you've got a hundred thousand dollars sitting in your policy and. You can go get 15% hard money lending. Take it from your policy, go lend it out, get your 15% at the same time, your money is still working for you inside of your policy at the same time. So you're literally double dipping. Yes, the insurance company is going to charge you an interest to borrow that money out. If done right, you're gonna be earning more. Then you're paying an interest inside of your policy separate from the 15% you're earning with your hard money lending. Mm-hmm. I have clients that do this, have been doing it for a very long time, very successfully. And talk about double dipping and talk about taking advantage of unin uninterrupted compounding and done right and set up right. You can deduct the interest that you're paying because it's a business expense. Not a cpa, but just conceptually that's possible to do. Yeah. Yeah, that's, that's interesting. So if, if you were to withdraw the money and, uh, your earning interest over here of the 15% in this, this bank or this, the policy is charging you interest as well. Um, And, and again, I I, I think I might've gotten this from like the whole bank on you type concept, right? Where essentially you're paying your, you should be paying yourself interest, right? So you're, you're paying interest on the money that you borrowed, but you can pay yourself back, you know, additional interest so that you are making money off of your money that way as well. Is that, is that, you know, another way to be able to look at it as well conceptually? Absolutely. And what you're doing is if what you're doing is paying that interest, Back to you over and above what the insurance company is charging you. Mm-hmm. Yes. Mm-hmm. And so that, that gets into some of the minutiae that people get involved with conceptually Absolutely. All day long. Right. Practically the way you do it, that's a, a conversation. I'd rather not get into the minutia cuz it does get a little confusing. Um, but absolutely all day long you can do that. And that's a lot of what Nelson Nash taught. Uh, in terms of how you can create additional wealth, generational wealth, legacy wealth, doing business by changing a few things. So, Real estate investors take money from their bank accounts, go invest it. Instead of it coming from your bank account. Have it come from your policy Business owners, you know, let's say dentists buying equipment for a new office, instead of it coming from your bank account, have it come from your policy, right? You have employees. We've got strategies where you can ensure your employees, give them a benefit and employee benefit. And maximize wealth for the employer business owner. I can go on and on, but I think you get the picture. Yeah. And, and one other thing, um, just, just to talk about high level other things that people can do with these policies. Um, you can pay for college out of the policies, a much superior plant than a 5 29. You can buy cars, you can, um, buy generators. We had, you know, like 10 years ago, a lot of our clients were buying generators, using money from their policies. Replace roofs, start businesses. Um, anything your imagination can come from if the money's gonna come from a bank account, have it come from a policy and it amplifies. The opportunities and the options for people. I truly believe, and not because I sell this, remember, I chose going down this road very strategically and I had the critical thinking skills to look at the financial services industry and say, Hey, what opportunities, what strategies are out here that I could offer my clients to give them a better experience with their finances and, and options, right? So, I come from a place that I chose this path. Truly believing and now knowing with experience, every family, child, business owner, investor should have one of these policies. Every single person should have one. If you think you need a savings account, this. Can act as a savings account that gives you so much more than a plain old savings account can never give you and a savings account typically you'd get from a bank. You should look into, how much cash value life insurance your bank holds on their balance sheet. You'd be really surprised to find out they own a ton of this. It's called Boley, bank owned Life Insurance. Yeah. Interesting. And, and you, you touched on this a couple of times throughout, but I, I, I feel like it might not have necessarily sunk in completely. We've been talking a lot about. Um, people, and, and every person should have this, but businesses can also own this, which you kind of touched on a second ago with the bank. So any business owner out there, your business can also own this. So, like you were saying, the dentist, you know, that dentist business can actually have this policy and that that business policy is what's buying all the equipment and all of that as well. Um, talk a little bit about Absolutely. Yeah, j just, I mean, same type of mentality or same type of concepts, um, but. You know, having your business savings account or business holding account or whatever you want to call it, is a policy rather than, you know, having it sit in, you know, some other banking account. Yeah. Imagine Matt, and I know we've talked about this. Imagine you having a business and as a business owner you have a lot of risk. You put a lot of time, a lot of energy into building the business, and you go to sell the business. Yes, well imagine that day you go to sell the business. You can sell the assets of the business and walk away and get a nice check, or you can sell the business, get a nice check, and still have an insurance policy with a significant amount of cash value that you separate from the sale you get to keep. And that policy is going to serve you for the rest of your life. Once you sell that business, you can't start that policy. It's before you sell the business that you can start that policy, build that policy, give a benefit to employees that they can have for the rest of their life. The life insurance. Most people don't have permanent life insurance. Imagine the legacy that you could be responsible for in that employee's life and, and having a, a permanent death benefit Follow. Their family be gifted to their family. I mean, incredible amount of wealth that can be created by just doing things a little bit differently. you know, the, the, the seeds that you're planning, um, do not just benefit you and your family, but to the, the impact you can have on an employee's family in terms of giving them. Permanent life insurance, that when they die, that legacy, that money can make such an impact on generations. So it's such a 360 win-win, win. It's a win for you. It's a win for the employee. It's a win for your, your business overall. It elevates everybody. Yeah. Yeah. One, one last question then we'll then we'll wrap up here. So we, we just had the. Um, the Silicon Valley Bank, you know, fiasco. Mm-hmm. Uh, you know, a while ago. Right. And, and these, these technology companies, these companies that are able to generate a lot of cash, uh, would you suggest that a another option for them rather than keeping all of that cash? And even if th this is, you know, an operating account where they're, you know, It's ebbing and flowing in and out. Right. Is, is a situation like that a, a good use of, you know, creating the policy? Or is this, is this money that should be, maybe not necessarily operational, but you know, again, if you have a, a holding of cash that is, uh, a little bit more static, maybe it's deployed, you know, whatever, every couple of months or whatever, you know, whenever you need it. Is that a better use of, uh, the policy to be able to hold that? That that cash does make sense. Absolutely. So keeping it super simple, it should be the reserve account that the business has, the operational account. Can you use it? Yes. That's going into minutia and that's going into a lot of complexity and money coming in and out on a continuous basis. So I would say that the business should have their operating account and their reserves instead of it being with the bank. Position it over here with the insurance company. It's just moving from one pocket to the other when they need it, they can absolutely tap into it. Yep. Um, and