New York Community Bank is collapsing \ stacker news ~news

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2120 sats \ 34 comments \ @TomK 6 Mar 2024 news

Anyone currently looking for arguments to convince their normie friends of the importance and function of bitcoin should have this little graphic at hand. With the New York Community Bank, another financial institution is collapsing. But, to paraphrase Peter Schiff: bitcoin is a solution that is still looking for a use case... intellectual wretchedness just doesn't pay off in life!

https://m.stacker.news/19151

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522 sats \ 5 replies \ @Jonathan_Adly 6 Mar 2024

My dad works there as a low-level employee. Basically, unhirable elsewhere due to his age (60+). He had their stock as part of retirement, which I made him sell 6 months ago.

I had a good talk with him over the last weekend how they may collapse in a week. It gave him some existential anxiety.

If it wasn’t for Bitcoin; I would be anxious as well. Thankfully, I can take care of him with no worries as the fiat shit complex continues to collapse.

41 sats \ 0 replies \ @Bell_curve 6 Mar 2024

Good call to sell his company stock. You saved his retirement fund from collapse

10 sats \ 0 replies \ @TomK OP 6 Mar 2024

good to hear. be strong as a family and careful and see what comes next. good luck to you

21 sats \ 2 replies \ @Bell_curve 6 Mar 2024

How did you know the bank was on the verge of collapse?

10 sats \ 1 reply \ @TomK OP 6 Mar 2024

two things. firstly, a confidential source told me that they might be on the verge of getting a capital injection and secondly, looking at the catastrophe chart that was clear

0 sats \ 0 replies \ @Bell_curve 7 Mar 2024

I love confidential sources!

47 sats \ 0 replies \ @023ad18700 4 Oct 2024

Probably get bailed out if they do go belly up

84 sats \ 2 replies \ @skreep_ 6 Mar 2024

https://m.stacker.news/19159 https://m.stacker.news/19160

I've got all sorts of thoughts on where this is going, but short and to the point:

Banking must be as centralized as possible before implementing a CBDC.

0 sats \ 1 reply \ @TomK OP 6 Mar 2024

yes indeed, you could puke! but briefly on the cbdc in the US: the banking cartel, the Fed's ownership cartel, has no interest whatsoever in the Fed destroying their retail banking business, which yields multi-billions every year. I wouldn't be afraid of that in the United States, especially with the various state laws and the new president next year. the eurozone is a different story, but again, I think it will collapse before the commies in Brussels and Frankfurt are even able to implement it.

0 sats \ 0 replies \ @skreep_ 7 Mar 2024

All of those people that you said don't want a CBDC want a CBDC, and independent banks, small time community credit unions, regional banks etc stand in the way of the implementation.

This isn't about destroying retail banking business, it's about consolidating as much banking influence and power as possible in a last ditch effort to maintain their control they've had over us for centuries. It's much easier to implement a CBDC with the help of 5 or 6 megacorp banks instead of thousands of independent banks.

They tricked banks into buying absolutely shit bonds, hiked rates up historically high, and introduced a shadow YCC program to kick the can down the road.

https://m.stacker.news/19216

55 sats \ 1 reply \ @_stacktoshi 6 Mar 2024

Is it banking collapse season again already?? 🍿

10 sats \ 0 replies \ @TomK OP 6 Mar 2024

or it is a refreshing intermezzo between the main games

42 sats \ 1 reply \ @BlokchainB 6 Mar 2024 freebie

Wonder how many grandmas had stock in this company getting dividends and now poof stock is nuked.

10 sats \ 0 replies \ @TomK OP 6 Mar 2024

It's disgusting

31 sats \ 1 reply \ @siggy47 6 Mar 2024

All week MSM business articles were emphasizing that NYCB is a one off, special situation, which assures me it's not.

52 sats \ 0 replies \ @TomK OP 6 Mar 2024

MSM is the weapon they have put on our chests and darkened our brains. a really bad development that will cost millions of people a lot of money in the coming years and destroy livelihoods

21 sats \ 1 reply \ @SatsMate 7 Mar 2024

Whether they get bailed out, or whether they fail - bitcoin will protect you both ways. Remember what Satoshi wrote on the Genesis Block, "Chancellor on the brink of second bailout for banks."

He knew this would happen throughout this century, but he created a lifeboat to help all of us.

10 sats \ 0 replies \ @TomK OP 7 Mar 2024

Yep

21 sats \ 1 reply \ @Bell_curve 6 Mar 2024

Silicon Valley bank collapsed about 12 months ago

10 sats \ 0 replies \ @TomK OP 6 Mar 2024

So it's season again.

21 sats \ 1 reply \ @030e0dca83 6 Mar 2024

Hyperinflation knocking on the door

0 sats \ 0 replies \ @TomK OP 6 Mar 2024

But not for us

21 sats \ 2 replies \ @0xbitcoiner 6 Mar 2024

I'm curious about the size of New York Community Bank. Is it considered a small bank compared to others?

42 sats \ 1 reply \ @TomK OP 6 Mar 2024

The balance sheet total of the New York Community Bancorp was approximately $116.3 billion at the end of 2023. In comparison, Goldman Sachs had a balance sheet total of around $1.9 trillion, while JP Morgan had a balance sheet total of about $3.7 trillion.