FDIC Closes SVB by CA. Regulators

[Abigayle]

Second biggest bank failure in U.S. history. More rate hikes coming.  Biden just keeps spending.  Let's send more stuff to Ukraine!!!

[Ravenwood1950]

Southern Prepper1 was talking about this. Do we need to get our $$ out of the bank NOW?
Ravenwood

[nj_m715]

SVB is contained

[Surveyor1]

Announced on a Friday trying to limit the damage.  I hear a number of other banks are exposed to them via investment? 

[RWS]

Also when someone moves out of the state, they usually take their money with them.  This tends to weaken banks so that they are more susceptible  to other market things like the bond market & stocks.

[coastiemike]

Southern Prepper1 was talking about this. Do we need to get our $$ out of the bank NOW?
Ravenwood

Already done. 

[Abigayle]

N.J. They can take care of some, but not all.  They only protect up to $250,000.  In CA. that is not a lot of money.  They do a lot of small chip companies, along with some mid-sized.  Many of the major banks are dropping millions, due to the small interest loans they made, followed by growing inflation rates.  They cannot keep up.  You can check on your bank and see what they have for hard assets. You might be surprised how little it actually is. Lots are floating, it's like a giant Ponzi scheme.  This last statement is just something floating around in my head, after a six hour night.
Ravenwood, if you take it out of the bank, don't put it under your mattress (I know you would not do that).  It's amazing what you might give up with a gun to your head.
R.W.S. You are right, when people leave a state, they usually take their money with them.  This is esp. true of CA.  They are leaving in part due to high taxes and money left in banks there will be heavily taxed.  I bet most wire it out of town before they get in the car.

[RWS]

Yeah,  I took mine out the bank a couple of years ago and bought my BOL property.  Now I get to pay taxes on that.  Since my drive way is a county road, they maintain it.  They have way more in road repairs this year than I have in taxes. 

PS:  I hear Elon Musk is interested in buying that California Bank....

[Surveyor1]

In this article is a list of companies nd their exposure over the $250,000 FDIC threshold.  I’m sure a lot of people are pretty angry!

https://www.zerohedge.com/markets/record-bank-run-drained-quarter-or-42-billion-svbs-deposits-hours-leaving-it-negative-1bn

[RWS]

Monday is not going to be a good day for the stock market.  I am hearing that Wells Fargo is also going under on Monday!  I hope that is just a Rumor....
--------------------------------------
Wells Fargo Glitch Causes Customers’ Money to Disappear, Leaving Negative Balances
Thousands of Wells Fargo customers, the fourth largest bank in the United States by total assets at $1.7 trillion, report that their money mysteriously disappeared from their accounts, leaving them with negative balances.
Bank of America and Wells Fargo both engaged in closing accounts of Conservatives in and around the 2020 election. If you’re smart, you’ll move your money and banking instruments to a conservative bank TODAY
https://www.thegatewaypundit.com/2023/03/wells-fargo-glitch-causes-customers-money-to-disappear-leaving-negative-balances/

[bountyhunter]

Whats your source of intel that Wells Fargo is going under on Monday?

[Starlady]

I'm hearing they are in trouble, today auto deposits failed to show up in most customer accts - but they are blaming that on a tech glitch and everything is ok.    Yesterday, while everyone was looking at SVB, they posted that 4th quarter profits were down 50% due to a regulatory hit and Thursday they were telling people to buy SVB.  All the above is from newspaper reports on google.  My banking friend tells me that a lot of payroll service companies used SVB and the ripples will be widespread.

[Abigayle]

From a higher up employee with Wells Fargo.  They are no longer doing mortgage loans. She got her paycheck deposited into her act as usual yesterday.  No one at work is voicing any concerns.  This is a wife of my son's best friend.  That is the only in house source that would talk off the record.  She may be the last to know.
Public records show that Wells Fargo is not super solid. All the Low interest loans, followed by high inflation has hurt the banks, using a wide brush.
On another site, people are discussing standing in lines (short 6-8 people) to withdraw cash.  They claim they go to these spots on a weekly basis and have not had more than one person ahead of them.  I have no idea if this is rumor, but the source seems pretty solid, it terms of past claims.  Dominos anyone?

[Surveyor1]

El Erian in 2008 said, “If you see a line at a bank get. In it!”…. That seems to be what a lot of people are doing.  Lol know Biden he’ll issue an EO saying to withdraw money from your bank you have to be vaccinated 🤦‍♂️…. On a happy note it was reported that Oprah and Prince Harry bank with SVB🤔…

Interesting article….

https://www.zerohedge.com/markets/never-seen-over-40-years-svb-collapse-sparks-bank-runs-people-wait-lines

[Surveyor1]

So another large bank, this one in NY, goes under and now the Feds are going to bail these banks out?  Going to be interesting to see what Monday brings🤦‍♂️…

https://www.zerohedge.com/markets/svb-latest-developments-live-blog-fdic-auction-failed-svb-assets-underway