Troy Smith
Last week, the Silicon Valley Bank collapsed, marking the first bank to collapse since the COVID-19 pandemic of 2020. Shortly after the collapse of SVB on Sunday, another bank called ‘Signature Bank’.
Videos by Rare
This morning, trading has been halted on over 30 bank stocks on the New York Stock Exchange. Bank stocks were being decimated in value prior to the halt.
To gauge the panic-like activity of bank investors in the wake of the recent failures of SVB Financial Group’s SIVB, Silicon Valley Bank and Signature Bank SBNY, -22.87%, investors can check out the Nasdaq’s “Current Trading Halts” page. Multiple banks have had their stock halted for volatility, some more than once, since the opening bell. Among some of those that have already been halted at least twice, shares of Western Alliance Bancorp WAL, -82.55% plummeted 78.2%, Regions Financial Corp. RF, -7.54% sank 15.6%, First Republic Bank FRC, -77.82% plunged 65.5%, Comerica Inc. CMA, -38.51% tumbled 39.4% and PacWest Bancorp. PACW, -53.44% took a 47.7% dive. The selloffs come as the S&P 500 SPX, -0.11% inched up 0.1%, erasing an earlier drop of as much as 1.4%.
https://www.marketwatch.com/story/stocks-of-multiple-banks-get-halted-for-volatility-more-than-once-to-start-the-trading-day-7002dcca?reflink=mw_share_twitter
This tweet below shows some of the tweet below which includes a list of the halted bank stocks…
The trading for over 30 banks has been halted. Is the bank collapse happening in real time? pic.twitter.com/UXZt6caf53
— Ian Miles Cheong (@stillgray) March 13, 2023
Are we headed towards a total world financial collapse, like we saw in 2008? All indicators are pointing towards yes.
It looks as if the effects of the ridiculous policies of the Biden Administration are finally coming to light, and rearing their ugly face for Americans to see.
There are consequences when government seizes control and passes massive spending bill after massive spending bill.
The fallout could be devastating.
