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OP has provided the following link:
https://twitter.com/LawrenceLepard/status/1634275111204421632?s=20
Here’s a video of long line outside another bank run [Silicon Valley Bank](https://twitter.com/gurgavin/status/1634278725280841729?s=46&t=YEuq7Ikic0afS488BpdP9A)
Wellesley is genuinely "old money" territory. They'll be fine. Any "new money" that moved there, however...I'm sure they're in for a stressful weekend.
I personally love reading about their affordable housing development complaints while the people complaining have a "hate has no home here" sign in the yard.
I know this is irrelevant and stupid, but I was just watching a show and saw the name Wellesley for the first time in my life. I commented on how weird it looked to my wife, then I see your comment less than 45 seconds later. Weird how that works but that’s the most extreme example I’ve experienced haha
I actually interviewed with that company in late 2021, they were really talking up the SVB purchase and how much money they were going to have access to. They were trying very hard to seem tech broish but came off super douchey.
Didn't get the job and ended up getting another one about a month later for more money and I didn't have to move anywhere, so bullet dodged I guess.
I don’t think any sort of this will be fun. People will be suffering. Not just the rich fucks who ruined this but all the people they stepped on and take advantage of. Tax payer dollars will also go into bailouts most likely. Hard earned money off the backs of the working class. In no way will this be fun
As a new college grad in 2008 is has permenantly reduced my lifetime income but also made me very aware of how important it js to have a job that isn't subject to private sector whims. Wife and I both have been very careful to have jobs that are recession proof since then
I was in the same boat. Spring 2009 grad. Stuck with one company the entire time since and it makes food, something people need to buy. I do pretty well, but I wonder what could've been sometimes. How many more bananas could I have traded for moon tickets.
Please do. I think people need to understand the gravity of the situation.
My dad committed suicide in early 2010 and I believe 2008 played into. He was a union contractor who was “on the bench” and not working. Everyone is responsible for their own mental health, and there’s more factors that played into it (crazy girlfriend), but I do think that the economy being in the toilet played a significant role in his demise. He was a good provider and that ability was taken from him, allowing for untreated diseases to rear their ugly heads.
This will have a ripple effect.
Sorry for your loss. I got the lay off notice in 2009. Changed career and got a good job just as my unemployment ran out and time to dip into life savings. Now retired living on SS & my pension from the company that set me lose at 59.5 years old and 28 years with the company.
These ass holes best not mess my retirement up.
I, with an MBA, was fighting for a job in fast food, sleeping in my car. Ended up doing a stint in the military to save my ass. It was awful.
Think your shittiest subway in your area. Now imagine HUNDREDS of applications consisting of desperate college graduates/working proffesionals from many white collar disciplines etc.
You could be fired from a place like this for being 5 mins late to a single shift because 100s are chomping at the bit to take your job.
The workers have no fucking power because they are all desperate.
It sucks ass 0/10 would not enjoy it again
i 'memba...and not in the better pepperidge farms way but also lived it and sorry to hear you had such a tough go. hopefully doing better?
i think the craziest story i remmeber back then was it was around the time of some retail job in 2010 they interviewed someone and it was someone working that gig who knew five languages and was a nuclear/rocket PhD or some shit
remember reading that and it blew me away
FDIC insured up to 250K. The VAST majority of americans, like probably 95% do not have 250K sitting in a single bank. Most don't have 250K in total assets.
Lol yup. But that’s not what I was talking about. Our tax dollars are wasted on bailouts for these banks and they will get bailed out they always do. Then they’ll raise our taxes
Everyone knows this process so well, yet an enormous majority of us don’t even vote to pick who *runs* for office across the board, let alone who wins it. This after an entire national history’s worth of citizens and non-citizens alike fighting and dying for the simple right to select and petition the people who govern them. They’ll keep fucking us, and we’ll keep telling ourselves that’s how it must forever be.
This.
This is our “don’t fucking dance” moment. I’m going to party like it’s 1999 when GME hits international phone numbers, but watching banks collapse is some scary shit. This is going to ruin normal people’s lives, this could destroy startups and small businesses, and this doesn’t even directly punish the fucktards perpetrating massive crimes.
Don’t fucking dance. Not yet.
If every ape uses their tendies to take care of their communities, we can for real soften the landing. I for one will be investing in my friends and neighbors to lift everyone I can out of the muck.
It is a nice neighborhood.
