Silicon Valley Bank shut down by regulators

[Ban Hammer 13,255]

7 hours ago, Nature Boy 2.0 said:

Interesting off topic comment. I had a customer yesterday that is in the scrap business. We were discussing catalytic converter theft. He mentioned they contained a substance called

Rhodium.  I got a chuckle thinking of my Rhodium status, wich btw I am thinking of renewing despite not participating as much as I use to. BTW I been paving the way with upvotes.

now we know who's been swiping all of the catalytic converters!

[TBoneTX 45,014]

Letting Silicon Valley Bank Melt Down Might Be Painful but It Wouldn't Be Stupid Like Saving It
 

https://redstate.com/streiff/2023/03/11/letting-silicon-valley-bank-melt-down-might-be-painful-but-it-wouldnt-be-stupid-like-saving-it-n714974

[Dashinka 24,364]

4 hours ago, TBoneTX said:

To the contrary, I expect that the bank will be bailed out.  Gov. Hair Gel or Bidementia's controllers will find the way.

Depends on what their ESG score is.

[Nature Boy 2.0 8,370]

41 minutes ago, Ban Hammer said:

now we know who's been swiping all of the catalytic converters!

He said some are worth a 1000 bucks.  Seems like an easy problem to fix.

[Boiler 45,294]

[LIBrty4all 3,749]

20 hours ago, Mike E said:

I’ve seen one report on Reddit r/personalfinance of this happening. I don’t think it was just big firms. It seems silicon valley startups routinely used SVB.

 

My wife is an Etsy seller and she says some sellers didn’t get their periodic payouts because Etsy puts pending payouts in an SVB bank account   
 

My wife wasn’t affected; her last sale was over a week ago abd she was paid. I suppose she will pause her listings. If enough sellers do this, Etsy will be in trouble: it’s effectively the same as a run on bank.

 

If Biden doesn’t have a plan in place by Sunday night, I think the stock markets will be Armageddon on Monday. 
 

 

 

I hope you are right.  I'm poised to make back the thousands and thousands Biden has taken from my accounts the past 2 years.

[LIBrty4all 3,749]

55 minutes ago, Nature Boy 2.0 said:

He said some are worth a 1000 bucks.  Seems like an easy problem to fix.

It's not easy to fix.  And yes, $800-1000 seems to be the norm.  And about what it costs (or a tad more) for the victims to replace them.  Recently had a body shop close to me get hit, they stole 8 CCs in one quick raid.  And the shop had to replace them all.  Theft hurts all of us.  Dead criminals are never repeat offenders.
 

I installed a system on my new truck to detect shocks and tilts (commonly, thieves jack up one side, cut the CC out with a battery sawzall, and are gone in less than 5 minutes).

If I get the alarm on my phone, I can be outside and steadily aimed in less than 30 seconds.  Since a head shot might damage my undercarriage, I figure a nut shot will have to do.  And will likely stifle most of any potential conversation.  Dead criminals are never repeat offenders.  (Heard that somewhere afore).

Edited March 12, 2023 by LIBrty4all

[TBoneTX 45,014]

12 minutes ago, LIBrty4all said:

a nut shot will have to do

And, after surviving that, do they get sentenced to a penile institution?

[yuna628 9,665]

9 hours ago, Nature Boy 2.0 said:

Interesting off topic comment. I had a customer yesterday that is in the scrap business. We were discussing catalytic converter theft. He mentioned they contained a substance called

Rhodium.  I got a chuckle thinking of my Rhodium status, wich btw I am thinking of renewing despite not participating as much as I use to. BTW I been paving the way with upvotes.

The old rust bucket car got it's catalytic attempted to be stolen.. well technically, the thief couldn't get it off but damaged under there so badly it needed to be replaced anyway. My dad's got stolen twice in one year. There are basically shopping centers around these parts it's no longer safe to leave your vehicle parked. It's really bad here. They always say park in a well-lit area... dude they are doing it in broad daylight!

[Dashinka 24,364]

Probably belongs both here and in the Biden Tanking thread.  Anyway, it didn’t take too long for someone to come out and start saying a bailout is needed.

 

Billionaire Bill Ackman on SVB collapse: Government has 48 hours to fix 'irreversible mistake'
 

https://www.foxbusiness.com/markets/billionaire-bill-ackman-svb-collapse-government-has-48-hours-fix-irreversible-mistake

[LIBrty4all 3,749]

Well, at least the CEO and CFO made a killing just before the run happened.  Isn't corrupt capitalism GREAT???

[Boiler 45,294]

US regulators bail out SVB customers, who can access all their money Monday https://www.cnn.com/2023/03/12/investing/svb-customer-bailout/index.html

 

No way Joe was going to leave his mega donors in the lurch

[Nature Boy 2.0 8,370]

1 hour ago, Boiler said:

US regulators bail out SVB customers, who can access all their money Monday https://www.cnn.com/2023/03/12/investing/svb-customer-bailout/index.html

 

No way Joe was going to leave his mega donors in the lurch

My wife works for Kroger, which is a UFCW union shop. They recently received a govt  grant. So that if you were in the Union and worked during Covid, you get 600 bucks from the Union, but of course it's tax payers money.

 

Democrats buying votes from the Unions. Absurd

 

[LIBrty4all 3,749]

2 hours ago, Nature Boy 2.0 said:

My wife works for Kroger, which is a UFCW union shop. They recently received a govt  grant. So that if you were in the Union and worked during Covid, you get 600 bucks from the Union, but of course it's tax payers money.

 

Democrats buying votes from the Unions. Absurd

 

Agree it's absurd.  But did you turn it down?

[Dashinka 24,364]

12 hours ago, Boiler said:

US regulators bail out SVB customers, who can access all their money Monday https://www.cnn.com/2023/03/12/investing/svb-customer-bailout/index.html

 

No way Joe was going to leave his mega donors in the lurch

Apparently SVB meets the proper ESG ratings.  Also, it is interesting how Yellen and others are trying to redefine the word "bailout".  It is just like Fauci redefining Gain of Function.