Have any of you been impacted by the SVB failure?

[myrdale]

You do understand SVB's assets didn't just disappear, right?

Their assets didn't disappear, their liquidity did. They invested their deposits in assets which depended on interest rates. Rates went up, and the value of their investments went down. Suddenly they don't have the cast to pay their depositors.

Had the bankers followed good banking practices this wouldn't have happened.
Had the regulators actually done their job this wouldn't have happened.
Had the bank been allowed to be sold this wouldn't have happened.

It absolutely is a bail out. That the FDIC is covering a single penny over $250,000 should be investigated. And yes the tax payers are funding this. If not directly through our taxes then through higher rates at banks to make up for the increased premiums the banks will have to pay. There is no free money, we are all paying for the President's decision to bail the bank out.

[ua_guy]

I’m sure Peter Thiel had nothing to do with it <sarcasm> telling VC’s to pull out and effectively inspire a run on the bank.

But yeah, let’s focus on wOkE bAiLoUts when the bank’s assets are more than enough to cover its depositors. The idea that this is a bailout is both incorrect and insufferably stupid. But hey, I’m talking to people who believe January 6th was a peace rally.

[myrdale]

But hey, I’m talking to people who believe January 6th was a peace rally.

If you're going to criticize people, then at least get it right. January 6th was "mostly" peaceful. It was so peaceful Nancy Pelosi didn't arrange to have additional security, and the security she did have opened the doors and gave guided tours. That's a pretty peaceful rally. That's probably the most peaceful rally ever. Honestly January 6th should be a national holiday, up there with Independence Day. To celebrate every year I carry a podium between a pair of red felt ropes. Since you brought it up.

If the bank assets are more than enough to cover its depositors then why is the FDIC stepping in?

I don't know anything about Peter Thiel. What I gather is he is worth $4B and he as $50M in SVB. Your talking about 1% of his net worth. It'd be like someone loosing a wallet with $1,000 in it. Kind of sucks but you keep moving on. The FDIC doesn't have any business giving him a penny over $250,000 either.

[ua_guy]

The FDIC is stepping in because the bank failed. When a bank can not cover its depositors, it's no longer a bank. Doesn't matter if the money will be there next week or in a month.

Well, I see you support domestic terrorism or may be a domestic terrorist yourself? I don't need to converse with you or listen to your garbage any longer.

[myrdale]

Well, I see you support domestic terrorism or may be a domestic terrorist yourself? I don't need to converse with you or listen to your garbage any longer.

According to the FBI:

Domestic terrorism: Violent, criminal acts committed by individuals and/or groups to further ideological goals stemming from domestic influences, such as those of a political, religious, social, racial, or environmental nature. Reports: Strategic Intelligence Assessment and Data on Domestic Terrorism.

You are the one who invoked January 6th. All I did was agree with you and owned your insults. I don't think that classifies me or those patriots as terrorist.

[james.hendrickson]

All - this is devolving into personal attacks. I'm locking the thread.