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(Thread IKs: skooma512)
 
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tristeham
Jul 31, 2022

Slow News Day posted:

...yes? It was a bank used by a ton of SV investors and companies.

Bank failures are common. The reason you don't hear about them is because the government has mechanisms in place to deal with them, and does so fairly quietly after hours and overnight, and by the following morning the problem has been resolved. The reason this one became a problem is because of timing: it happened way faster than people thought, and it happened in the middle of the day on a Friday. That's the real reason senators were talking about it within hours of it happening. Everyone recognized the risk it posed to the entire system, especially since SVB was both large and fairly prominent, despite being a regional bank.

I'm certainly annoyed that the bank management made lovely decisions and then a bunch of tech bros basically scared each other into committing a bank run that screwed each other (and everyone else) over and had to be rescued from the mess. Livid at the government response, though? Lmfao, no. On the contrary, the government acted competently and on very short notice to prevent what would definitely have turned into a major economic depression. It acted as a safety net for depositors (good) while allowing investors to lose everything (great) and making sure management doesn't get off the hook (fantastic). Maybe that's bad news for people in this thread who constantly scream for blood, but it's good news for literally everyone else.

holy poo poo

Slow News Day posted:

This is just false equivalence, and underscores the actual reason Turks have a problem with calling it "genocide" and equating it with other genocides. Unlike the Jews, who were living peacefully in Germany and participating peacefully in German society, the Armenians did in fact take up arms against the Ottomans in a very opportunistic fashion (goaded by, among others, Russia, who was trying to destabilize the Ottomans on the Eastern Front), attacked and burned Ottoman villages and slaughtered countless civilians. The Ottomans did have to divert a significant portion of their military to deal with these uprisings, which unfortunately resulted in them perishing during the forced relocations.

(USER WAS PUT ON PROBATION FOR THIS POST)

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Pittsburgh Fentanyl Cloud
Apr 7, 2003


Buffer posted:

That's a hell of a thing to post as the poster child of moral hazard possibly explodes.

Incentivizing our failson investor class to take bigger and bigger risks is good, actually

coelomate
Oct 21, 2020


hey it's that guy in everone's avs!

https://twitter.com/DeItaone/status/1636040147610345474

HallelujahLee
May 3, 2009

you gotta ask yourself why they arent perma-banned but we all know the answer

Pittsburgh Fentanyl Cloud
Apr 7, 2003


We can only reach Ultimate Innovation when the Innovators know they never be penalized for anything ever

Slow News Day
Jul 4, 2007

SKULL.GIF posted:

"Bank failures are common," conveniently omits that 1. The majority of bank failures occur during economic turmoil/recession 2. These failing banks are typically somewhere within hundreds of millions to a few billions AUM. Not $171 billion, or $700 billion.

Totally. Like I said, SVB was a pretty large bank in terms of AUM. That definitely contributed to lighting the government's pants on fire.

PoundSand
Jul 30, 2021

Also proficient with kites
Credit Suisse thinking they’re putting on the original Gloria Gaynor “I will survive” but it’s actually the CAKE cover.

FistEnergy
Nov 3, 2000

DAY CREW: WORKING HARD

Fun Shoe
gimme dat blood babyyyyy

coelomate
Oct 21, 2020


UNLIMITED FREE SOUP, SALAD, BREADSTICKS, AND A BARREL OF CRUDE OIL WITH EVERY BANKING CRISIS:

https://twitter.com/FirstSquawk/status/1636040782124597249

RadiRoot
Feb 3, 2007

fanfic insert posted:

vix on +20.69%

Slow News Day
Jul 4, 2007

https://twitter.com/ArmandDoma/status/1635872263265468416?s=20

euphronius
Feb 18, 2009

Slow News Day posted:

Totally. Like I said, SVB was a pretty large bank in terms of AUM. That definitely contributed to lighting the government's pants on fire.



it would be better inflation adjusted but that is a good chart

SKULL.GIF
Jan 20, 2017


Subvisual Haze posted:

Maybe we shouldn't have a private banking system if it is constantly on government life support and needing immediate bailouts lest the entire economy immolate?

Subvisual Haze
Nov 22, 2003

The building was on fire and it wasn't my fault.
I am calling my congressman right now and demanding we bailout the European bank.

RadiRoot
Feb 3, 2007

RealityWarCriminal posted:

there are over 1000 bank failures a year and most dont make the news

thanks pete!

euphronius
Feb 18, 2009

coelomate posted:

UNLIMITED FREE SOUP, SALAD, BREADSTICKS, AND A BARREL OF CRUDE OIL WITH EVERY BANKING CRISIS:

https://twitter.com/FirstSquawk/status/1636040782124597249

the only thing keeping inflation under 6 or 7%

why are prices still going up if energy is cratering ??

