Put it in the bank

[The beef 675] [I'm an image] “If the banks would reallocate some funds to my bank account, that'd be great.” - Jason Hey there carnivores, Markets were back on Thursday, as Volcker Rule rollbacks had investors pleased. More on that below... Keep raging, Jeff & Jason [Image] [I'm an image] Bank on it “[I'm not a regular regulator, I'm a cool regulator.](” - the FDIC The FDIC announced that it is [removing some of the restrictions]( under the Volcker Rule. The move will allow banks to invest in venture capital funds and will ease some rules on derivatives trading. The Rule was originally implemented as part of the Dodd-Frank Act in 2010 to ensure banks don't make risky bets with their own funds or customers' deposits. And is lame AF if you ask anyone in the industry. It's estimated that by not having to set aside as much cash for derivatives trades between different units of the same firm will [free up]( $40B across the banking industry. Read: $40B to spend elsewhere. So, what could go wrong? According to the markets, nothing. Markets surged late in the day on the news, with all indices finishing up over 1%. Shares of JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America and Citigroup all rose more than 2% on the day. But the former head of the FDIC Sheila Bair isn’t so sure this is a good thing. According to Bair, the move allows banks to take risks with no consequences. You see, big banks know that if the going gets rough, Uncle Sam will bail them out. Who do banks think they are, the airlines? The bottom line... While the FDIC was easing restrictions yesterday, the Fed was busy adding new ones. I love the smell of red tape in the morning. Jer-bear and the boys recently completed their annual stress tests on the banking industry and said that banks' balance sheets are "healthy" but not in the best of shape due to the coronavirus pandemic. Same, banks, same. In the near-term, big banks will be required to suspend share buybacks and put a cap on dividend payments for the third quarter this year. And for the first time in history, banks will have to [resubmit their payout plans]( and go through the process again at least once more by year-end. Bank stocks dropped in after-hours trading. [Image] If Trading Is A Numbers Game Then Why Not Stack The Odds In Your Favor? [Watch the Wall Street Bookie]( [I'm an image] ☑️Bow down. LeBron James and childhood friend Maverick Carter are freshly funded. The pair’s SpringHill Co. just [raised itself $100M]( to get off the ground. SpringHill, which is named after the apartment complex King James and his mother lived in Akron, combines Robot Co, a marketing agency, with SpringHill Entertainment, the studio behind “Space Jam: A New Legacy” It also includes Uninterrupted LLC, the company that produces James’ “The Shop” series. Time will tell if he’ll pack the company up and move it to Miami, only to return a few years later and win a ring. James started the company with the idea that diversity would be built into the company, and its employees are 64% people of color and 40% female. ☑️Dead end. The IRS did a lot to dish out stimulus checks to Americans during the pandemic. The only problem? It didn’t check to see if all of them were alive. The tax agency apparently shelled out [more than $1.4B]( in stimulus checks to Americans that have “moved on” so to speak, according to the Government Accountability Office. I wonder what the postage to the afterlife is like. Those checks amounted to 1% of the total stimulus payments, but it took until April 30th for the Treasury Department to determine that the deceased are, in fact, ineligible for stimulus checks. The issue? People who filed taxes in 2018 or 2019, which the stimulus payments were based on, may have died between then and now. OK, that’s an honest mistake. The other issue? The Bureau of the Fiscal Service, the office that makes payments, doesn’t have access to death records, even though the IRS does. ☑️That’s it, you’re sanctioned! The US Senate [passed]( a unanimous bill putting sanctions on Chinese officials that helped “erode” Hong Kong’s autonomy, including the banks and businesses that work with them. DJT’s administration isn’t thrilled with the decision, as officials worry the sanctions could undercut the ability to work with China, while giving Congress too much power in the two nations dealings. Checks and balances, ever heard of ‘em? The sanctions are mandatory, but the White House does have some say in where they’re applied. The bill still has to get through the House, where bipartisan support will undoubtedly help its cause. ☑️Hold steady. Jobless claims held in there at [just 1.5M]( claims last week. That marks every week in June showing the same unemployment numbers, which could spell a long road to recovery. While the 1.5M is down from March’s peak of 7M jobless claims, it is still well above the 695k record set back in 1982. Those receiving benefits clocked in at 19.5M in the week ended June 13th, down from previous weeks. So either people are getting jobs, or just gave up. Here’s to hoping for the former! RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 DISCLAIMER: To more fully understand any Ragingbull.com, LLC ("RagingBull") subscription, website,application or other service ("Services"), please review our full disclaimer located at [(disclaimer. FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. AnyRagingBull Service offered is for educational and informational purposes only and should NOT beconstrued as a securities-related offer or solicitation, or be relied upon as personalizedinvestment advice. 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