SVB is Now In the Hands of the FDIC

[CompOrange04GT]

We are facing that in a bad way at work. Lot of old heads have retired, rightfully so, and left a large vacuum. Problem is most of the folks qualified to replace them plug-n-play are retiring too.

Yet companies are holding out hope that they can attract a 25 year old replacement with 30 years experience willing to work for 15 bucks an hour. This is the pain I think will catch up with the workforce/companies. Too many companies running on fumes employee wise.

I can't find " good " freight haulers that want to make 100k a year as a company driver.

" yeah but I want to be home every night"

" yeah but I want to be home every weekend"

Salary request: 200k


All of a sudden even adults feel like they DESERVE a shit ton more for the same job.

 

[Klaus]

This is a good indicator as to the direction of inflation. People save what they cannot consume. Saving rates are now below trend which means that the consumer is tapped out. As the consumer is tapped out prices fall.

 

[Klaus]

I can't find " good " freight haulers that want to make 100k a year as a company driver.

" yeah but I want to be home every night"

" yeah but I want to be home every weekend"

Salary request: 200k


All of a sudden even adults feel like they DESERVE a shit ton more for the same job.

I follow freightwaves and it seems like freight haulers are going BK every day. Is this having impact on pricing/wages?

 

[CompOrange04GT]

I follow freightwaves and it seems like freight haulers are going BK every day. Is this having impact on pricing/wages?

Freight is absolutely ridiculously being under cut.

We are talking, people offering loads up for $1.50 a mile.. .98 a mile.. etc. For flat beds carrying 47,000 pounds of freight

And people are jumping on it, to BARELY break even and keep trucks moving

 

[IronSnake]

I can't find " good " freight haulers that want to make 100k a year as a company driver.

" yeah but I want to be home every night"

" yeah but I want to be home every weekend"

Salary request: 200k


All of a sudden even adults feel like they DESERVE a shit ton more for the same job.

One of our freight haulers reps takes me to lunch once a month. This is a real issue for sure. He's also close to that retirement age and doesn't hold out much hope that truck drivers will be showing up by the thousands in the next few years.

 

[CompOrange04GT]

One of our freight haulers reps takes me to lunch once a month. This is a real issue for sure. He's also close to that retirement age and doesn't hold out much hope that truck drivers will be showing up by the thousands in the next few years.

They only show up in the shit holes cause they are away from family, and have nothing to do.

I.e, West TX, North Dakota. etc.

They want to get paid... West Texas oil field money, in places that people actually DO want to live... which aint happening

 

[AustinSN]

Freight is absolutely ridiculously being under cut.

We are talking, people offering loads up for $1.50 a mile.. .98 a mile.. etc. For flat beds carrying 47,000 pounds of freight

And people are jumping on it, to BARELY break even and keep trucks moving

My cousin is an owner operator and was showing me the load boards (or whatever they are called) and said it's basically the large companies that can do it and continue to operate.

He said it's pushed most O/O to oversized, that's basically all he will move anymore and doesn't take a load unless it's $7/mile or more.

He showed me one that was paying $0.46/mile, it was 53' long and weighed 1800 lbs. We sat there and chewed on it, trying to figure out what would take up an entire trailer and weigh so little. I assumed it was some sort of pipe.

It was cool seeing some of the offerings for $25-$35/mile but he was quick to explain how fast that stuff can go sideways. Between pilots and the route they are paying you for, not being the route you are going to take, it gets cut down a lot.

 

[MG0h3]

Freight is absolutely ridiculously being under cut.

We are talking, people offering loads up for $1.50 a mile.. .98 a mile.. etc. For flat beds carrying 47,000 pounds of freight

And people are jumping on it, to BARELY break even and keep trucks moving

Two coworkers of mine run trucks. One has 9. Same thing you said. Barely breaking even. If you figure in west and tear on the truck, it’s a loss.

The other guy only has one and got hooked up with a dispatcher that has contracted loads with one company so it’s steady. He’s doing fine.


Sent from my iPhone using the svtperformance.com mobile app

 

[Weather Man]

Deutsche Bank shares tumble as cost of default insurance spikes​

DB -6.13%Mar. 24, 2023 6:01 AM ET20 Comments

Deutsche Bank (NYSE:DB) shares sank 11% in Frankfurt Friday in a sign that bank worries were not in the rearview mirror.
The stock, down 5% in U.S. premarket trading, was looking at a third-straight day of losses. Shares have lost about a fifth of their value this month.
Five-year credit default swaps jumped to 173 basis points late Thursday from 142 bps in the previous session. That was the largest one-day rise in history, according to Refinitiv data cited by Reuters.

 

[Weather Man]

Meanwhile, emergency borrowing under the Fed's two backstop facilities (Discount Window Lending + Bank Term Funding Program) reached another whopping $163.9B this week, similar to the $164.8B recorded last week. The figures signify the extent of the current crisis and its containment measures, with weekly borrowing under the discount window typically under $10B.

 

[Weather Man]

Treasury yields tumbled, mirroring European government yields, as cash flowed to safety. The 10-year Treasury yield (US10Y) fell 11% to 3.30%. The 2-year yield (US2Y) plunged 22 basis points to 3.59%

The 10-year German bund yield lost 17 basis points to 2.03%.

The chance of no Fed hike at the May meeting rose to 76%, according to fed funds futures. The chance of a quarter-point rate cut in June jumped sharply to 76% from 30% Thursday.

 

[Klaus]

^ "it's not systemic"

The credit suisse buyout has a clause that it gets torn up if UBS CDS widens by 100. It will be interesting to see what happens if this is triggered.

 

[kazman]

 

[Klaus]

We are so ****ed

 

[Klaus]

The reversal of the reversal has been reversed. Her 4D messaging is next level.

Yellen Says US Prepared for Additional Deposit Actions If Needed

Treasury Secretary Janet Yellen told US lawmakers that regulators would be prepared for further steps to protect the banking system if warranted, a day after her remarks on nationwide deposit insurance rattled markets.

www.bloomberg.com

 

[Klaus]

In the not-distant-future people will yearn for the days when the biggest problem they had was too much money and not enough stuff

 

[kazman]

Not to worry, Fed will print some more. Y'all act like the sky is fallin'...

 

[Weather Man]

We are so ****ed

Treasury Secretary has called an unscheduled meeting of the Financial Stability Oversight Council (FSOC) on Friday as banking turmoil persists in the U.S. and globally. In Brussels, European Central Bank President Christine Lagarde told EU leaders that the euro-area banking sector is strong and used the market volatility to push for a plan for an EU banking union.

In addition, German Chancellor Olaf Scholz said Friday that Deutsche Bank (NYSE:DB) is a very profitable bank and there's no need to worry about its future, according to media reports.

 

[*Jay*]

We are so ****ed

 

[Rb0891]

We are going to need a war of some sort around fall.