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JPMorgan Chase Acquires First Republic Bank with FDIC Backstopping Deal While Ignoring Current Banking Laws


The topline story from the announcement by JPMorgan Chase [SEE HERE] there are no banking rules/laws in the Biden Fed/Treasury system.



The Dodd-Frank laws are still on the books, but the FDIC decision to insure all deposits, regardless of size, now means those laws, rules and regulations are not required to be followed.


Additionally, as a result of JPMorgan gaining another $100+/- billion in deposit assets, the law(s) surrounding the 10% U.S. deposit maximum, within too big to fail banks, no longer exists. Noted in the announcement, “JPMorgan Chase is assuming all deposits – insured and uninsured.”


JPMorgan is also assuming assets consisting of $173 billion in loans and approximately $30 billion in securities. The FDIC is going to assume risk (with a risk sharing agreement) for current First Republic Bank mortgage and commercial loans acquired by JPMorgan, guaranteeing JPMorgan a 5-year fed fixed rate on $50 billion in mortgage bonds.


The Federal Deposit Insurance Corporation (FDIC) rule requiring the holding of 1.5% of deposits for all depositors up to $250k in all institutions is now essentially moot. If the FDIC is guaranteeing all deposits, there’s no way for the insurance corporation to capture or hold $1.5% of all banking deposits. The law is in conflict with the outcome action of the Fed/Treasury and ultimately the FDIC, ergo the law is nulled by the ignoring of it.


Mohamed El-Erian gives his take below, but seemingly missed the part of the announcement where JPMorgan states, “no systemic risk exception was required” in the deal. This means the FDIC is completely free-range with the agreement, they are not even trying to justify why they would make a too big to fail bank even bigger.

The only reason the FDIC violated its own rules and banking regulations, was because the FDIC didn’t, likely -almost certainly- couldn’t, take the financial hit from a full takeover of First Republic Bank against the backdrop of the prior terms for Silicon Valley Bank (SVB).


When the FDIC made the (SVB) decision to guarantee all deposits regardless of size, they put themselves in a position of an insurance declaration they could never fulfill. The FDIC cannot structurally guarantee all of the First Republic Bank (FRB) deposits; they need a structure to avoid the government regulators absorbing the bank. This reality is also why the FDIC violated their own laws, rules and regulations in allowing JPM to exceed the legal U.S. deposits maximum.


In essence, what the FDIC is saying is they cannot maintain the premise of their charter without the big banks helping them. The biggest banks now control all of the leverage, with JPMorgan Chase and Jamie Dimon now controlling more financial power than the government that is supposed to regulate them.


FUBAR… All of it. Everything Biden touches turns to shit.


This is going to be a major hot mess now for Main Street investment and borrowing needs. The economy is going to feel the ramifications of this in less financing available to maintain domestic investment.


Last point. Look at the big picture, there’s no intervention protocol the legislative branch can trigger as a security against the reckless decisions of the FDIC (Fed and Treasury), without creating even bigger issues that could collapse the banking system. If the legislative branch forced the FDIC to follow the laws currently on the books, the domino of banks starts to collapse.



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IBM To Stop Hiring For Roles That Can Be Replaced By AI; Nearly 8,000 Workers To Be Replaced By Automation


One month ago, to much dismay and widespread denial, Goldman predicted that AI could lead to some 300 million layoffs among highly paid, non-menial workers in the US and Europe.


As Goldman chief economist Jan Hatzius put it, “using data on occupational tasks in both the US and Europe, we find that roughly two-thirds of current jobs are exposed to some degree of AI automation, and that generative AI could substitute up to one-fourth of current work. Extrapolating our estimates globally suggests that generative AI could expose the equivalent of 300 million full-time jobs to automation” as up to “two thirds of occupations could be partially automated by AI.”


Yet while Goldman’s forecast was met with a emotions ranging from incredulity to outright mockery, it may not have been too far off the mark.


Consider that just last week, Dropbox said it would lay off 16% of the company, some 500 employees as the company sought to build out its AI division. In a memo to employees, Dropbox CEO Drew Houston said that “in an ideal world, we’d simply shift people from one team to another. And we’ve done that wherever possible. However, our next stage of growth requires a different mix of skill sets, particularly in AI and early-stage product development. We’ve been bringing in great talent in these areas over the last couple years and we’ll need even more.”



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In Reynosa, Mexico, 15,000 Haitian Immigrants Wait For New Chaotic Biden Policy To Kick In



Haitians gathered in Reynosa will be a bellwether to see how immigrants respond to the demise of Title 42 and Biden’s new plan.



An estimated 15,000 mostly Haitian immigrants have packed into every crevice of this northern Mexican city on the Rio Grande across from McAllen, Texas, and won’t leave. At least not until after 11:59 p.m. on May 11.


That’s the moment when the pandemic-era “Title 42” rapid expulsion policy finally expires and is replaced by a new, untested Biden administration plan for keeping them in Reynosa as well as the “volatile logjam,” as The New York Timesrecently termed them, of tens of thousands of other immigrants now waiting for the policy change all over Mexico.






