Michael Burry võrdleb praegust panganduse segadust paanikaga 1907 — tõstab esile Markets Botting

Michael Burry, riskifondide haldur, kes on tuntud selle ennustamise poolest 2008 finantskriis, on tõmmanud paralleele praeguse panganduse segaduse ja paanika vahel 1907. Ta märkis, et kolm nädalat pärast J.P. Morgan võttis sõna, the panic was resolved and the markets bottomed. “A stand was made this past weekend,” the famous investor pointed out.

Michael Burry on Bank Failures, Paanika 1907, Markets Bottoming

Kuulus investor ja investeerimisfirma Scion Asset Management asutaja, Michael Burry, has compared the current financial turmoil, following the collapse of multiple banks, to the Panic of 1907. Burry is best known for being the first investor to foresee and profit from the U.S. vahel toimunud kõrge riskitasemega hüpoteeklaenude kriis 2007 ja 2010. Ta on profileeritud filmis "The Big Short,” Michael Lewise raamat hüpoteeklaenukriisist, millest tehti film Christian Bale’iga peaosas.

The “Big Short” investor tweeted Wednesday:

Oktoobris 1907, Knickerbocker Trust failed due to risky bets, sparking a panic. Two others soon failed, and it spread. When a run began on a healthy Trust, J.P. Morgan võttis sõna. 3 weeks later the panic resolved & markets bottomed. A stand was made this past weekend.

Knickerbocker Trust Company was one of the largest trust companies in the U.S. Its failure in October 1907 triggered a financial panic and led to a loss of confidence in the entire banking system.

The panic came to an end after J.P. Morgan organized a bailout of several large banks and convinced other financiers to do the same. The bailout helped restore confidence in the banking system. The Federal Reserve System was subsequently created on Dec. 23, 1913.

Burry’s tweet came after several major banks in the U.S. failed, including Silicon Valley Bank and Signature Bank. The former was closed down by regulators last Friday and the latter by the New York State Department of Financial Services a couple of days later.

To stop bank runs and restore confidence in the banking system, the Treasury Department, the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC) announced measures to allow depositors of both banks to “have access to all of their money.” Moreover, the Federal Reserve Board said it will “make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.”

While some people on social media agreed with Burry, several pointed out that the Federal Reserve System did not exist in 1907 so the current situation is different.

In a different tweet, Burry wrote: “This crisis could resolve very quickly. I am not seeing true danger here.” Regarding the U.S. majandust, Burry previously warned of another inflation spike and extended multi-year recession USA-s.

What do you think about Michael Burry’s comparison between the Panic of 1907 and the current banking turmoil? Andke meile teada allpool olevas kommentaaride jaotises.

Kevin Helms

Austria majandusteaduse tudeng, Kevin leidis Bitcoini 2011 ja on sellest ajast peale olnud evangelist. Tema huvid seisnevad Bitcoini turvalisuses, avatud lähtekoodiga süsteemid, võrguefektid ning majandusteaduse ja krüptograafia ristumiskoht.

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