Run, before it’s too late!
…just kidding
Beyond the SVB situation, more banks took some pretty heavy loses in trading today. I’m not someone who thinks banks aren’t safe, but now with crooked politicians from both sides of the aisle giving assurances even more people will be nervous. The best thing they could’ve done is NOT bring it up.
Run and invest in Banks stocks today Then when Trump is back in 2024 you can sell them and retire nicely. LOL
Run, before it’s too late!
…just kidding
Beyond the SVB situation, more banks took some pretty heavy loses in trading today. I’m not someone who thinks banks aren’t safe, but now with crooked politicians from both sides of the aisle giving assurances even more people will be nervous. The best thing they could’ve done is NOT bring it up.
As always, the government (taxpayers) will bail everyone out….
You can thank our government for what is happening and what is to come.
They unnecessarily shut down the entire country far too long and “printed” over FOUR TRILLION DOLLARS to fix that fu#k up.
Then somehow it was a huge surprise that inflation was exploding.
Gee, I wonder why?
At that point it was too late to do anything without repercussions. They quickly raised interest rates, and now banks will continue to collapse because many of them are heavily invested in government bonds, which can’t make money with the interest rate spikes (that the government controls).
Our government shot themselves in the foot, and the hemorrhaging is only going to get worse.
If Trump would have stayed in office this never would have happened. His Covid spending plan was drastically less than what came after the election.
It’s time to pay the piper thanks to all of those Biden Bucks. Hopefully our economy doesn’t completely collapse in the process.
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Don’t ever consider a bank that is not a part of the FDIC program. If something happens to that bank (like they go out of business), you are not entitled to your money with them. If they are FDIC, they are federally backed by the federal reserve and you will get your money. Anyone that has money with SVB will be receiving their money because they are FDIC.
Ever see the movie BLOW? Johnny Depp puts all of his cocaine money into a Panamanian Bank and when he goes there to collect it, he learns that they liquidated all the assets. So his millions in illegal drug money was all gone lol 
Ever see the movie BLOW? Johnny Depp puts all of his cocaine money into a Panamanian Bank and when he goes there to collect it, he learns that they liquidated all the assets. So his millions in illegal drug money was all gone lol
Of topic, but great movie!!
Carry on!
You can add Signature Bank to the list of failed banks. Sounds like they were primarily in the Crypto world.
FDIC insurance is great…as long as it lasts and you have less than $250k in said bank. Credit Unions have basically the same program thru the NCUA, and it covers $250k per depositor per CU as well.
Agreed BMan! And many of us were shouting this out the whole time. And FWIW both Trump and Biden printed trillions, so maybe we can keep this apolitical (Reading your addition/pics now, HA nevermind!).
You can add Signature Bank to the list of failed banks. Sounds like they were primarily in the Crypto world.
FDIC insurance is great…as long as it lasts and you have less than $250k in said bank. Credit Unions have basically the same program thru the NCUA, and it covers $250k per depositor per CU as well.
Agreed BMan! And many of us were shouting this out the whole time. And FWIW both Trump and Biden printed trillions, so maybe we can keep this apolitical (Reading your addition/pics now, HA nevermind!).
As usual, BigWerm speaking the truth on more ways than one!
As long as you have under $250k in your bank account, you are 100% safe. It’s when people start to freak out and think the money in their bank account isn’t safe, and then flock to the bank and withdraw all their money is when sh*t hits the fan. Bank runs are what will sink the ship.
B-man – Trump had out of control spending too. The deficit growth under Trump was the 3rd largest increase, relative to the size of the economy, of any presidential administration ever. And when you factor in the fact his term was only 4 years whereas most others were 8, it’s significant. Remember when he promised to eliminate the US national debt? Well he actually increased it by roughly 35%.
There’s no one party to blame for the situation we are in… Plenty of blame to go around.
I just read that KPMG auditors confirmed the books of SVB as soon as 11 days ago and now this collapse? How is it possible for that to happen? KPMG has some explaining to do here too.
the headline failures are unique banks. one is heavy in VC/Tech funding. The others got caught up in crypto lending.
That said it will drag down the sector. when you have your money tied up in bonds/debt that is paying you back 2% yet all new money is earning 4%, you can get yourself into trouble.
also, banks fail….all the time. we work with a firm that does nothing but bank/CU liquidation when they do. they’ve been around a long time and are plenty busy. and its a 50 person law firm.
These ones were just big (one being VERY big)
I would let some stuff settle out a bit before you guy plopping down money on some bank stocks. if you do consider a broad sector based etf like IYF. won’t hit a crazy home run but a nice single or double to fund that new trolling motor.
I’m already in the bent over position with my hands on my ankles.
FDIC insurance is great…as long as it lasts and you have less than $250k in said bank.
Just heard that all deposits in SVB will be honored, regardless of the amount. I don’t know how many people have assets larger than that with SVB. Have to imagine its pretty sizable though.
If the DNR ever visited this website this time of year they might consider keeping game fishing season open 12 months out of the year.
What I can’t understand is how someone is SMART enough to have over $250K but still be STUPID enough to keep it somewhere that it is NOT insured.
If the DNR ever visited this website this time of year they might consider keeping game fishing season open 12 months out of the year.
^^^^^^^^^^ That’s funny ^^^^^^^^^^
What I can’t understand is how someone is SMART enough to have over $250K but still be STUPID enough to keep it somewhere that it is NOT insured.
^^^^^^^^^^ That’s funnier! ^^^^^^^^^^
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