SVB collapse is second-largest bank failure in US history

Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history.
California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation. The FDIC is acting as a receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors and creditors.
The FDIC, an independent government agency that insures bank deposits and oversees financial institutions, said all insured depositors will have full access to their insured deposits by no later than Monday morning. It said it would pay uninsured depositors an “advance dividend within the next week.” CNN's Matt Egan reports. #CNN #MattEgan #cnnnewsroom

[@tampabayrodeo2474]

It was a very bad decision to remove the Glass-Steagall Act in the late 1990s, which led to the spectacular failure of huge banks during the financial crisis of 2007-2008. To prevent another disaster, Dodd-Frank and this statute both need to be reestablished right away. What happened with SVB is only the beginning of what will happen if nothing is done to address the current situation.

[@trazzpalmer3199]

Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment.

[@graceocean8323]

@@trazzpalmer3199 People do downplay the importance of expert counselors up until they experience the consequences of their errors. I wanted to stay afloat between the COVID outbreak and my early 2020 layoff, so I started looking for license advisors. My previously stagnant $325K reserve has so far created significant returns from subsequent investments owing to expert leadership by my FA, who can be found online. I was fortunate to come across someone with her level of practical knowledge and years of experience, and she helped me.

[@mcginnnavraj4201]

@@graceocean8323 We’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides you help?

[@graceocean8323]

My Financial Advisor is JEANNE LYNN WOLF. I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can run a quick online research with her name if you care for supervision. I basically follow her market moves and haven’t regretted doing so.

[@zoeytank2921]

Right now, I'm literally hanging on by a straw, so your advice couldn't have come at a better time! I'll look her up on the internet and then give her a call.

[@KP-us1ld]

"The major banks are saying they're well capitalized" Yeah I'm sure SVB would've said the same thing.

[@dbanddz]

They did😂

[@heavyarms117]

Literally rated at the top just a month ago.

[@ludda42]

The major banks are well capitalized and we can see that. We don’t need to ask them

[@Bl00dMalice]

@Patrick Tremblay And if there's ever a run on the bank, they will. Doubt that they can handle that. Doesn't help with interest rates what the are, either.

[@davidkrumrieii8988]

If a bank tells you they're liquid

[@gabrielmm3515]

The failure of Silicon Valley Bank has torn into global markets, with investors ripping up their forecasts for further rises in interest rates and dumping bank stocks around the world. I'm at a crossroads deciding if to liquidate my dipping 200k stocck portfolio, what’s the best way to take advantage of this bear market?

[@Charlescarbajal971]

The SVB situation is a reminder that Fed hikes are having an effect, even if the economy has held up so far,” It’s precisely at times like these that investors need to be on guard against the next certainty. You don’t have to act on every forecast, hence i will suggest you get yourself a financial-advisor.

[@Deanswain19]

I agree, having a brokerage advisor for inveesting is genius! Amidst the financial crisis in 2008, I was really having inveesting nightmare prior touching base with a advisor. In a nutshell, i've accrued over $850k with the help of my advisor from an initial $120k investment.

[@EileenToups]

@@Deanswain19 I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?

[@Deanswain19]

The investment-advisor guiding me is Diana Luise Hines, she is popular and has quite a following, so it shouldn't be a hassle to find her, just search her

[@levinewson9667]

@@Deanswain19 Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.

[@papitordz87]

Never keep all your money in the bank period.

[@FilosophicalPharmer]

Aww man!!! You just made me think of the old banjo player, Stringbean. He lived through the depression, didn’t trust banks, kept all his Opry and Hee Haw money at home. Robbed. If you’re a Hee Haw fan, please look up the story. He and Grandpa Jones were best friends whose houses faced each other. Grandpa Jones was never the same after that incident.

[@johndough23]

Hard to run a business and pay people without doing so. Ever see the lines at the money order desk at Safeway?

[@marty9376]

I bet the CEO’s got their money out

[@conquest562]

Yes. Many big dogs barely made it but they did get out yesterday.

[@dudea3378]

Yes homeboy Greg sold about $3.6M a couple weeks ago

[@mars4964]

2 week before

[@spaceoddity2485]

Of course. And stole some depositors money as well probably…..

[@maureenperez5676]

you can count on THAT.

[@daveblackman816]

I used to work at SVB in 2021. I left by early 2022. I saw the writing on the wall. They were handing out loans like they were candy. Management didn’t care.

[@stephanienguyen6992]

Big Banks and Private Banks - gave out Mortgage Loans ($$$ Million Dollars), like you said (Candy). FED and Governments are AFRAID - to do audited.

