Chuckles 2,549 Posted March 14, 2023 Share Posted March 14, 2023 I've been following the news about SVB since the weekend. It seems like the Fed has stepped up after Biden's statement that "all deposits are safe" so it didn't fully collapsed. This brings me flashbacks to the 2008 housing crisis, albeit without all its closed door secrecy. Are we going to see a recession soon? https://www.ft.com/content/56a8df6b-3466-4524-9f02-16bc3276c580 I found "material weaknesses" quite cryptic... from Credit Suisse: I'm wondering why our good sis @Economy hasn't posted about it, he's always on top of these news and keeping us fed! Hope you're doing well Link to post Share on other sites More sharing options...
Illuminati 15,965 Posted March 14, 2023 Share Posted March 14, 2023 Afaik the important part was that the bank did have enough assets to cover everyone's deposits it's just that a lot of their money was invested and not readily available. So the bailout isn't as big as it sounds Link to post Share on other sites More sharing options...
bionic 50,111 Posted March 14, 2023 Share Posted March 14, 2023 1 hour ago, Illuminati said: Afaik the important part was that the bank did have enough assets to cover everyone's deposits it's just that a lot of their money was invested and not readily available. So the bailout isn't as big as it sounds how big in terms of $ Link to post Share on other sites More sharing options...
LilMonst3r 5,681 Posted March 14, 2023 Share Posted March 14, 2023 I saw the title of the thread and immediately thought economy posted this. 😅 Link to post Share on other sites More sharing options...
high culture 2,362 Posted March 14, 2023 Share Posted March 14, 2023 Would love to see financial systems collapse and the government just decide it isn't going to collapse with numbers on the computer.. the world needs to wake up that the economy is just a social construct Link to post Share on other sites More sharing options...
phantasmas 12,375 Posted March 14, 2023 Share Posted March 14, 2023 funny how quickly the gov't stepped in priorities..... Link to post Share on other sites More sharing options...
PunkTheFunk 125,703 Posted March 14, 2023 Share Posted March 14, 2023 Coming for @Economy's gig Link to post Share on other sites More sharing options...
Economy 52,861 Posted March 15, 2023 Share Posted March 15, 2023 1 hour ago, high culture said: Would love to see financial systems collapse and the government just decide it isn't going to collapse with numbers on the computer.. the world needs to wake up that the economy is just a social construct That would never be possible cuz every single moving part and every person would have to be in on that simultaneously at once Link to post Share on other sites More sharing options...
Economy 52,861 Posted March 15, 2023 Share Posted March 15, 2023 31 minutes ago, PunkTheFunk said: Coming for @Economy's gig I'm surprised it took this long to get reported on world news lol. I was gonna make a thread on it and forgot Link to post Share on other sites More sharing options...
ANVEEROY 65,231 Posted March 15, 2023 Share Posted March 15, 2023 1 hour ago, phantasmas said: funny how quickly the gov't stepped in priorities..... Then what should have gov done? READ MY...BODY LANGUAGE! Link to post Share on other sites More sharing options...
Economy 52,861 Posted March 15, 2023 Share Posted March 15, 2023 1 hour ago, phantasmas said: funny how quickly the gov't stepped in priorities..... 9 minutes ago, Anveeroy said: Then what should have gov done? Biden made it clear they were protecting and guaranteeing deposits only not investors (although indirectly it ended up calming investor nerves too) I think it's a perfectly reasonable stance If the bank u had money in (assuming you had any savings) u might support the bank deposits being saved as well Link to post Share on other sites More sharing options...
phantasmas 12,375 Posted March 15, 2023 Share Posted March 15, 2023 1 hour ago, Anveeroy said: Then what should have gov done? im not mad they stepped in. im upset that they dont step in for other serious issues just as quickly. Link to post Share on other sites More sharing options...
Economy 52,861 Posted March 15, 2023 Share Posted March 15, 2023 2 minutes ago, phantasmas said: im not mad they stepped in. im upset that they dont step in for other serious issues just as quickly. Fair. But I think some of the other issues ppl want action on are more complex than a quick bailout. Subject to more government blocking from opposition, debates over how to go about it, logistics etc This requires a few signatures basically to say ull back deposits. Fixing something like healthcare on the other hand is infinitely more complex Link to post Share on other sites More sharing options...
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