it can give them so many options and benefits for the future. It's phenomenal. And I know Matt, you and I have discussed it and explored it and we're actually getting ready to start it. Right. Um, and when you saw the benefits, I know you were looking at it going, oh my gosh. Yeah, you, you are carving. A business within a business, why wouldn't you want to leverage and scale your energy, right? That you've put into building a business. And once you sell that business, you can carve that business out, keep it serving you for the rest of your life, and selling the assets off of the other business. Yeah. It's such a win-win. It's, it's tremendous. Yeah. It's, it's one of those things that. You almost reali. Like it's, it's one of those things like, why didn't I know about this sooner? Right? That it's kinda one of those things that are under the radar. So doing our best to be able to get the, the word out there and how valuable these, these things can be. And it's available to everyone, right? Ev If, if you're, if you're an individual, I'm telling you, should own one, your child. I, you know, I wrote a whole book on what we did with my son, with his policies and his education instead of college. Um, You, I, I have policies on my parents, right? I own policies on my parents, so got policies on myself, my child, my parents, right? Um, my, you know, business ventures, like everything going through these policies. Um, so individual family, business owner, real estate investor. So many opportunities and so many strategies and so many things that we can do. And starting super simple, you're saving money. Save it in a policy. Amplify your options. Mm-hmm. All right, so we've reached the point in the show now where we are going to recap what we learned from this episode, and this is something that I personally believe in. This is a step that we took and we actually are deploying these techniques in our businesses as well as you could hear in this episode. Theresa told us that we needed to understand that most of the time when we think that we have the problem, that we're only looking at the symptom, we are not necessarily looking at the core of the problem. Theresa used the example of if we feel like we've hit a ceiling, that is not the problem in the business. The problem might be your marketing, it could be your processes, so that you are running around and trying to accomplish too many things, which then is spreading your time too thin, which is not allowing you to move forward. With things, right? So what we feel is the problem may not necessarily be the problem. It may just be the symptom, and we need to look outside of that one issue in order to be able to determine what truly is wrong. We then dove into the whole life policies and we learned what an amazing vehicle this is. For wealth building opportunities, unlike normal savings accounts where if you put the money in and maybe it sits there and you're in a little bit of interest and then you take that money back out, that money is no longer there anymore. It's not earning interest for you anymore. Whereas in these policies, the money that you put in, Does still continue earning interest, and you want to make sure that you pay yourself in interest for borrowing that money so that you're basically making money off of the money that you have already taken out, if that makes sense. Another amazing thing about these policies is that they all have a death benefit and everyone has a different number that they are going to. Be able to qualify for, and this is all depending on your net worth and your income and, and all of that. But that is a chunk of money that is going to be paid to your family, to your heirs, to your benefactors when you pass away. But again, unlike other types of life insurance, if you get sick, if you have something that you need to be able to draw on that earlier before you pass away. You're able to do that, so you're able to tap into some of those proceeds that normally wouldn't be able to tap into until after you pass away prior to that again, if you need it. Teresa's been doing this for many, many, many, many years, and I know that I've, I'm aware of these policies, so I know that I've seen these other blurbs floating around out on the internet about what you can do with these whole life policies. And some of the advice out there today is that you want to run all of your expenses through these policies. So essentially the, all of the money that you're making is going into these policies and then all of your expenses, all of your living daily expenses, all get taken out of those policies. And Teresa, who again, has been doing this for many, many years, advises against that. Right, because it creates a lot of, a lot more paperwork and a lot more tracking that needs to be done. So she suggests, unless you have the mind, maybe you're already a CPA or accountant or maybe some type of an engineer who enjoys doing the bookwork, or maybe you have a bookkeeper. You probably don't want to do that, right? So again, this is all about bandwidth and this is all about costs, all of that stuff. No matter whether you're paying someone that's going to be a direct cost, or if you're doing it yourself, you're gonna be taking time away from whatever your el, whatever your money generating capability is. So in Teresa's mind, you should only be putting money into these. Policies that are essentially your reserve money. And that goes for whether or not you're talking about a business or you're talking about your personal finances as well. Keep all of the day-to-day, you know, money that you need on a monthly basis. Keep that, keep those expenses out of these policies. And again, consider this. Your, your money that you have set aside for bigger projects or bigger goals or whatever it might be. These are your reserves. Don't try to run everything through them. It just creates a lot more complexity or minutiae the way that Theresa was talking about it. And one of the things that I have to admit, I have to do this as well. Uh, I'm curious what my bank, how much my bank has in these policies. And as Teresa said, we can check this. And that is called Boi, b o l i, and it's short for bank owned life insurance. So look up how much your bank actually has. In those policies, and they're doing the exact same thing with your money. So again, this is one of those secret things that the wealthy know to do with their money rather than putting it in into some type of savings account. This is where a lot of wealth can be generated, and if you want to learn more from Teresa, She can be found at 100 year rei, and that is the number 100 year R E I, which is short for real estate investor firstname.lastname@example.org. Or she also has her own website at Teresa Kuhn, which is T E R E S A K U H N.com. And don't forget, if you want to understand what the wealthy do, head over to invest in square feet and sign up for our newsletter. We reveal some, some of the outtakes from our guests on that newsletter, and that is also how you're going to find out about the real estate or investment opportunities that we may also. Have to offer. We drop every Wednesday and we are available on whatever podcast's platform it is that you use.
Subscribe to The Realignment to access our exclusive Q&A episodes and support the show: https://realignment.supercast.com/.REALIGNMENT NEWSLETTER: https://therealignment.substack.com/PURCHASE BOOKS AT OUR BOOKSHOP: https://bookshop.org/shop/therealignmentEmail Us: email@example.comFoundation for American Innovation: https://www.thefai.org/posts/lincoln-becomes-faiDirector Chopra's Anti-Monopoly Summit Remarks: https://www.consumerfinance.gov/about-us/newsroom/prepared-remarks-cfpb-director-rohit-chopra-2023-american-economic-liberties-project-anti-monopoly-summit/Rohit Chopra, Director of the Consumer Financial Protection Bureau and former FTC Commissioner, joins The Realignment. Director Chopra and Marshall discuss the history of America's anti-monopolist tradition, how new FTC Commissioners ended decades of governmental inaction in 2018, the need to aggressively enforce laws on the books, how anti-monopoly policy can create strange ideological alliances, and the lessons from the recent failures of Silicon Valley Bank, Signature Bank, and First Republic.
