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

Yeah I get that 600$ email every few weeks bc I have a line of credit with them.

The thing is it isn't a straight 600. It's only if you meet two criteria. One is if you open a checking account with direct deposit that holds over a certain balance you get 300. The other 200 comes from opening a high yield savings but the kick is you have to deposit 15k. Not 1500. 15 thousand. Then they give you another 100 bucks if you do both for the 500.

I don't know about you guys but I'm fairly liquid but even I don't have just 15000 to throw around for just 200.

If they wanted more liquidity these cocksuckers would lower the thresholds and increase the payouts but Jews gotta Jew.
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You retard, the bank doesn’t want more customers. It wants more cash. Hence the requirements for direct deposit and $15,000.

Plenty of non-retarded people have at least $15,000 sitting in a bank or other cash-equivalent. It’s called an emergency fund.
 
I work in tech and this has had staggering impacts already.

I really hope you guys bought bitcoin
there is a big issue with that... most crypto marketplaces are fucked because of another bank shutting down, but nobody talks about it. Silvergate going out of business in a somewhat orderly fashion will impact the crypto market alot more than some dipshit hipsterbank in CA going belly up.
 
My concern is that those small, woke, pro-web 3.0, SAAS start-ups which had good ideas ( certainly the ones that got larger investments) will be gobbled up by the same pro-web 3.0, woke-agenda pushing mega-corporations. Then there are the start-ups, that while not directly funded by SVB, maybe looking at the situation with a twitching bumhole, while thinking about selling out.

If you were a start up, not connected to the situation but looking in nervously, and Google or whomever offered you 20% above rate for your company, wouldn't you jump and sell? I would.
Honestly, the entire business plan of most tech startups is to get bought by Google anyway. I'm not sure how much this changes the situation.
 
If you were a start up, not connected to the situation but looking in nervously, and Google or whomever offered you 20% above rate for your company, wouldn't you jump and sell? I would.

There is a company I am aware of that made a local wikipeida / webmd (I'm over simplifying it vastly but cogent example) for vet's that's just turned down funding but the CFO and CTO are former investment bankers and they managed to keep the software local install it's really interesting that they have done that, it's saved more than a few animals lives too.

Hopefully the purchases, if any happen, will be brand-reinforcing purchases and not start ups designed to make internet interaction more costly, expensive and risky.

From what I can see it will be, and it will be startups who are 2nd / 3rd tier tech that survives, they are VERY useful tech related to a lot of fields but not a big sexy idea that can be tied to marketing buzzwords or look really sexy on portfolio. There is quite a lot of these companies who patent "something" get good enough at it and then get bought out (that guy on Twitter ellon had a spat with is a perfect example) and that's there whole business plan, Etsy does a really good job with UI and Customer contact and patented a lot of that (it's own fuckery not related to this situation) and Ebay would love to swollow that up, so would Amazon.
 
@Scale Smerch I'm actually fine with no bailout. I'm fine with a crash. I'm even fine with a decade long recession.

The chronic problems of society today are largely the fault of the government not letting unsustainable/stupid things naturally fail for 30 years at this point.... every time the consequences of excessive offshoring, excessive regulation, excessive crunch of the middle class or excessive wasting of capital on "the next big tech" come bubbling to the surface? They get a bailout and we get more inflation. And, with no reason to stop, if they'll be saved in the end? The madness just continues until we reach the point we're at today: basic consumers aren't even seen as the "real" customers anymore, workers are treated like crap, consumer goods are the cheapest trashiest poorest-quality I've ever seen them in my life, and we have to support whatever the clueless activist-investor class does as a moral imperative, even if it's clearly financial suicide.

I'd rather suffer 8 years of pure economic pain as the farce that has been EVERY economic idea since the 90's all comes crashing down than the daily death of a thousand cuts as I'm nicked constantly by either government directly or universities and media arms being given government permission to dive into my pockets for funding to keep the lie of infinite growth alive......
Yeah, I'm willing to be the first generation to not kick the can down the road and navigate everything that entails for a healthier, brighter, less ridiculous future.

But then you realize when the groups/people who have that kind of decision making power absolutely do not want that.
 
But then you realize when the groups/people who have that kind of decision making power absolutely do not want that.
Yes, but at some point, what they want must yield to what they can afford.

I really only get concerned when the elite have a bad idea in tandem with a stock windfall that means they can actually pay to have it implemented..... truth is, 99% of bad ideas are only stopped by lack of budget.
 
So they just announced no bailout.

It'll be really interesting to see how hard the markets tank on Monday. Also, if any more banks fail because there is 100% going to be a bank run on many.
I'm already looking up daily withdrawal limits and what kind of fireproof safe i can stick in the basement.

I'd advise other Kiwis to start pulling at least SOME of your dough just in case the domino effect gets really bad.
 
We were already in Web 2.0 with it's oppressive government-backed corporatization killing off independent content and silencing anyone who won't praise the official narrative.
With luck, a lot of the Web 2.0 and 3.0 bullshit will die a quick death and fade into obscurity. There's plenty of good underlying technology to emerge from it, especially in virtualization and containerization (not so much in orchestration -- Kubernetes is dog shit and I remain convinced Google open-sourced that piece of shit deliberately to ensure its competition in "cloud computing" would be running at a distinct disadvantage), and enough of it is open-sourced that it should survive the impending gut-punch in silicon valley. We also got lucky that ARM-based systems started making major inroads and gaining acceptance in the past few years; it's got enough momentum now that we'll benefit from "modest performance for minimal power consumption" development techniques that have emerged from it.