But because of a powerful deterrent of Title 42 fairly unique to them, the 15,000 Haitians in Reynosa make for a good bellwether for if the administration’s replacement strategy will hold them back as Title 42 has, or will invite the most chaotic rush on the U.S. southern border yet in this third long year of the most voluminous mass migration event in recorded American history.


The reason to watch Reynosa after May 12 is that most of its Haitians, long ago overflowing migrant camps all over town, will not dare cross the river while Title 42 is in effect, unlike other nationalities who have already disregarded it by crossing in large numbers. The Haitians of Reynosa won’t go even as they enviously witness large numbers of Venezuelans nearby illegally cross in an overwhelming new surge despite Title 42 and see the American government admit them into the country.


Haitians like Shalo Veno, his back to a squalid shantytown where he lives with 500 others, explained that he and his fellow countrymen won’t dare likewise test Title 42 because, whereas most other Title 42 expellees just end up back in Mexico, Haitians could be flown — and often enough are — all the way back to their home island of Haiti, a consequence far costlier for them.


“When I travel here,” Veno said in broken English, pointing at the other bank, “the American policeman keep me and send me back to Haiti. I’m afraid. I’m afraid. I’m afraid. That’s the reason I’m not going. I’m afraid.”



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US Navy Used Drag Queen Influencer To Attract A ‘Wide Range’ Of New Troops As Recruitment Plummets

• The Navy brought on a drag queen, who is an active duty sailor, to a “digital ambassador” program aimed at targeting a wider array of potential recruits through digital platforms like Instagram, a spokesperson told the Daily Caller News Foundation.
• The Navy is seeking different ways of reaching younger recruits as it faces a historic recruiting crisis, according to social media reports.
• “An effort is, indeed, being made to connect recruiting to the interests and concerns of Gen-Z,” Lt. Ian Clark and PO Third Class Kyle Atkinson, U.S. Navy wrote for the U.S. Naval Institute journal in January 2023.

The Navy brought on an active-duty drag queen to participate in a pilot program aimed at reaching a wider audience through popular social media platforms as the military faces severe recruiting woes, a Navy spokesperson told the Daily Caller News Foundation.


Yeoman 2nd Class Joshua Kelley, stage name Harpy Daniels, announced the Navy invited him to become the first “Navy Digital Ambassador” in a November 2022 social media post, highlighting his journey from performing on deck in 2018 to becoming a “leader” and “advocate” of people who “were oppressed for years in the service.” The Digital Ambassador initiative in which Kelley participated ran from October 2022 to March 2023 and was “designed to explore the digital environment to reach a wide range of potential candidates,” the Navy spokesperson said.



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“I Vote for Aid for Ukraine, I Support Aid for Ukraine” – Kevin McCarthy Folds – Will Fund Ukraine-NATO War on Russia


Kevin McCarthy gave his full support to funding the Ukraine War during his trip to Israel.


Via Bloomberg.

Speaker Kevin McCarthy gave his most full-throated support for aiding Ukraine in its war against the Russian invasion, in a heated exchange with a Russian news agency reporter in Jerusalem.


McCarthy has in the past called for further scrutiny of aid to Ukraine, responding in part to far-right members of the GOP who have been critical of US aiding Kyiv. Former President Donald Trump, the frontrunner to be the Republican nominee again in 2024, has also made critical comments about the US effort to defend Ukraine.


The speaker, on a trip to Israel was asked by a reporter from a Russian news agency if the US will curtail aid to Ukraine.


“I vote for aid for Ukraine, I support aid for Ukraine,” McCarthy said. “I do not support what your country has done to Ukraine, I do not support your killing of the children either.”


“You should pull out and I don’t think it’s right,” the speaker said. “We will continue to support. And I think the rest of the world sees it just as it is.”

Link

[Q in Arizona]

New York Becomes First State to Pass Legislation Banning Use of Natural Gas for Heating and Cooking




The Gateway Pundit reported that earlier this year, the US Consumer Product Safety Commission said gas-powered stoves are a ‘hidden health hazard.’



Although Energy Secretary Jennifer Granholm mocked the millions of Americans concerned about the federal government’s plans to put restrictions on gas stoves, she admitted the Biden Regime wants to ban “some” gas stoves.


Now, New York State is banning the use of natural gas for heating and cooking in some new buildings.


According to The New York Times, “The provisions will require new buildings to be constructed with only electric hookups for appliances and utilities beginning in 2025. The law will go into effect for buildings with fewer than seven stories beginning in 2026. The requirements will kick in for taller buildings by 2029.”


Reuters reports:

Both the Democratic-led Assembly and Senate late on Tuesday approved the provisions, which are included the state’s $229 billion budget. Governor Kathy Hochul and lawmakers agreed to the outlines of the spending package last week.


