Bank Runs! What's Going On?

[@PBoyle]

Get 25% off Blinkist premium and enjoy 2 memberships for the price of 1! Start your 7-day free trial by clicking here: www.blinkist.com/patrickboyle or scanning the QR code.

[@markfernandes2467]

So Silvergate was only the last US bank to fail for a couple of days. You best update this video to include SVB 😉

[@1islam1]

@@mesiroy1234 ⚠️ God has said in the Quran: 🔵 { O mankind, worship your Lord, who created you and those before you, that you may become righteous - ( 2:21 ) 🔴 [He] who made for you the earth a bed [spread out] and the sky a ceiling and sent down from the sky, rain and brought forth thereby fruits as provision for you. So do not attribute to Allah equals while you know [that there is nothing similar to Him]. ( 2:22 ) 🔵 And if you are in doubt about what We have sent down upon Our Servant [Muhammad], then produce a surah the like thereof and call upon your witnesses other than Allah, if you should be truthful. ( 2:23 ) 🔴 But if you do not - and you will never be able to - then fear the Fire, whose fuel is men and stones, prepared for the disbelievers.( 2:24 ) 🔵 And give good tidings to those who believe and do righteous deeds that they will have gardens [in Paradise] beneath which rivers flow. Whenever they are provided with a provision of fruit therefrom, they will say, "This is what we were provided with before." And it is given to them in likeness. And they will have therein purified spouses, and they will abide therein eternally. ( 2:25 ) ⚠️ Quran

[@MerrimanDevonshire]

So... SVB is the next video on this domino run? 😢

[@RemusKingOfRome]

Just think, if the US Fed created their own Crypto digital currency as a second currency, say 100B FedCOINS X US20,000 per coin, this would be enough to pay off all US debt and US government commitments (Vets , 401K etc).

[@daveselbow9128]

I like ur suit Patrick

[@pedrobernardo5887]

"If you are being audited by a top 12 auditor, you know you are getting number 12." ...this guy deserves his own Netflix special

[@googlehomemini2059]

Patrick’s zingers are incredible huh?!

[@lowwastehighmelanin]

I would watch that.

[@bencopeland3560]

Came to comment on this line as well. Humor so dry it’s Brut.

[@henryspelter9638]

A modern day John Kenneth Galbraith

[@lord-thor570]

​@@bencopeland3560 hi some non native english speaker here so please explain , what does that line meant ?

[@christosgrigoriadis6540]

You know things are bad when a Patrick Boyle video is released about a bank failure, and 1 hour later another bank fails.. a 'sign of the times'

[@renaissancenovice7202]

Yep

[@masonm600]

I was confused at first about how he got a video out so fast.

[@dougselby7592]

Shows that the issue is not crypto, but the collapse in value of the supposedly zero risk treasuries.

[@rccpromotions]

What was the 2nd bank?

[@anotherpace]

It means I'm really looking forward to the next one :)

[@Mark-el8sb]

"If you find an audit fun, there's possibly something wrong with you"... Pure gold Patrick!

[@alexlowe2054]

Man, I saw a professional looking guy in a suit. I was NOT expecting this level of humor in my professional financial essays. But I'm liking it.

[@Cookingwith.Daniel]

As an auditor, I laughed my ass off.

[@louisbrokatzky520]

Since when do auditors come with humor?

[@putinski666]

​@@Cookingwith.Daniel Hey you. Stay away from me.

[@motherlessgoat72]

​@@Cookingwith.Daniel I am studying accounting to become an auditor. I think I'll really enjoy it.

[@HowMoneyWorks]

Legend has it Patrick Boyle goes to the gym wearing a 3-piece suit

[@brianyule1289]

& his presence makes the swimming pool dry

[@bluebirdski]

I see very little editing in your videos. You must rarely make mistakes in your presentation. You're the man.

[@dansplain2393]

Patrick doesn’t even use a video encoder. He just spits straight ones and zeroes

[@georger9]

pretty sure he cuts when he shows images, it's a great technique for fluid presentation

[@animaaura]

He uses teleprompter software. He's mostly reading a script. The secret is not to look like you're reading. The best youtuber at this in my opinion is Tom Scott.

[@swiss5054]

I propose a blooper reel.

