I agree. SVB is a very specialized bank that does its business exclusively in the high tech. industry so it does not really represent the banking industry as a whole which is very well-diversified across all sectors of the economy. Plus its inter-business dealings with the rest of the banks in the industry are also quite limited. Even though it's an FDIC-insured bank, it's pretty much a bank that just did its own thing in its own domain, quite isolated from the rest of the banking industry unlike Bears & Stearns and Lehman Brothers which were an integral part of Wall Street. That's why I feel its failure would have a much more limited possibility of spilling over to the rest of the banking industry.
These people don't like online banking https://www.dailymail.co.uk/news/ar...e-Republic-Bank-money-SVB-bank-collapsed.html
Or they have accounts at just that one bank, so no where else to transfer the money too. Although they got nothing to worry about they will be below the FDIC limits.
Dude. People with over 250k in SVB will lose some of their demand deposits. This happend like yesterday. No one is being irrational and this has nothing to do with politics.
It's not that hard to figure out which banks might be in trouble if there's a run on them. I explained this in another thread: Since they're worth a 1000 words, I'll add a little picture here so you all can go bottom fishing for a good bank armed with this simple insight.
Exact same phrase I heard all over reddit when the initial covid-drop started. Then idiots went full retard on stupid shit like non-profitable theaters thinking they'd retire rich by buying shares 20% on discount.
It is a bear market. Business as usual in a bear market means lower lows until the final bottom is in. And the one we got in October wasn't it.