Your Comment on Corporate Bankruptcies
[QUOTE=ILuvEmall;6357187]Don't mind NewDude, he's an idiot who made up his post in a weak attempt to mischaracterize what I said. Take it with a grain of salt- this is the same idiot who claimed that the cops who shot Rayshard Brooks would be found guilty of murder (the officers were reinstated and given back pay for their time off). The same fool that stated APD are the highest paid cops in the country (completely false & made up stat). The same fool that said there's no problem with the economy and everyone's doing great (meanwhile, inflation's been at 40-yr highs, personal debt levels also just hit all-time highs, and corporate bankruptcies at the highest levels since the Great Financial Crisis). He's also the same fool who made disgusting, pejorative, race-baiting comments. Yeah, he's real good with the facts and very credible. He makes a great case to back up his claims that he's so much smarter, better educated, and richer than all those poor, ignorant, dumb white people, doesn't he?[/QUOTE]Well that comment on bankruptcies turned out to be quite prophetic. With Silicon Valley Bank leading the way we now have a banking failure that has spread and is still not defined. Frustrating that the failure mechanism is the same for all and could be identified and better managed by a Sophomore Finance major. They all were holding long dated paper (T bills, bonds, etc) that was becoming less valuable with each rate hike by the Federal reserve. When finally forced to sell this paper they did so at a huge loss. I sold every single share of a bond FUND I held in Jan 2022. Not rocket science. Rates were headed up. I had to sit on the cash for around 10 months before I started buying short dated Treasury Coupons (3 or 6 months) that recently got up to around 5%. Wish I had more cash.
So the frustrating part is all my bank stocks and financial ETF's have gotten clobbered while the offending banks are all going to be bailed out. All this why the C level guys make 3-10 million per year for twiddling their thumbs. Hope Congress moves swiftly to make those responsible pay every dime of their multimillion dollar bonuses back to the taxpayer that is funding yet another bailout. Hoping we can get through the week without another idiot announcing that his bank is insolvent.