[@larzkruber822]

He didn´t even made a video. The camera just turned on for 25 minutes while he was talking to himself

[@awijntje14]

Patrick is so good at throwing shade he should definitely make an end-of-year compilation, that would be just comedy gold....

[@Verathegun]

"If you find an audit fun, there's possibly something wrong with you" As someone who is in auditing and loves it, I feel called out right now.

[@dieterkoch6563]

There is a fundamental difference between doing an audit and getting one done.

[@mybachhertzbaud3074]

I would assume in this day and age, auditors have become more like criminal detectives, interest surely must be improved.😜

[@dikbozo]

As someone who has undergone an audit, Patrick has made a very accurate statement. also quite understated as well.

[@tonymouannes]

It might be fun to be an auditor, but being audited is not.

[@silverhawk7324]

You are being called out.

[@musicarroll]

"If an audit is fun for you, there is likely something wrong with you." Lol!!!!

[@grahamstrouse1165]

Bit like a colonoscopy that way…

[@gringadoor5385]

"The last thing a bank needs is to be accused of money laundering" - JP Morgan has entered the chat

[@233kosta]

HSBC left the chat

[@nielsbishere]

doesn't matter. Nobody goes to jail. Only pay 1-2 weeks of profit as a slap on the wrists

[@nielsbishere]

@Joe when I trade on 10x leverage of customer funds I'm getting sued. When banks do it it's "how the economy works". When I lose it I go to jail, when banks do it they get bailed out by us paying the price

[@parafitality2730]

**Credit Suisse has left the chat**

[@q3st1on19]

​@@parafitality2730 it's always Credit Suisse

[@404nonexistent]

I've finally figured out Pat's comedic formula, or rather a piece of it that I love so much. Whether its the "sultry wood nymph" or the "band members of Mars Junction" when Patrick chooses to throw shade, he rightfully throws it at the absurd. Great shit, wonder what'll come of the future economic collapse or shift material.

[@ryanbull4051]

Unrelated to your comment but SebastiAn is the shit

[@nelsonta00]

His dry humor is good

[@asgrahim9164]

It's great how he tells the funny parts completely seriously as if it wasn't in any way comedic.

[@crackpot8140]

It’s the Irish dry sense of humour - you cannot beat it. Sadly, more often than not, it goes right over people’s heads

[@JCdental]

A dead pan to fry eggs on

[@flywheelshyster]

I wonder how Patrick feels about being the guy who made finance cool

[@andile5945]

Patrick is brilliant. I also recommend MIT Andrew Lo

[@DanielBjorndahl]

he's too cool to even care

[@ICHBinCOOLERalsJeman]

I wonder why we dont have more rap analysts doing finance videos on this platform

[@jimbojimbo6873]

How would he know if its not true

[@rabidbigdog]

More than cool. The man can rock a suit. I've been searching for a crushed velvet jacket for months now kzbin.info/www/bejne/oqXMm6Wap9J7r9k

[@billhampton7243]

Wow! I’ve been an executive in Fintech for 30 years snd have rarely heard someone provide such clarity of facts stitched with a very easy to understand narrative that provides a 700 level Ecom course at any business school in the world, nice job sir, thank you! I have forwarded this video five times already this morning and I have text conversations going on with peers including my son and my godson who have recently come in to work in the Fintech space

[@Balance3rd]

I’d say it’s over 9000

[@blahblah2779]

People who brag about being top executive or using fancy terms that anyone can google in 5 min. Yea. You’re some big wig banker. And I am the supreme allied commander 😂

[@jb_makesgames2264]

Another excellent video - your description of Silvergate was spot on - this is from a former bank risk manager. They obviously did not do any stress testing of their balance sheet for scenarios that you described.

[@rodgerhempfing2921]

There is a reason other banks didn't take this path and they thought they were smarter, wrong. Risk management staff were told to shut up and look out the window.

[@cisium1184]

I was hoping more of this was going to be about Silicon Valley Bank. I don't think we've seen the last of "old fashioned" bank runs, given the fundamental vulnerabilities of an overstretched credit-based economy in a high-interest rate environment. In a sense, these runs are the result of interest rates having been kept artificially low for so long that we now have an entire generation on Wall Street, in venture capital, and on day-trading platforms who have never experienced 10% interest rates and never imagined rates getting that high. Now they are realizing how little they knew they didn't know, and they are panicking.

