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

[Honka Honka Burning Love]

Not quite. The value of the customer accounts are still there- but not in cash. Like if my crappy car is worth 2k, and I owe someone 1k but have no cash on hand- I am going to have to find a buyer for my car to be able to pay my 1k debt. My assets were 2k, but I had no cash. SVB has their assets tied up in bonds and actual office equipment/tangible items that are *worth* X amount, but are not cash. The value of everyone's accounts are still there technically- but the ability to withdraw any cash is gone- there is no cash. So over the next several years probably, the assets of SVB will be auctioned off in order to produce cash that can be given to account holders who had their money stored in SVB. Thats why people arent getting paid- payroll accounts cannot withdraw funds from SVB, and you cant pay people in office furniture of equal value to the paycheck they earned

So instead of doing the thing they were supposed to be doing, they took the money they were supposed to be holding and used it for other things, now every fucking Bank does this but I really really wish I could find a bank that would just charge me 10 or 15 Dollars a month..and not do this nigger shit.

 

[reptile baht spaniard rid]

So instead of doing the thing they were supposed to be doing, they took the money they were supposed to be holding and used it for other things, now every fucking Bank does this but I really really wish I could find a bank that would just charge me 10 or 15 Dollars a month..and not do this nigger shit.

You might be able to find a brokerage that sweeps everything into a money market acct and has bill pay and shit and that might be the closest.

 

[Honka Honka Burning Love]

You might be able to find a brokerage that sweeps everything into a money market acct and has bill pay and shit and that might be the closest.

Not good enough, I legit want to just pay someone to take my money..put it in a box in a vault and never fucking touch it unless I write a physical check or come get it out of my account personally. No Debit Card, no Electronic Checks.

I unironically want to pay a kike to do one fucking thing better than any other kike could do it.

 

[BelUwUga]

Can you guys pls stop posting your gay mad max fantasies? nothing will happen from this. its just a stupid local bank going belly up. they didnt play any big role in the banking world..

The end to the whole system will come from a small place named Zürich, and CS hasnt fully cooked their books yet so you have to wait a tiny bit more.

It's not "Everything's collapsing!" exciting but this is like finding out the absolute worst person you know lost their shirt on a crypt rugpull. This was the bank of startups and VCs with their heads up their asses. Their own greed and hubris let them take the easy premiums for what they thought was a tolerable risk. The people hurting now chose to put all their eggs in one basket for a pittance. Edit: some r/wsb humor

E2: some more /wsb/ salt


e3:#girlboss

 

[Meat Target]

Not good enough, I legit want to just pay someone to take my money..put it in a box in a vault and never fucking touch it unless I write a physical check or come get it out of my account personally. No Debit Card, no Electronic Checks.

I unironically want to pay a kike to do one fucking thing better than any other kike could do it.

...you can opt out of those things, y'know. If you just ask.

 

[Kendall Motor Oil]

Not good enough, I legit want to just pay someone to take my money..put it in a box in a vault and never fucking touch it unless I write a physical check or come get it out of my account personally. No Debit Card, no Electronic Checks.

I unironically want to pay a kike to do one fucking thing better than any other kike could do it.

They have them. Its a safe deposit box.

 

[Meat Target]

They have them. Its a safe deposit box.

Those aren't insured. So if the bank burns down or the safe deposit boxes get yoinked in a robbery, you're SOL.

 

[Honka Honka Burning Love]

They have them. Its a safe deposit box.

Those Banks still do Loans and whatnot and I don't trust them to not claim the cash I have in my Deposit Box as an asset that I won't get back if they go under because of some shit tier loans they made, I was in my teens during the 2008 Banking Loan Crisis. I might have to deal with Banks because of how our financial systems works but I do not fucking trust a Bank that gives out any loan whatsoever.

 

[Phalanges Mycologist]

Not good enough, I legit want to just pay someone to take my money..put it in a box in a vault and never fucking touch it unless I write a physical check or come get it out of my account personally. No Debit Card, no Electronic Checks.

I unironically want to pay a kike to do one fucking thing better than any other kike could do it.

