Silicon Valley Bank bankruptcy....

by mikeflood 16 Replies latest social current

  • mikeflood

    Didn't know Silicon Valley Bank was so important for there's some sort of contagion, people taking their money from regional banks to the big banks.

    System seems pretty resilient and different from 2008. Thoughts?

  • ExBethelitenowPIMA

    I remember the feeling waiting in line Northern Rock trying to get my savings and then being told sorry we all couldn’t withdraw our funds “but don’t worry your funds are guaranteed” it took over a year to get our funds back and this caused so many problems for us

    yes I’m going to be withdrawing all my funds getting everything out in cash trying to beat the rush


    SVB.. massive profits during the Lockdowns, closely linked to Big Tech.. same group supporting the Summer of Love, BLM, Antifa, censorship… The top dogs pulled out just in time to make their $$$.

    Don’t worry, ‘Ol Grandpa Joe says this won’t affect taxpayers. Just watch Netflix…


  • mikeflood

    CNN...."UBS agree to buy Credit Suisse for $ 3.25 billions, about 60 % less than the bank was worth when markets close Friday."

    I wonder what's gonna happen with the other handful of banks tomorrow Monday. Lucky guess, the government is taking the complete deposits (over $250 k) as insurable.

    Kinda weird how fast this situation is evolving.

  • Riley

    This wasn’t your average bank. It’s clients were mainly venture capitalists and high tech start ups . Lots of high risk , high reward . It was mostly funded by the bond markets. Interest rates went up, bond market went down. Everyone started to pull there money our . Bank went tits up.

    It’s not a clear representation of the banking industry.

  • Simon
    "UBS agree to buy Credit Suisse for $ 3.25 billions, about 60 % less than the bank was worth when markets close Friday."

    And that was after the share price had cratered over 97% !

    All they did with SVB was stave off the immediate issue, but all the problems are still inherent. The problems being that they have driven the economy into a ditch.

    The incompetence of the people in charge is staggering. Listen to Janet Yellen - she sounds like the sort of confused old dear that gets scammed out of money and smells of piss. Hardly someone who should be in charge of anything. How does she get in that position?

    But they've already said they will play favourites - whether depositors in a bank get ALL their deposits covered will depend on who those depositors are and which political horses the bank has backed.

    Expect some cataclysmic failures in the banking system and economy in the coming months.

  • Fisherman

    Thanks for the vid! Would like to understand what is the proximate cause. At first, I thought like DD that the banks made real dumb investments like to the outfits he mentions in his post. But after watching the vid, a lot of banks are affected and has to be something even bigger. I don’t think it is a coincidence but I could be wrong that after the economic sanctions aimed at Russia, a lot of things in the US have changed for the worse as if the sanctions are backfiring on the American people. But I am all ears if someone knows what is going on with the banks.

  • ExBethelitenowPIMA

    The same people saying the injections were safe and effective are now coming on TV saying the banks are safe and effective and your deposits are safe 🤣

    what at was the answer to the problem of too much debt in 2008? More debt that’s what the answer was.

    it just postponed the problem and made it worse

    now the van has hit the wall

    no more kicking the can

  • hoser

    The fed and other central banks just print up some more Monopoly money and life goes on. They’ve been doing this for the last 52 years and the average citizen hasn’t figured out why they’re working so hard for so little.

  • ExBethelitenowPIMA

    The difference is from 2008 this time the public will not stand for more banker bailouts

    also inflation is a big problem and more bailouts is like pouring gasoline on a fire

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