Swirling?

Simply a few tweets to spur thought:

Danielle DiMartino Booth @DiMartinoBooth

Great point @spomboy Credit crunches never manifest the same way twice. The plumbing of the financial system is quite different today than it was headed into Lehman. The nonbank sector has exploded and now houses leverage.

steph pomboy @spomboy

ya know what’s keeping me up at night? Thinking about the unseen exposure by NONbank finl institutions to things far riskier than the stuff bringing down the banks. Esp, the prospect that some insurer (&counterparty in the giant mkt of credit derivatives) is about to go toes up

UBS buys CS.

Danielle DiMartino Booth @DiMartinoBooth

THE END OF A SWISS ERA. THERE GOES MY FORMER EMPLOYER @UBS paying more than $2B for its rival. It will be an all share deal and priced at a fraction of Credit Suisse’s price at the close on Friday, when the bank was valued at about 7.4 billion francs ($8 billion.) @business

Onward.

Dave Wald @waldadvisors

Recent bank failures have handed the Fed an unexpected and powerful ‘messaging’ gift. The message? Spend, lend and invest at your peril. The audience? Everyone. There has been a seismic shift in the ‘narrative’. A thread 🧵… 👇👇👇 1/. open.substack.com/pub/cubicanaly…

open.substack.comLiquidityIs it actually back?

Nassim Nicholas Taleb @nntaleb

It's not the banks that are BLEEDING. It's VCs. Let's not be distracted frm the central problem w/technowatermelon @DavidSacks & other vocal zerointerestraters: they want to get the Fed to lower rates to bail out their investments now subjected to the discipline of cash-flow.

Marc Cohodes @AlderLaneEggs

Now that SVB is done @DavidSacks is starting to realize that 1) His Portfolio is Toast 2) He cant Rug Pull Joe Six Pack anymore with worthless Coins 3) Will have to answer all sorts of questions about SVB so what does he do? Picks a fight with me.. Just Brilliant @nntaleb https://t.co/QBGLhw4zFB

Danielle DiMartino Booth @DiMartinoBooth

Let’s try this one more time. It’s simple. Promise. Deflation makes debt MORE expensive, that whole paychecks fall while debt remains a constant. Which cohort has highest debt/income ratio? NEXT.

Hausy @_hausy

@PaulCody7 @eleventysigma @DiMartinoBooth Deflation hurts the rich and helps the poor and you can’t let those swine catch up to the rich

Chris Temple @NatInvestor

Hmmm...I wonder what the extent of the "plumbing problems" being revealed by the day, if not by the hour? Keep in mind the WORLD is effectively massively short many trillions of #USDollars.

Danielle DiMartino Booth @DiMartinoBooth

Is Asia opening soon? @federalreserve @bankofcanada @bankofengland @EuropeanCentral @Bank_of_Japan_j announced coordinated action to boost liquidity in their standing US dollar swap lines…daily operations begin tomorrow & will continue at least through end of April. @business

Vivek Ramaswamy @VivekGRamaswamy

A Trump indictment would be a national disaster. It is un-American for the ruling party to use police power to arrest its political rivals. If a Republican prosecutor in 2004 had used a campaign finance technicality to arrest then-candidate John Kerry while Bush & Cheney were in… https://t.co/vRIDRLRuha

A Trump indictment would be a national disaster. It is un-American for the ruling party to use police power to arrest its political rivals. If a Republican prosecutor in 2004 had used a campaign finance technicality to arrest then-candidate John Kerry while Bush & Cheney were in power, liberals would have cried foul - and rightly so. Principles go beyond partisanship. Let the American people decide who governs. This will mark a dark moment in American history and will undermine public trust in our electoral system itself. I call on the Manhattan District Attorney to reconsider this action and to put aside partisan politics in service of preserving our Constitutional republic.