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

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☑︎#VoteDemocrat

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Cakebatter said:
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.
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republicans fukked the government over?

WOW.

:stopitslime:
 
Mike Ock

Mike Ock

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:aicmon: My company is one of the startups that had our USD account with SVB. Couldn't make any transfers today from the account. Hoping we can recover some mills on Monday. Not sure what scraps we'll recover.
Luckily we were acquired by a huge company 2 years ago, so we are essentially are their employees but act as individual entity. They got a large bankroll, and we will end up borrowing from them. Bout to get my resume together just in case.
 
KFBF

KFBF

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CEO of Y Combinator Garry Tan:

“This is an *extinction level event* for startups and will set startups and innovation back by 10 years or more.“


michael-keaton.gif
 
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