It makes for a very healthy "hard times create hard men" situation in the tech industry. The next batch of tech startups will have to hire competent people who know how to build high-performance, high-availability systems on the cheap, but in return they'll be able to combine technologies like podman (ironically the only decent component to emerge from the Kubernetes nightmare) with low(er) cost ARM servers to spin up absurdly powerful and fast infrastructure with not a whole lot of money. They won't enjoy a seemingly endless supply of venture capital, but they'll be able to build up naturally while saving a lot of money on tech and wind up in a healthier position overall. Assuming they have a viable product, of course. Dumb ideas will die much more quickly in a VC-poor environment because you actually have to pay your own way rather than just coasting for 5 years on some dipshit's slush fund.

So far, I'm loving this. I don't care that two of my investments had their money in that bank, I wasn't getting dividends and I've eaten bigger losses in medical bills.
Yeah. Over the past few months I'd socked away about $3k into a handful of dividend-seeking ETFs, making sure to select them based on *not* having a Blackrock social credit score and being focused on "evil" markets like oil, mining, weapons, etc. It's paid $20 in dividends, and although the value of the shares themselves has dropped about $100 in the past week, that's peanuts compared to losses all the woke funds are eating right now. And the difference is in a couple months these ETFs will likely recover (and keep paying dividends -- oil don't stop for nothin') while the woke funds are going to absolutely tank. Just look at that "60% of solar funds tied up in SBV" coverage. ETFs tracking that shit are fucked.
 
I hate that a lot of people are going to see their businesses and money just....stop. Because of bad investments they did not control on the bank's behalf....but imo if a bailout does happen it might be 'The' event which solidifies economic downturn for the next several many decades/my lifetime ensuring the tanglible 'decline' of the American empire people have been doom posting about all over. But I don't know, I am one of those who doesnt have enough money to care about how the market works anyway. I was a teen in 08 and it tore my family apart. Big feels for all those people hurting right now.
 
You retard, the bank doesn’t want more customers. It wants more cash. Hence the requirements for direct deposit and $15,000.

Plenty of non-retarded people have at least $15,000 sitting in a bank or other cash-equivalent. It’s called an emergency fund.
Nigger go play the semantics game elsewhere. People who have 15000 to throw around aren't putting it in an account for a measly 200 dollars. They tie that up in better investment vehicles with better return, like me.
 
There aren't enough founder reactions to TOTAL STARTUP DEATH in this thread. I'll start.
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"I'll let my investors know that I'll keep trying my best and I'll need them to cover my ass, and then I'll go get high."
Not very encouraging, I hope some of those investors are smart enough to pull their money out.
 
Monday is going to be funday.
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It's amazing how these super smart tech people don't know or understand the most basic shit like how FDIC works and its limits. I knew about about the 250k limit (I think it was 125k when I fist started working) long before I had anything close to that amount in my accounts.

I bank with small town banks but I am under the limit in my accounts and have plenty of cash on hand in case there is a delay getting money out. TOTAL VC DEATH NOW. I look forward to the salt tomorrow.
 
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I'm actually fine with no bailout. I'm fine with a crash. I'm even fine with a decade long recession.
Oh trust me we're on the same page with that, you just know the usual suspects will be screaming for taxpayer money if this does blow up and that our vaunted government(s) will happily oblige.

It'll be really interesting to see how hard the markets tank on Monday. Also, if any more banks fail because there is 100% going to be a bank run on many.
There will be, it's question of to what degree. First Republic in particular since there's already plenty of anecdotal evidence of bank runs in certain branches.
 
So they just announced no bailout.

It'll be really interesting to see how hard the markets tank on Monday. Also, if any more banks fail because there is 100% going to be a bank run on many.
A bailout was out of the question once the FDIC took over. There's nothing to bail when all of the assets are already being put up for auction.
 
"I'll let my investors know that I'll keep trying my best and I'll need them to cover my ass, and then I'll go get high."
Not very encouraging, I hope some of those investors are smart enough to pull their money out.
And naturally, a person IN finance who doesn't know at the drop of a hat who is their "a team" or how much money they need, minimum, to operate for 3 months (and does shrooms on the side) is completely above and beyond the "human stupidity" causing the current crisis that "didn't need to happen" and totally free to blame everyone else with a clear conscious.

God these people are insufferable.
 
Monday is going to be funday.
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It's amazing how these super smart tech people don't know understand the most basic shit like how FDIC works and its limits. I knew about about the 250k limit (I think it was 125k when I fist started working) long before I had anything close to that amount in my accounts.

I bank with small town banks but I am under the limit in my accounts and have plenty of cash on hand in case there is a delay getting money out. TOTAL VC DEATH NOW. I look forward to the salt tomorrow.
It is pretty funny. My accounts that are big enough are brokerage so they're SIPC. I happen to know I'm only fully covered by them because I have two accounts of different 'types', each below the limit. But I worked in the financial industry for a while.

My experience in the bay area (years ago) is that tech 'people' approach money as 'have job, have options, number go up, take receipts to tax guy once a year' and that is it.
 
And naturally, a person IN finance who doesn't know at the drop of a hat who is their "a team" or how much money they need, minimum, to operate for 3 months (and does shrooms on the side) is completely above and beyond the "human stupidity" causing the current crisis that "didn't need to happen" and totally free to blame everyone else with a clear conscious.

God these people are insufferable.
I cannot believe she posted about doing shrooms on LinkedIn. It’s so retarded that I had to read it several times to parse what she meant because surely - surely! - it’s not that?

It’s that. Her investors will see it! This is why I’m in the “burn it all down” camp, these people must be stopped.
 
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