There are banks like that but they are not for the likes of You or I, the closest you can access may be a Local Credit union they have stricter laws (at least in the UK) about minimum holding and levels of cover.

 

[BelUwUga]

2022:

2023:

All in indeed lol Edit since I made a art:

 

[Manul Otocolobus]

I'm seriously beginning to wonder if I should just forget about tech altogether and get a head start now in moving out to some remote mountains in the wilderness where I'll live out the rest of my days hunting, foraging, and growing my own food as I watch society burn to the ground...

Learn To Weld is the new Learn To Code

 

[Terrifik]

Shows over people return to your houses.

https://twitter.com/WatcherGuru/status/1634653025972232198

https://twitter.com/Ninjascalp/status/1634654550366773251/photo/2

 

[Iron Jaguar]

I hope there's truth to the rumour that Meghan and Harry Markle had all their money in SVB.

 

[Manul Otocolobus]

None unless you think there will be a collapse of the currency's purchasing power to such an extent that the penalty incurred from selling physical metals is overcome.
Physical ownership of precious metals are a meme unless you truly believe a specific situation will occur. There's a reason why precious metal companies hock their wares on boomer television.

Depends on the silver. I had some Credit Suisse silver bullion which I'd owned for awhile, but I finally decided to sell it. The guy knew he could basically flip it overnight, so the premium I had to pay for converting it to USD was only 1%. I bought it back when it was single digits per troy ounce and I sold it less than 10 years later for 8x what I paid for it.

 

[IAmNotAlpharius]

Those aren't insured. So if the bank burns down or the safe deposit boxes get yoinked in a robbery, you're SOL.

Or if the FBI steals it in broad daylight because someone else who owned a deposit box sold pot.

 

[Cuckoman]

From what I understand the issue is that a lot of payroll is done through them. They can get some or a lot of their money back but it’ll take years.

It will take time to get the actual money. But in the mean time they will get a "certificate" for this money of theirs.
This certificate is basically worth whatever they will recover once FDIC finishes liquidating the assets which may be 100% or it might come with a haircut and "only" be 80% but the problem is that this money will not come instantly. It will take months or up to a year for this money to be disbursed.

In the meantime the companies can either sell this certificate or borrow money against it. At a discount of course. I expect many companies and investors with capital to offer some of these companies "you have a certificate with a nominal value of 15M? Which in a year might only pay out 12M? You need money immediately? I can buy that certificate from you for 10M. OR you can borrow 10M from me at 10% interest using that certificate as security"

Lot of people will make a lot of money and a lot of companies will have to shed part of their capital that is locked up in order to survive.

EDIT: It is basically going to be a transfer of money from VCs and startups into the pocket of Warren Buffet. I like it.

 

[Stoneheart]

I hope there's truth to the rumour that Meghan and Harry Markle had all their money in SVB.

Its unlikely that all of harrys money was with them... I would guess he has all kinds of accounts at all kinds of banks, some of them not known to his bitchwife.

 

[RodgerDodger]

So instead of doing the thing they were supposed to be doing, they took the money they were supposed to be holding and used it for other things, now every fucking Bank does this but I really really wish I could find a bank that would just charge me 10 or 15 Dollars a month..and not do this nigger shit.

In theory that's how banks are supposed to work. You deposit money in them. They use that money for loans to other people and businesses. Collecting interest in the loans and you get a portion of the interest earned. That's how savings are supposed to work. The whole system being contingent on everybody not wanting to take all their money out at once. Aka Bank Run

What fucked this classical model is the banks no longer needed your money. They could get free money to loan out from the Fed. That's what Qualitative Easing was. Until Suddenly the Free Money wasn't free. Getting it from the Fed jumped to 6%! And the bank is suddenly fucked. Which is where we are.

 

[northstar747]

why does cramer even have a job?

 

[General Emílio Médici]

I like to believe Cramer is kept around as a joke by Wall Street big wigs and big money Hebrews because they think it's funny to see the people who can't actually do their own research or network on the big Universities, clubs and Synagogues try and follow his advice.