Welcome back to the Matt core show where we're here to talk about breaking news stonk Market updates and other interesting things I find on the interwebs and want to share with all of you. Today's episode is honestly a pretty crazy one, so you might want to buckle up. We have an important announcement from the President of the United States Mr Joe Biden We also have an update on a story from yesterday surrounding the media chaos and Tucker Carlson and Aoc's official response. And then finally, we have to get into why the overall stock market is absolutely vomiting and there'll be a special emphasis on what in the world is going on with First Republic Bank which is vomiting more so than even the overall? Market Obviously there's a lot of crazy things, so like I said, make sure you buckle up, destroy the like button, make sure you subscribe and let's ride now.

obviously I couldn't let the cat out of the bag I had to hook you into this. but now that you're here, it's time to share the real story. Vin Diesel's arms may be associated with a movie success Yes You heard that properly. Movies in which: Vin Diesel wears four tank tops and spends 15 of the film wearing them or better liked by critics and make more money than movies in which he wears fewer tank tops for less time.

So uh, to any of the fancy schmancy movie execs who are watching this update video, this is the ultimate money glitch I Used to think that it was inverse Kramer but apparently all you have to do is put Vin Diesel in your movie, make sure he's wearing tank tops and show off those guns. Speaking of being really fast and really, Furious that was awful. sorry I I Couldn't think of a better segue. President Biden Makes it official he's running once again in 2024.

President Joe Biden Formally announced that he would seek re-election in 2024, reading a historic campaign against a republican field dominated by his predecessor, while economic uncertainty clouds his case for a second term. I Don't know about you but I already am getting the popcorn ready for the Biden Trump debates. I'm sure that they're going to be Beyond entertaining Biden Who is 80 and apparently as old as time itself, implored voters to let him finish this job. He began when he took office and put aside any worries about his age.

The President is on track to easily be re-nominated but faces a tough general election battle to remain in the White House, with the nation as divided as ever. Biden made his decision official with a video release in which he said his promise to heal the soul of America following Donald Trump's presidency is not yet fulfilled and that the nation still faces threats from extremists in the Republican party. Now in all reality I don't really care if you like Biden or if you like Trump All I ask is that you're an informed voter. But what I do want to point out here is that you ever notice how they love to use these high-level terms soul of America something that sounds fancy and in reality doesn't mean anything and I'm not particularly picking on biting here I'm just pointing out that all politicians do it as if none of us see through it.

It's all just garbage. The question we are facing is whether in the years ahead we have more freedom or less Freedom This is not a time to be complacent. That's why I'm running for re-election Once again. Super high level statements that on the surface level sound pretty good, but when you think about it, it makes you shrug your shoulders and think what in the world are you talking about Now here's the part that I find to be the most interesting or maybe I should say concerning already the oldest person ever elected U.S President Biden would be 86 at the end of his second term and faces intense scrutiny about his Fitness to serve another four years in the White House.

That's very fair scrutiny 86. now I'm no doctor I'm no biologist. but I don't think it's going to take an expert to really point out the fact that your brain's ability really starts to fall off, especially at the geriatric age of 86. his kickoff message shows he is betting that voters will reward him for his Decades of experience and record while looking past age concerns.

So basically he's thinking that people will reward him for being a career politician as opposed to either being or borderline being senile. But don't you worry if you have any concerns. He did follow up the video with this tweet. My economic plan is a blue-collar blueprint to rebuild America It's for you.

So if you're sitting there worrying about the economy or maybe the political divisiveness within the U.S or geopolitical concerns abroad, or just really, the whole shebang, don't you worry because this is his plan and it's for you. And if you don't feel that way, well, obviously you're just simply wrong and you're not looking at it properly. Now before you go all keyboard Warrior on me in the comments: I'm not just particularly picking on him I'll pick on any of these politicians. And my personal overall point is, how are these our options in a country that has over 300 million people? You're not telling me we have two people who are intellectual Titans Absolute physical specimens and just better than all of us in pretty much all measurable categories.

I Just don't understand it from a statistical standpoint how we simply do not have better options. So with that out there, I Would love to get your thoughts in a comment below. Let me know who you're voting for and why and now. moving on.

Just in case you missed yesterday's update video, there was a big change. A seismic change if you will in the world of mainstream media. both Tucker Carlson of Fox and Don Lemon of CNN kind of got the boot and the announcements for both of them came only in our part which if you ask me is a little sus in itself. but that's not really what this particular video is about.

What I really want to dive into is some of the responses from this news that I think at a minimum will cause you to raise your eyebrow. Here's with the esteemed and always intellectual AOC had to say about Tucker Carlson couldn't have had better guy, a better guy. Um what I will say though is while I'm very glad that the person that is arguably responsible for the some of the largest driving some of the most uh, amounts of death threats and violent threats not just to my office but to plenty of people across the country. um I also kind of feel evidence for that.

