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PLUS: Are enough homes being built?

BIG BANK CHAOS, NEW HOME PIPELINE

What a week with U.S. banking chaos pausing then resuming full tilt as big bank Credit Suisse teeters. We noted yesterday how Credit Suisse issues (and a stock selloff) had been building for awhile, but they just got a Swiss Central Bank lifeline as things got worse. Because they're one of the 30 banks (see link for all) global regulators deem systemically important, this does spook U.S. markets too.

Closer to home, we did a briefing Monday on whether First Republic would fail like Silicon Valley Bank, and today's update covers First Republic sale chatter. For system and market stability, a sale or big bank aid would be better than FDIC seizure.

Here's our new post with latest. First Republic's fate is critical to the fate of all regional banks.

We also have comments on today's new home construction data from NAHB chief economist Robert Dietz. Spoiler: we're still not building enough homes.

And don't miss Ritholtz Wealth's Ben Carlson with 8 questions on bank chaos, including: Is my money safe?

Reply with questions and intel -- and please comment on the site and follow our LinkedIn page.

More coming later today (and in tomorrow's newsletter) on what this all means.

First Republic for sale, maybe. Won't be first time. Big banks stepping in.

First Republic for sale, maybe. Or maybe a big bank bailout - per Bloomberg and WSJ - after trading down to $24 - The Basis Point
First Republic bank run less likely, but First Republic for sale maybe per Bloomberg. They've sold before only to return to independence.
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957k apartments being built as of Feb, most since 1973 but still not enough

NAHB said single-family home building pace stayed anemic in February (1.45m units annualized) as builders battle high rates, high construction costs, tightening credit that banking turmoil may make worse. Led by gains in apartment construction. Here's a briefing.
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$54b relief for Credit Suisse for now stems $165b market value loss since March 8 for European banks

To pad liquidity & investor confidence, Credit Suisse borrowing up to $54b from Swiss central bank. May help sustain high rate strain. First lifeline for major global bank since 2008.
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Here's the 30 banks global regulators think are most systemically important

Credit Suisse 1 of UNUSED_ly top 30 banks international regulators deem so important, they need to hold extra capital - via Russell Ward, Bloomberg, Asia Finance Editor - via The Basis Point
Bloomberg says these 30 banks are deemed so important by international regulators they need to hold extra capital and meet other standards.
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Is banking changed forever? Is my money safe? And 6 other questions on 2023 bank panic.

Ben Carlson asks 8 key questions about the crisis, including: Is it the Fed's fault? Why are rates collapsing? Is tech making world less stable? Is my money safe?
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Is ChatGPT free still? Sort of. Here's pricing, functionality, API details on OpenAI GPT-4 upgrade.

Is ChatGPT free? Not if you want access. Here's ChatGPT pricing 2023 - The Basis Point
OpenAI's new ChatGPT free for basic use (with these caveats), and here's the latest on developer API pricing for GPT-4.
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