Typically that’s not an issue, because banks hold onto those for a long time — unless they have to sell them in an emergency.
So Silicon Valley customers started withdrawing their deposits. Initially that wasn’t a huge issue, but the withdrawals started requiring the bank to start selling its own assets to meet customer withdrawal requests. Because Silicon Valley customers were largely businesses and the wealthy, they likely were more fearful of a bank failure since their deposits were over $250,000, which is the government-imposed limit on deposit insurance.
At the moment, all of that money can’t be accessed and likely will have to be released in an orderly process. But many businesses cannot wait weeks to get access to funds to meet payroll and office expenses. It could lead to furloughs or layoffs.
Wow, more bank consolidation. Remember when they were going to eliminate too big to fail? Huge federal regulatory capacity, but they can't ID failing banks? Opening the door for programmable digital currency? Should we trust government?
The less visible are those, like me, who have or will have, lost their job not due to the collapse itself but due to investors pulling back on investing into startups.
“Because Joe is president. We are trying to figure out how to blame Joe’s failures on Trump.”
It was trumps fault in 2008 and it’s his fault now.
There is something of a 'Flight to Safety'! Gold is up & the yield on Treasuries is down.
The more you say it’s not like 2008, the more I feel like you’re trying to do damage control
Of course is not 2008 again... It's 2023 and about to get much worse than that!
We are already on domino 3 falling today... do keep up.
It's almost like no one got in trouble last time and everyone walked away with money lined pockets.
'It raises the threshold to $250 billion from $50 billion under which banks are deemed too important to the financial system to fail. Those institutions also would not have to undergo stress tests or submit so-called living wills...'
Natural selection
Tech worship.
Ya, it’s worse, get your money out.
Trump, again, removing safeguards. Ettd
The smartest guy in the room 🤡🤡🤡
High interest rates?
As usual those running the operation make sure to keep themselves funded!
Uh. Nobody in government does anything to sop it?
Management……too bad
'cause none of that was ever fixed
history MONEY
They gambled and lost?
OldTakesExposed
I mean it will only be 2008 if a bank is stupid enough to pick up their high risk assets in an attempt to sell them for profit. Then we would have 2008
*in a Carl Levin voice* Boy, that Timberwolf was one...shitty...deal.
That's not what I read
come on 2008!
doesn’t happen overnight. mismanagement with profits over the years 🤷🏽♂️
So a card I had in my wallet each time they failed….
They played with securities - you don’t always win.
The associated press trying to convince you it’s not like 2008 again is every reason you need to believe it’s exactly like 2008 again.
The banks are going to collapse very soon. Inflation will worsen . Learn to invest and trade crypto to get rich .
How did this happen? It's a mystery.
The Fed was late to raise rates and then to play catch-up raised them too quickly destroying the value of the treasury bills in which the bank had invested. FederalReserve
Shut up. You have no idea yet if this is 2008 again or not.
WOKERY ... that happen
Ridiculous. I will never retire while these bozos are in charge.
AP saying it's not 2008 means it's worse than 2008
You'll be like Forbes in due time
A transitory bank failure
Someond did some dirty dealing behind closed doors is why this bank failed. It is 2008 in the sense that nothing regarding financial institutions being held accountable for shit like this has changed at all.
DEI caused a subpar management group. Gee who knew that hiring based on skin color, gender or sexuality was a bad idea?
Fed and Freedom Caucus gonna destroy the economy and country. Just what Putin ordered.
Skill issue that’s how
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