Why did Silicon Valley bank collapse?
How bad is it going to be? It scares me with no significant amount in my bank. Whatever I have is at chase less than 220k in checking and managed brokerage. How do I prepare for my future as I just started earning and no deposit is trustable ? TC 140k
Doesn’t the fed insure up to 250k per account? You have no worries
For individual accounts, yes. Which were a tiny fraction of their total deposits.
Who insures the feds ? The feds caused this crash, more to follow. Eventually, the FDIC will become insolvent.
Printing money in this context is not a big deal
Lol "The Feds caused this crash" Who knew interest rates near rock bottom may go up with inflationary pressure?! A shock, to everyone! Dumbass (criminal?) SVB bought an assload of bonds with a long maturation date, and then had to sell them at a loss because new bonds are worth more. They did that with so much of their deposits because they weren't happy with their profits. Assholes.
Plus this seems to be isolated.
https://www.cnbc.com/2023/03/10/silicon-valley-bank-collapse-how-it-happened.html - was a run on the bank.
A run on the bank, which primarily catered to customers without FDIC insurance, and invested a huge amount of money into the bond market which they ended up having to liquidate at a loss, not because they weren't making money: they weren't making *enough* money. Pure greed, and it's hurting people in concrete ways. The board and executives should die in jail.
600 plus k in my American savings account and I am not worried lol
Risky. Make sure amount is within FDIC insurance limits .
Yeah. I am thinking about splitting this into different banks!
I'm surprised it took so long for things to start breaking.
Venmo it to me I’ll take care of it during these uncertain times
Use a Credit Union bank
You prepare for your future by not investing in SV bank