[@Jim-Tuner]

Its not just the banking system. There are also companies whose balance sheets and business models which have operated on "free money" business model for maybe the last 20 years. The cost of debt was close to zero and many companies loaded up with debt without understanding the risks of that debt at all.

[@ShannonWare]

Headlines this morning said Silicon Valley Bank failure was the second largest in U.S. history. Now I have to go back and follow up on those headlines :0(

[@alexanderhill3181]

I expect we'll have another episode about SVB soon. Those details are still unfolding.

[@aarondavis8943]

If the bank can't cover every account withdrawal, then a run is possible. If it's possible, it will eventually happen somewhere, and worst of all, bank runs can be contagious. Government guarantees can certainly mitigate the risk but not eliminate it.

[@SteveJonesOwnsDSP]

Patrick knows his stuff, and can explain what happened very clearly and quickly, I might add

[@matthuntelaar8486]

Did you add at the end?

[@xbabu142x]

@@matthuntelaar8486 No they got cut off by a bank run.

[@rogergeyer9851]

Steve Jones: He knows finance, and does good research on videos to ensure he knows what he's talking about, so he can clearly, concisely, and accurately explain the key issues. That takes skill, intelligence, and hard work, which are things found in one place less often than desirable in recent years, in my experience. (And Kudos to Patrick for the consistency of quality videos produced, clearly demonstrating such attributes, IMO).

[@JA-pn4ji]

This channel is becoming a must-watch, as financial scandal upon scandal (...SVB, Silver Gate) reveals itself. The interest rate tide has gone out, and many financial corporates are swimming butt naked!

[@supertuscans9512]

I’m not sure it’s a scandal more like simple incompetence and a failure to match liabilities.

[@dawnfire82]

@@supertuscans9512 The description here didn't even sound like incompetence, really. Aggressive business strategies are perfectly legitimate, and obviously served the bank well in expanding from local real estate. Sounds like they jump on some coat tails, and the coat-wearer stumbled before they'd leveraged their early success to diversify.

[@squidwords]

Patrick's suit with pocket square is life

[@philippebouchard-bourdeau5100]

Yeah but the paid promotion is death

[@Fish_Ventura]

That’s tight

[@philippebouchard-bourdeau5100]

@8:05p lol

[@Shannon_Vlogs]

I love the hot tips about how to not commit bank fraud. This channel is always so helpful!

[@loiscokeley9410]

But, but.....Jim Cramer likes this bank!

[@zimbu_]

Banking is just too boring without fraud though.

[@rabidbigdog]

If you find yourself in charge of an FDIC bank, or a crypto scam about to commit fraud, please subscribe to the channel. :)

[@Shannon_Vlogs]

@@rabidbigdog Great tagline! The marketing potential is seemingly endless!!

[@rogergeyer9851]

@@loiscokeley9410: And and in the long term, flipping a coin is a little more accurate than Jim Cramer market calls, so there's that. (Which is mighty brainless of Jim, since just being a permabull works out very well compared to coin flipping over the long run, as long as one is consistent).

[@flashoflight8160]

We need another video already about SVB and whether it's a contagion with the other regional banks. In other words, why are regional bank stocks down a huge amount and why are big bank stocks down 10%+ as well. If feels like they are going to keep going down without a Paulson/Bernanke/Geithner moment.

[@richardhaas39]

If someone holds SVB in a margin account on margin and SVB drops they must either put in more cash to maintain their position or sell another holding which will in many cases be the stock in other banks. If the brokerage does not receive cash in time stock will be sold from these accounts with the sales hitting the bids and knocking them lower which will also trigger stop loss sales in other accounts.

[@cy20998]

The contagion is in the assets held by these banks. Namely long term treasury bonds. It’s mentioned in the video but yea feel like this need to explained more to people

[@PBoyle]

I might do a video on Silicon Valley Bank early next week.

[@KP-sg9fm]

@@PBoyle GOAT

[@NQuick-bn7ts]

​@@PBoyle this would be phenomenal. You'll be doing a video on deltec bank and bitfinex soon too.