Unleashed - How to Thrive as an Independent Professional
Show Notes: John Driscoll is the President of Walgreens Boots Alliance and the co-host of the second largest healthcare podcast on YouTube, CareTalk. In this episode, host Will Bachman welcomed John to the show. John has extensive experience in the healthcare industry, having played a leading role in creating successful companies like MedCo, Surescripts, Oxford Health Plans, and Care Centrix. John discusses topics such as monkeypox, mask mandates, baby formula shortages, Silicon Valley Bank's failure, and healthcare related topics. He also shares his opinions on a variety of healthcare issues. The Future of Pharmacies John started his career in health care after being influenced by his mother, a nurse. After college, he developed housing programs for homeless and mentally ill people. He then became a management consultant, before moving to Asheville Health Plan. He has worked in multiple parts of the health industry spectrum, gaining experience in Medicare and Medicaid. He has found his career to be full of big and challenging problems, but is motivated to improve the world and create successful businesses. His main initiatives involve investing in Village MD, Summit, and Espadin Shield Specialty Pharmacy to show how an integrated pharmacy and clinical model can improve outcomes at lower cost. Walgreens is also working with health plans and has 9000 stores and 90,000 clinicians to provide access and convenience, trust, and traffic. Their goal is to become essential in healthcare by leveraging their expertise in retail and pharmacy services. He discusses how pharmacies can become better partners to health plans by taking advantage of their advantages in brand marketing, trust, convenience, and patient specificity. He shares a specific example of how a large regional health plan achieved a return rate of three times greater on colorectal screenings than before they partnered with the pharmacy. The pharmacy was also able to increase the rate of colorectal screenings up to 51% in underserved areas due to the support of non-clinical personnel in their stores. Additionally, the pharmacy is partnering with health plans to reduce admissions to nursing homes by 20% through nurse visits, follow-ups, and care navigation. The system leads to better patient and contact information. Overall, the pharmacy is providing an invaluable service in helping health plans lower costs while improving outcomes. He explains how his company invests in bespoke automation machines to allow pharmacists to spend more face-to-face time with patients, and how pharmacists could be more involved and take on more responsibility in the treatment of patients and how this would expand access to more care in an overburdened health system. Pharmaceutical Healthcare, the Pandemic, and Value-based Care John reflects on health regulations and restrictions and also the risk taking and flexibility that came into place under the COVID pandemic. He confirms how important it is to prepare for pandemics in terms of vaccine supplies, communication, and pre-deploying and integrating national and state employees in operations. He also notes the critical role of pharmacies in crisis situations. He tackles the issue of employee burnout and the current pharmacist shortage and the steps Walgreens is taking to solve the problem across states. On value-based care, he explains how it is the future, especially in the U.S. where healthcare is more expensive than any country in the world, how this is unacceptable, and how this should be approached to address health issues earlier to avoid hospitalization. The CareTalk Podcast John talks about the inspiration and intention of his podcast, what the content is and what has surprised him throughout the conversations. Guests that have been on his podcast include Andy Slavitt, Zeke Emanuel, Tony Cosgrove, and Amy Abernathy. When asked what he learned from his guests, John shares that he was surprised to find out that even though healthcare is very complicated and people are in silos, there is still room for novel and provocative opinions that can be explained. He also found out that everybody knows that drug costs are too high, but there are practical ways to bring them down without destroying the biotechnology industry that is creating new drugs to cure aging and extend lifespans. The podcast explores various issues surrounding health care and how to best address them. Toby Cosgrove from the Cleveland Clinic brought up the importance of creating heart-centered care in a large inner city hospital. It was noted that there are a lot of people working on solutions to healthcare problems, such as telehealth and AI to solve labor shortages. He also touches on the potential for AI and Chat GPT to be used in health care. While it is still early days, he mentions that there have been some companies experimenting with using these tools. Health Care and AI John talks about the impact of artificial intelligence on healthcare. He believes that AI has the potential to reduce administrative costs and waste in healthcare by simplifying billing and reconciliation processes. He also believes that AI can help in drug discovery, clinical pathways, and personalized care. He is looking forward to having guests on CareTalk with whom he can discuss the economy, healthcare costs, and the pandemic's effect on inflation. He wants to discuss the current chaotic economic landscape that is impacting healthcare, and the labor industry in particular. He mentions the growth of traveling nurses who are paid by private equity firms and how hospitals have had the worst six months financially in US history. He sources his information from HealthTech Nerds, the Washington Post, New York Times, LA Times, Wall Street Journal, Health Affairs, and Jim and Science, the MIT Tech Review, Science and Cell, all as good sources of information. He suggests Kaiser Family Foundation and Kaiser Health News as exceptional sources, as well as government sources such as CMS for basic data. Timestamps 03:20 Walgreens Boots Alliance's Healthcare Initiatives 06:35 Partnering with Health Plans to Improve Outcomes and Lower Costs 09:52 Improving Patient Care Through Pharmacist Interaction 10:48 Automated Fulfillment Centers and Patient Care at Walgreens 28:45 Healthcare Innovations 31:54 Exploring Solutions to Healthcare Challenges 32:15 The Impact of Artificial Intelligence on Healthcare 36:49 Exploring the Impact of the Changing Labor Industry on Healthcare Links: https://www.caretalkpodcast.com/ https://www.walgreens.com/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.
Dave Rubin of “The Rubin Report” talks to Senator Josh Hawley about his new book “Manhood”; the border crisis; the real reason Democrats want more illegal immigration at the southern border; why it's time to stop funding Ukraine; how he would have handled the collapse of Silicon Valley Bank; what the left really means when they criticize toxic masculinity; how to stop big tech from tracking kids; why female Democrats aren't standing up to stop the push to have trans women in sports; the real risks of trans surgery for kids suffering with gender dysphoria; why we should escalate the China trade war by increasing tariffs; and much more.