[@1JOHNBARLEYCORN]

Just like the government handing out student loans saying ok now you are going to repay.this right.???

[@ferriswheeler08]

they did care.. about getting that huge bonus before the doors caved in LOL

[@Val81121]

Government backed.

[@phil20_20]

A microcosm of 2007.

[@hibudy]

*Greed, reckless behaviour, speculation* and *carelessness of management* always leads to disaster not only for banking sector but for any industry.

[@nickl5658]

However such behavior is extremely profitable on the short term where bonuses are paid. It is only fatal in the long term. And in modern US capitalism nobody cares about the long term. Only the financial report of the next quarter is what anybody cares about.

[@hibudy]

@@nickl5658They say that investing and long term approach is boring but speculation and gambling is fun. The Wall street way...

[@shadrana1]

The old motto is 'Live within your means'. That goes for any kind of budget whether it is corporate,government or personal business.

[@edwardpi9852]

That happens in Washington DC, also know as East Las Vegas! They play with not only cards but gambling with 8 billion of earth's population. So proud of Ponzi schemes! Go corrupt politicians even, a criminal could be elected congressman, "Distinguished Gentleman".

[@lee58901]

“Some small startups”…. uh just 95% of depositors 😂

[@widodoakrom3938]

Lmao

[@za-jm8wf]

Of course they're going to say "this is an isolated incident" they don't want to scare the masses

[@FortitudineVincimus]

I don't see credit unions ever failing.

[@mars4964]

Don't panic it's a one domino

[@JeanetteFaith]

@@mars4964 I don't think so. People have been talking about a full-blown recession and a stock market crash as well. I think they are trying to not scare the masses.

[@JasonBoyce]

When Lehmann Brothers collapsed in 2008 there were murmurs about banks being overleveraged for months. I haven't heard any such chatter swirling around now, except for crypto. I wouldn't be surprised if the bank had a stake in FTX or Binance or something

[@brianholloway6205]

@@ydne are you ok?

[@Lightwalker298]

We broke up monopolies in the 1920's. We need to do it again!

[@shieh.4743]

Correct!

[@noway6362]

Start with the federal government monopoly

[@fransliszt]

This bank has nothing to do with a monopoly

[@daMillenialTrucker]

spoken like a true socialist, good job comrade

[@lindarockafellow5058]

FDIC is socialism. Firemen, police,social programs for disabled etc.

[@XxTheAwokenOnexX]

The financial mistakes of 2008 were not learned 🙄

[@Thomas4721h]

They learned how to get bailed out by taxpayers and no one went to prison.

[@johndough23]

Not when a cabin in Lake Tahoe starts at 2.5 million under 25 feet of snow. Nor a typical bungalow in Inglewood goes for a Mil. Nor a 500 square ft APT (closet) goes for $2500 a month in Brooklyn. Have you priced garden sheds at Home Depot? I use the word garden shed in an enduring way so we remember our deceased parents.

[@widodoakrom3938]

Lol

[@josephpostma1787]

@@Thomas4721h Taxpayers do not pay into the FDIC.

[@jon6309]

I work in banking. It really depends on how liquidity is managed by the bank. With the interest rate hikes people myself included have opened new bank accounts and transferred money to get the best rate on deposit. This is problematic when the banks have invested most of the deposits on fixed rate treasuries and cannot offer competitive rates for their depositors. If they bought the US treasuries at a lower fixed rate and people are pulling their deposits to park it somewhere else the bank would have to forcefully sell their treasury positions at a lower market value to provide liquidity which can cause huge realized losses for the bank!

[@jamesnguyen7069]

you really dont work in banking. the banking is working u. this was planned.

[@FilosophicalPharmer]

With Fractional Reserve Lending being the law, “liquidity” IS THE PROBLEM.

[@h8marxists663]

Correct. It’s called greed and corruption. Bankers are criminals and they were richly rewarded for their crimes in 2008. So reasonable people would expect them to do the same again at a magnified rate. Which they did. Most of the low rate treasuries you speak of we’re NEVER HEDGED. Absolute and utter stupidity. A damn second grader could tell you interest rates don’t remain at Zero indefinitely. Idiots.

[@johndough23]

The CEO of SIVB sat (fired Friday) on the San Francisco Federal Reserve Board. That in a nutshell is the ongoing problem in America. The Crooks running the Store.

[@KodeStreet]

‼️

[@jairoherrera4040]

Since 2008, if congress was competent enough, those corrupt ceos should've been charged and order to be broken down into smaller banks instead of bailing them out under taxpayers money.

[@shiftymcgee9359]

Wealthy CEOs make for generous donors.

[@EduardoOliveira-zx4yj]

BREAK DOWN BANK BECAUSE JOE.

