Silicon Valley Bank collapses after members make run, Other banks to follow?

Relax everyone, joe says the banks are safe!

Plenty of bugs to go around

originally posted by: Violater1
Credit Suisse shares have now fallen to a new record after the run and collapse of SVB and Signature Bank. This is excluding First Republic Bank’s collapse in CA
www.marketwatch.com...

incoming in 3... 2...1...

Banks don't get much more major than Credit Suisse.

So just my two cents so far, been busy all weekend and heard what was going on but haven't dove in nor seen what the ATS crowd is saying. People bring up the connection of SVB to crypto; BUT crypto is wildly UP this morning and in the last hour particularly. So the bank may have been involved heavily, but at least on exchanges people seem to be buying in. Maybe putting cash into bitcoin or others if they are worried about their personal banks? IDK.

If you have any cash in ANY bank, I would take some out now. NOT all of it, not enough to be part of a "run" or enough to start requiring you to fill out the recording paperwork. BUT just enough to tide you over in case they declare a "bank holiday", (Which they did not over the weekend, so that's semi-good news). Because if they do that then theoretically not only could they prevent you from withdrawing any cash, but they could also shut down ATM withdrawals and Debit Card Transactions while they figure out WTF they can do (if anything). You know if you can have enough on hand for gas/groceries/incidentals/ and any upcoming bill in the next 5 days.

a reply to: SrWingCommander

That's what a credit card is for.

Those can be frozen too, just like the debit cards; although that's less likely, (OR things are really bad). They like debt, but I don't, so I use that sparingly.

a reply to: AugustusMasonicus

originally posted by: SrWingCommander
Those can be frozen too, just like the debit cards; although that's less likely, (OR things are really bad). They like debt, but I don't, so I use that sparingly.

Frozen for what reason other than fraud? What payment network or bank in their right mind doesn't want people using their credit cards?

Perfect time for an EMP attack !!!! 😧

originally posted by: AugustusMasonicus
That's what a credit card is for.

Oh. I thought credit cards were for getting people in debt and out of the habit of using cash. Color me blushed.

originally posted by: TrulyColorBlind
Oh. I thought credit cards were for getting people in debt...

If they're stupid and/or poor, yeah.

originally posted by: AugustusMasonicus
If they're stupid and/or poor, yeah.

You do have a point and you're correct. Thanks for bringing it to my attention.

Do you have any credit card debt? I don't have a single penny in credit card debt, I'll admit it. Maybe that just makes me smarter than the average bear.

a reply to: TrulyColorBlind

No, because I'm neither of the things I mentioned. It's a tool which, if used properly, can give you ample rewards for paying on time.

I havent seen this mentioned yet so apologies if it has...
fortune.com...
"Any losses to the federal Deposit Insurance Fund, which will pay out uninsured depositors, will be recovered by a special assessment on banks, a current aspect of federal law."

So uninsured losses will be covered by other banks from a "special assessment" on them.
I have no clue about the full potential financial damage to these other banks might be but if one were trying to sabotage the financial system, this might be the way to do it. Or maybe more money just gets printed and handed to the banks to hand over to "depositors". Who knows.

I'm wondering how long that special assessment is going to take. Because the FDIC isn't going to be able to pay out all of those deposits until they get that extra money.

Also, the cynic in me is wondering if the Feds are going to close Bank of America in an attempt to stall/thwart the House subpoena for Hunter Biden's records.

originally posted by: AugustusMasonicus
a reply to: TrulyColorBlind

No, because I'm neither of the things I mentioned. It's a tool which, if used properly, can give you ample rewards for paying on time.

I concur with Colorblind.
I am curious as to what rewards are tendered, to Credit Card Debit?

originally posted by: Violater1
I am curious as to what rewards are tendered, to Credit Card Debit?

Are you telling me that you're completely oblivious to the fact that there are co-branded cards that offer rewards (cash back, airline miles, hotel points, etc) for using your card?

originally posted by: AugustusMasonicus

originally posted by: Violater1
I am curious as to what rewards are tendered, to Credit Card Debit?

Are you telling me that you're completely oblivious to the fact that there are co-branded cards that offer rewards (cash back, airline miles, hotel points, etc) for using your card?

I haven't had a credit card in over 25 years.
And I haven't owned a TV in probably 30 years.
The last time I watched a TV was in ATL about a year ago and it had (Clinstone Nothing News) CNN on.

So these cards, they charge you what fees?

originally posted by: Violater1
So these cards, they charge you what fees?

Zero annual fees on mine.

Isn't great that the Feds are so quickly on the scene to make sure we're all paying for this mess when it took them weeks to get anywhere near East Palestine?

a reply to: ketsuko

We shouldn't be paying for banks or East Palestine.

originally posted by: AugustusMasonicus
a reply to: ketsuko

We shouldn't be paying for banks or East Palestine.

F### the Palestinians.

East or west.