Here We Go Again (maybe)

U.S. regulators on Sunday shut down New York-based Signature Bank, a big lender in the crypto industry, in a bid to prevent the spreading banking crisis.

“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. said in a joint statement Sunday evening.

That's the second bank to go belly-up in two days.

As I pointed out the other day, the bankster running Silicon Valley Bank worked very hard to ensure that there was little regulation of his bank. The banksters chafe at federal regulations, they throw money around Congress to get regulations cut, they wine/dine/pressure the regulators themselves, they tell everyone "trust us, we learned from the last series of failures" and then they walk really close to the edge of the fiscal cliff and some of them fall over. Which will cost the rest of us money to bail their asses out.

Haven't we seen this movie before? But with the Congress largely populated by millionaires, don't expect anything to change anytime soon.