[@Old_Jack_Ketch]

That warm fuzzy feeling of joy you only get from sitting down to your Saturday morning coffee, flicking on KZbin, and there’s a new PB video at the top of your feed 😎👍

[@markusgorelli5278]

I'm still in Friday. But going to sleep now with visions of bank failures and contagion dancing in my head. 🤣😬

[@CosmicSeeker69]

​@@markusgorelli5278 and so are a lot of banksters

[@loudfast1261]

Patrick’s comedic burns are so dryly presented it could absorb humidity in the air.❤. Another great and informative video, edifying as always.

[@CassieM-em5bj]

I feel smarter everytime I watch one of your videos! Thanks Patrick.

[@jimvrla6666]

Thanks!

[@michaeltedeschi9929]

Mr. Boyle, your videos are indispensable when it comes to breaking down complex financial concepts & scenarios. Thank you for making these for us!

[@JanBruunAndersen]

You know the old adage that says "You can get the short, simple and inaccurate version of the truth, or you can get the long, complicated and accurate version, but you cannot get the short, simple, and accurate version". Mr. Boyle is good, but his distaste for all things crypto-related, impacts his accuracy and it shows when he tries to explain a complicated chain of financial events.

[@supertuscans9512]

You sound like someone who’s got their fingers burnt over Crypto.

[@JanBruunAndersen]

@@supertuscans9512 - me? Not at all. I started buying Bitcoin 4 years ago when the price was about $7K. Even with todays price of $20K, that is almost 300 % gain. Sure, it was much nicer when BTC was trading at $60K, but we will get there again.

[@zonesquestiloveunderworld]

You aren't a doctor are you Michael?

[@abhandarkar]

Very insightful. I hope there is a part 2 coming up with SVB now going down!

[@davianoinglesias5030]

Patrick is a natural Teacher, even for a professional in the Finance industry like myself I'd say his way of breaking down complex financial concepts into digestible pieces is out of this world, I have learned a few lessons on how to summarize a report 😁👍

[@davidbolen8982]

Imagine this dude P. Boyle auditing YOUR finances….He literally don’t blink. Ever. I’m subscribed.

[@Jim-Tuner]

1) After 2008, the fed demands that the banks increase their safe reserves. 2) The banks respond by creating new big portfolios of ultra-safe assets. Namely long-term US treasury bonds. 3) Nobody at the fed or the banks thinks at all about the impact of interest rates on those portfolios. Or the impact on actual bank liquidity with rising interest rates. 4) So now we have suddenly realized today that the "safe" long-term assets that represent reserves are incredibly ill-liquid in the face of rising interest rates and were never as safe as they seemed. Big things have small beginnings. The last time all this happened was in the 1980s. It happened with mortgages and savings & loans in an environment of rising interest rates.

[@tunahxushi4669]

It's a good thing I held onto my beanie babies portfolio....

[@hendrickziegler8487]

No. The assets are still among the most liquid. At a lower price however. Discounting cashflows (read: valuating bonds) is one of the first lessons of a corporate finance course. Everyone who makes investment decisions for a bank should be familiar with the topic. But short term decisions were made because noone knew 3 years ago how far away the long term consequences (aka interest rate raises) are. There probably more of the same tings to come. Crypto, Shadow-banks and private equity are the more interesting parties to go belly up.

[@Jim-Tuner]

@@hendrickziegler8487 They are liquid in that they can be sold. But the price consequences affect the value of the bank reserves and the amount of liquidity that can be obtained from them.

[@tomblaise]

@@hendrickziegler8487 Perhaps the next pick of the banks reserves will just be cash? With a low interest rate environment, what they make from bonds isn’t much anyway and they really set themselves up for failure when rates rise by having too much money in bonds.

[@richardbloemenkamp8532]

"Nobody at the fed or the banks thinks at all about the impact of interest rates on those portfolios." That is of course not true. The smart people discretely moved to other places trying to prevent waking up the rest. Speading havoc is almost only interesting for media people who want to sell news and for them this story was probably not spicy enough and too complex to sell as news.

[@RogerCoyBooks]

Cheers, Patrick. Another fine presentation. Sequence, chronology, attention to specifics, explanation of important points, casual sense of humor, all of this adds to your skill as an upper-level educator.