Today's Post - https://bahnsen.co/458Bjr7 Everybody is aware of the challenges that have surfaced in regional banks this year and the fears that such problems will become more contagious in other banks as well (other regionals, smaller banks, community banks, etc.). I am not sure that the reasons for the challenges are fully understood, and that is partially because, in the immediate aftermath of the Silicon Valley Bank failure, some may have been quick to find a simplistic explanation that confirmed their priors as opposed to the more nuanced and multi-faceted explanations that were probably more accurate and helpful. Regardless of how the three bank failures of 2023 came to be and how people have thought about or processed those failures since they occurred, there are forward-looking questions that many are asking. The answers to these questions have ramifications for three different categories of economic actors. And those three categories around the future of banks, systemic risk, and general real estate investing in our country (amongst other things) are the subject of today's Dividend Cafe. If you aren't tantalized yet, you will be. Jump on into the Dividend Cafe … Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
Real Estate News: Real Estate Investing Podcast
A Senate hearing on recent bank failures turned into a prickly confrontation between bank executives and lawmakers. Former leadership for Silicon Valley, Signature, and First Republic Banks were hammered by lawmakers about why their banks collapsed. And there wasn't a lot of agreement on the cause. Bank executives blamed the government and the media, while lawmakers blamed mismanagement and greed. Hi, I'm Kathy Fettke and this is Real Estate News for Investors. Please remember to subscribe to this podcast and leave us a review. Silicon Valley Bank made the biggest splash as the first bank to fall with about $210 billion in assets. Signature bank had about $110 billion when it was seized by regulators. They were the third and fourth largest banks in the U.S. so their failures raised huge concerns about the impact on the entire financial system. First Republic went south and teetered for a few months after it lost billions in deposits, and was largely taken over by JPMorgan. SVB CEO Blamed a Series of “Unprecedented Events” In a joint session before the Senate Banking Committee, former Silicon Valley Bank CEO Greg Becker pointed a finger at the federal government, saying the bank's failure was the result of a series of “unprecedented events.” He testified that: “With near zero-percent interest rates and the largest government sponsored economic stimulus in history, more than $5 trillion in new deposits flooded into commercial banks. By the end of 2020, SBV had grown 63 percent over the prior year, and in 2021, SVB's assets grew another 83 percent to $212 billion.” (1) He also pointed out that during the pandemic, when inflation started to become an issue, the Federal Reserve insisted that inflation was “transitory” and that interest rates would remain low. Massive Bank Run at SVB The bank's collapse largely happened after a decision to invest more than half of the bank's loan portfolio into fixed-income Treasury securities, when interest rates were low. They are considered “low risk” but they are also impacted by interest rate hikes. When interest rates blew up to fight inflation, the value of SVB's portfolio shrank and that forced the bank to sell at a $2 billion loss. When news spread about the bank's situation, depositors became concerned about accessing their funds and the bank experienced a massive bank run. Media Misconceptions Becker also blamed the media for comparing the March 8th failure of Silvergate Bank to Silicon Valley Bank. He told lawmakers that the two banks had completely different business models, and said: “Rumors and misconceptions quickly spread online, culminating on March 9th with the first-ever social media bank run leading to more than $42 billion in deposits being withdrawn from SVB in 10 hours, or $1 million every second.” Two More Dominoes to Fall Former Signature Bank Chairman Scott Shay was miffed that his bank was seized by New York State regulators on March 12th. He insisted that the bank would have survived that bank run. He argued: “We were at all times solvent and well-capitalized, and even with the sale of our available-for-sale securities, we still would have remained well capitalized.” Former First Republic CEO Mike Roffler also blamed social media and news stories for inciting panic among depositors along with technology that allows for fast-paced digital withdrawals. Roffler told lawmakers: “The contagion spread very quickly and panic is very hard to control.” (2) Lawmakers Blame Mismanagement, Greed But lawmakers also took the conversation in a different direction, criticizing bank leaders for millions of dollars in bonuses and personal stock sales ahead of the failures. Senator Sherrod Brown ripped into Becker saying: “Workers face consequences, executives ride off into the sunset. Only in corporate boardrooms can you run your business into the ground, take the whole economy along with you and come out ahead. We can't let that happen again.” Some lawmakers said that bank executives could have reduced the risk by hedging their portfolios, but that they, instead, placed profits ahead of safety. As explained in a Washington Post article, Silicon Valley Bank had financed short-term liabilities with long-term debt. It seemed like a no-brainer when interest rates were low, and to be fair, there was a lot of talk about interest rates remaining low for a very long time. But when the Fed started hiking rates, the value of those Treasurys went down. Lawmakers say the bank could have swapped those longer-term notes for one with shorter-terms that match the duration of the bank's liabilities. But they say the banks didn't do that because it would have been more expensive. (3) Sharp Words from Some Senators The session became downright nasty at times. Senator John Kenney of Louisiana had sharp words for what he called SVB's “stupidity.” He told Becker: “You made a really stupid bet that went bad, didn't ya? And the taxpayers of America had to pick up the tab for your stupidity, didn't they?” (4) He continued saying: “No, this wasn't unprecedented. This was bone-deep, down-to-the-marrow stupid. You put all your eggs in one basket and unless you lived on the International Space Station you could see that interest rates were rising and that you weren't hedged.” Let's hope we've seen the last of this kind of banking madness. You can read more about this by following links in the show notes at newsforinvestors.com. I always encourage listeners to hedge their own financial empire with real estate. You can learn how to invest in rental properties at RealWealth. Becoming a member is free and will give you access to all our educational material as well as our investor portal with valuable data on rental markets, sample properties, and help from our investment counselors who can answer your questions. Just hit the “Join for Free” button. And please remember to subscribe to this podcast! Thanks for listening! Kathy Fettke If you're a RealWealth member, just sign into the portal and look for DealCheck under the Resources tab. If you aren't a member, it's free and easy to sign up. And, please remember to subscribe to this podcast! Thanks for listening! Kathy Links: 1 - https://commercialobserver.com/2023/05/svb-signature-ceos-blame-federal-govt-media-bank-failures/ 2 - https://www.forbes.com/sites/dereksaul/2023/05/17/lawmaker-blasts-first-republic-chief-you-were-one-of-3-worst-run-banks-in-us/?sh=256ad3e18d07 3 - https://www.washingtonpost.com/business/2023/03/15/svb-s-fateful-mistake-could-be-lurking-in-your-401-k/0f139944-c31b-11ed-82a7-6a87555c1878_story.html 4 - https://www.cnn.com/2023/05/17/investing/premarket-stocks-trading/index.html
Derek Ripp meets with Gary Zimmerman of MaxMyInterest to discuss the fragility of banks, risks to cash depositors, and strategies to reduce risk and optimize yield on cash in bank accounts. · Cash is King or Cash is Trash? · What should investors learn from the Silicon Valley Bank fiasco? · What is the risk to cash beyond FDIC limits? · How MaxMyInterest provides FDIC covered accounts on large deposits · Fighting the effects of inflation on cash · Actively managing savings accounts for higher yields
David Rosenberg, a well-known economist, believes that the United States is in a recessionary bear market. He predicts that the S&P 500 will eventually bottom at 3100, and he has positioned his personal portfolio accordingly. Rosenberg's predictions are based on his analysis of the Federal Reserve's tightening cycle, which he believes will lead to a recession. He also points to the recent failures of Silicon Valley Bank, Signature Bank, and First Republic as evidence that the economy is weakening. Rosenberg's views are in contrast to those of many other economists, who believe that the Federal Reserve can engineer a soft landing. However, Rosenberg's track record suggests that he is worth listening to. In 2007, he predicted the subprime mortgage crisis, which turned into the Global Financial Crisis. Investors who are concerned about the economy should pay attention to Rosenberg's predictions. They may want to consider reducing their equity exposure and increasing their cash holdings. Recessions & financial crises go hand in hand after Federal Reserve tightening cycles. Outspoken economist Dave Rosenberg sees evidence of both and advises defensive investments WEALTHTRACK 1947 broadcast on May 19, 2023 --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support
SVB and the blame game.Silicon Valley Bank's CEO points fingers everywhere but himself in his testimony in front of Congress.www.watchdogonwallstreet.comThis show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/3513064/advertisement
Bitesize Business Breakfast Podcast
Dr. Chris Payne, Chief Economist of Peninsula Real Estate explained what he made of these numbers - is that too low a prediction? Plus, we hear from John Lyons of Espace Real Estate to ask if there's been a slowdown in the property market. And, we hear from Sharif El Bedawi- the ex-Silicon Valley investors who's bringing the V-C spirit to Dubai.See omnystudio.com/listener for privacy information.
