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

[GigantorUnitron]

So does this affect regular blue collar jobs like working at some college? im going back to work in august once family matters are sorted out, and this is very worrying

 

[High Level Rad Waste]

This is going to be a repeat of the dotcom crash and is why you should always have a side hustle ready to go that's in a separate industry. Everyone shits and most people bathe and drink water, so everyone needs a plumber. People don't know how to build houses for draft cooling anymore, so everyone needs air conditioning. The certification process for most blue-collar jobs is laughably easy as long as you're not an ESL, and you can roll into any company even if you're just going to be a tool bitch for a salty boomer with bad knees who doesn't want to keep running out to the truck.

 

[mlanguishi]

So does this affect regular blue collar jobs like working at some college? im going back to work in august once family matters are sorted out, and this is very worrying

regular blue collar jobs like working at some college

Nigga what? Blue collar work at a college? Like trashmen?

 

[IAmNotAlpharius]

 

[GigantorUnitron]

Nigga what? Blue collar work at a college? Like trashmen?

yeah wrote that in a panic, sorry. meant that would college work lke that cause layoffs because of this monumental fuckup? Silicon valley bank has its hands in a lot of pies from what I read.

 

[mlanguishi]

yeah wrote that in a panic, sorry. meant that would college work lke that cause layoffs because of this monumental fuckup? Silicon valley bank has its hands in a lot of pies from what I read.

Oh yeah, there's going to be a lot of fallout from this. Will it be contained in Leftwing upper CA? We'll know next week I think

 

[IAmNotAlpharius]

Do I invest or sell?

Buy the dip.

 

[Cpt. Stud Beefpile]

I just saw the news. Lines out the door like Chik-Fil-A at rush hour, trying to get their money.

"93% of deposits are uninsured"...holy fucking moly.

There goes any hope of getting a better job in the IT sector for the next decade or so. There are going to be SO MANY layoffs and startups going under.

I doubt any of us here has over $250k with any single bank, but if you do, start diversifying.

 

[Catch The Rainbow]

I just saw the news. Lines out the door like Chik-Fil-A at rush hour, trying to get their money.

"93% of deposits are uninsured"...holy fucking moly.

There goes any hope of getting a better job in the IT sector for the next decade or so. There are going to be SO MANY layoffs and startups going under.

I doubt any of us here has over $250k with any single bank, but if you do, start diversifying.

Nah it is safe, there's so many companies that aren't tech that need it workers that there's a shortage.

 

[RodgerDodger]

Joe Blogs is a bit of a moronic Doomposter. Mostly half assed regurgitations about China. He’s pure Aussie clickbait. Of the “was MH370 taken by aliens?” Variety. So he might be almost as bad as Jim Kramer. He’s not a financial analyst. He’s a Youtuber slowly working his way to lolcow.

 

[Mothra1988]

I for one welcome Silicon Valley's demise.

 

[RodgerDodger]

I just saw the news. Lines out the door like Chik-Fil-A at rush hour, trying to get their money.

"93% of deposits are uninsured"...holy fucking moly.

There goes any hope of getting a better job in the IT sector for the next decade or so. There are going to be SO MANY layoffs and startups going under.

I doubt any of us here has over $250k with any single bank, but if you do, start diversifying.

Even if you have more than that in one bank or institution, split it up across multiple accounts.

 

[Unarmed Gunman]

Lines out the door like Chik-Fil-A at rush hour, trying to get their money.

Not to ignore the retards affected by this, but speaking of Chick-Fil-A - why? The sammiches are good, not great. What causes the long lines? I don't get it. I'll take Popeye's over them and be in and out in 5 minutes.

 

[macrodegenerate]

I just saw the news. Lines out the door like Chik-Fil-A at rush hour, trying to get their money.

"93% of deposits are uninsured"...holy fucking molly

Stop my cock can only get so erect.

I for one welcome Silicon Valley's demise.

I was looking for a new job a while back, and I decided against silicon valley because I didn't see 300k salaries as sustainable. I thought they were just going to bus in H1Bs and flood to market to lower wages.

Turns out I made the right choice for all of the wrong reasons.

 

[Manul Otocolobus]

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

You're suggesting that people invest in slim jims?

This is why I keep all my silver buried in a several ammo cans in a corner of my root cellar hidden beneath a bunch of paint cans.

*Makes Note*

 

[Kheapathic]

Email notification saying my recent silver purchase should be arriving tomorrow. Prices are low right now, considering to put in another before it turns.

I can also admit to being safe, despite being in the "tech industry." I'm blessed to have a job that requires me to be a citizen and a few other neat things to my name.

 

[Cpt. Stud Beefpile]

Nah it is safe, there's so many companies that aren't tech that need it workers that there's a shortage.

Problem is the only positions doing actual hiring are either nosebleed level (Chief of IT security, etc) or dogshit-level (Tier 1 tech support, "Tier 0.5" sales/customer disservice,etc.)

I've literally run out of companies to apply to in the tri-county area for tech jobs that pay even $30/hour. Everything has been outsourced to some pajeet on the phone in india or insourced to H1B's.

 

[Gottahavemysips]

Stop my cock can only get so erect.


I was looking for a new job a while back, and I decided against silicon valley because I didn't see 300k salaries as sustainable. I thought they were just going to bus in H1Bs and flood to market to lower wages.

Turns out I made the right choice for all of the wrong reasons.

I didn't fuck with the valley at all because it's California, and no matter how much I'd get paid it wouldn't be worth it.

 

[macrodegenerate]

You're suggesting that people invest in slim jims?

No it's a stock market traded bundle of stocks/bonds/options. The bundle consists of investments that are the opposite of what the market guru Jim Cramer recommends.

 

[sadrefrigerator]

Stop my cock can only get so erect.


I was looking for a new job a while back, and I decided against silicon valley because I didn't see 300k salaries as sustainable. I thought they were just going to bus in H1Bs and flood to market to lower wages.

Turns out I made the right choice for all of the wrong reasons.

Few companies actually pay 300k salary, unless you get really high . Total Comp is usually made of salary + bonus + stock. The stock portion usually ends up being a bulk of the comp at senior + positions which is why tech comp has dropped significantly recently. The companies that are in deep shit due to the bank are going to be the small startups, who aren't paying anywhere near top silicon valley compensation.
Going for 'sustainable' or 'safe' salary is generally a losing strategy. If all aspects of a job were the same, theres no reason to work for less money just because you consider one position "safer" than the other. You can and will get laid off for any reason. Just collect your severance and look for a new job. Staying too long in one position is an easy way to be unmarketable. You also lose out on opportunity cost as your career progression and comp increase is linked to your current position, so the trajectory of your income is lower in the future as well.