[@dixiebrick]

If only the republikkkans had not bailed out their billionaire buddies in 2008!

[@tomsmith5734]

all they did is print money & or digital currency, fiat money the federal reserve & central banks in most countries & the world bank are ponzi scams! oh & bis which means Bank for International Settlements

[@b.t.2795]

​@mike jones You're certainly a confused old person. Blaming McCarthy grandma? 🙄

[@dennisfant2620]

Just the starting point of what's coming.

[@BashoStrikes]

Yep. What's coming is 2008 senior. There are those who did get wealthier from 2008, and some will profit from this collapse as well.

[@JeanetteFaith]

@@BashoStrikes Or the start of another great depression.

[@johndough23]

next week a ChatGPT said to be 1000x more powerful is rolling out. One they say could wipe-out 1/4 of all jobs. Apparently it can write its own code to do just that. Should be fun.

[@xmen9916]

Top executives need to be investigated!! Wtf where the “regulators” here????

[@sanusiebarrie7225]

The regulators and the politicians are all in their pocket

[@albertmooney2628]

half the government thinks deregulation will fix everything.

[@frediie23]

L l

[@johndough23]

The CEO sat on the San Francisco Fed Board. He was shown the door Friday. The hide and twist everything for political agenda MEDIA are covering this factoid up. Don't expect details from Snopes anytime soon.

[@Xx_aXtion_xX]

The person in charge of risk management was a diversity hire. You look at its profile an d first thing is mentioned isn’t their experience its the fact that they are queer and of color. This is what happens when you hire woke over actual experience.

[@eklim2034]

I remember Lehman collapse was said to be isolated

[@beckettman42]

Time for another 'once in a lifetime' recession.

[@mi3mi80]

We are like cats. We will go through 9 once in a life time recession.

[@xabisombilini5440]

🤣🤣🤣 "once in a lifetime"

[@johnsmith1953x]

This like the 4th one for me.....

[@ky.gambler5281]

Depression like in the thirties. Not recession

[@r.d.9399]

At this point I don't believe the government can fix it. 50 years of corporations raping working people. I prefer a Great Depression at this point to get it over with and destroy most of these corporations.

[@CrispinCourtenay]

This is the bank of most VC-funded companies and high-end wineries. This is not a normal bank, so it should not impact other banks. However, the $250,000 FDIC guarantee is laughable as many of these companies have $10M or more at the bank.

[@icu4life240]

Sounds like a case of take the money and run.

[@alansnyder8448]

Roku has 467 million in that bank which is 1/4 of their cash reservers. Think that is above the 250k limit.

[@hello2jello4mellow34]

Let the VC's and the VC-funded companies suffer. No one should feel bad about these parties. They know the risks and they are only playing monopoly with third-party money. However, this will spread to other banks within weeks.

[@alansnyder8448]

@@hello2jello4mellow34 Kind of a stupid comment. But then again we are on the CNN site. What likely will happen is the extra Roku funds become part of a bank "bail-in" and Roku has just bought 400 million dollars of stock in SVB. If the bank survives and that stock price goes up, people like you will complain about that too.

[@theakinyemis2244]

Exactly! 250k is nothing these companies have to pay employees next week is going to be crazy - idk how customers are going to be able to make payroll. I wonder if they’ll be bailed out …..

[@johnogrady5298]

I love the calm way he says 'isolated incident'. Not on your life is this isolated. This is the tip of the iceberg it's far broader and systemic an issue than thought possible. Recession, already started. Economic depression pending arrival imminently.

[@h8marxists663]

He works for the Marxist regime in the WH. He’s paid to lie and cover for their crimes.

[@gbb82]

I remember the nightmare in 2008. Started on a Sunday evening when CNBC went live about Shearson Lehman. You knew something was not good back then.

[@donnovicki9771]

No public bail out again. These banks were all propped up in 2008 with public money. Let em fail, except I would want the small investor/customer to not lose their money. No car maker bail outs, no bank bail puts ever again.

[@Shaolin91z]

FOH

[@patrickcd128]

They stole money in salary’s. Ridiculous how much they get paid! SMH

[@adolforios6285]

Bro wallstreet billionaires and the major banks that control everything, make way more and provide less of a service than silicone valley startup ceos on average.

[@jerryserrato64]

Blame it on the military budget , trillions

[@j.corona8118]

The new owner have to look at each loan separately and then as a group in industry they serve. Deposits are solid. I hope there is no more panic as the fed tightens, it will definitely cause more bank runs.

[@darinow-wing902]

Once again, no one will go to prison.

[@sensorycircuits1338]

Bummer, SVG had just agreed to loan me money for this cool blood screening tech I came up with.

