This is good.
The US Economy
Re: The US Economy
The GOP will find a way to say it’s all a bad thing somehow.
Re: The US Economy
There's a big story going on right now about a bank, Silicon Valley Bank, that is going down in flames and taking several tech startups and companies with it. Basically they are the trendy bank in the Bay Area and lots of tech companies put their money into this bank for safe keeping. But concerns about a recent stock sale and other bank activity caused a lot of folks online to get spooked and decide to make a run on the bank and pull their money out. This is sending SVB into a tailspin and causing them to fall into insolvency in the course of just a few days.
Various Bay Area VC types and investors are freaking out and asking the US government to step in and help out.
There are a bunch of stories about various tech companies possibly having lost all of their funds, possibly without any way to recover them. Companies may literally just collapse and go bankrupt over this.
The CEO of the bank may have known trouble was a-brewin', and got out while the gettin' was good:
Various Bay Area VC types and investors are freaking out and asking the US government to step in and help out.
There are a bunch of stories about various tech companies possibly having lost all of their funds, possibly without any way to recover them. Companies may literally just collapse and go bankrupt over this.
The CEO of the bank may have known trouble was a-brewin', and got out while the gettin' was good:
Re: The US Economy
That’s crazy…. Sad for the people who lost everything and hope there’s some help from them. I don’t agree with bail outs of companies by the govt and if anything would rather the govt bail out the individuals and not the institutions causing the problem.
Re: The US Economy
More on SVB from Paul Krugman. Fwiw he doesn't think this will lead to a broader economic downturn or bank run on other banks.
Re: The US Economy
He also got rid of the safety regulations on offshore drilling created after the Deep Water Horizon accident.
Re: The US Economy
WSJ and some other conservative outlets seem to be blaming the SVB failure on "wokeness" and diversity.
Re: The US Economy
More Republicans blaming SVB collapse on diversity.
Re: The US Economy
She is right about one thing. America IS suffering from a crisis of incompetence. She should look in the mirror sometime.
Re: The US Economy
Yep. She's the worst. Well, her and Green (however you spell it; refuse to google it). The Trump disciples of which Trump of course is the king of the worst.
"I play as physical as it gets. Maybe I am playing too hard." - Deandre Ayton
“If you went into a lab and wanted to construct a starting five, this is what it’s going to look like. This is as good as it gets…” - Tim Legler
“If you went into a lab and wanted to construct a starting five, this is what it’s going to look like. This is as good as it gets…” - Tim Legler
Re: The US Economy
The Fed announced that they'll raise rates another quarter point the other day.
In other news, it looks like there is still a bit of a run on banks in the wake of the recent SVB fiasco. In particular folks are pulling money out of smaller banks and moving it into larger ones.
In other news, it looks like there is still a bit of a run on banks in the wake of the recent SVB fiasco. In particular folks are pulling money out of smaller banks and moving it into larger ones.