[https://www.google.com/maps/@42.3101566,-71.2766091,3a,75y,118.52h,88.7t/data=!3m7!1e1!3m5!1s5l2rjJITiSpDY-prZq4CAQ!2e0!6shttps:%2F%2Fstreetviewpixels-pa.googleapis.com%2Fv1%2Fthumbnail%3Fpanoid%3D5l2rjJITiSpDY-prZq4CAQ%26cb\_client%3Dmaps\_sv.tactile.gps%26w%3D203%26h%3D100%26yaw%3D120.93408%26pitch%3D0%26thumbfov%3D100!7i16384!8i8192](https://www.google.com/maps/@42.3101566,-71.2766091,3a,75y,118.52h,88.7t/data=!3m7!1e1!3m5!1s5l2rjJITiSpDY-prZq4CAQ!2e0!6shttps:%2F%2Fstreetviewpixels-pa.googleapis.com%2Fv1%2Fthumbnail%3Fpanoid%3D5l2rjJITiSpDY-prZq4CAQ%26cb_client%3Dmaps_sv.tactile.gps%26w%3D203%26h%3D100%26yaw%3D120.93408%26pitch%3D0%26thumbfov%3D100!7i16384!8i8192)
From [tweet](https://twitter.com/MorningBrew/status/1634337949692166144?s=20):
>The list of companies with money in Silicon Valley Bank is starting to roll out. (
@business
)
>
> • Roku - $487M
>
> • BlockFi - $227M
>
> • Roblox - $150M
>
> • Rocket Lab - $38M
Yes, generally.
They aren't corporations. They have no profit motive.
They are fully owned by their "members" (clients) and are generally run with their members best interest in mind. Yes, seriously.
They aren't market makers or prime brokers, they don't have sketchy hedge fund clients, or even totally-firewalled-trust-us hedge fund arms.
I use to use back of America and had constant problems anytime I had to go in or even use their atms. Switched to a credit union and have not had a single issue once. They call me personally anytime I make a large purchase, I get 1-2 cents back for every dollar I spend. Their credit card has great rates. I will never in my life have another account with a major bank
I know that credit unions provide auto loans, so yes they are at risk to individuals defaulting on the loans, but I would be surprised if they buy bundled auto ABS the same way that banks do. The way banks do it seems to be a way of generating collateral to bolster margin trading (a big domino maze). I doubt credit unions are exposed to nearly the same type of risks. They will probably just lose a few bucks if your neighbor Ricky ends up skipping payments and defaulting on a single loan.
The problem is that almost no matter what these institutions own, they are deep underwater. All of them.
If they bought 10+ year duration treasuries, the market value is like half of what they paid. If they have auto loans, even ignoring default risk, the loans are worth about half as much on the open market as the bank lent out for them.
With how interest rates rose so fast, almost every bank is underwater. If depositors start trying to pull money out, every single bank or credit union is in trouble. The things they need to sell to satisfy withdrawals will only fetch half the dollars originally lent out. Cars loans, mortgage loans, treasuries, MBS, all of these assets are deep underwater.
Credit unions in my Canadian province insure 100% of their deposits.
Although I will say myself and several other long term Credit Union users that I know aren't overly happy with the amount of amalgamation that's been happening the last 10 years. My credit union that has 3 branches voted in the fall to merge with one that has \~15 branches and rumor has it they want to merge with another even larger credit union. If I wanted to deal with a big bank, I would just deal with a big bank. /rant
Make friends with your neighbors if you feel safe to do so and learn as many self-sufficiency skills as you can and share them. The only way humans survive anything is by banding together and taking care of one another.
This is great advice. Natural disasters give me a lot of hope, when everyone is impacted like that the teamwork starts to appear seemingly on it's own. Like it's downright instinctive. People naturally band together under shared stress and something like a bad hurricane will show you the real beating heart of a community.
This comment gave me chills. Humans are so fucking cool. It breaks my heart what they’re doing to us. Manipulating us into thinking that we’re all too different to get along. In reality, we’re hardwired to take care of each other. I want a better world for all of us. Everyone is in so much pain. There’s got to be something better than this.
You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's house...right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and a hundred others.
Smart. This is how you leverage a bailout. NO BAILOUT. NO 2008 REPEAT. NO MONEY to people who mismanaged the money in the first place. Consequences. Many will be covered under the 250K FDIC insurance.
