The Post-Partisan Emporium

  Tom Luongo Weighs In: It's A Davos v. The Fed War Mark Wauck I changed the title of the Youtube that I’ll be summarizing, and I think the text of the summary will tell you why. While “Wall St.” definitely turns up in Luongo’s presentation (there’s give and take but, again, you’ll see the why for my choice of words), the focus is on the Fed. And I think the reason is that the Fed is presenting a more organized and unified policy program than you could get from an amorphous “Wall St.” Thus far, since the banking crisis began with the closure of Silicon Valley Bank (SVB) last Friday, Luongo has yet to present a more or less full length narrative—although the shape of that narrative has been clear enough for those who have followed his commentary as well as from his recent tweets. That changed today with his appearance in  Rogue News In The Morning : Special Guest Tom Luongo Davos vs WallStreet WAR!!! The Youtube is 68 minutes long, but my summary—which is heavily, but not entirely,

  MARCH 13, 2023   BY SCHIFFGOLD In the wake of two bank failures, the Federal Reserve and the US Treasury announced a bank bailout program. Last week,  Silicon Valley Bank was shuttered  by federal authorities after the bank suffered significant losses selling bonds in order to raise capital. When that news hit, depositors rushed to pull funds from the bank, making it functionally insolvent. Then over the weekend, federal authorities  shut down Signature Bank . On Sunday,  the FDIC created “bridge banks” to handle both insured and uninsured customer deposits . Banking regulators assured depositors that they would have full access to all of their funds. Meanwhile, the Federal Reserve  announced a loan program  that will allow other banks to easily access capital “to help assure banks have the ability to meet the needs of all their depositors.” The  Bank Term Funding Program  (BTFP) will offer loans of up to one year in length to banks, savings associations, credit unions, and other eli