[@alansnyder8448]

Hope there is a chance to talk about Silicon Valley Bank and the risk to other banks posed by the increase in interest rates to banks that bought long-term bonds that they might be a force to sell early at a loss if a lot of customers start withdrawing money. Is there a systemic risk here?

[@Jim-Tuner]

Nobody knows yet. Everyone started to realize the potential of a systemic risk today and the markets acted accordingly by dumping bank stocks based on a lack of information about the risks. For a bank to be in trouble, they have to have not done any risk management for rising interest rates and face a large call on their reserves based on the type of business that they are in. Banks that hedged interest rate risks will not be in trouble.

[@mammuchan8923]

80% of my job seems to consist of dealing with client to whose clients get flagged by us as a bank for AML or CFT. It’s a freaking nightmare. Our bank is hyper vigilant and spend sleepless nights over whether we can do more. Yet our bloody country still got blacklisted. Anyway experiencing a little schadenfreude at other banks taking a whack. I’m not a saint👼😅

[@platinumsun4632]

what

[@mammuchan8923]

@@platinumsun4632 long work week was just rambling 😅

[@michaelbelcher7942]

Top 12 auditor. That's the best 12yr old they can find to do the audit.

[@spencerthompson1520]

Love your videos. I’m a camera guy from Canada That flickering in the background (bottom right) is probably because the shutter angle on your camera does not match the wavelength of the light fixture. You can open up your waveform on camera and if it dances up and down you change the shutter angle until the waveform remains stable! (Cheap and quick way to solve the problem!)

[@prgnify]

To me, after listening to your comprehensive explanation of the events and context; Bloomberg's Levine's analysis seems to be spot on. It feels like they TRIED to be safe, but completely misunderstood the type of liability they were accruing, so ended up hedging against everything other than the rising interest rates. What lies now is a tale of a company who made the minimum effort to do the right thing around crypto, and got burned by it -- no wonder there are so many 'less than correct' or "fraudulent" companies in the area.

[@haroldcruz8550]

In a fiat debt based financial system, there is no such thing as safe.

[@supertuscans9512]

I cannot understand how any bank didn’t see the writing in the wall for significant interest rate rises due to inflationary pressure that was arising quite early on in the COVID fiasco. Cash was being pumped into the systems, global supply chains were breaking down and logistics were failing. The inflationary pressure that was arising hardly required a crystal ball and Central banks response to the rising inflationary cycle didn’t either.

[@Jim-Tuner]

@@supertuscans9512 Interest rates had not gone up like this in a generation and many of the decision-makers today just had no memory of what would happen if they did. Its very similar to 2008. In 2008 if you told people that home real estate prices couldn't go up forever they would look at you as if you were insane. There was an assumption across the entire economy (not just banking) that money was going to be cheap and nearly "free" forever.

[@keylanoslokj1806]

​@@haroldcruz8550nor does in crypto

[@SuprousOxide]

If being investigated causes you to shut down, the problem was NOT the investigations, but the activities that were being investigated.

[@Bekayvd]

Once again, this video was amazing. I learned a lot about finance in less than half an hour. Thank you for your great work!

[@JongGoh]

once I heard about this news and there are so many channels covering this...the first two channels I searched for detailed information on are Patrick Boyle and Coffeezilla channels. And I am never disappointed and entertained!

[@HunterKowald]

Silicon Valley bank was literally asking me for my money right before shutting down.

[@intothevoid3227]

Literally waited to get home from a long day of work to see this guy spit out the facts!

[@Nainara32]

Am I correct in understanding that this is an illiquidity issue for Silverbank rather than an insolvency issue? If so, can't they just find a creditor who can tide them over until they unwind their assets? Edit: ok, after listening again I think I get it. At 17:30, Patrick seems to be saying that the value of Silverbank's bonds had declined in value for liquidation on the secondary market due to the interest rate hikes. Because they were forced to sell their bonds on the secondary market to meet capitalization requirements (rather than hold the bonds to maturity as planned) they got into trouble.

