Bank failures have started

[BasicHumanUnit]

The sky is NOT falling~

Same applies to Climate Alarmists too

 

[BasicHumanUnit]

It's a mistake to assume that everyone is as stupid and out of touch as you are..and those who thank your posts are just as stupid. I don't get my news from USMB posts..thank God!

Again, not even an effort to prove me wrong..becasue, well, you can't! Must suck for you..to be so stupid that you are reduced to throwing stones as the smart people roll past.

Yeah..and betcha a dollar they'll vote for Trump too!

STUPID !!!!

 

[turbofish]

Nope...if you were to read the link..the very last sentence addresses that issue by stating that there would be a dividend, for those larger accounts. yeah...might be some losses amongst the whales, so what? The little guy is protected, so it's OK with me if some wannabe big shots take a hit

Even you stated in this post that you weren't correct.
Again, businesses will tend to have greater than what the FDIC will cover.
When businesses take hits with missing funds, the 'little guy' will be laid off because the business lost huge amounts of money.

When one bank fails, it tends to have a chain reaction especially with banks who are in the same sector.

 

[Billy_Bob]

Silicon Valley Bank

The 16th largest bank in the country with more expected to fail.

This is not good news.

Will this trigger the depression we have been dreading? Great Depression II Now Showing....

 

[EvilEyeFleegle]

Will this trigger the depression we have been dreading? Great Depression II Now Showing....

Naw..this is very small potatoes compared to that sort of thing...

As of the end of December, SVB had roughly $209 billion in total assets and $175.4 billion in total deposits, according to the press release. The FDIC said it was unclear what portion of those deposits were above the insurance limit.

As I posted..it appears that SVP has enough assets to cover Deposits. Now those who had Lines of Credit that they depended on for operating capital..may well have some issues with liquidity.

 

[westwall]

Well..lessee--all the depositors money is safe, so there's that. Oh, and after an extensive web crawl, I found nothing to indicate that this is the beginning of anything.
So, your opinion is noted..as is the fact that it is not shared by anyone in the industry.

SVP screwed up, simple as that. The US has stepped in and the FDIC is doing its job. The sky is NOT falling~

From the OP link:

• The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning.
• SVB's branch offices will also reopen at that time, under the control of the regulator.
• The FDIC's standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category.

According to press releases from regulators, the California Department of Financial Protection and Innovation closed SVB and named the FDIC as the receiver. The FDIC in turn has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB.
The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning. SVB's branch offices will also reopen at that time, under the control of the regulator.
According to the press release, SVB's official checks will continue to clear.
The FDIC's standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category. It is unclear exactly how larger accounts or credit lines for companies will be impacted by the closure. The FDIC said it will pay uninsured depositors an advanced dividend within the next week.

Silicon Valley's burning bank

The bank's failure would be the biggest since Washington Mutual.

www.axios.com

Only up to 250,000 you idiot. I know you don't have a pot to piss in but there are many families there who are going to lose a ton of money.

 

[westwall]

Will this trigger the depression we have been dreading? Great Depression II Now Showing....

Trigger it, no, but it is certainly a canary.

 

[Circe]

That isn't how FDIC works. If any account had more than $250K, all that money would gone.
Plenty of companies keep more than that in the bank.

90% of the money in the collapsed bank was in accounts that are not insured because they have so much more than the insured quarter million. THAT is why they are so worried about "contagion," because that describes most investment banks: they aren't for consumption monies, they are for large investments. They are not insured anywhere.

 

[Circe]

Only up to 250,000 you idiot. I know you don't have a pot to piss in but there are many families there who are going to lose a ton of money.

I don't see why. Surely any sane person with more than $250,000 is hardly keeping it in a savings account. They've got it in investments, or at least in an IRA. Companies who socked investment monies in SVB, however, were running, not walking, to withdraw it before this instant collapse. Some made it; most didn't.

 

[Flash]

Joe Biden's America sucks for everyone who isn't a billionaire or has the last name "Biden".

Can we add Illegals, queers, druggies and ghetto welfare queens to that list?

They are doing doing fine with Potatohead.

