Bank Run Watch 2023 after Silicon Valley Bank shutdown - Over 97% of SVB's assets were not FDIC insured

[Delta Integrale]

I wouldn't celebrate too much, even if it's happening to the Laptop Caste. All this means is that the depositors are getting a bailout. You and I will be paying for it.

Based on what's mentioned in the press release by the FDIC, it sounds like they got a hold of all remaining funds at the bank and will be paying out the insured depositors first. After which, any money they get from gutting the bank will be given to the uninsured depositors.

https://www.fdic.gov/news/press-releases/2023/pr23016.html

If taxes are paying for insured deposits, I'd rather it go to the depositors than the fucking bankers like what happened in 2008.

 

[Skeletonized Cow]

It begins. Or, at least I hope it does. Let the stock market fall, I'll be able to get cheap stocks.

 

[Agamemnon Busmalis]

I’m hoping that Silicon Valley continues to get kicked in the teeth. This recession seems to be hitting them specifically.

That's where the worst of the ZIRP malinvestment was concentrated. Raising interest rates to sustainable levels will do more to stimulate the economy in the long run than any of the QE bullshit or other policies over the past 15 years.

 

[Lord of the Large Pants]

Boy oh boy, banking sure did get better after we repealed all those overly burdensome regulations like Glass-Steagall.

 

[Otterly]

Oh dear. I hear murmurings about credit suisse doing some naughty things as well. Is this the start of something large and serious?

 

[Just_Somebody]

So are we in a depression yet, or will the Biden administration pretend that things are going great?

 

[mandatorylurk]

Why isn't this guy getting beat up every day by people who lost their money listening to him?

 

[Burgerasssand]

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Why isn't this guy getting beat up every day by people who lost their money listening to him?

fucking BASED Cramer bleeding techtroons and oligarchs dry, hope he sold in time.

 

[CHARizard]

Its a Friday, and SVB provides banking to a lot of payroll providers.



Gonna fuck over a lot of people I bet.

 

[tehpope]

Buy sjim. Its an inverse of what Kramer tells you to buy.

 

[asr]

What a great thing to read as I start my lunch.

 

[namvata]

LEHMAN BROTHERS 2: TECHFAG BOOGALOO

 

[chiobu]

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Why isn't this guy getting beat up every day by people who lost their money listening to him?

Lol, the Inverse Cramer ETF holders must be happy

 

[Gar For Archer]

>credit suisse doing some naughty things

Just another Tuesday.

 

[reptile baht spaniard rid]

two things of interest

1. BALLS on the FDIC - FDIC does everything it can to avoid this, so they couldn't find a buyer in time
2. SUCKING FDIC for COCK - the run was so bad they had to announce this DURING BANKING HOURS, this never happens, they try to do after hours on a friday if possible, but if not after banking hours at least. Even WAMU ( a huge one ) went down after hours.

 

[Foxxo]

This article is already old due to the events of today as the Silicon Valley Bank has been taken over by the Federal Deposit Insurance Company but it explains well what led up to the failure and could provide a guide for recognizing signs in other banks that may face similar issues in the near future.

Gosh, it still deded? Yikes.

 

[Honka Honka Burning Love]

Eat shit and die Bankers and "Tech" fags.

 

[Meat Target]

We reached out to Silicon Valley Bank itself, which reiterated Becker’s earlier talking points. Silicon Valley Bank was/is just trying to “strengthen its financial position.” It is “well-capitalized,” has a “high-quality, liquid balance sheet,” boasts “peer-leading capital ratios,” etc., etc.

Corporate copium is both lulzy and infuriating.

 

[Sneed or Death]

Nothing burger.
Snopes says Mostly False.
More jobs now than ever.
Russian Bot detected.

 

[HarveyMCR]

The last tweet in the OP is wrong. FDIC insures UP TO 250k on each account. So if you have 250,000.01 in your account, you'll still get 250,000.00. Would love to see the spread of account balances though. Surely some retards just lost their shirt, but every single financial expert I've ever talked to has always told me "never have more than 250k in your account. Always spread it across multiple institutions when you're dealing with that level of cash".

That being said, having 250k in liquid cash is a tard thing to do regardless unless you're buying a home or making a major purchase. Like seriously, go throw that money into bonds or something. There is no reason to hold that level of cash.

Edit: Nvm I'm rerarted. I didn't realize those were business accounts. They probably need to have a significant amount of cash on hand for payroll/acquisitions.