[@CadiKane]

Huh??????

[@whalefurr]

@@CadiKane he said SVG had just agreed to loan him money for this cool blood screening tech he came up with

[@CadiKane]

Try another bank bro . If it was worth it

[@CadiKane]

@@whalefurr sorry I’m hard of hearing. Thanks

[@SnowofLight]

Lol your Theranos joke wasn't missed

[@Djaermi]

They're not the second-largest bank failure. They're just the second largest bank that was allowed to fail.

[@johnteeter2857]

Was it adjusted for inflation?

[@hus390]

You can increase the limit of FDIC by increasing the number of beneficiaries in the account, as it doubles the limit. Two people = $500k. ... FDIC will give access quickly to the insured amounts, but after it does the accounting, it can release more to those who have more than the limits. Also money can be recovered when the assets are sold.

[@KaiserBlade]

FDIC IS PAID BUY TAXPAYERS.

[@FilosophicalPharmer]

Many small banks network and spread capital amongst themselves in order to stay under FDIC cap.

[@johndough23]

If the conspiracy nuts are correct again...this problem is too big, and intentional..all to usher in a new money system. My hunch is they are correct again.

[@shieh.4743]

This is not an isolated issue. This is the beginning...

[@btdoe3259]

Creating money can't be free. Value for value.

[@Heywoodjablowme2]

​@@btdoe3259 tell that to Joe Biden, as he just pulls trillions out of thin air to pay off Zalenskyy

[@brandonburns5365]

​@Ev. H. There is no dip, you idiot. We now know you broke 😂

[@JeanetteFaith]

I agree. This is only the start!!

[@lutaayam]

…..of the end

[@bobblacka918]

What can the Fed do? Break up the monopolies, that's what.

[@vincentconti-jb3hd]

Really??!! I don't think so.... It's not their job and they do not have the authority to do so!!!!

[@NATURAL-pv9tw]

Yes they can only increase interest rates and kill the middle class who mainly depends on credit, Great job indeed.

[@raymondanderson792]

@@NATURAL-pv9tw increase rates? Credit card interest like 30.59% APR right now lmfao.

[@albertmooney2628]

@@vincentconti-jb3hd yeah free market, let businesses do whatever they want no matter how it makes people suffer.

[@apollocobain8363]

How about stop raising rates?

[@brianmsahin]

Only 2 weeks ago the CNN financial guru told everyone to BUY SVB, despite the fact that top executives sold their shares during the previous few weeks.

[@widodoakrom3938]

Lmao

[@FortitudineVincimus]

Don't ever use a bank... use a Credit Union instead. You won't be sorry.

[@Shaolin91z]

Yes I will. LoL 😂

[@JeanetteFaith]

I have heard that as well. The economy is so bad that I've moved some money out of my big bank.

[@FortitudineVincimus]

@@Shaolin91z You've never heard of a credit union failing, needing a bailout... have you?

[@jamesnguyen7069]

peer to peer banking. bitcoin. Ethereum.

[@patriciaszabo8015]

​@@jamesnguyen7069 Which is tied to bank system.

[@MaxMinXX]

Here we go! (we'll see if this is just an isolated thing) But... Better to be prepared.

[@billsno7935]

How does the little person help change this corporate greed thing?

[@owenoulton9312]

There is no such thing as a company "too big to fail." Seize the personal accounts of the banks' owners/operators. NO BAILOUTS EVER! Accountability for the banking "industry!"

[@notreally2406]

Possible bail-ins coming

[@ky.gambler5281]

Vote blue no matter who

[@johndough23]

funny stuff you probably also think the War in Ukraine is about Freedumb too? like Iraq-Syria-Afghanistan before? or how bout Korea and Vietnam?

[@terrencekane8203]

The number one cause of bank failures is ridiculously high salaries for the clowns at the top. Make no mistake.

[@people744]

Bad loans too

[@thedylangirl]

I learned in HS that FDIC only covers up to $250k so one should spread out their banking in $250k per institution. 🤔

[@Alumnikiid]

Is that the same for money in IRA and 401k

[@daMillenialTrucker]

most liberals aren't very smart

[@gbb82]

@@Alumnikiid No!!!!!!!!

[@gbb82]

The average American does not have more than $250k in cash, maybe the top 10 percent.

[@Alumnikiid]

@@gbb82 Indeed 63% of population does not have enough to cover $500 emergency.

[@Shining237]

Robert Reich is one of the most qualified voices worth listening to regarding banking/economics

[@lindarockafellow5058]

Agree!!!

[@jakemcaferty]

🤣🤣🤣🤣 That's a pretty funny joke.