 

[Circe]

Trigger it, no, but it is certainly a canary.

Sure this could trigger the recession: the failures of Bear Stearns and Lehman Bros. triggered the 2008 recession!!

This is big, and note, people ------

How fast it happened. Overnight, a plunge, stocks stopped trading, SVB emailed every employee to "work from home" and by lunchtime the FDIC had closed the bank forever. Great speed is characteristic of any important crisis.

 

[Orangecat]

The laughing fool always reveals his intellectual impotence:

 

[JustAGuy1]

Well..lessee--all the depositors money is safe, so there's that. Oh, and after an extensive web crawl, I found nothing to indicate that this is the beginning of anything.
So, your opinion is noted..as is the fact that it is not shared by anyone in the industry.

SVP screwed up, simple as that. The US has stepped in and the FDIC is doing its job. The sky is NOT falling~

From the OP link:

• The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning.
• SVB's branch offices will also reopen at that time, under the control of the regulator.
• The FDIC's standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category.

According to press releases from regulators, the California Department of Financial Protection and Innovation closed SVB and named the FDIC as the receiver. The FDIC in turn has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB.
The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning. SVB's branch offices will also reopen at that time, under the control of the regulator.
According to the press release, SVB's official checks will continue to clear.
The FDIC's standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category. It is unclear exactly how larger accounts or credit lines for companies will be impacted by the closure. The FDIC said it will pay uninsured depositors an advanced dividend within the next week.

Silicon Valley's burning bank

The bank's failure would be the biggest since Washington Mutual.

www.axios.com

Do yourself a favor, look into what a Bail In is.

 

[Circe]

As I posted..it appears that SVP has enough assets to cover Deposits.

Nope, incorrect. They lost 81% of their value before the FDIC shut the bank down entirely and moved all their deposits to another new bank named the Bank of Santa Clara, I believe, managed entirely by the FDIC to deal with how much is insured, how much isn't, and dealing with the uninsured monies in trouble. All depositors will get vouchers crediting them with the money they had until late Wednesday --- but what is there now? There's no value in that bank, nor existence now.

 

[luiza]

About time .
Have been waiting nearly a year for the certain recession and possibly worse .
Deserved .

 

[Circe]

About time .
Have been waiting nearly a year for the certain recession and possibly worse .
Deserved .

Yeah ----- it does look like it. If you've got powder you are keeping dry, could be some interesting stock numbers coming soon. FINALLY.

Buy low, sell high.

 

[JustAGuy1]

Nope....in the 2 or so hours since I got the news on my feed, you ignorant tool~

BTW...show me where I'm wrong...LOL!

Two US Banks Collapse in 48 Hours. Which One's Next?​

Two US Banks Collapse in 48 Hours. Which One's Next?

 

[toobfreak]

SVP screwed up, simple as that.

You got that right. SVP went woke. They devoted more time and attention on their website to worthless diversity and inclusion than they did running a sound business and now they are all out of a job. The fact that this all happened in just a matter of days is alarming.

THE BIDEN EFFECT



Stolen elections have consequences. Every major company is laying off and firing thousands of people now. WITHOUT EXCEPTION, woke socialism has failed 100% of the times it has been tried.

It has just begun. You stupid damned bastards have pulled at the thread which held the tapestry of our nation together.

 

[westwall]

I don't see why. Surely any sane person with more than $250,000 is hardly keeping it in a savings account. They've got it in investments, or at least in an IRA. Companies who socked investment monies in SVB, however, were running, not walking, to withdraw it before this instant collapse. Some made it; most didn't.

Because with inflation as it is they are NOT keeping it in CD's which are LOSING money compared to inflation. They are keeping their assets liquid so that they CAN invest in something that has a chance to actually, you know, make money.

 

[toobfreak]

Well..lessee--all the depositors money is safe, so there's that.

Yep. Our broke federal government can spend more borrowed money on loan with interest from China to cover the losses. Then again and again as more banks fail.

Until they can't or won't.

We are fucked now and when the shit hits the fan, we will have only Biden's illegitimate illegal stolen election and the Left to blame.