The Dana Show with Dana Loesch
Todd Herman sits in for Dana. FBI whistleblowers testify at a House Oversight hearing. Is the debt ceiling real? Deutsche Bank pays a settlement to Jeffrey Epstein accusers. Kevin McCarthy says he sees a path to an agreement on the debt ceiling. Sen. Kennedy grills Silicon Valley Bank's CEO on his poor decisions. Todd explains how the media is forcing the approval rating of the Supreme Court to plummet. Marjorie Taylor-Greene calls out malicious January 6th prosecutions. Debbie Wasserman-Schultz claims whistleblowers aren't real. Wired writes a fluff piece completely embellishing Pete Buttigieg while ignoring his failures. Kaitlan Collins gets a primetime slot at CNN, did she change or did something else change?Please visit our great sponsors:4Patriothttps://4patriots.comUse code DANA to save 10% off your first purchase.Black Rifle Coffeehttps://blackriflecoffee.com/danaUse code DANA at checkout for 20% off. Good Ranchershttps://goodranchers.com/marchStart the summer grilling season with all American meat from Good Ranchers. Save an additional $30 with code Dana . Hartford Gold:CALL 866-887-1188 or text DANA to 998899.Call right now and they will give you up to $5000 of free silver on your first qualifying order. Hillsdalehttps://danaforhillsdale.comLearn by listening with the new Hillsdale College Podcast Network. Learn more at www.danaforhillsdale.comKelTechttps://KelTecWeapons.comSign up for the KelTec Insider and be the first to know the latest KelTec news. Patriot Mobilehttps://patriotmobile.com/danaGet free activation with the offer code DANA.
We look at bad decisions happening all over the world and the consequences that come from those decisions. From the mismanagement at Silicon Valley Bank to NBA superstar Ja Morant flashing weapons in videos online, actions have consequences. Dianne Feinstein returns to the Senate and seems to forget that she has been gone for months due to shingles. We need term limits now! Bubba prepares to throw out a first pitch at a Minor League Baseball game. And Election 2024: Trump vs. DeSantis and Trump vs. Biden ... who beats who? Learn more about your ad choices. Visit megaphone.fm/adchoices
On today's show we are taking a look at why we are experiencing a banking crisis. There are those in the Federal Reserve and in the media who are critical of recent bank failures. Those banks were irresponsible and didn't hedge their interest rate risk properly. Silicon Valley Bank in particular received heaps of criticism for not hedging their interest rate risk. But let's step back for a moment and look at the big picture. We have more than 10 years with interest rates being held near the zero bound. In that environment, interest rates on loans have been at historic lows. The problem is that our banks have a fractional reserve system. If every depositor comes to withdraw their funds all at once, the bank will go broke. Every bank, not just poorly managed banks, every bank will experience the same outcome regardless of size. ----------------- Host: Victor Menasce email: firstname.lastname@example.org
OUTLINE of today's show with TIMECODES John Durham after $6.5 Million and years of investigations whitewashes the "seditious conspiracies" of the FBI. Lots of strong words from GOP, but they can't imagine a world without an FBI (2:00) Trump Campaigns Like It's 2015: Trump promises to release FBI files on JFK assassination & put Flynn in office. (28:16)DeSantis pushes back against Trump's characterization of heartbeat law as "too harsh" (33:01)Serbia: Will Gun Confiscation Begin a Civil War? The Serbian president promises gun confiscation that will be "cruel" with "repressive measures". The country has the 3rd highest ownership of guns per capita, many of them left over from the war 30 years ago. (44:00)Other 2A news: Church in Nashville shooting tries to block trans manifesto release, TX pastor calls it "sinful" for churches to NOT push for gun control, NY has effectively shutdown carry permits in spite of SCOTUS Bruen, and Memphis is going to try to overrule TN state laws protecting gun ownership and use (55:20)"Gold will become a reserve asset in the future". It's already happening with digital currencies in Texas and Zimbabwe. (1:24:05)$TRILLION Bank Run Coming? FDIC Tells Foreign Depositors They're Not Covered More stress on financial system as WSJ reports FDIC refused to cover $14B in deposits of failed Silicon Valley Bank on their Cayman Islands branch. US banks like JP Morgan have massive deposits from foreigners with just 2 banks, JPM and Citibank, having more than $1 Trillion that would be uninsured. (1:31:42)Drop Your Rods in the FISSION Pond. Feds are blocking power plants coming online. Are they blocking even nuclear power plants and a new design that can utilize spent fuel rods? (1:36:01)Mainstream media goes to bat for Soros after Elon Musk criticizes, laughably mischaracterizing Musk's comment comparing Soros to a Marvel comics villain as "anti-semitism" (1:53:55)INTERVIEW Creating a Parallel Health System & a New Health Paradigm Julie Wentz, freedom-healthcare.us. Freedom Healthcare an alternative to the corporate hospital system. Also, more information about their Pure Blood initiative to protect against mRNA contaminated blood (not tested by Red Cross) as FDA removes prohibitions on blood donation by homosexual men after AIDS soars by 380 times. And, coming June 9&10 — an online International Healthcare Conference hosted by Freedom Healthcare. (1:58:57)"Two things that revolutionized my mother's life." Author takes us back a few decades to show WHY we don't want "15-minute" SmartCities and how they will revolutionize OUR lives for the worse if we go along (2:36:10)Biden — Father of "Civil Asset Forfeiture" Biden never made a secret of his disdain for the Bill of Rights. As the key author of civil forfeiture — confiscating property from people NOT found guilty, NOT even CHARGED with a crime — it was a defining moment for the man who would be a tyrant. (2:52:35)Find out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here:SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation through Mail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money is only what YOU hold: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHT
