What to do with our savings accounts ???

[ninja007]

cash will be worth zero, maybe gold too- stock up on food and essentials.

 

[ninja007]

would also stock up on oil and gas. propane etc.

 

[OhPleaseJustQuit]

would also stock up on oil and gas. propane etc.

.

ARGH! I need more stored water, more gas and propane. Thanks for the reminder.

.

 

[HereWeGoAgain]

Banking stocks will come back....its just going to be a while before they do. We are in the midst of a banking failure where banks have lost a LOT of money due to the bond market....which the Federal Government orchestrated.
Banks play heavily in the bond market. It's great when interest rates are declining but banks lose when rates are rising....and there's likely going to be some higher rates in the future.

Not necessarily.
A lot of them will fail completely like SVB did.

 

[JohnDB]

Not necessarily.
A lot of them will fail completely like SVB did.

Not all banks bought heavily or outside the bounds of common sense when the Government was selling bonds...which is the ultimate root of the problem. Because later the Fed raised interest rates (from predictable inflation by overselling those bonds) and made holding those bonds be very very expensive....and SVB went belly up.
To be clear SVB is an investment bank specializing in Angel investment in startup companies. Like a Charles Schwab of tech companies. 9 out of 10 startups barely allow you to possibly get a portion of your money back....but that 10th makes up for the hassle.
The startups used their services heavily for payroll and deposits. It's not unreasonable to have a few million dollars on deposit of funds invested into your company to make payroll.

SVB overbought fed notes at 1½% interest....nobody was overseeing them....they were underclassified for how large they really were which has more regulations than they were following and would have stopped it.

 

[HereWeGoAgain]

Not all banks bought heavily or outside the bounds of common sense when the Government was selling bonds...which is the ultimate root of the problem. Because later the Fed raised interest rates (from predictable inflation by overselling those bonds) and made holding those bonds be very very expensive....and SVB went belly up.
To be clear SVB is an investment bank specializing in Angel investment in startup companies. Like a Charles Schwab of tech companies. 9 out of 10 startups barely allow you to possibly get a portion of your money back....but that 10th makes up for the hassle.
The startups used their services heavily for payroll and deposits. It's not unreasonable to have a few million dollars on deposit of funds invested into your company to make payroll.

SVB overbought fed notes at 1½% interest....nobody was overseeing them....they were underclassified for how large they really were which has more regulations than they were following and would have stopped it.

Banks go under even in good times and these are far from good times.
The Wife was the CFO for a very large bank so I think i'll take Her words over yours.