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Oh, nothing - just the second largest
bank failure in U.S. history today

Original Article

Posted By: Dreadnought, 3/11/2023 1:12:44 AM

“What, me worry?” Think of the Kevin Bacon gif from Animal House – you know, where the panicked crowd is rushing past him after the parade, as he tries to keep everyone calm. A little Zen breathing might be in order, considering we have the brainless trust that’s in charge. The sudden collapse of a little-known, California-based tech lender fueled market chaos on Friday and sparked fears of a wider contagion that some experts worry could upend the US banking sector. Silicon Valley Bank — a 40-year-old lender to startups and venture capitalists — became the second-biggest bank casualty in US history as it was abruptly shut down.

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Reply 1 - Posted by: Dreadnought 3/11/2023 1:17:56 AM (No. 1422338)
Wells Fargo chose the wrong day to have a major "technical issue." That’s in the news too.
9 people like this.

Reply 2 - Posted by: judy 3/11/2023 4:28:59 AM (No. 1422362)
Carter broke it, Bush fixed it, Obama broke it , Trump fixed it, Biden broke it , Trump will fix it Againnnnn...
21 people like this.

Reply 3 - Posted by: Mizz Fixxit 3/11/2023 5:11:41 AM (No. 1422372)
Is SVB going to be bailed out? If so, that is incentive for other banks with shaky balance sheets to wind down and extend their hands for a bailout. Unlike 2008, we have high inflation. Bankruptcy rate us soaring. No one is making payments on student loans. Credit card debt in upward spiral. Real estate market in rough shape. But, “all is well,” the low wage service sector is hiring like mad. Nothing to see here.
7 people like this.

Reply 4 - Posted by: judy 3/11/2023 6:32:32 AM (No. 1422397)
It's $250,000 limit for each depositor...it looks like companies will have big losses. I thought the Obama years were bad but this is far worse. My guess is this year will be far worse than the past 2. Inflation is out of control, interest rates up, borders open, billions to Ukraine, more multi trillion $$$ spending bills. I'm glad these politicians don't balance my check book.
15 people like this.

Reply 5 - Posted by: Californian 3/11/2023 7:20:22 AM (No. 1422415)
When I worked in the tech sector SVB was everywhere. They were the first place every startup went for *everything* and they would hand hold startup founders who knew nothing about money through the complex world of finance. Without someone like them behind the scenes a lot of small to mid sized tech companies will fail or never even get off the ground. The next Microsoft or Google or whatever may not make it now. Tech stagnation is bad. So is an entire sector of the economy stumbling. Why did SVB fail? It went like this: 1) Joe's idiocy cause massive Carter era inflation 2) The Fed responded by raising rates 3) The venture capital gang responded to rate increases by cutting new funds to startups 4) The rate increases causes 2 things to happen at SVB, 4a) The value of bonds they had invested previous deposits had dropped, so bonds were at a loss 4b) The startups responded by pulling cash from SVB to pay their bills 5) SVB was left without enough cash and a bad balance sheet so to bring balance back they announced they will have to sell more stock (which dilutes the value of current stock holders) 6) Panic ensues 7) 48 hours later after a bank run starts, one of the strongest and well run banks is shut down and being taken over by the FDIC. Anything about $250k is going to be returned for Pennie's on the dollar. That means any of those startups who was holding cash at SVB are hosed, too, and probably won't make payroll. 8) More fallout is certainly on the way as this ripples through tech, banking, and then spreads to other sectors. Everything is intertwined and linked.
14 people like this.

Reply 6 - Posted by: Jesuslover54 3/11/2023 7:46:50 AM (No. 1422428)
How many people care about misery in Silicon Valley?
4 people like this.

Reply 7 - Posted by: greyseal 3/11/2023 8:54:28 AM (No. 1422476)
Watched Reps. Matt Gaetz and Dan Bishop in Tim Pool's Capitol Hill podcast last night and the expectation is that the Dems will be lining up Monday to propose bailouts for SVB because they're "too big to fail" and important to the tech sector (IOW, the tech moguls who just got burned have donated heavily to leftist pols). I'm surprised they haven't convened an emergency session to propose a bail-out already. Poster #6 - you'll be made to care through the implementation of these bail-outs. Your dollars will suddenly become worth even less as inflation worsens. As poster #5 noted there will be a ripple effect throughout the economy - this could have disastrous consequences given its shaky condition. Time will tell... greyseal
9 people like this.

Reply 8 - Posted by: hershey 3/11/2023 9:36:43 AM (No. 1422524)
Better pull your money and put it in your mattress while you can....or invest in silver or gold....or maybe bullets...
3 people like this.

Reply 9 - Posted by: LadyVet 3/11/2023 10:03:10 AM (No. 1422547)
#2, I would give Ronald Reagan some credit, too.
3 people like this.

Reply 10 - Posted by: MickTurn 3/11/2023 10:05:24 AM (No. 1422553)
SO WHY are Banks allowed to gamble with depositors money and walk away. If they did that to most of us there would be serious repercussions!
3 people like this.

Reply 11 - Posted by: sw penn 3/11/2023 10:33:14 AM (No. 1422592)
"Silicon Valley Bank — a 40-year-old lender to startups and venture capitalists — became the second-biggest bank casualty in US history as it was abruptly shut down. " That's just so sad... Now the crypto-scammers will to find new sources to fund their vaporware NFT schemes. There's a lot of fluff in the plastic reality economy that will have to be burned out before people get back to reality. This is just the start. "Buckle your seat belts it's going to be a bumpy ride."
2 people like this.

Reply 12 - Posted by: DVC 3/11/2023 2:28:31 PM (No. 1422711)
Incompetent bankers.....imagine that!? Sorry, my expectations of bankers is extremely low. Most bankers are dimwits.
2 people like this.

Reply 13 - Posted by: RWPollock 3/12/2023 2:12:03 PM (No. 1423378)
This never happened under Trump's administration!
0 people like this.

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