[@macior68]

yes because he gets paid by banks to tell their story :)

[@paulkormann1569]

@@macior68 AND OH WHAT A STORY IT IS

[@terribletimes902]

“They are hopeful that this is an isolated incident” 🧢

[@johndough23]

barely started...this upcoming week is going to be historical.

[@tonybokon8770]

bad times are ahead...WOW

[@charlesoliver2535]

The only way to tame inflation would be to initiate anti trust issues with the oligopolies.

[@NathansHVAC]

Yeah. Reduce supply and see if prices go down when the shelves are empty.

[@HKim0072]

We'd have to eliminate capitalism. Every company raised prices to protect their profit margins.

[@lindarockafellow5058]

You're right! Corps should never have grown so huge. Competition is almost non existent.that gives corps huge power to control our lives

[@charlesoliver2535]

@@lindarockafellow5058 I don't know if I'm right, or not. I'm remarking on what he said in the interview. He claims oligopolies are to blame. I was surprised he didn't have something similar to my remark as an answer.

[@ky.gambler5281]

The biden inflation act is the cure. Orange Man Bad did this

[@davidkrumrieii8988]

Less than 3% of depositors were insured by the FDIC Companies couldn't make payroll today

[@edwardpi9852]

So proud of Federal Reserve! We are continuing tradition of the great depression 1929 only a few years centennial anniversary.

[@ColoradoStreaming]

Hopefully they can throw a big party on Jekyll Island where all the richest men in America met in the first place to conspire to create the Federal Reserve in 1913.

[@edwardpi9852]

@@ColoradoStreaming Proud of Jewish Rothschild bankers. So proud of the tradition slave trade, opium trade & wars, ww1, ww2, and next WW3, deep state (East Las Vegas) Washington Dc. Extremely proud of Jewish congressman and senators always Vote for the Zionist state, GO DEEP State. GO BABY GO!

[@nala3038]

'Mass withdrawals from depositors seeking higher yields will result in a wave of bank failures." I am not very smart but started moving excess bank cash to a 4.3% money market account 3 weeks ago. No more of the .01% interest could I take!

[@JeanetteFaith]

I've started moving money around as well.

[@gonefishing11]

Peter Schiff, "I had warned you!"

[@ky.gambler5281]

Thanks to inflation biden

[@raymondanderson792]

@@stevebeegreat bitcoin is greater fool theory. If you buy bitcoin as an investment you will make money selling bitcoin to another guy who will buy it as an investment and he will sell it for more money to another guy who will buy it also as an investment to make money selling it to another guy. A company that buys lamps for $15 and sells for $75, then buys more $15 lamps and sells for $75 is theoretically sustainable. The only way someone can win owning bitcoin is for another party to lose owning bitcoin. It is mathematically certain.

[@wizardchairman3691]

Mr. Robert Reich explained it very well, simply put, corporate greed. CNN needs more people like him, for he is certainly not past his prime.

[@NathansHVAC]

That is what we are supposed to believe. Just got to rise the corporate tax and everything will be fine. Says CNN.

[@brycehoener5610]

Is there anything that Reich doesn't blame on corporate greed?

[@Marktwcable]

Somebody who knew something bought 7500 puts on SVB and cashed in about 2 million plan on that guy getting a visit from the SEC.

[@cuttysark7796]

Maybe that guy already works for SEC.

[@jamesnguyen7069]

that person will be arrested.

[@Arven97]

Well, come to find out that 97% of the depositors in SVB bank are not insured

[@grtinfulleffect8349]

The ripple effects starts.......

[@kawilui]

Tech Stocks Tanking .. 😢

[@JeanetteFaith]

Stock Market is falling, too.

[@bruceyung70]

I withdrew 100% from stock today.

[@ThomasShelby-xz2fk]

As crazy as it sounds, this might be the kind of thing the stock market needs. This will cause massively deflationary pressure which may cause the Fed to be less aggressive with future rate hikes

[@johndough23]

Did ya miss the part where the Big Guy is driving rich folks and even more of their money out of the country with tax hike threats? Unless a tax cut is targeted at regular people it will always crash and burn, always. Eat the rich doesn't work in the real world. It simply inflicts pain on working people.

[@Wildboy789789]

I dont understand why people are selling stocks... if your bank fails your stocks are safe, its your cash that goes poof

[@shihtzusrule9115]

The fed did this. Rich people want the interest rates higher so investment returns in the money market will be higher. I didn't realize it was up to 7%. This isn't the first time high interest rates have tanked banks. The Fed should know better. Price gouging isn't inflation.

