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Warm Up
- Full blown banking crisis - S&P P/E  still above 17+
- Fed has big decision tomorrow
- Fed/Treasury dusting off financial crisis playbook
- Bond yields move - largest since '87
--- Banks joining in the charade - $30 billion
- Whatever you do - don't say bailout!

Market Update
- Banks failing - forced merger over weekend
- Fire sale for deposits - big win for some banks
- COCO / ATI Bond massacre - RUG PULL
- Tech favored over most other sectors
- Goldman says rates hikes over

FED GAME - What will the do tomorrow?
- ECB Playbook (raise like nothing happening)
- Powell Playbook - raise 0.25% and keep pushing that the data is what they look at - try to save face...
- Volker Playbook - ram it
- Bernanke Playbook - zero or cut

GAME ON
- We are playing the real life Monopoly
- Treasury Secretary Yellen says the govy could backstop more deposits if necessary to stop contagion
- - Trillions in deposits  - how would that work?
- - - Monopoly Rules: The Bank: The Bank newer "goes broke." If the Bank runs out of money, the Banker
may issue as much more as needed by writing on any ordinary paper.
----- Why would Yellen need to say that ???

Asked on Twitter this week: Why do so many investors enjoy throwing hard earned money into dumpster fires?
(Follow John at @therealdvorak and Andrew at @andrewhorowitz)

Dust off the playbook
- Plenty of financial crisis moves being made
---- Have I mentioned that this group of Fed leaders could be the worst in my lifetime?
- $30 billion from consortium of banks into First Republic
---- NON insured accounts was the push
--- NO WAY i