hmmm...PACW is down 9%, PNC is down 6%, a whole bunch is down 2-4%.
PACW is relatively tiny with deposits at 41b, but PNC has/had 436 bil as per last earnings 16 days ago, don't know right now.
I dunno what to make of all?
Cramer and J. Dimon say that it is OK now.
The official reason for the purchase was to protect the industry and restore trust. How is the purchase of a bankrupt bank going to restore trust in the system? They are covering a dead guy with a blanket and saying it's all right, we'll take care of it, he's not dead, he's taking a nap!
my read is that he is buying stuff with a huge discount and by doing so helping his own balance sheet; no wonder that PNC, which did not get the "goods", is declining 6% today.
I am not sure how it all relates to bitcoin.
I listened to a long P. mcCormick/Jeff Booth podcast (
https://www.whatbitcoindid.com/podcast/why-deflation-is-the-key-to-abundance ) and they were saying that even in nations with 100% yearly inflation, most of the populace still stays in the system and only a small % choose bitcoin.
Blame it on inertia, on being uninformed, etc., but it is a sad truth for now.