It is clear that the United States government has no coherent plan to deal with the ongoing banking crisis. It looks as if they may have asked Warren Buffett to step in to try and figure out something.
On Friday, ~20 private jets landed in Omaha, Nebraska.
According to flight data, many of these jets came from HQs of Regional Banks.
Today, it was revealed that Biden was discussing the bank crisis with Warren Buffet.
Is Warren Buffet preparing a deal to save the banks?
— The Kobeissi Letter (@KobeissiLetter) March 19, 2023
The U.S. government and FDIC/Fed are unorganized.
First, they tried to get large banks to save the day.
Then, they tried to find a buyer for SVB and couldn’t.
Now, they’re meeting with Warren Buffet for help.
This is the last thing we need to restore confidence in the system.
— The Kobeissi Letter (@KobeissiLetter) March 19, 2023
This does not inspire confidence. It reinforces my belief that the system is in serious trouble.
