Bosque Posted March 13, 2023 Posted March 13, 2023 1 hour ago, RunUpDoneUp said: I almost peed when people said regular families had accounts at some of these places, truly disconnected. What exactly do you think happens to people who work at a company that took out a loan with SIVB in case that company can no longer access any of their deposits? Should all employees of all companies be expected to conduct a full due diligence of the banks used by their employer?
Vermillion Posted March 13, 2023 Posted March 13, 2023 Cynicism is warranted, but she actually raises some important hypotheticals in this interview about double standards now in government action
chessguy99 Posted March 13, 2023 Posted March 13, 2023 4 hours ago, Chemist said: I hope i'm wrong but this is giving 2008 recession teas. Let's buckle up The housing market needs to crash to get to that level. But, it's at the cliff's edge right now. Another FED rated increase may push it over, then we'll be truly screwed.
chessguy99 Posted March 13, 2023 Posted March 13, 2023 39 minutes ago, Espresso said: It still loss almost a quarter of it's value before the halt.
RunUpDoneUp Posted March 13, 2023 Posted March 13, 2023 6 hours ago, Dephira said: What exactly do you think happens to people who work at a company that took out a loan with SIVB in case that company can no longer access any of their deposits? Should all employees of all companies be expected to conduct a full due diligence of the banks used by their employer? Well, the staff aren't my concern, they're just beneficiaries of a crooked book indusury who will find another job WAY sooner than people who actually need immediate help. I don't care about the feelings of people with cozy living when most americans are literally living paycheck to paycheck like an economic crash is their daily life.
Attitude Posted March 13, 2023 Posted March 13, 2023 I didn't know there were so many different banks in the States until I tried getting a home loan. Kind of glad I didn't go through with the purchase.
justjess Posted March 13, 2023 Posted March 13, 2023 So with all of this BS going down--- should I be taking out whatever I have in my savings? I know 250k or less is protected by the FDIC, but... It's all so confusing.
If U Seek Amy Posted March 13, 2023 Posted March 13, 2023 The fear mongering and ignorance online is so bad an making this situation so bad. This bank failed because of their own idiotic handling of their assets, lack of risk management, and lobbying to take down regulations that were protecting this from happening. Inflation nor interest rates are going to take any significant banks down. Sure they may eat away at their profits a bit, but really that is it. This is not some issue that is happening at most places. If they did what they were supposed to do to be ran properly they will be fine. The public is just freaking out because the media is taking advantage to get clicks, crypto people are using it as an opportunity to peddle BS reasons to buy into it, and Biden haters just found a reason to fear monger and say this is him and we are doomed. People acting like this is Lehman Brothers 2.0 need to stop.
Vermillion Posted March 14, 2023 Posted March 14, 2023 A lot to unpack with the info below and I don't necessarily agree with all the framing either. Some of it I do. Whether stress testing would've even made a difference with SVB and the absurd risk inherent to pro-crypto banks, etc.
GhostBox Posted March 14, 2023 Posted March 14, 2023 1 hour ago, If U Seek Amy said: The fear mongering and ignorance online is so bad a making this situation so bad. This bank failed because of their own idiotic handling of their assets, lack of risk management, and lobbying to take down regulations that were protecting this from happening. Inflation nor interest rates are going to take any significant banks down. Sure they may eat away at their profits a bit, but really that is it. This is not some issue that is happening at most places. If they did what they were supposed to do to be ran properly they will be fine. The public is just freaking out because the media is taking advantage to get clicks, crypto people are using it as an opportunity to peddle BS reasons to buy into it, and Biden haters just found a reason to fear monger and say this is him and we are doomed. People acting like this is Lehman Brothers 2.0 need to stop. Agreed
Communion Posted March 14, 2023 Author Posted March 14, 2023 (edited) 3 hours ago, If U Seek Amy said: The fear mongering and ignorance online is so bad an making this situation so bad. This bank failed because of their own idiotic handling of their assets, lack of risk management, and lobbying to take down regulations that were protecting this from happening. Inflation nor interest rates are going to take any significant banks down. Sure they may eat away at their profits a bit, but really that is it. This is not some issue that is happening at most places. If they did what they were supposed to do to be ran properly they will be fine. The public is just freaking out because the media is taking advantage to get clicks, crypto people are using it as an opportunity to peddle BS reasons to buy into it, and Biden haters just found a reason to fear monger and say this is him and we are doomed. People acting like this is Lehman Brothers 2.0 need to stop. 2 hours ago, GhostBox said: Agreed > This is no big deal and anyone who says so is fear mongering. It is fine for irresponsible banks to be shut down. > Which is also why Biden's response is perfect and any criticism means someone is just a hater. You are both so removed from the lives of real, non-affluent Americans. Of course SVB failing held no wider implications. That is WHY Biden's response is objectively bad. He got played by the rich. He gave them everything they wanted. You can scream your lungs out that's technically not a bailout or that it's technically not being funded by the taxpayers "directly", but it's horrific political calculus to continue the trend of Democrats emboldening the rich to continue to behave badly in the same time period that food stamps are being slashed and Medicaid is being taken away from tens of millions of Americans. Edited March 14, 2023 by Communion
ClashAndBurn Posted March 14, 2023 Posted March 14, 2023 8 minutes ago, Communion said: > This is no big deal and anyone who says so is fear mongering. It is fine for irresponsible banks to be shut down. > Which is also why Biden's response is perfect and any criticism means someone is just a hater. You are both so removed from the lives of real, non-rich Americans. Of course SVB failing held no wider implications. That is WHY Biden's response is objectively bad. He got played by the rich. He gave them everything they wanted. You can scream your lungs out that's technically not a bailout or tjat it's technically not being funded by the taxpayers "directly", but it's horrific political calculus to continue the trend of Democrars emboldening the rich to continue to behave badly in the same time period that food stamps are being slashed and Medicaid being taken away from tens of millions of Americans. What’s also funny is that neolibs claimed student debt relief would be a moral hazard, encouraging universities to spike their prices even more (as if they haven’t been doing that already). Meanwhile there’s virtually no outcry on the moral hazard of government basically saying that all banks can undertake risky gambling behavior and be backstopped by the US taxpayer.
If U Seek Amy Posted March 14, 2023 Posted March 14, 2023 I work In banking and analyze risk from rich to poor. It’s my life to deal with this and understand it. This isn’t about some affluent Vs poor people discussion and isn’t some Biden’s response is good or bad discussion. I couldn’t give a **** about Biden’s response. Biden can babble up there like an idiot and I don’t care. This is about if the banking system is in trouble or not. It is not. Even today banking stocks are soaring 😂😂 It’s a small bubble that is becoming mass panic cause of posts like this caused by people wanting to make Biden look bad for your own messaging
ClashAndBurn Posted March 14, 2023 Posted March 14, 2023 32 minutes ago, If U Seek Amy said: Even today banking stocks are soaring Because Biden has made it clear that any bank of any size is too big to fail and will be given a bailout no matter what they do. Obviously as a banker, you wouldn't see the moral hazard in this, and would downplay any evidence brought to you just as "corporate environmentalist experts" on Reddit and Twitter have done on behalf of defending Norfolk Southern in the aftermath of the East Palestine, Ohio, derailment (another objectively failed response from Biden there too!). But stocks were cratering until the bailouts were announced.
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