[@JanBruunAndersen]

Correct. And the same happened to another west-coast bank yesterday, Silicon Valley Bank (SVB). Same problem: Agency bonds (supposedly secure bonds issued by US state and federal agencies) with a (now low) interest bearing rate and with a 4-5 year maturity range, have dropped in price and have created an (until now) unrealised loss. It is now when (to quote Warren Buffet) the tide goes out that we see who is bathing naked.

[@booya8789]

Great refreshing summary as always! Patrick Boyle every Friday... part of my new Friday routine!

[@peterdangelo7517]

Truly excellent presentation at every level. The master of sarcastic dissertation, yet thoroughly informative.

[@jasonandrewismail2029]

Comprehensive as always. Cheers Patrick!

[@ProWhitaker]

7:33 "If you find an audit fun, there's possibly something wrong with you" love the humor, thanks for the video

[@sunnycorax]

Man Patrick setting style standards with every new video.

[@heathercurry898]

Your “Sam Bankman” dry jab at the beginning had me snorting, thank you for the surprise laugh.

[@KenoticMuse]

A reasonable coverage of the issues. Thanks.

[@KenoticMuse]

@@dans2971 There's nothing shocking about this. These banks don't have a diversified client base. Instead, their clients tend to be highlight concentrated in specific industries such as crypto or tech, which means they're exposed to the same business cycles as these industries. As Patrick points out in the video, these bank runs says less about the stability of the banks, and more about the stability of the industry that they cater to. Having said that, we don't have all the puzzle pieces yet, so we'll have to wait and see what other factors contributed to the most recent bank run at SVB.

[@gerhard7323]

​@@KenoticMuseGreat, instructive reply. Thank you.

[@Frygon]

Would have loved to hear a bit more about SVB, as it is not a small bank but was until today the 16th largest us bank.

[@jeremypnet]

A top sixteen bank then.

[@MrFoof82]

Would love to see your thoughts late next week (when more is known) regarding Silicon Valley Bank, Janet Yellen’s comments about additional institutions being watched, and how raising interest rates might have exposed other institutions to potential liquidity issues.

[@boowiebear]

Great point about this being more about banking risk management than just crypto. Interesting they didn’t see their extreme exposure to interest rate increases. I mean, I wouldn’t have, but would hope someone smarter than me in finance would!

[@quokkapirquish6825]

“….and the atonal band Mars Junction”. The delivery is such that you can mistake these belters for a serious comment. Brilliant stuff!

[@StuffOffYouStuff]

Yesssss! Been waiting for this one 🕜 Patrick! I don't have any financial background nor am I particularly good at finances but I absolutely love your channel and always looks forward to hearing your sane and amusing take on the major shit storms happening in finance these days

[@pmc9079]

6:25 "they would simply rather not deal with suspicious transactions" except for HSBC: In 2012, HSBC was fined $1.9 billion by the US government for money laundering, which included moving money for Mexican drug cartels and violating sanctions against Iran. Standard Chartered: In 2012, Standard Chartered was fined $667 million by US authorities for violating sanctions against Iran and other countries. Danske Bank: In 2018, Danske Bank was charged with money laundering in Estonia, where it was alleged that the bank facilitated the laundering of around $230 billion from Russia and other former Soviet countries. Deutsche Bank: In 2020, Deutsche Bank agreed to pay $150 million to settle charges that it failed to properly monitor its relationship with Jeffrey Epstein, who was accused of sex trafficking. JPMorgan Chase: In 2020, JPMorgan Chase was fined $920 million by US and UK authorities for failing to prevent the laundering of $1 billion in funds from an alleged Ponzi scheme. ...to name but a few. It doesn't seem that they would simply 'rather not deal with a transaction', rather they would happily deal with them if they though wouldn't get caught. no?

[@JanBruunAndersen]

You can add Swedbank (big Swedish bank doing shady Russia-related businesses) and Danske Bank (big Danish bank) to that list with tax evasion, money laundering, and lying to regulators.

[@ivayloivanov8153]

Great program as usual. It would have been nice to spend more time talking about the situation with SVB because it has wider implications and could be applicable to many other banks. The unrealized bank losses on bonds, currently standing at about $700 billion, are a financial nuclear bomb that can blow up the entire banking system, as people start moving their money from non-interest bearing current accounts to CDs and other safe interest bearing instruments returning 4-5%.