Patricia & Christian talk to acclaimed author and activist Cory Doctorow, about his new crypto heist thriller “Red Team Blues”, and the real-world money mechanics and shady shenanigans that inform the story. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast Order “Red Team Blues” here: https://craphound.com/shop/ LIVE EVENT! Christian will be interviewing Cory Doctorow in Nottingham (UK!) on Tuesday 30th May 2023, tickets here: https://www.waterstones.com/events/an-evening-with-cory-doctorow/nottingham All our episodes in chronological order: https://www.patreon.com/posts/43111643 Patron-only episodes: https://www.patreon.com/posts/57542767 Patron-only GIMMS Book Launch Presentations [audio]: Daniel Kostzer on Argentina's “Jefes de Hogar” Public Employment Programme: https://www.patreon.com/posts/gimms-book-on-de-82501900 Phil Armstrong On Useful Economists: https://www.patreon.com/posts/gimms-book-phil-82502071 Neil Wilson On How The Government Spends: https://www.patreon.com/posts/gimms-book-neil-82502270 Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers” (2023): https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html Relevant to this episode: All our episodes with Cory Doctorow: https://www.patreon.com/posts/41970049 Cory's podcast: https://craphound.com/podcast/ Cory's upcoming live events: https://craphound.com/category/redteamblues/ We talk a little more in-depth about crypto tokens as “proof of work” and “proof of stake” in this episode: Episode 135 - Cory Doctorow: Blockchain, Bitcoin & Selling The Brooklyn Bridge: https://www.patreon.com/posts/68946334 “The Inevitability of Trusted Third Parties” by Cory Doctorow: https://onezero.medium.com/the-inevitability-of-trusted-third-parties-a51cbcffc4e2 Cory mentions previous guest Daniel Kostzer likening capitalism to a car with no steering wheel being driven at high speed down a road - that's from this episode: https://www.patreon.com/posts/episode-169-job-82743393 Cory mentions the inspirational economist and teacher Dr Fadhel Kabuob - here are all our episodes with him: https://www.patreon.com/posts/43484621 Cory mentions our episode on tally sticks and the history of UK exchequer with Richard Tye. It's great! Have a listen here: https://www.patreon.com/posts/episode-167-tye-81601103 “Tiktok's enshittification” by Cory Doctorow: https://pluralistic.net/2023/01/21/potemkin-ai/ For an intro to MMT: Our first three episodes: https://www.patreon.com/posts/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Quick MMT reads: Warren's Mosler's MMT white paper: http://moslereconomics.com/mmt-white-paper/ Steven Hail's quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 Quick explanation of government debt and deficit: “Some Numbers Are Big. Let Me Help You Get Over It”: https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/ For a short, non-technical, free ebook explaining MMT, download Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf Episodes on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929 Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558 Job Guarantee episodes: Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701 Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/ Episodes on government bonds (and “vigilantes”): Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https://www.patreon.com/posts/29621245 Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421 Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Apply for Dr Dirk Ehnts' Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here: https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/ Details of the next MMT Summer school in Poznań, Poland (September 5th-7th) will be available on this page when confirmed: https://fundacjalipinskiego.pl/wydarzenia/ Website of the 3rd International European MMT Conference (September 9th-10th: https://www.mmtconference.eu/ MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757 We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos Show notes: https://www.patreon.com/posts/83036883?pr=true
OUTLINE of today's show with TIMECODES John Durham after $6.5 Million and years of investigations whitewashes the "seditious conspiracies" of the FBI. Lots of strong words from GOP, but they can't imagine a world without an FBI (2:00)Trump Campaigns Like It's 2015: Trump promises to release FBI files on JFK assassination & put Flynn in office. (28:16)DeSantis pushes back against Trump's characterization of heartbeat law as "too harsh" (33:01)Serbia: Will Gun Confiscation Begin a Civil War? The Serbian president promises gun confiscation that will be "cruel" with "repressive measures". The country has the 3rd highest ownership of guns per capita, many of them left over from the war 30 years ago. (44:00)Other 2A news: Church in Nashville shooting tries to block trans manifesto release, TX pastor calls it "sinful" for churches to NOT push for gun control, NY has effectively shutdown carry permits in spite of SCOTUS Bruen, and Memphis is going to try to overrule TN state laws protecting gun ownership and use (55:20)"Gold will become a reserve asset in the future". It's already happening with digital currencies in Texas and Zimbabwe. (1:24:05)$TRILLION Bank Run Coming? FDIC Tells Foreign Depositors They're Not Covered More stress on financial system as WSJ reports FDIC refused to cover $14B in deposits of failed Silicon Valley Bank on their Cayman Islands branch. US banks like JP Morgan have massive deposits from foreigners with just 2 banks, JPM and Citibank, having more than $1 Trillion that would be uninsured. (1:31:42)Drop Your Rods in the FISSION Pond. Feds are blocking power plants coming online. Are they blocking even nuclear power plants and a new design that can utilize spent fuel rods? (1:36:01)Mainstream media goes to bat for Soros after Elon Musk criticizes, laughably mischaracterizing Musk's comment comparing Soros to a Marvel comics villain as "anti-semitism" (1:53:55)INTERVIEW Creating a Parallel Health System & a New Health Paradigm Julie Wentz, freedom-healthcare.us. Freedom Healthcare an alternative to the corporate hospital system. Also, more information about their Pure Blood initiative to protect against mRNA contaminated blood (not tested by Red Cross) as FDA removes prohibitions on blood donation by homosexual men after AIDS soars by 380 times. And, coming June 9&10 — an online International Healthcare Conference hosted by Freedom Healthcare. (1:58:57)"Two things that revolutionized my mother's life." Author takes us back a few decades to show WHY we don't want "15-minute" SmartCities and how they will revolutionize OUR lives for the worse if we go along (2:36:10)Biden — Father of "Civil Asset Forfeiture" Biden never made a secret of his disdain for the Bill of Rights. As the key author of civil forfeiture — confiscating property from people NOT found guilty, NOT even CHARGED with a crime — it was a defining moment for the man who would be a tyrant. (2:52:35)Find out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here:SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation through Mail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money is only what YOU hold: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHT
