FDIC shuts down Silicon Valley Bank, crash incoming? Update: 2nd bank, Signature Bank in NY closed

[FaTaL]

Explain this to me in Coli nikka terms

if you had less then 250k in there bank you're good, if you had more you're probably not getting it back.

 

[Lucky_Lefty]

you pouring jelly on yourself if you're banking with WF in 2023 after the BS they've done in the past

 

[Michael's Black Son]

Customers getting a big ass IOU promise note

Cats pulling up to the “bank” and getting turned away

They had the NYPD come thru just in case these tech bros started raging. fukk it. If they want their $ then give it to them. No way I’m leaving without my bread. fukk a check or a wire. Dump it in this trash bag and Imma Uber home

 

[Sauce Mane]

I hope the company that laid me off last year is affected by this

 

[FaTaL]

I hope the company that laid me off last year is affected by this

might as well name them, they wont exist very long if they had cash in this bank

 

[KFBF]

so i'm already hearing rumblings of a bailout for SVB

let me get this straight...these politicians want to take your taxes and bail out a failed bank and send money to ukraine

but its impossible to bail you out on student loans and give you universal healthcare


the 20s are WILD AS FUKK

What is that they always say? Take responsibility for your decisions or some shyt like that.

 

[Sauce Mane]

might as well name them, they wont exist very long if they had cash in this bank

Well that's the thing, idk if they did business with them or not

 

[Seoul Gleou]

What is that they always say? Take responsibility for your decisions or some shyt like that.

Lets help these multi millionaires. They just made a mistake


But fukk these single parents and fukk your student loans nikka. Pull yourself up by the bootstraps

 

[Sauce Mane]

 

[Easy-E]

Explain this to me in Coli nikka terms

The six certs and six feet are fine

The six figures

 

[☑︎#VoteDemocrat]

 

[Windows 91]

I'd just consider myself furloughed at that point. No way I'm continuing to work if the checks stop.

 

[Scientific]

Who the flying fkc didn't see this coming? Companies stayed afloat with COVID money and banks took on a shyt ton of risk when rates were pushed to their lowest point possible.

I'm reading this couldn't have been pulled on a better day (Friday evening). Because the potential snowball of tech starts ups burning their cash? Now hoping to withdraw funds could've gotten uglier.

Some of us predicted this 3 years ago. I just hope they let these banks and companies fail with no bail outs.

 

[DrBanneker]

One regional bank is not an indicator of a national financial collapse.

No, but there have been like $2T in bond losses due to rising interest rates. SVB is probably not the only company out there who got fukked.

This bank was/is used by a lot of startup companies. They had much more than 250K in there. Those companies with all that money tied into this bank won't even be able to survive this shyt here my guy.

Yeah, they better hope or pray SVB's asset sales gets big dollars or they are really fukked.

 

[Cakebatter]

In 2020, the Fed reduced Banks' reserve requirement to 0%, and hasn't raised it yet. Hopefully this causes the Fed to reinstate the old requirements. Its also a great way to reduce the money supply and slow inflation without raising interest rates further.