[@Jim-Tuner]

People would do well to review the Savings and Loan crisis of the 1980s. The rising interest rates are creating a massive liquidity problem within the banking system. The unintended consequences of the fed's actions post-2008 has been to make bank reserves sensitive to interest rate changes.

[@alhollywood6486]

What kind of bonds are you talking about? Just curious.

[@cyberft]

@@alhollywood6486 US Government and agency securities. That’s what people in finance mean when referring to bonds otherwise they would call it credit.

[@alhollywood6486]

@@cyberft No they don't. It includes corporate debt, MBS, CMBS, and a ton of other types of bonds. But thanks for showing you know nothing.

[@ivayloivanov8153]

​@@alhollywood6486“Unrealized losses on investment securities at FDIC-insured banks” (from an article in WSJ yesterday).

[@tiffanyclay54]

Very sharp suit, Patrick! I vote you the winner of “Best dressed while delivering unfortunate news” in this Pageant of the Absurd we all got drafted into. Bravo!

[@outcastoffoolgara]

Thank you Patrick. That suit is a class act all of itself.

[@tpeterson9140]

Crazy how it went from Sam BF 2021: Billionaire living in a $40m penthouse Sam BF 2022: Living in his parents basement playing video games

[@conradschumacher4013]

Sam BF 2023-20xx: Living in a small concrete room.

[@mikeiscovitz5253]

Love the three piece, Patrick 👍

[@diurdi]

One of the clearest and best videos about recent events on this channel

[@benhensley3621]

Oh, I've GOTTA find out what headphones those are- you're out here styling on us 👀

[@NickBedard]

Headphones? Tell me more about that lamp!

[@verbotenmemory]

Given the timing, I honestly thought this video was about SVB lol. sounds like you have another bank run video to make next week Patrick! great work as always

[@lolllama1504]

Patrick Boyle posted, my day is made

[@dougritchie9548]

There are many types of biases; confirmation, survivorship, Dunning - Kruger, Munchausen syndrome by proxy etc. Wait, that last one is a syndrome not a bias. Or possibly it's a bias by proxy. However, I digress. I'm a financial guy and have been asking "Why in the name of the all mighty Chicago Board of Options Exchange didn't you buy some puts? And Patrick says "They could have hedged..." So now I feel super smart because Patrick implies the same thought. I have Patrick Bias .

[@Gallipoli1929]

This video is like the orchestra playing on the Titanic for me. At least I get to listen to a work of art as I watch my world sink to the abyss.

[@supertuscans9512]

For most of the world the glass is half empty or half full. You however don’t seem to even have a glass.

[@Gallipoli1929]

@@supertuscans9512 🤣

[@RobertoGonzalez-gg3jc]

Amazing video - Patrick Boyle's explanatory skills are off the charts... So clear that I felt the conclusions forming in my head as I progressed through the video.

[@bbrebozo6417]

The timing of Powell’s “we could go higher than 0.25 in future meetings” shows how clueless the FOMC is and how derelict they were in their supervisory duties regarding SIVB (a $200 billion bank). It’s the kind of thing you see in movies that prompt viewers to say “that couldn’t happen in real life”.

[@BD-qq4fn]

“And the band members of Mars Junction”…..I’m still laughing! Great post!

[@MrEW1985]

Thank you Patrick, for your very good information.

[@elliesimpson1313]

You explain this issue so well. And I appreciate your dry wit.

[@Balibaliadashi]

I needed this video today.

[@guilhermebruni1621]

Great vídeo as always Patrick, it is getting harder and harder to find well-informed unbiased content like yours nowadays. Nice suit by the way.

[@cryptogirlusa]

Hi Patrick! As always great summary. Question: would the regular banks be in the same position as Silvergate was meaning that their bond portfolio is now worth a lot less do to rising interest rates shrinking their capital position, as the same time that customers are not keeping a lot of deposits, due to high inflation. I understand that there are programs to protect customers of the regular banks, but how bad could he get for banks in the US in this high interest rate high inflation environment? thank you!

[@CosmicSeeker69]

FYI the FED is apparently losing near $3billion a day on it's property holdings. I'm guessing that's MBS and CMBS plus physical assets.

