Archetype Posted March 11, 2023 Posted March 11, 2023 @OP Next time try to cite an actual legit source not giving their incorrect opinion that this will send the world into a recession, it won’t. SVB was huge in the US startup-tech culture and many businesses in California relied on them, but outside of that space, no one uses them. Also, none of the large tech companies use SVB and haven’t used them for at least 15-20+ years, they all use banks like Goldman, Chase, etc. The main issue here is how this will affect the local economies and small businesses funded by VCs who used SVB. Like normal people who got a loan, normal people who employ only a few people, those who are employed and make under 200k, etc in one of the most expensive regions of the world. It’s not just the wealthy tech VCs that flopped, it’s regular people. So no, I’m not going to pretend to be a complete ***hole like half of the people in this thread and celebrate a bank collapsing like some idiot. Grow tf up.
Archetype Posted March 11, 2023 Posted March 11, 2023 4 hours ago, princedonte said: Should I sell my Google stocks? This has nothing to do with big tech companies. Tech stocks are very turbulent right now but it’s unrelated to SVB.
fauxtography Posted March 11, 2023 Posted March 11, 2023 lol my work sent out a letter about this but I got paid so idk what it all really means
Gov Hooka Posted March 11, 2023 Posted March 11, 2023 3 hours ago, Save-Me-Oprah said: OP making himself look stupid as per youje. You’re not very bright, are you?
Gov Hooka Posted March 11, 2023 Posted March 11, 2023 33 minutes ago, Archetype said: @OP Next time try to cite an actual legit source not giving their incorrect opinion that this will send the world into a recession, it won’t. SVB was huge in the US startup-tech culture and many businesses in California relied on them, but outside of that space, no one uses them. Also, none of the large tech companies use SVB and haven’t used them for at least 15-20+ years, they all use banks like Goldman, Chase, etc. The main issue here is how this will affect the local economies and small businesses funded by VCs who used SVB. Like normal people who got a loan, normal people who employ only a few people, those who are employed and make under 200k, etc in one of the most expensive regions of the world. It’s not just the wealthy tech VCs that flopped, it’s regular people. So no, I’m not going to pretend to be a complete ***hole like half of the people in this thread and celebrate a bank collapsing like some idiot. Grow tf up. Your use of the word “normal” and “regular” is doing a lot of heavy lifting lmfao. BC Upper middle class ppl with six figure salaries are “normal”. Be for ******* real
Vermillion Posted March 11, 2023 Posted March 11, 2023 2 hours ago, Gov Hooka said: Your use of the word “normal” and “regular” is doing a lot of heavy lifting lmfao. BC Upper middle class ppl with six figure salaries are “normal”. Be for ******* real
Communion Posted March 11, 2023 Author Posted March 11, 2023 5 hours ago, Gov Hooka said: Your use of the word “normal” and “regular” is doing a lot of heavy lifting lmfao. BC Upper middle class ppl with six figure salaries are “normal”. Be for ******* real That part! The amount of ATRLers outing themselves as tech or crypto bros with pet project startups. Them fashioning themselves as similar to grocery cashiers on the worker totem pole even when playing with fake, imaginary money that destroys the environment is not a materially useful job that has any value. It's just SO dishonest. "THINK OF THE WORKERS!!". *Employees* of companies who chose a risky bank to put their money in can very much still get paid if the fed swoops in and ensures such occurs with the selling off of all of the failed bank's assets. That's very different than asking the fed to swoop in and bail the bank out, including both depositors AND those who invested in the bank. It's tactless of the rich dudes to demand the fed bail out a bank when spending the last 2 years attacking student loan debt forgiveness and expanded welfare policies under COVID as "bad for inflation".
Zoe_ Posted March 11, 2023 Posted March 11, 2023 I hate to say this but if the billionaires fall, we fall. Bailout isn't just for their personal accounts. It's for their employees too.
Tropez Posted March 11, 2023 Posted March 11, 2023 7 hours ago, Archetype said: @OP Next time try to cite an actual legit source not giving their incorrect opinion that this will send the world into a recession, it won’t. SVB was huge in the US startup-tech culture and many businesses in California relied on them, but outside of that space, no one uses them. Also, none of the large tech companies use SVB and haven’t used them for at least 15-20+ years, they all use banks like Goldman, Chase, etc. The main issue here is how this will affect the local economies and small businesses funded by VCs who used SVB. Like normal people who got a loan, normal people who employ only a few people, those who are employed and make under 200k, etc in one of the most expensive regions of the world. It’s not just the wealthy tech VCs that flopped, it’s regular people. So no, I’m not going to pretend to be a complete ***hole like half of the people in this thread and celebrate a bank collapsing like some idiot. Grow tf up. Thank you. On top of that, many were start up and health services. One of them provided food to lower income people. A lot of regular people will not be getting paid as payroll was in thank bank. This is especially messed up for working class people. The Feds have a limit to how much money is insured. Some companies had way more money in that bank than what can be covered by the government.
Archetype Posted March 12, 2023 Posted March 12, 2023 16 hours ago, Gov Hooka said: Your use of the word “normal” and “regular” is doing a lot of heavy lifting lmfao. BC Upper middle class ppl with six figure salaries are “normal”. Be for ******* real First of all, any single person making between 75k-170k in the Bay Area is considered solidly middle class no joke... the median income is literally 125k. If you have a child, you have the same spending power as someone making half your salary living in Ohio. But that's not even what I was referring to. The normal people making under six figures in the Bay Area are employed by... get their money from... can you guess? What happens to their jobs? But yes, let's cheer for a major local bank collapsing.
Communion Posted March 12, 2023 Author Posted March 12, 2023 3 minutes ago, Archetype said: 170k.... solidly middle class
Archetype Posted March 12, 2023 Posted March 12, 2023 6 minutes ago, Communion said: I mean you wouldn't really know how expensive it is to live there so your opinion is just really... an opinion you get to freely express.
Attitude Posted March 12, 2023 Posted March 12, 2023 How did the bank collapse? I thought silicon valley people were smarter than everyone?
Delirious Posted March 12, 2023 Posted March 12, 2023 22 minutes ago, Attitude said: How did the bank collapse? I thought silicon valley people were smarter than everyone? They put the majority of their money like $100B in government treasury and they can't take it out for 10 years. After the panic, many people wanted to withdraw money but the bank couldn't fulfill so they filed for bankruptcy. The CEO is also to blame cause he kept saying everything was fine when it wasn't
Letemtalk Posted March 12, 2023 Posted March 12, 2023 Maybe we should just keep bailing them out, I'm sure they will learn from their mistakes.
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