[@Weagreewithidiots]

Elevated rates reduce investment valuations but what the hell, we here at WAWI agree with you anyway. You have our endorsement!

[@tom4150]

One bank is nothing. Curbing inflation is more important

[@lindarockafellow5058]

Exactly. Price gouging is NOT inflation

[@Chinothebambino]

You mean, the democrats?

[@suomynona4607]

@@lindarockafellow5058 Gouging isn't inflation but is the cause of current high prices. Explain why oil company profits have increased by 30x since pre-Covid.

[@parsidhu9261]

And so it begins... hopefully the bank executives get their multi million dollar bonuses

[@gabemendoza1052]

Yeah.....

[@RealJugLY]

THEY SHOULD BE SENT TO A WORK CAMP!

[@grtinfulleffect8349]

@mike jones And you must be from a state full of a demographic who's declining population is eminent. KZbin have several channels to teach you mandarin and hindi.

[@spatty2589]

No BAIL OUT. No public funds for VC INVESTMENTS

[@ronaldcole7415]

As one very wise economist put it, "A monopoly in the US economy is nothing short of corporate communism. Monopolies control All the levers of large swaths of the economy without competition. THAT is the very definition of communism. Only it's American corporations practicing it, not the government."

[@affordablesolarguy]

they said the same thing in 2008, lets NOT LET THERE BE ANOTHER TO BIG TO FAIL BAIL OUT, civil disobedience, dont go to work, unite if they try to make us pay for it again.

[@alexachenbach821]

Thank you so much.

[@obviouslyasockpuppet]

Here comes the pain!

[@urbannpa]

I don't know how anyone in America trusts banks? I've been with credit unions since a Sargent told me about them when I joined the military in 1972...I'm still with them. Never had an issue, best security when it come to my credit and debit cards.

[@johndough23]

Businesses are almost required to is why. CUs do not have investment tools needed to move huge pools of capital.

[@RSKLove]

Damn, with the semiconductor industry playing catch-up, this does my help.

[@hamfistsman6267]

So what's the market going to look like Monday morning?

[@Crabky666]

Wow, that guys towing the line.

[@azgunner]

Imagine having an account with millions of dollars at this bank and you can’t withdrawal $1 right now

[@pureleaf8259]

and thats why cash on person is very important

[@jamesnguyen7069]

roku had 550m.

[@billykulim5202]

If you have a million dollar you should only put 50% on the bank. The rest should divide to other asset. Like gold. Or at least divide to 3 largest bank account

[@ky.gambler5281]

SVB sent 54 million to Ukraine. Thanks to inflation biden

[@billykulim5202]

@@ky.gambler5281 how generous of them. Great life for those worker

[@monkeybuttdevinlane]

No mention of tens of thousands of tech layoffs? Who do you think banks at silicon valley bank?

[@thewoodlandsrealtor]

Exactly! Everyone in the comments are parroting the same nonsense that this is the beginning of the end. From all the bad news coming out this past year about the tech industry, it's not really surprising that a "major lender to tech start ups" based in Silicon Valley went bankrupt.

[@billykulim5202]

​@@thewoodlandsrealtor it was planed. So the world is grazy and sell off everthing so those price market are drop down while the one planed this are accumulated

[@wildmouse5888]

Don't really care because those people have been pampered for way too long. Now maybe some of them can devote their time to things more important than video games and stupid apps.

[@mjk9388]

I’m so glad that all those billion dollar regulations we put in after the 2008 crisis are working so well.

[@donquique1]

The ones that Trump fortified?

[@MH-pz8wf]

Trump reversed it

[@rickjames18]

@@MH-pz8wf Why spread lies? this isn't a trump issue here. Even if I dislike the guy, I also don't like lies.

[@MH-pz8wf]

@@rickjames18 google the reversal of some of the rules of Dodds-Frankln by Trump and GOP and promoted by the current failed SVB bank ceo etc. Unless you see google and mainstream news are fake news

[@HDskeltons]

@@rickjames18 Trump signed into law legislation that rolled back the major Dodd-Frank regulations in May of 2018. If you're not a Russian troll, you should begin taking your own advice man.

[@Frankyouknow]

🙏 for the depositors and the bank system as a whole.

[@Venezolano410]

Don't waste your prayers.

[@Venezolano410]

Also, stop virtue signaling.

[@glennhubbard5008]

Secretary Yellin on top of this, too, I'm sure. Great job, Jan.

[@phil20_20]

The Fed should have started raising rates much earlier and much slower. You can't go back, but you can at least learn. They need to take it easy for the long run, that's for sure. 2% Inflation is also an unstable threshold as we witnessed before. 2.5 would be easier to maintain, but then again the level beneath 2% was a very stubborn to change too. Was that really too low? It just seems very arbitrary to maintain a strict standard like that.