[@Jim-Tuner]

All banks are facing the same situation with the impact of rising interest rates on bond values, but that is a risk that other individual banks may or may not have hedged against. The risk to any particular bank depends on the extent that they hedged the risk combined with the level of withdrawals based on the type of business the bank is doing.

[@cryptogirlusa]

@@Jim-Tuner thanks Jim!

[@keylanoslokj1806]

​@@Jim-Tunerthey shouldn't have messed with Putin.. karma is tough

[@vidikman]

Wow. I found this channel is useful and quite information. These Moby's podcasts much better than his recent two albums.

[@philipberthiaume2314]

It's a shame that I can only like a video once. This was very informative.

[@GuilleSanchez.answers]

I'm expecting that eventually, KZbin will let us rate the videos with 0 - 5 stars.

[@duanejackson6718]

If you tap the thumbs up 101 times it will trigger two thumbs up counts and add 12 additional views. I dated a girl who's roommate worked at Google.

[@AxtionMag]

Absolutely, top-shelf information! Thanks, Patrick!

[@craiggillett5985]

What a superb 3 piece suit you are wearing. We don’t see many of these today and it looks fantastic on you.

[@cjytispro7349]

Great work Patrick you never fail to disappoint

[@seapeajones]

🤔

[@dovasd]

Thank you! I can now understand what was happened with SVB. So many articles in main financial press cannot explain simple stuff

[@benchoflemons398]

Looking extra dapper Patrick

[@conradogoodwin8077]

Glad to see that you haven't forgotten about music; you are keeping on track as you promised some time ago. Thanks for the sensible and current commentary!

[@sobeit712]

"if you find an audit fun, there's possibly something wrong with you"... That's probably the most fun I got from anything with the word "audit" in it.

[@scottmUTCS]

I enjoy your day sense of humor. Please keep it up.

[@omaindustry3502]

Crystal clear. Well done.

[@danasmith2663]

Thank you Patrick B!

[@skyak4493]

From $13.2B of non-interest bearing accounts to $3.9B, Don't ya just hate when that happens! Crypto is to finance what a lightning strike is to the power grid!

[@JustMe-xb4ey]

Awesome! In full sarcasm mode! We luv it Patrick! Keep up the GREAT work buddy!

[@anacap007]

The bank failures appear to affect the ones going in the order of exposure to the most speculative assets and moving down in reverse order. So first crypto then unicorn start ups in SV then meme stocks perhaps?

[@Floppy-1235]

Wonderful suit and vest+1 we have another larger bank crashing in the US today also

[@hellofranky99]

And as of Friday morning, Silicon Valley Bank became the next domino to fall in the financial market.

[@scottanno8861]

It's a total shit show right now

[@keepushing333]

And now signature bank

[@dieterkoch6563]

One of my favorite bits was the clip of SBF running away from behind with his curly locks waving in the breeze!

[@Julianvanderheijden]

Just buy gold. Don’t be fooled with crypto. They already fooled you once.

[@keylanoslokj1806]

​@stokesshaun433good luck turning it into cash

[@muddlewait8844]

This is a consistently informative and entertaining channel, and I was glad to have this subject clarified and the context spelled out, but I’m mostly here to say-while I know this sentiment is pedantic and ultimately unimportant-*thank you* for knowing when to say overstate vs. understate.

[@WojciechP915]

What brand of suits does Mr. Boyle wear? I want to steal his look.

[@DesignVisStudios]

Cool filter - looking the part! Since you seem to be working on your camera work... try getting the vertical lines of the walls straight.

[@alans1870]

Those “excruciatingly detailed audits” are always getting in the way. 😂😂😂

[@TheMacs1]

This is becoming one of my favorite channels

[@robertmillar9279]

As always, you present the very best and detailed information on current financial happenings. Thank- you!

[@RobertoGonzalez-gg3jc]

@Patrick Boyle Also, I 'd love to hear more about your take on the reasons why banks and enterprises keep failing at risk management. Greetings from Brazil

[@klaykid117]

Patrick you're picking great angles to film at like pro film maker!

[@StuffOffYouStuff]

Events overtaking Patrick's next video already. Oh boy you're gonna be busy this week 😆 Can't wait for the breakdown