I'm like waiting for the cut scene at the end of a Marvel movie after all the credits have rolled and then you see like the villains like hand re-emerge out to glip, grip over like the end of a building or something. Here's where it gets crazy. but but deep platforming works and it is important and um, there you go good things can happen. Yeah, you're totally right to think.

wow, she actually said that now in reality he's not gonna be. D Platform Tucker Carlson If you look at the Nielsen ratings massively popular, he's going to get a platform deal pretty much wherever he wants. and I'm sure he's gonna make more money than ever before, but that's not really the focus of this. It is crazy that a sitting politician is somehow rooting for the D platforming of a media personality who just I guess they don't get along I find that just kind of crazy.

but hey, I guess everyone is entitled to free speech, which is kind of the beauty of platforms hosting people as long as you're not breaking the rules. But I just find it wild that time and time again. She always leaves your jaw on the floor in a more negative way than you could ever imagine. And now for the highlight of the episode: the reason why you most likely clicked on this video in the first place: Why in the world did the stock market absolutely lutely vomit today? To put it simply, a lot of uncertainty in the world of earnings announcements specifically led by FRC First Republic Bank which is having an absolutely horrific day.

Before we get into the finer details of First Republic seemingly exploding, you need to know that we are in the middle of an insane earnings week In an insane earning season. In fact, this week, 40 based by market cap of the entire S P 500 will be reporting. The only big one that's really missing is Apple If you're watching this in time, both Microsoft and Google will be reporting this evening. and later on this week we have Boeing Meta, Roku American Airlines Caterpillar, Amazon Intel and Snapchat just to name a few.

I Do think it's important for you to know that even though FRC fumbled their earnings, there was a group of pretty solid positive reports including JetBlue GM, McDonald's Pepsi and Spotify. With that being said, it was not enough for the overall Market to overcome First Republic saying their deposit as it's tumbled 40 to 104.5 billion in the first quarter, but a little silver lining at least it has stabilized allegedly now I say, allegedly because first, Republic's deposit Exodus has analysts War bearish than ever, So bearish in fact, that the stock vomited over 40 percent in a single session. and we probably should have seen this coming. First of all, they didn't take any questions during their earnings call, which is a little Sus One analyst was quoted saying taking no questions on the call and disclosure that there is no certainty in the future of the bank if unable to strengthen the business speaks volumes.

Frc's existence still very much hangs in the bounds and arguably even worse, this was said by Jim Cramer not too long ago FRC is new Focus Very good bank. now that I'm reading this to you. I should have known this was the dagger and the Heart type of a moment. I mean seriously.

I Don't think anything's better on this planet than doing the exact opposite of Kramer But to be fair, none of what I just said was the worst part. as we were trading throughout the day, four First Republic things got even worse. and even worse. And even worse.

Listen to this clip for an example where midday they decided to announce that in terms of a rescue plan, they are potentially thinking about divesting 50 to 100 billion dollars of their assets and this is coming after they lost over 100 billion dollars worth of their deposits in the last quarter as Republic came out with its earnings disappointing on deposit outflows. Now we understand its wings selling up from 50 billion to 100 billion dollars in assets. We're talking here long-dated Securities we're talking mortgages. Ed All of this is about an asset liability mismatch that for the overall First Republic California-based Bank has at the moment.

Maybe they sell those the U.S Bank Said maybe it's about incentivizing them to buy them above their market value. We know the impact that had on Silicon Valley Bank We've seen price destruction in long-dated bonds, so maybe you get a warrant preferred Equity to do that. and all of this of course said is about trying to stop being seized by the FDIC. But wait, there's more, not just price destruction which might be leading to your portfolio destruction.

especially if you're this guy who is trying to generally get into FRC The situation gets even worse Now if you look at the sources including BBC Reuters, CNN and Forbes this is a good summary of it: Shareholders have sued the bank and alleged that the bank misled investors about its Financial Health The lawsuit accused First Republic and its auditor KPMG of misrepresenting the strength of the bank's balance sheet and liquidity. The White House Fed, Reserve, and Treasury are now considering an open bank strategy to rescue First Republic which could involve creating a special purpose entity to buy the bank's underwater loans. The bank is reportedly considering a sale to another bank, but it is. It's unclear if any buyers will be willing to pay a premium for the company.

If First Republic is unable to find a buyer, it can be forced to file for bankruptcy. So am I down a lot of money on FRC Yes. Is it painful to talk about Yes. Is it even painful to think about Yes.

That's exactly what happens when you have a sock drop 49.4 in a single trading session. Alas, don't you worry I'm still a degenerate through and through and that ended up paying off today because I decided to take the rest of my account and YOLO it into some S P 500 put options by the time the closing bell went Diggity ding ding ding the overall Market was down 1.6 which happens to be the worst drop since March of 2022 on a single day. Which also means people who yoload into put options ended up getting paid off pretty nicely now very quickly. As a side note, I didn't actually end up closing that position.

so if you give me enough time I'm sure I could fumble the bag on both of these trades. Just be a little patient with it. and I'm sure in one of the future update videos It's Gonna be Me probably cry In the meantime though, don't forget to pay attention to the key up coming earning reports and announcements and then don't forget next week we also have the next interest rate Ike from the Fomc meaning all things that have a massive impact on the market which will most likely prop or chaos and definitely a lot of volatility I Truly appreciate your time if you enjoyed the content. don't forget to hit the like button and also don't forget to subscribe if you want to become a goonie.

I'll catch you in the next video.