[@daMillenialTrucker]

yup were all fucked

[@jamesnguyen7069]

because it was planned.

[@raymondanderson792]

I’ve never experienced 2% inflation in my 35 years of living. Inflation is like 5% every year going back decades. Your reading the federally declared inflation rate comic books that’s for reading and wiping when using the toilet. When you say 2% inflation every one on social security gets 2% increase. If they said 5% they’d have to compensate too many people. Give people on benefits less of a dramatically devalued currency.

[@ky.gambler5281]

2% inflation on what planet? Inflation biden is more like 55% in my area.. eggs, gasoline, utilities and more are 40% . Thanks to inflation biden for all the eo's and poor management of money. Print more money for Ukraine, phuck Americans

[@johndough23]

@@raymondanderson792 You cannot tax deflation so..(with a straight face).

[@CJusticeHappen21]

Silicon Valley Bank. That name just screams Foreign Investment.

[@ZivineYT]

If you have 250k+ in cash, open a trust account. Trustee’s are insured 250k each, if you have 3 trustee’s that’s 750k insurance

[@TheVirtualWarlock]

Well said, Robert!

[@SamiKotiranta]

The whole banking sector is a problem...

[@elaine8477]

Deregulating banks seems to have been a bad idea.

[@johndough23]

paying more to hold poker chips vs Mortgages is the problem. But JB needs his cash to run his bathroom makeovers and fight the bad man in Ukraine so...where's he going for it? the private sector.

[@johnteeter2857]

If they were truly deregulated they would be allowed to fail

[@shesochic1803]

One pro I’ve heard related to potential hault on interest rates feels like it’s going to impact more refinancing for housing and investor loans

[@bella-os4kl]

Why should we leave money to banks to manage, why don't we manage our own funds

[@shesochic1803]

@@bella-os4kl banks don’t manage the money they hold the deposit and try to flip the deposit for their gain with a small royalty given to the depositer. It’s the sole duty of the depositor to manage their funds and monitor the bank’s activities. It’s a bit predatory but acceptable practices in our current societies

[@bella-os4kl]

@@shesochic1803 No, I no longer keep my money in the bank. I put my money in my own encrypted wallet for financial management, and the interest is higher than that of the bank.

[@shesochic1803]

@@bella-os4kl smart and do you have a channel where you share how you do this?

[@Painfulwhale360]

So, fun fact.. I sell on Etsy and apparently SVB is the bank that handles deposits that are to b distributed to sellers when they make a sale. Yay

[@cyberoptic5757]

Banks should not be allowed on the Stock Market. That was a bad idea. We're back to the Neil Bush era

[@nickwinn]

This is the first of the domino's to fall, things are about to get spicy.

[@nosuchthing8]

Check bitcoin.

[@peiyiyu7364]

"Silicon Valley Bank drop by 60% yesterday." What does that even mean? Drop in 60% of what? Present value? Total Assets?

[@danielhixson3717]

CNN was recommending SVB stock! Right up til' Friday morning! Well done, 1d10ts......

[@cypressbutane4575]

a bank uses money they are given to try to make a safe amount of money based on that by putting it in investments, so if a bank fails that means it is a bad bank right?

[@tomm487]

..most banks are bad..they all are not genius investors with and most of their investments fail, they mostly rely on the fact and hope that most people don't ask for their cash all at once and so keep the money they have moving around the accounts that are active....basically a ponzi scheme that is legal and backed by the government.

[@cypressbutane4575]

@@tomm487 I agree with that, and obviously if a bank is wholly corrupt there should be consequences on that as well, unlike what occurred after the big bailout and the aftermath where any regulations imposed were loosened again, in my understanding. I think bank CEOs are human like anyone else and should be regulated to avoid harming tons of people.

[@BitterTruth123]

I guess they should have invested in Ukranian war for windfall gains just like Raytheon, Lockheed , Northrop and others are doing.

[@cypressbutane4575]

@@BitterTruth123 that would probably be a safer bet financially than tech startups, yes.

[@ky.gambler5281]

Vote blue no matter who has consequences

[@trusarmor4957]

'they are hopeful ..' to big to Jail is a problem.

[@CodeVeda]

They always say it's an isolated system and then in few days it proves they were wrong

[@templar1694]

They will say this is "isolated" to mitigate bank runs on other banks. But sadly this will affect other banks.

[@raymondparnell439]

Student loans ? On what basis did someone in government decide that gender studies was going to be a thing 😂

[@Gautam_p]

Us was trying to do that to Indian company Adani 😂😂

[@RelaXation-zm1rt]

They are $211b net worth so how can they go bust?

