Oversight and regulation matters. The 2018 change in the regulatory scheme (as detailed on Marketplace Morning Report today) was to move the bank exemption from oversight up from $5 billion or less valuation to $450 billion or less. No stress tests, no risk assessment, nothing.

Yep Schwab selling Schwab CD non callable 5.3% 12 months

Since yesterday CD yield is moving up instead of down as those in T bills. Call-protected 12 months CDs yielding 5.30% are available at Fidelity (expect to be the same at Schwab and other brokerages).

Says Baron bought "modest amount"
Interesting lack of conviction for a guy who has a leveraged fund that is 50% TSLA

RIP, Steve Leuthold (85), Founder of the Leuthold Group, based in Minneapolis, MN.
Group's Funds LCORX (also ETF cousin LCR), GLBLX, GRZZX.
https://advisors.leutholdgroup.com/research/special-reports/2023/03/13/in-memoriam-steve-leuthold.24112
https://www.startribune.com/obituaries/detail/0000452560/?fullname=steven-carl-leuthold

Easy to say when you don't have to worry about spreading many millions of dollars of operating capital around, and yet also need to have that money quickly available when required. That's the way that a significant part of the national business community operates.
Example: A company needs to safely deposit $20 million, and yet have it easily available, perhaps within a tight timeframe. So they're supposed to break that into eighty separate 250k deposits and find eighty separate banks to use, and yet have all of that quickly and easily available?
Right.
Given that reality maybe the federal financial administration ought to put in place a suitable mechanism for that type of business instead of playing games and taking the entire financial system right to the brink of disaster.
Not all that hard for the fed money masters to do, either.

Well, the remedy is simple: it's an ounce of prevention: It doesn't matter WHO you are. Just be smart enough to spread your money around and not deposit more than $250k in one place. Duh. Utter stupidity. Total carelessness. Negligence. Scandalous.

I think SJIM is probably a very good investment. Haven't there been several studies that have demonstrated Cramer's recs are almost always loosers

SJIM is +1.80 over the past 5 days, per SeekingAlpha....
And Forbes? They're just cheap clickbait sensationalism now. Hardly worth my attention.

Bond market volatility since last week has been VERY high - first, Powell's talks, then, 3 bank failures in 4 days, and then, the rescue package. MOVE was 173.59 today. Even the 3-mo T-Bills had noticeable rate changes from the market open to their auction time.

Thanks.
But I did get my three mile hike on the beach in first

+1
My hike today was on an ice & snow covered beach in balmy 27 degree temps with a 25 mph wind blowing. In a couple weeks I’ll be hiking on a much warmer beach, if only for a week.
Some things are much more important and rewarding than watching the markets.

Looking just now at the CNBC Treasury page, the curve peak has worked its way down to the 4m (4.835), and second place goes to the 3m (4.82).

Thanks. Now that I am retired I spend far to much time reading about this craziness.
But I did get my three mile hike on the beach in first

More ambitious than me. I have errands to run, is all. Walking involved, but involving not much exertion. Mostly waiting. And WAITING. For the damn bus. The schedule here is a bad joke, not a real schedule. If I wanted to waste half my day, I could just go and sit and wait for the number 5 to come by, at the bus stop that's closest. Lovely day to get outdoors, nevertheless.

Since the banks pay the FDIC fees, it is us the customers who will eventually pay
A lot of the start ups etc used SVB for all oftheir money so their accounts were in the multi-millions
IT would be politically difficult for the FDIC, even if it does not use taxpayer money, to back accounts of that size routinely. The SPIC protects $500,000 from the banks own funds
The FDIC should have forced the SPIC to step in first , just to make the point that the industry had to do a better job.
I wonder if this will only increase the monopolization of the financial system. Even if the FDIC is willing to back any regional bank that gets into trouble, their stocks will be worthless as no on will believe them any more.

OK - I stand corrected. Apparently it’s the still healthy banks that will make the depositors in the failed banks whole. And the FDIC has never run out of money from member banks and shall not this time. It would seem like a more transparent and simpler approach just to have the FDIC cover any amount instead of the silly $250,000 limit. It’s that limit ISTM that has led to a run of sorts on some banks.
PS - Is it too dumb to ask by whom and how a decision is made to make whole those with deposits in excess of $250,000? Is it the President who makes the call? The Federal Reserve? Is it subject to review? How would you feel if investors over the $250,000 limit in one state were made whole, but not those in your own? I can envision some who might treat “red” states differently than “blue”. Or, am I missing something?

Speaking of CDs, a few minutes ago I bought a 50k/1 year Santander Bank CD at Schwab: 5.25%.

You done good. Congratulations.

The issue in my mailbox today lists 50 financial firms that " have strong fundamentals to keep out preforming"
On Page two is our good friend SIBV.
They also have an article on Blockchain recommending Signature Bank
I can't understand why people read this, except for anything other than a laugh.
Did anybody see how SJIM is doing?

"I just walked past a First Republic branch (no lines outside, seemed sedate inside). The window had a sign for a 60 day 4.25%"
@msf- That is indeed very unusual for First Republic. Normally their CD offerings to bank customers is paltry... typically several points lower than available at Schwab, just across the street on West Portal Avenue. We use First Republic for checking, but I wouldn't be interested in much else there right now. In fact, I've scheduled transfers to Schwab and Chase to draw down the First Republic checking account, at least for the time being.
Speaking of CDs, a few minutes ago I bought a 50k/1 year Santander Bank CD at Schwab: 5.25%.

Retail-prime SWVXX may have gates or redemption fees without much notice. That may be a problem for check writing and other essential payments. SNSXX is a government/Treasury money-market fund with much lower probability for that.

Arguably zero probability w/o significant (technically "appropriate") notice. Government MMFs have to opt in to gating. If they don't opt in initially, they first have to give notice of opting in before they even begin the gating process.

As a government money market fund, the fund’s Board of Trustees (the Board) has determined not to subject the fund to a liquidity fee and/or a redemption gate on fund redemptions. Please note that the Board has reserved its ability to change this determination with respect to liquidity fees and/or redemption gates, but only after providing appropriate prior notice to shareholders.

Summary Prospectus
Curiously, SNSXX (pure treasury) is yielding a few basis points more than SNOXX (treasuries and repurchase agreements backed by treasuries). We'll see how they compare tomorrow.
https://www.schwab.com/money-market-funds#bcn-table--table-content-89811
I'll stick with Vanguard. VUSXX 4.56% 7 day yield.
https://investor.vanguard.com/investment-products/mutual-funds/profile/vusxx
Regarding CDs - I just walked past a First Republic branch (no lines outside, seemed sedate inside). The window had a sign for a 60 day 4.25% CD. Any takers?

I bought some SCHW at 51+ this morning. I had considered it on Friday but decided to see how the weekend went. It touched 45 early this morning, but I spent some time looking for data and opinions before pulling the trigger.
I'm somewhat nervous about taking this position, because this is not an industry I've followed (even though I've had some BAC for years).
Everything in the financial industry has been tarnished. I considered adding to my AXP position (down about 10% in the last month) but don't really see this as a big buying opportunity (yet).
CNBC has had some interesting guests through the day. Brad Gerstner of Altimeter Capital for one.
The world of big banks seems much more complicated than the banking issues most of us have encountered in our lives. So their "governance/regulation" is pretty complex.
Like many other "large" issues in our economy, there are often no easy answers.
David