The Biden administration has no comment one day after special counsel John Durham revealed the Hillary Clinton campaign attempted to vilify Donald Trump by linking him to Russia. Officials pushed this Russia hoax for years, and NOW they feel they shouldn't comment?! Speaking of people who should not comment, John Fetterman leaves a witness speechless after asking incoherent questions at a Senate hearing about the mismanagement at Silicon Valley Bank. We ask the questions Fetterman should have asked in the wake of the SVB meltdown. Elon Musk defends his tweets. And TV Producer Adler tries to redecorate the studio — and the rest of the crew hate it. Learn more about your ad choices. Visit megaphone.fm/adchoices
In DC, the Senate Banking Committee is prepared to hear testimony from former Silicon Valley Bank and Signature Bank executives. Senator J.D. Vance (R-OH) shares his concerns about regulator oversight in the regional banking crisis, and he weighs in on the debt ceiling showdown. White House energy advisor Amos Hochstein discusses the administration's newly announced plans to buy three million barrels of oil to replenish the U.S. Strategic Petroleum Reserve. Plus, the U.S. Virgin Islands issued a subpoena to Elon Musk in connection with the Jeffrey Epstein lawsuit, and Home Depot's rough quarter is weighing on the Dow. In this episode:Amos Hochstein @AmosHochstein Sen. J.D. Vance, @JDVance1Eamon Javers, @EamonJaversJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie
There are multiple congressional hearings underway today to take a look back at what happened with the failures of Silicon Valley Bank and Signature Bank earlier this year. In the Senate, we’re hearing from former executives of those banks. In the House of Representatives, the Federal Reserve’s top banking watchdog and other regulators are speaking. Also today: we have the latest data on retail sales. Consumers appear to be holding up pretty strong. And lastly, why you might be paying more for flood insurance.
There are multiple congressional hearings underway today to take a look back at what happened with the failures of Silicon Valley Bank and Signature Bank earlier this year. In the Senate, we’re hearing from former executives of those banks. In the House of Representatives, the Federal Reserve’s top banking watchdog and other regulators are speaking. Also today: we have the latest data on retail sales. Consumers appear to be holding up pretty strong. And lastly, why you might be paying more for flood insurance.
Herb Greenberg (@HerbGreenberg) is the editor of the Empire Financial Daily e-letter, Herb Greenberg's QUANT-X System, and Empire Real Wealth. Previously, he was the co-founder of Pacific Square Research and Greenberg Meritz Research & Analytics – both independent, short-biased investment research firms. Greenberg spent more than 40 years as a financial journalist at some of the country's leading newspapers, websites, and broadcast media, where he covered almost every industry. He served as senior stocks commentator at CNBC and was a financial correspondent at the Chicago Tribune. He also spent 10 years as the daily business columnist for the San Francisco Chronicle, during which time he started his five-year run as Fortune's monthly Against the Grain columnist and was the morning business reporter for San Francisco's KRON-TV. When the Internet and online media were still emerging, Greenberg was one of the first mainstream journalists to make the shift online, when he became senior columnist at TheStreet. He later shifted to the same role at MarketWatch. When Dow Jones bought out MarketWatch, he added a weekend investor column for the Wall Street Journal to the mix. Earlier in his career, Greenberg was a reporter at Crain's Chicago Business and a business reporter for the St. Paul Pioneer Press. He also spent a year as an analyst at a risk arbitrage firm. Greenberg holds a bachelor's degree in journalism from the University of Miami and completed the Herbert J. Davenport Fellowship at the University of Missouri. 0:00 Show Open 1:54 Welcome Herb Greenberg 2:40 Wanted to be a radio disc jockey, turned out to be a business journalist 4:06 Getting hooked on reporting 5:40 Path to the University of Miami 6:00 Late bloomer in journalism career 9:00 From Miami to St. Paul 10:25 Herb's big break at Crain's (the “bootcamp” of his career) 14:00 ‘Golden era' of business journalism 15:08 Herb wrote the ‘original Business Insider' column 18:08 The story Herb never talks about 22:00 State of business journalism today 24:44 Stories 27:14 Assessment of the markets and the economy 28:44 Paying the price for ridiculously low rates 30:00 Discrepancy between what's real and the data 31:16 Markets are messy 32:55 Wish I had been more aggressive in funding 401k and IRA 34:55 Best question anyone has ever asked me 37:57 Family office analysts are happier than hedge fund analysts 42:00 Red flags 46:00 Silicon Valley Bank, regional bank failures 49:00 The ETF Monster https://www.cnbc.com/2010/09/13/man-vs-machine-the-etf-monster.html 51:30 Blaming the short-seller narrative 53:10 Concept of avoiding loss 53:50 ChatGPT is the ‘new weather' on earnings calls 58:00 Longevity
President Joe Biden held a second closed-door meeting on the nation's $31 trillion debt ceiling. House Speaker Kevin McCarthy (R-Calif.) says a deal to raise the limit is possible by the end of the week. Lawmakers on Tuesday confronted the former CEOs of failed Silicon Valley Bank and Signature Bank on bank mismanagement and profitable stock sales. The House Judiciary Committee asked special counsel John Durham to testify on his report. NTD spoke with a former federal prosecutor for his analysis of the report. ⭕️ Watch in-depth videos based on Truth & Tradition at Epoch TV
Americans needn't worry about the safety of their money at the bank, financial and investment expert David Bahnsen says.Three large American banks have collapsed since the beginning of the year, but “there's almost nothing in common at all with these three banks closing, relative to all the 2008 closings,” says Bahnsen, founder and chief investment officer of the wealth management company The Bahnsen Group. When banks fail, as they did in 2008, it's usually because of “people not paying back something they owe,” Bahnsen says, adding that's not the case with the recent bank failures. Bahnsen, whose company manages more than $4 billion in client assets, says Silicon Valley Bank, Signature Bank, and First Republic Bank were “totally ill-prepared for the idea of interest rates flying higher, as they have.” Bahnsen joins “The Daily Signal Podcast” to explain the effect the Federal Reserve's interest-rate hikes have had on America's banks and what it means for the financial health of the country. Bahnsen also explains why he, as a JPMorgan Chase shareholder, has proposed a resolution calling on the bank to investigate whether it is discriminating against clients because of their religious or political views. Relevant LinksColorado Wants to Force Her To Create LGBTQ Wedding Websites: https://www.youtube.com/watch?v=nfk1q-EXNDE Hosted on Acast. See acast.com/privacy for more information.