Wraith of J.O.I.
Jan 25, 2012



i learned yesterday a sibling of a friend works in health care on the east coast, and their employer for some reason banked with SVB

they're currently getting paid via venmo

In Training
Jun 28, 2008

euphronius posted:

the only thing keeping inflation under 6 or 7%

why are prices still going up if energy is cratering ??

Supply and Demand. Trust the plan.

kik2dagroin
Mar 23, 2007

Use the anger. Use it.
idiots, don't they know if they invert the chart then the line is going up

holefoods
Jan 10, 2022

In Training posted:

Supply and Demand. Trust the plan.

I demand blood

Red Baron
Mar 9, 2007

ty slumfrog :)
https://twitter.com/darkdotfail/status/1636021115838447618?s=46&t=oj8keVLy-071387ITfdh2A

well… they ain’t wrong

Mirthless
Mar 27, 2011

by the sex ghost

Yeah dude the answer wasnt to bail out SVB the answer was to create legislation to protect payroll funds and dictate how the money is stored

I understand that things cant happen but i don't have to pretend this is a good thing

Ehat are the odds this rear end in a top hat had a deposit over 250k in SVB?

Pittsburgh Fentanyl Cloud
Apr 7, 2003


euphronius posted:

the only thing keeping inflation under 6 or 7%

why are prices still going up if energy is cratering ??

because gently caress you

RadiRoot
Feb 3, 2007

euphronius posted:

the only thing keeping inflation under 6 or 7%

why are prices still going up if energy is cratering ??

we may never know. :iiam:

RealityWarCriminal
Aug 10, 2016

:o:
Based Bernie Bailout

Orvin
Sep 9, 2006





Just ignore all those failed exchanges. The closest thing Bitcoin has to a bank.

HallelujahLee
May 3, 2009

man good thing these energy prices went down im sure my electric bill went down oh my

FlapYoJacks
Feb 12, 2009

euphronius posted:

the only thing keeping inflation under 6 or 7%

why are prices still going up if energy is cratering ??

inflation isn’t at 7%. It’s been at 20%+ for the last two years and they keep changing the formulas to make it look like 7%.

HallelujahLee
May 3, 2009

FlapYoJacks posted:

inflation isn’t at 7%. It’s been at 20%+ for the last two years and they keep changing the formulas to make it look like 7%.

yeah i feel like constantly repeating the bsed number is not a good idea but i guess its normalized

euphronius
Feb 18, 2009

FlapYoJacks posted:

inflation isn’t at 7%. It’s been at 20%+ for the last two years and they keep changing the formulas to make it look like 7%.

that’s even worse !!

webcams for christ
Nov 2, 2005

this is what it means to be a G-SIB

holefoods
Jan 10, 2022

I don’t know what the big deal is I’ve never bought anything with swiss francs

euphronius
Feb 18, 2009

maybe we should not let banks get that big

webcams for christ
Nov 2, 2005

Justin Tyme
Feb 22, 2011


euphronius posted:

maybe we should not let banks get that big

or do, but they're controlled by the federal government and ran through post offices

Orvin
Sep 9, 2006




The Swiss didn’t ditch their currency when the Euro became a thing? drat, I learned something today.

How many other EU countries kept their currency around? Other than the British (I know they are not in EU).

webcams for christ
Nov 2, 2005

Justin Tyme posted:

or do, but they're controlled by the federal government and ran through post offices

:hmmyes:

and just lol at today's trading volume:



Orvin posted:

The Swiss didn’t ditch their currency when the Euro became a thing? drat, I learned something today.

How many other EU countries kept their currency around? Other than the British (I know they are not in EU).

Switzerland is not a member of the EU my dude

Burn Zone
May 22, 2004



Orvin posted:

The Swiss didn’t ditch their currency when the Euro became a thing? drat, I learned something today.

How many other EU countries kept their currency around? Other than the British (I know they are not in EU).

Switzerland isn't part of the EU

fanfic insert
Nov 4, 2009

kik2dagroin posted:

idiots, don't they know if they invert the chart then the line is going up

:hmmyes: biden gonna go out and declare opposite week

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Wraith of J.O.I.
Jan 25, 2012


Orvin posted:

The Swiss didn’t ditch their currency when the Euro became a thing? drat, I learned something today.

How many other EU countries kept their currency around? Other than the British (I know they are not in EU).

they're not in the EU

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