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PLUS: Rates down as UBS may rescue rival

RIVAL RESCUE, RATES REVERSE, ROLE OF MEDIA

Happy Saturday Basis Pointers -- Today I've got a piece on the role of financial media in a crisis, a delicate job complicated by social media chaos. The Basis Point listens to all of your intel and feedback as we've been covering this crisis with the same formula we covered the last one. Please read this piece and let me know your thoughts.

Meanwhile, the crisis is escalating. In Europe, UBS once thought to be uninterested in messy chief rival Credit Suisse is now racing to maybe take them over with government help.

And we may also hear new deal news as soon as Monday about FDIC selling SVB and the fate of First Republic, which continued to be strained Friday even after 11 banks deposited $30b in coordination with Treasury, Fed, FDIC, OCC.

All these swift actions are an effort to stem contagion.

Mortgage rates dropping to 6.5% is the one upside right now.

Links below. Please keep your comments and intel coming.

The role of financial media in a crisis & how it's different in social era

role of financial media in a crisis
Financial media in a crisis can't shout fire in a crowded theater, but it does have to provide an offset to social chatter doing so.
/ Read More

Credit Suisse & First Republic post-rescue strain remained. Now UBS mulls Credit Suisse takeover with gov't help.

UBS this weekend is reviewing options for a takeover of its primary rival Credit Suisse, which would come with government backing. Here's a Reuters briefing on this real-time situation.
/ Read More

U.S. needs half a million construction workers, but nobody seems interested

Construction jobs are there but here's why people seem less interested.
App rate for technical jobs like plumber & electrician down 49% 2020 to 2022.
/ Read More

Mortgage rates end bank crisis week at 6.5%. Will they go lower after March 22 Fed?

Mortgage rates 6.5% March 17 to end chaotic bank crisis week - Matt Graham says whether rates will go lower - The Basis Point
Mortgage rate ace Matt Graham at Mortgage News Daily suggests 6.5% rates may fall more next week, but read his caveats.
/ Read More

ESSAY: Creative agency owner and Silicon Valley Bank client blames VCs for bank's failure

Good essay by SVB customer & creative agency owner. She tells her SVB story and why she thinks VCs caused bank run. 'I'll keep my SVB debit card as a souvenir.'
/ Read More

First Republic drops despite rescue by 11 big banks. Dividend cut or sale rumors?

First Republic bank run or First Republic for sale? - March 17 stock price trading down to $25 - The Basis Point
Is First Republic dropping again because of dividend cut or sale rumors? Either way, First Republic rescue prevented broader contagion.
/ Read More

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