Home Depot co-founder Bernie Marcus issued a strong warning for everyday Americans.

During an appearance on "Cavuto Live," Marcus discussed the devastating collapse of Silicon Valley Bank, urging Americans to "wake up" and understand that the U.S. economy is in "tough times."

"I can't wait for Biden to get on the speech again and talk about how great the economy is and how it's moving forward and getting stronger by the day. And this is an indication that whatever he says is not true. And maybe the American people will finally wake up and understand that we're living in very tough times, that, in fact, that a recession may have already started. Who knows? But it doesn't look good," Marcus argued, Saturday.

"I feel bad for all of these people that lost all their money in this woke bank. You know, it was more distressing to hear that the bank officials sold off their stock before this happened. It's depressing to me. Who knows whether the Justice Department would go after them? They're a woke company, so I guess not. And they'll probably get away with it," he said to host Neil Cavuto.

Poor choice of words on my part. I should have used "the markets as they are today".

Free market has been dead since 1933,

Just the first domino to drop.

if the woke go down that will be good but they need to go all the way down 4ever, do not think that will happen so our kind will suffer the most. the time to riseup may be coming.

This has all been caused by Biden's war against common sense. When you give multiple speeches about ending all oil drilling within ten years, lie about all of the leases available to oil companies which multiple federal agencies refuse to issue drilling permits for, What oil executive in their right mind would pursue investing in oil exploration?
This country could make its way out of this inflationary trend tomorrow by reverting back to the former administration's policies. Tomorrow!

The collapse of Silicon Valley Bank on Friday marks the worst U.S. financial institution failure since the Great Recession. SVB, which was the 16th largest bank in the U.S., had $209 billion in total assets at the end of 2022.

The Pershing Square Capital Management CEO took to Twitter to give his take of the situation.

"By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is – an unsecured illiquid claim on a failed bank," he began.

He then predicted that people will rush to withdraw huge sums of uninsured deposits from all non-systemically important banks (SIB).

https://www.foxbusiness.com/markets...nt-has-48-hours-fix-irreversible-mistake

Here is another source quoting the Bloomberg wire report regarding SVB Securities Management, exploring ways to buy the firm back from its parent

https://whtc.com/2023/03/11/silicon-...loomberg-news/

The Treasury and FDIC will brief California lawmakers on Sunday the 12 th of March at 1:00 PM ET

https://www.axios.com/2023/03/12/tre...-lawmakers-svb



The Fed is holding an emergency meeting on March 13 regarding SVP.

https://www.moneycontrol.com/news/bu...-10235071.html

Didn't the fed cause this? By raising rates, account holders moved large sums of money to safer government bonds. Maybe the Biden folks wanted this?

If we want to blame the Fed, maybe we can blame them for keeping interest rates at record lows for 14 years. Also keeping MBS rates low and Treasury rates low by printing money and buying so many at low rates.

were in the perfect storm right now everyone that was trying to grow their money are in stocks but as the interest climbs to over 5 percent on short term cd's money is flowing out of the market and into cd's and bonds. I can see the panic after talking to a bunch of retired friends over the weekend.I have less than 16 percent of my IRA money in the market thank God I started liquidating my stock funds and laddering cds when the market started rising in Jan. I'm afraid that this may be a very bad week for the stock market and the banks. We could actually be witnessing the start of another depression. I talked to two retired friends that are bound and determined come monday there selling there mutual funds I couldn't talk any sense into them If this is going to happen all over the country were in a world of hurt. I'm shopping for chickens today I live in town so I don't have room for any livestock but I can sure enough raise rabbits and chickens!

Sure the Fed created the environment where this COULD happen but the actual cause of the problem was a mismatch of "duration" between assets and liabilities. Complete failure on the part of bank managers.

It will be an interesting Monday and week for the markets.

^^ People that don't stay the course and not ride this out will be the ones that will get hurt the most. The sky isn't falling, everyone needs to not overreact and get out. A huge mistake but the ones that are on the cliff with owning stocks and funds will panic and run the worse thing to do. Low risk tolerance and haven't educated themselves better for market disruption.

My 2 IRAs are currently managed at 60% securities and 40% bonds. I have an appointment with the manager tomorrow and I'm changing to 70% bonds, 30 % securities. I,m nervous about the future!

At you/our age Mike that is probably a reasonable thing to do at this point. Just make it clear that you do NOT want the bond portion to be long term bonds. Stay on the short, to intermediate part of the curve

They are currently auctioning the bank off,,,,on a Sunday

Hopefully some sort of announcement before Asia opens this afternoon

I suspect smart money will be buying

This is an opportunity for some

That sounds like good news. Hopefully that will preclude a bailout

Supposedly Yellen said there will be no bail out.

https://www.vanityfair.com/news/2023/03/no-federal-bailout-for-svb-but-fdic-auction-is-underway

I don't expect they will do a bail out.

What concerns me is what will happen when the rest of the financial sectors start marking their assets to market as is somewhat the case that happened here.

Get your money and spend it before it goes poof like a chinese balloon..

Angela, this is the only time I think Yellen may be telling the truth.