Do recent bank failures present an opportunity in the stock market? We discuss what to watch for and what to watch out for. Silicon Valley Bank, Signature Bank, First Republic, other regional banks - are there opportunities among the survivors?
The Get Paid Podcast: The Stark Reality of Entrepreneurship and Being Your Own Boss
Tune into one of our most powerful podcast episodes featuring the founders of Marvelous and And She Coaching Co., Jeni Barcelos and Sandy Connery. Despite starting in different industries, Jeni as an attorney and Sandy in footwear and gait analysis, they bonded as the only two women in a tech course with 600 participants. Together, they faced countless obstacles such as securing investors, dealing with copycats, and even running two companies with long COVID before it was widely known. In this powerful interview, Jeni and Sandy share their inspiring story of building their businesses and overcoming adversity in a male-dominated industry. Don't miss their incredible journey of tenacity and resilience. This Week on the Get Paid Podcast: How Sandy and Jeni combined their very different personalities and ways of seeing the world to become successful and supportive business partners How they navigated the traumatic process of securing investors and raising funds in a male dominated industry The impact of COVID and quarantine on their business and the process of receiving thousands upon thousands of urgent customer service requests How long COVID affected Jeni at a time when no one really understood what long COVID was What a 22 staff hire in 3 weeks looks like for a small tech company Why a company doing exceptionally well applied for Get Paid Marketing The power of really personalized ads consulting and 1:1 support even when your business is thriving The commotion with Silicon Valley Bank closing down Mentioned in this podcast: Stacey Boehman Amy Porterfield's webinar course Navigating Long COVID as an Entrepreneur Connect with Sandy Connery and Jeni Barcelos: And She Spoke Podcast Software Sandy Connery Jeni Barcelos Thanks for tuning into the Get Paid Podcast! If you enjoyed today's episode, head over to Apple Podcasts to subscribe, rate, and leave your honest review. Connect with me on Facebook, YouTube, and Instagram, visit my website for even more detailed strategies, and be sure to share your favorite episodes on social media. Now, it's time to go get yourself paid.
On Monday, First Republic Bank folded before being sold by regulators to JPMorgan Chase. At the time, it was the 14th largest bank in the U.S. and it is the second-largest American bank by assets to ever collapse. The story of First Republic's fall is similar to that of Silicon Valley Bank and Signature before it – the value of the bank's assets began to plummet as the Fed raised interest rates to fight inflation, causing a crisis of confidence among investors and depositors. This is exactly the kind of situation that the economic historian Adam Tooze warned of when he came on the show in October of 2022. In that conversation, Tooze argued that the Fed's interest rate hikes were “shaking the entire system” – putting pressure on every level of the global financial system, from regional banks to countries that borrow on the U.S. dollar. It would only be a matter of time, he predicted, before things started breaking. Well, things are certainly breaking now, and it's very possible there's more to come. The Fed decided to raise interest rates once again on Wednesday, bringing them above 5 percent for the first time in more than 15 years. So it felt like the right time to revisit our conversation about the fragile, uncertain future of the global economy at this history-making moment and the Fed's role in it. We also discuss what the British financial market meltdown means for the rest of the world, how the interest rate hikes in rich countries export inflation to other countries, the looming possibility of a global recession, why Tooze believes the confluence of high inflation, rising interest rates and high levels of debt points to an economic “polycrisis” unlike any the world has seen, why countries in South Asia are experiencing a particularly severe form of polycrisis, how the Fed should weigh its mandate to bring down inflation against the global consequences of its actions, why he believes analogies to the American inflationary period of the 1970s are misguided and more.Editor's note: Due to a technical error, a previous version of this episode featured the wrong audio file. The episode is now updated with the correct audio.Mentioned:“Slouching Towards Utopia by J Bradford DeLong — fuelling America's global dream” by Adam ToozeBook recommendations:The Neapolitan Novels by Elena FerranteYouthquake by Edward PaiceSlouching Towards Utopia by J. Bradford DeLongThoughts? Guest suggestions? Email us at email@example.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma. Fact-checking by Michelle Harris, Rollin Hu, Mary Marge Locker and Kate Sinclair. Original music by Isaac Jones. Mixing by Jeff Geld. Audience strategy by Shannon Busta. Special thanks to Kristin Lin, Kristina Samulewski, Jason Furman, Mike Konczal and Maurice Obstfeld.
The Indicator from Planet Money
The turmoil in the banking industry isn't over yet. Today, First Republic Bank was seized, following the failures of Signature Bank and Silicon Valley Bank back in March. How did we get here? And how do we prevent banks from failing in the future? A show-stopping mea culpa from the Federal Reserve provides some answers. For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.
On today's episode of The Breakdown, we're revisiting an important topic in light of recent financial news. As the FDIC prepares to take over First Republic Bank, we're airing an episode of The Momentum Advisors that originally aired on March 19th. In this episode, they discuss what happens when banks fail and provide insight into the recent failures of Silicon Valley Bank and Signature Bank. They also delve into the history of bank failures in the US and offer tips on how to protect yourself if this happens to your bank in the future. It's a timely and informative episode that you won't want to miss. Learn more about your ad choices. Visit megaphone.fm/adchoices