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Get Off My Lawn
Picture of oddball
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^^^^^^^^^^^
There was a bank run this week by tech workers and V.C. backed companies.

I read today that the startups are fucked by this, nearly 90% of tech startups used SVB.



"I’m not going to read Time Magazine, I’m not going to read Newsweek, I’m not going to read any of these magazines; I mean, because they have too much to lose by printing the truth"- Bob Dylan, 1965
 
Posts: 16752 | Location: Texas | Registered: May 13, 2003Reply With QuoteReport This Post
An investment in knowledge
pays the best interest
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quote:
Originally posted by southernmaninla:
The house of cards is crumbling. Silicone Valley Bank just collapsed 2nd largest bank failure in US history. https://www.cnn.com/2023/03/10.../svb-bank/index.html

Silicon Valley Bank
 
Posts: 3362 | Location: Mid-Atlantic | Registered: December 27, 2002Reply With QuoteReport This Post
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He was thinking about tits.
 
Posts: 17307 | Location: Stuck at home | Registered: January 02, 2015Reply With QuoteReport This Post
Fighting the good fight
Picture of RogueJSK
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For the past couple of decades, venture capitalists and tech startups have relied heavily on being able to borrow money cheaply. But money is no longer cheap to borrow, thanks to the rapidly increasing interest rates. So the salad days of thousands of tech startups being able to blow through millions of dollars each per month in the hopes of eventually "hitting it big" are coming to a screeching halt, and the banks like Silicon Valley that catered to that approach are spiraling down with it.

The good news is that smaller depositors are going to be covered under the FDIC, up to $250k, and access to accounts under that limit will be restored by the FDIC by Monday. So Mom and Dad will be able to access their checking and savings accounts. But Mom and Dad's tech company employers may not be able to access their funds at SVB to cover their $5M in monthly business expenses and payroll.
 
Posts: 32591 | Location: Northwest Arkansas | Registered: January 06, 2008Reply With QuoteReport This Post
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There seems to be a run on Crypto lender Signature Bank too.

That's a shame.


----------------------------------------------------
Dances with Crabgrass
 
Posts: 2183 | Location: East Virginia | Registered: October 12, 2009Reply With QuoteReport This Post
Get Off My Lawn
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It appears that more than 93% of the $161 billion dollars in deposits at SVB are uninsured.




"I’m not going to read Time Magazine, I’m not going to read Newsweek, I’m not going to read any of these magazines; I mean, because they have too much to lose by printing the truth"- Bob Dylan, 1965
 
Posts: 16752 | Location: Texas | Registered: May 13, 2003Reply With QuoteReport This Post
Fighting the good fight
Picture of RogueJSK
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Oof.

I just read an article stating that $21 billion in deposits were pulled out before the FDIC stepped in, which is about 13% of their total deposits, and SVB had to sell off immature bonds at a total $2 billion loss in order to try to meet the massive withdrawal demands.

So basically, before the FDIC halted the hemorrhaging, SVB had lost roughly 23 billion dollars. Eek (Along with nearly 64% of their stock value...)

Sounds like there's going to be a lot of tech companies that banked at SVB that won't be able to make payroll or pay the bills this month.
 
Posts: 32591 | Location: Northwest Arkansas | Registered: January 06, 2008Reply With QuoteReport This Post
Green grass and
high tides
Picture of old rugged cross
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Well, what will the next few weeks bring?
Besides buying opportunities Razz

Many are not in a position to buy.



"Practice like you want to play in the game"
 
Posts: 19265 | Registered: September 21, 2005Reply With QuoteReport This Post
I've always been Crazy!
kept me from goin Insane!
posted Hide Post
quote:
Originally posted by Dakor:
quote:
Originally posted by southernmaninla:
The house of cards is crumbling. Silicone Valley Bank just collapsed 2nd largest bank failure in US history. https://www.cnn.com/2023/03/10.../svb-bank/index.html

Silicon Valley Bank


Sorry my tits are jacked. LOL


------------------------------------------------------------------------------------------------------------------------------------


A 'Veteran' -- whether active duty, discharged, retired, or reserve -- is someone who, at one point in his life, wrote a blank check made payable to 'The United States of America,' for an amount of 'up to, and including his life.' That is honor, and there are way too many people in this country today, who no longer understand that fact.
Author unknown
 
Posts: 2182 | Location: Lyndon,KS | Registered: November 07, 2007Reply With QuoteReport This Post
His Royal Hiney
Picture of Rey HRH
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quote:
Originally posted by old rugged cross:
Well, what will the next few weeks bring?
Besides buying opportunities Razz

Many are not in a position to buy.


Still too soon is my position.



"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.
 
Posts: 19744 | Location: The Free State of Arizona - Ditat Deus | Registered: March 24, 2011Reply With QuoteReport This Post
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[/QUOTE]Sorry my tits are jacked. LOL[/QUOTE]

HODL Smile
 
Posts: 852 | Location: FL | Registered: January 29, 2001Reply With QuoteReport This Post
I've always been Crazy!
kept me from goin Insane!
posted Hide Post
quote:
Originally posted by L90814:
Sorry my tits are jacked. LOL[/QUOTE]

HODL Smile[/QUOTE]

Yes SIR


------------------------------------------------------------------------------------------------------------------------------------


A 'Veteran' -- whether active duty, discharged, retired, or reserve -- is someone who, at one point in his life, wrote a blank check made payable to 'The United States of America,' for an amount of 'up to, and including his life.' That is honor, and there are way too many people in this country today, who no longer understand that fact.
Author unknown
 
Posts: 2182 | Location: Lyndon,KS | Registered: November 07, 2007Reply With QuoteReport This Post
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Two weeks ago I bought some additional JEPI and SCHD ETF shares but I'm not buying anything at the moment. Monday and rest of this week (or this month for that matter) should be interesting for the market especially if people get rattled about the larger banking community.
 
Posts: 1456 | Location: Western WA | Registered: September 11, 2006Reply With QuoteReport This Post
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It does seem like positive catalysts are totally absent. Sometimes that is time to buy. Things are different this time. This time we have Joe running the show. What could possibly go right?


----------------------------------------------------
Dances with Crabgrass
 
Posts: 2183 | Location: East Virginia | Registered: October 12, 2009Reply With QuoteReport This Post
crazy heart
Picture of mod29
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quote:
Originally posted by ZSMICHAEL:
He was thinking about tits.


Who ain't


...
 
Posts: 1782 | Location: WA | Registered: January 07, 2009Reply With QuoteReport This Post
No More
Mr. Nice Guy
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It is getting close to time to start buying back into stocks. I believe there is another leg down and then a broad slow bottom. Dollar cost averaging for me, probably starting in June or July.

Right now looks like a massively great time to buy into precious metals. We are already overweight so I am not buying more, which I may regret but I get comfort with diversification.
 
Posts: 9495 | Location: On the mountain off the grid | Registered: February 25, 2002Reply With QuoteReport This Post
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