All this bank hysteria reminds me of the cray toilet paper crisis during China Virus hype

downvote....not sure if serious?

Both are overblown for sure

Agreed. But you know a lot of people have to experience the pain themselves before they truly realize pain exists. Safe World theorists. Things are great, what could possibly happen? People prefer an illusion that reassures them to the hard work of connecting the dots and realizing where things are likely headed.

Reminds me of Beanie Babies

The millions of people that live in places like nyc and no longer could shite at work and live in tiny apartments did have toilet paper shortages. And those little bodegas dont stock enough toilet paper for that scenario. Social media takes over then idiots in the burbs empty store shelves in response

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Nothing about the current financial situation is overblown

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We don't have to go back that far to know that the current situation is quite bad. It's made even worse by Joey and Janet holding the levers. I don't even want to look at what the markets did today.

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Biden directly explained to the public what exactly he has instructed his administration to do to protect small businesses and workers, including backstopping depositors’ funds, taxpayers not being on the hook for these moves, holding those responsible accountable and not extending relief to investors of Silicon Valley Bank.

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So who in the frick is going to be funding this? He really is one dumb, senile son-of-a-bitch.

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I don't even want to look at what the markets did today.

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The markets are bad but that doesn't mean the situation is bad.

Banks should be doing well now that there are higher interest rates provided they managed risk over the last few years with their fixed income investments. The two banks that failed were likely not typical in that they sucked in that respect.

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The two banks that failed were likely not typical in that they sucked in that respect.

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IIRC SVB's issue stemmed from their reliance on crypto markets over traditional investments. I'd like to know how/why/if that was a legally acceptable way for a large bank to do business.

In hindsight the whole meltdown in 2008/9 was understandable. The creation of minimal document loans, subprime markets, and derivatives built to a head before everything collapsed. You'd think the lesson would have been learned for at least a couple of generations. This was people making stupid decisions. If you were making deposits greater than the FDIC maximum, you should have done your due diligence on the bank. This is especially true for small-medium sized businesses.

This will affect everybody as the fed will now also have to factor in confidence in the banking system when looking at interest rates (essentially bribing people to keep their money in the system). In the '08/9 crisis I was about the same age as my great-grandfather was during the depression. The only money we leave in a bank is what's needed for normal monthly expenses. My kids/grandkids will have to do the same close inspection around the house for money as my grandparents/parents did when my great-grandpa died.

What is the financial equivalent of the bidet?