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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (156986)	4/23/2020 2:39:46 PM
From: carranza2	1 Recommendation Recommended By Lee Lichterman III Read Replies (2) \| Respond to of 217573

The below is what I believe to be a significant point. It was made by Chuck Butler in the last Pfennig I posted. The note suggests that the banks’ balance sheets are not as solid as previously advertised. Just what we need. Chuck Butler is very, very sharp. We’d best pay attention. Message 32688691 Remember when I kept telling you last fall that the Fed Reserve wasn’t telling us the whole truth, and nothing but the truth about why these supposedly, “strong banks” needed to be lent money in the repo markets daily? I kept telling you that something was awry…. And then we found out that we wouldn’t get to know who was borrowing these funds daily, for years! And that news got my spider sense really tingling…. Who was it? Well…. After a few months of investigating, the folks at Wallstreetonparade.com found out that JPMorgan Chase, from September 30 of last year to September 30 of this year, the bank reduced its cash position that was predominantly held at Federal Reserve banks by $145 billion from $344.66 billion to $199.8 billion. So… it was JPMorgan that withdrew the funds that other banks were using…. And now we have two questions 1. Still who are the banks that need the cash daily?, and 2. Why did JPM need to withdraw all that cash? In the FOIA (freedom of information act) Wall Street on Parade filed a petition for information, and received this… “It acknowledges that it has 233 documents that might shed light on why JPMorgan Chase was allowed to dramatically draw down its cash reserves at the Fed, but says it will not provide them to Wall Street On Parade.” So much for the FOIA, eh? Oh… and in the Wallstreetonparade.com letter of last week, they pointed out that they obtained information that had JPMorgan Chase CEO Jamie Dimon and his CFO attending a meeting at the Eccles Building in Washington, D.C. with Fed Chairman Jerome Powell on February 19, 2020…. The reason I make a big deal out of all this folks, is look at the dates above…. JPM withdrew $145 Billion in September and the next thing we know is that the repo market has no liquidity, and the Fed has to step in to provide liquidity to the repo market…. And then JPM CEO Dimon is summoned to the Eccles Building on 2/19/20, long before the COVID-19 virus was becoming a problem here in the U.S. Which brings me back to my original thought back in September of last year…. Houston, we have a problem…. The Banks were having troubles long before the COVID-19 virus showed up, but not to worry…. They’ll all be bailed out by you and me folks…. And all you folks that follow the stocks... Have you looked at the stock performance of U.S. banks? Uh-oh.... I'm smelling something that's cooking, and it's sour.... What has happened to the American Revolution spirit? There was once upon a time when Americans wouldn’t take this information and let it slide off their backs, like water off a duck’s back…. So, before I go any further here with this… JPM has filed for two “mixed shelf offerings” totaling $210 Billion…. A “mixed shelf offering” per Google is: The mixed shelf will include securities warrants, debt securities and purchase contracts. Under a shelf registration, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale. Now, I wonder why the bank has to resort to something like this? Oh, and it just so happens that my fave (NOT!) bank Wells Fargo, filed for a mixed shelf offering of $66 Billion on Jan 29, 2020…. This after the CEO of Wells Fargo, announced that the bank had put aside $1.5 Billion for legal costs, in response to the scandals that Wells Fargo has been guilty of… Don't tell me that they will use these new found funds to purchase their respective stocks, to support them with the current rot on the vine in bank stocks? Well, that's what they've done with their excess cash and tax savings the past two years, so why would now be any different? And once again…. I’ll ask you this question….. Got Gold?