[@tommygamba170]

Typical, who kept or got wealthier off of this?

[@S.E.O.S]

Poor people who lost they're deposit

[@larryo6874]

If less than $250,000 you haven’t lost it.

[@ERICK-di1yz]

​@@larryo6874 what happens if the fdic has no more money to give out if everyone looses their money?

[@larryo6874]

@@ERICK-di1yz I don’t know what would happen. One possibility is that the US government would step in and have taxpayers pay for it. In the past the government has stepped in to prevent companies like General Motors from going bankrupt to save jobs which meant taxpayers paid for it. GM eventually paid it back. Notice that crypto companies that weren’t FDIC insured like Celsius had runs that completely bankrupted them which then led to contagion so that other companies like Voyager went bankrupt as well because clients thought that if it happened to Celsius maybe it would happen to them. The whole idea behind FDIC insurance is that if one bank goes bankrupt it doesn’t lead to other banks going bankrupt because people will hopefully feel their money is safe up to 250K. Is it a perfect system? No, but nothing ever is.

[@austinbutler1291]

Don't worry. Everything is fine

[@theingothouse5731]

Pacific Western Bank, Signature Bank, WA Bank, First Republic Bank.

[@UGotMyMoneyHoe]

All the major banks are "saying" their capitalize lol so they say it's another bank about to fail in about 2 to three weeks.

[@Heywoodjablowme2]

Get ready for the upcoming bank bail-in

[@proudgrandma138]

Republic Bank is failing & 18 more are on a watch list. The Feds called Credit Suisse to ask about their financials. They are all having liquidity issues.

[@nancyhawn3321]

Have a friend who works in the banking industry. I asked if they knew if anything was going on with the other banks and financial institutions. Reply was that the employees are kept in the dark and will probably find out when they go to work one day and are sent home.

[@minnesotajack1]

“Second largest bank failure in history” “…sounds like a dare, Harry.” - Lloyd Christmas

[@youngone1985]

Not all accounts are ensured under new FDIC rules.

[@lucian5304]

FDIC can only cover about 10% of all deposits if every body decided to withdraw all their money..this of course is all U.S banks..I haven't checked lately .but the amount of deposits definitely out weighs the amount of money that is sitting in the FDIC fund..and once that's dry I don't know what they are gonna do lol

[@tom4150]

Dude America is 20 trillion in debt. America has defaulted on debt and if Congress doesn't raise debt ceiling then social security checks won't go out in July. We know America doesn't have the money to cover all withdrawals

[@amigoodu9391]

​@@tom4150 Social security is deduction from employees' , where is the money gone?

[@lucian5304]

@@amigoodu9391 it's in Ukraine lol

[@raymondanderson792]

@@tom4150 America is $31 trillion in debt.

[@bigtex4058]

So the regulators do something after the plane goes splat?

[@davediamond7228]

ironic considering you are against regulations ...

[@Zoomer30]

Get the jails ready. Never good when you are the CEO of a bank that just imploded and you just sold a ton of shares less than 2 weeks ago just out of the blue.

[@yvonneplant9434]

Had anyone beyond the Bay Area heard of this bank before last week???

[@alexg4462]

Federal minimum wage hasn't gone up since 2009 but fastfood sure has.

[@ferriswheeler08]

job opportunities to make more than minimum have skyrocketed since 2009 I don't know what the heck you are talking about LOL

[@bIgMiKeObAmNa]

​@@ferriswheeler08he is talking about federal minimum wage compared to fast food if my eyes don't deceive me

[@ferriswheeler08]

@@bIgMiKeObAmNa oh for sure.. but I was just making a point that the target shouldn't be to just make minimum wage with the amount of unfilled jobs right now, and education online being basically free it's easy to upgrade. Heck even counsellors in Canada were caught with fake diploma's from India and watched youtube videos on segments of counselling and got caught after 15 to 20 years of working in the field making 6 figures lol

[@bIgMiKeObAmNa]

@ferriswheeler08 absolutely there are plenty of opportunities but I think he was using the federal minimum and the cost of a meal at McDonald's to show that wages haven't kept up with inflation

[@ferriswheeler08]

@@bIgMiKeObAmNa totally.. fast food is rediculously expensive.. I switched a few years ago to the grocery technique of shopping only around the outside of the store.. so veggies, meat and dairy.. and skipped the inner isles that contained all the manufactured stuff and my grocery bill cratered.. which shows the inflation is things mass produced or requiring production rather than basic farmering or butchering. Inflation has gone nuts

[@randyb3347]

SVB no doubt skated through the FED's last stress test with flying colors.