Fed begs banks to help with Silicon Valley

Government steps up as financial sector wobbles ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ One of the most ominous signs about what is happening is how much involvement the federal government is having to take just to keep things moving. For example, the FDIC remains responsible for dealing with most of Silicon Valley Bank's assets - something in the range of $90 billion. First Citizens, which took over a good chunk of SVB's assets, received major concessions just for getting a minority share. And apparently, the government had to step up just to get someone to take some of these assets off its hands. "The deal was getting stale," according to former Federal Reserve examiner Mark Williams. "I think the FDIC realized that the longer this took, the more they'd have to discount it for someone." There's also a powerful emotional element involved. Citi recently said that what we're seeing is an "irrational market." And Sara Devereux, global head of the fixed income group at Vanguard, said that we're in a "sentiment contagion." Now she thinks the damage has been largely "contained" and there are good reasons to think that... But everyone thinks the danger is past until it isn't. My worries are in the more substantive problems with the American economy - not least the rising levels of debt (among both consumers and the government), the dependence of the market on low interest rates, and America's chronic spending, both military and civilian. Now, none of these promise doom in the short-term. But all investors should remember... things that can't go on forever, DON'T. Keep Moving, Corey Snyder Publisher, Rogue Investing PS. I beat the market by 600% last month, trading just one stock. Using my proprietary Dragnet, I nailed more than 250 winning trades in one year. You can harness this power today! [Click here to secure the next batch of trades.]( ) WORD ON THE STREET DIS Begins Layoffs, Apple Exec Sells, Fed Slams SVB - "A Textbook Case Of Mismanagement" - The Fed has good reason to be angry about the situation at the failed Silicon Valley Bank. Its collapse sparked a panic in the banking sector that screwed up the Fed's plan for fighting inflation. "To begin, SVB's failure is a textbook case of mismanagement," said Fed Governor Michael Barr in remarks to Congress. "The bank waited too long to address its problems, and ironically, the overdue actions it finally took to strengthen its balance sheet sparked the uninsured depositor run that led to the bank's failure." - Apple COO Cashes Out - Apple Chief Operating Officer Jeff Williams saw his opportunity and he took it. He sold 187,730 shares of AAPL on March 22, taking advantage of an average price of $159.76. It was under a prearranged format called a 10b5-1 trading plan, which means it wasn't a spur-of-the-moment thing, but tech investors are likely to get jumpy. AAPL was down 1.23% during the trading day yesterday - Not So Magic Kingdom - Disney has begun the first of three rounds of layoffs this week, with about 7,000 jobs being cut. "The difficult reality of many colleagues and friends leaving Disney is not something we take lightly," said CEO Bob Iger in a memo. "In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world - now, and long into the future." - Musk Tries To Push Users Towards Verified Status - Elon Musk desperately needs to generate some cash flow at Twitter, so he's using the stick. Elon Musk said only verified accounts, which can be claimed by users who pay a monthly fee of $8.00 a month, will show up in the "For You" section and can vote in polls. The TecnoKing claims this "is the only realistic way to address advanced AI bot swarms taking over." HOT SPOTS: What's Going on in Geopolitics - Depleted Uranium Shells Going To Ukraine - The British government has confirmed that it will be providing depleted uranium ammunition to Ukraine as part of its aid effort to that country. The ammunition is a devastating counter to armor - but Russia has claimed it has "nuclear components" and thus represents a major escalation. - Jack Ma Surfaces In China – Is the Communist Party taking the boot off the neck of the tech industry? Alibaba founder Jack Ma has appeared in public in China in a sign that the climate could be easing. It's the first time he's been seen in the country since last year, and a rare appearance since the Party cracked the whip on Alibaba and other tech companies in 2020. - French Protesters On Tenth Day Of Strikes - Unions have called for a tenth day of strikes in France after protesters resisted French President Emmanuel Macron's decision to raise the retirement age from 62 to 64. A state visit by King Charles III has been postponed, as Macron huddles with his team about ways to quell the disorder. CUTTING EDGE: What[']( )s Happening In Tech - TikTok Support Relies On Usage - A Washington Post poll found a plurality of Americans support banning TikTok, 41% in favor compared to 25% against. However, among those who have used the site in the last month, 45% oppose a ban compared to 21% who support it. - John Wick: Chapter 4 Crushes Records – John Wick: Chapter 4 made $73.5 million in its opening weekend. It's a remarkable accomplishment, as each installment of the franchise has made more in its opening weekend. It took in $64 million overseas, bringing it to $137.5 million in total for its opening weekend. - Lyft CEO Steps Down - CEO Logan Green and president John Zimmer, the two founders of Lyft, are stepping back from their rules. Instead, David Risher, a former Amazon executive, will now be the new CEO. The transition will take place on April 17. Lyft was up 4.69% after-hours FOR YOUR CONSIDERATION --------------------------------------------------------------- "Investors should be wary of a rug pull from Uncle Sam himself." Cryptocurrency has been on a tear lately... but that clearly has the government upset. An obscure regulatory body just took a major shot at Binance... and Mr. X warns this is just the latest step in a long established pattern. Don't be left standing when the music stops. [FEDS TURN ON CRYPTOCURRENCY]( ) Enjoying Dawn Report? Learn something, made some money? 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