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.
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.
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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.
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App rate for technical jobs like plumber & electrician down 49% 2020 to 2022.
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Mortgage rate ace Matt Graham at Mortgage News Daily suggests 6.5% rates may fall more next week, but read his caveats.
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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.'
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Is First Republic dropping again because of dividend cut or sale rumors? Either way, First Republic rescue prevented broader contagion.
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