“Changing the ways we make and use energy to decrease our reliance on fossil fuels will help ensure a healthier environment for us and our children,” New York Speaker Carl Heastie said in a statement.


The move in New York comes amid fierce public debate in the United States over the health and environmental impacts of the cooking appliances that burn fossil fuel and over the broader role of natural gas in climate change.


Dozens of cities around the United States have adopted or are considering policies that ban or discourage natural gas in new buildings to address public health and climate concerns. They have been met with strong resistance from gas industry groups and restaurant and appliance lobby groups that argue those concerns are overblown.


“A first-in-the-nation, unconstitutional ban on natural gas hookups in new construction will drive up utility bills and increase housing costs,” Republican New York State Senator Robert Ortt said in a statement.

There will be some exemptions from the new requirements which include hospitals, critical infrastructure and commercial food establishments.


The Gateway Pundit reported that the primary culprit behind the push to ban natural gas may be connected to the World Economic Forum.



Link

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Proud Boys Members Guilty of Seditious Conspiracy by DC Kangaroo Court – Face 20 Years in Prison – After FBI Created and Planted Evidence in Their Chatroom


The jury agreed that the government proved the existence of seditious conspiracy (a complete joke).
Proud Boy Ethan Nordean – guilty of seditious conspiracy
Proud Boy Joe Biggs – guilty of seditious conspiracy
Proud Boy Zachary Rehl – guilty
Proud Boy founder Enrique Tarrio – guilty of seditious conspiracy


The FBI created and planted evidence in the Proud Boys’ group chat. The kangaroo court ignored this truth.



TGP’s Cara Castronuovo’s reaction, “I am heartbroken.”

4 of the 5 PROUD BOYS, including Enrique Tarrio, all found GUILTY of SEDITIOUS CONSPIRACY. I am heartbroken, disgusted and afraid to be an America right now. There is NO justice. Like I said a million times- YOUR next. THE BIDEN REGIME IS OF CONTROL. God, help us all – we need a… pic.twitter.com/RVrVtB5NOa

— Cara Castronuova (@CaraCastronuova) May 4, 2023

Julie Kelly reaction.

Proud Boys verdicts. F*cking insanity pic.twitter.com/pwg0AHe86P

— Julie Kelly 🇺🇸 (@julie_kelly2) May 4, 2023

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[Q in Arizona]

Report: Massive Bus Caravan of Migrants Out of Costa Rica Headed to the US Border as Title 42 Expires



The US Border Patrol is readying for the largest illegal migrant surge at the southern border in US history next week.

Joe Biden is lifting Title 42 – Already, 700,000 to One Million illegals have assembled at the border ready to surge across the US southern border. Joe Biden has opened the borders to millions of illegal invaders.


Title 42 is expected to be lifted on May 10th.




22,000 apprehensions were recorded at the border in the last 72 hours.

It is remarkable that the White House would attempt to make this false claim on the same day the US Border Patrol Chief reported over 22,000 apprehensions at the border in 72 hours, not counting gotaways. https://t.co/ZSe73uDGQH

— Bill Melugin (@BillFOXLA) May 2, 2023

Joe Biden is sending 1,500 US troops to the border to process the hundreds of thousands of illegals ready to invade.


Now, investigative journalist Michael Yon reported that 24 buses of illegal aliens left Darien up Highway 1 on the way to Costa Rica to the USA border.


“NOW: 24 busses of aliens leaving Darien up Highway 1 on way to Costa Rica to USA. After I stopped taping they kept coming. There will be more tonight. We heading to Darien camp now,”


Yon tweeted. WATCH:

NOW: 24 busses of aliens leaving Darien up Highway 1 on way to Costa Rica to USA. After I stopped taping they kept coming. There will be more tonight. We heading to Darien camp now. pic.twitter.com/jpbtxnTMlU


— Michael Yon (@Michael_Yon) May 3, 2023

This is an organized invasion, and the White House is doing nothing about it.


The organizers and accomplices driving those buses should be arrested by the US government.


— Bernard B. Kerik (@BernardKerik) May 4, 2023

“America is being DESTROYED — busses filled with tuberculosis, rape, murder, spies and operators heading to towns across America,” Yon tweeted.


“Americans Constantly Ask who is paying for the rape and murder invasion. Answer: YOU PAY,” he added.


“And when the economy explodes and there are food shortages, this will transition from Planet of the Rapes to Cannibal Planet. Folks who have read my work for years know how dangerously accurate I tend to be…year after year and conflict after conflict. This will transition to straight-up kinetic war with massive all-cause casualties ranging from serious diseases to bodies in the streets with blood running into the storm sewers. You will see. War is my business.”

Americans Constantly Ask who is paying for the rape and murder invasion. Answer: YOU PAY. And when the economy explodes and there are food shortages, this will transition from Planet of the Rapes to Cannibal Planet.


Folks who have read my work for years know how dangerously… pic.twitter.com/zKg9GOjUUD

— Michael Yon (@Michael_Yon) May 4, 2023

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