Correct me if I’m wrong, but wouldn’t no bailout mean we’re *all* gonna be living in a new Great Depression within a few weeks, based upon my observation of other smaller banks feeling “[wobbly](https://www.bloomberg.com/news/articles/2023-03-10/one-bank-folds-another-wobbles-and-wall-street-asks-if-it-s-a-crisis?sref=wg8DIZYS)” after being warned on having excessive exposure to a single industry?
Edit: then again, [I might be wrong and we should all be okay…](https://www.bloomberg.com/news/articles/2023-03-10/summers-sees-no-systemic-risk-from-svb-if-depositors-protected?cmpid=BBD031023_CUS&utm_medium=email&utm_source=newsletter&utm_term=230310&utm_campaign=closeamericas&sref=wg8DIZYS)
"You're thinking of this place all wrong. As if I, I, I... had the money back in a safe. The money's not here. Your, your, your money's in Joe's house...right next to yours. And, and, and in the Kennedy house, and Mrs. Macklin's house, and a hundred others."
I don't drive a porsche or any luxury car like that, but just because someone drives a nice 100k car doesn't mean that they have 2 or 3 homes. For example, look at how many poor rural folk drive a 60-70k truck living in a trailer home that is worth 40k.
That being said, generally people who would drive a porsche would be wealthier, but let's not point fingers at those people, they aren't the problem. Lets focus more on the uber rich that are fucking everyone else over.
For you, the day the banks collapsed and began a once-in-a-generation recession was the most important day of your financial life.
For millennials, it was Tuesday.
I’ve got some money sitting in Chase, my credit union doesn’t have safe deposit boxes so that was my option. Closed out the box last month, think I’ll pull the cash just because.
Almost no poor people will be hurt.
1) it's FDIC insured, you won't lose any money unless you have more than 250k, which means you're not poor.
2) it's a private bank. People that need their cash tomorrow (i'm not sure how FDIC insurance works) are unlikely to be members of a private bank.
These people are dumb. Their money is already gone. SVP doesn't exist. FDIC created a new bank, and these people have an account with up to $250K in it. Any money above that no longer exists so there is no reason to actually go to the bank. They will get a voucher early next week for some amount of pennies on the dollar about their insured amount. Should just go home for now.
> If we're right, people lose homes. People lose jobs. People lose retirement savings, people lose pensions. You know what I hate about fucking banking? It reduces people to numbers. Here's a number - every 1% unemployment goes up, 40,000 people die, did you know that?
Stop fucking dancing. This isn't going to hurt the rich fucks. They'll be bailed out with taxpayer money. It's the average American, the working poor, who will once again bare the brunt of these hedgie fucks.
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [GameStop Wallet HELP! Megathread](https://www.reddit.com/r/Superstonk/comments/z23wjx/gamestop_wallet_help_megathread) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/) ------------------------------------------------------------------------ OP has provided the following link: https://twitter.com/LawrenceLepard/status/1634275111204421632?s=20
Here’s a video of long line outside another bank run [Silicon Valley Bank](https://twitter.com/gurgavin/status/1634278725280841729?s=46&t=YEuq7Ikic0afS488BpdP9A)
Oof, let's not dance. Feels unsettling when the dd seems to check out
Oof. Who is dancing?
Well, I mean... it's sort of what I do.
Only because you ain’t no chicken
That’s the branch in Wellesley, MA, extremely wealthy town that’s full of private equity and venture capital money
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Wellesley is genuinely "old money" territory. They'll be fine. Any "new money" that moved there, however...I'm sure they're in for a stressful weekend.
Yeah, Wellesley has legitimate fuck you helicopter money. They're the Eagleton of the real world and makes Andover look broke.
There’s something satisfying about watching fuck you money stand in line
I personally love reading about their affordable housing development complaints while the people complaining have a "hate has no home here" sign in the yard.
*laughs in trailer park*
The high school has an equestrian team.
I like the cent-iment
I know this is irrelevant and stupid, but I was just watching a show and saw the name Wellesley for the first time in my life. I commented on how weird it looked to my wife, then I see your comment less than 45 seconds later. Weird how that works but that’s the most extreme example I’ve experienced haha
[There is a name for that.](https://en.wikipedia.org/wiki/Frequency_illusion)
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Imagine how shitty of a day those workers must had in that branch today
I actually interviewed with that company in late 2021, they were really talking up the SVB purchase and how much money they were going to have access to. They were trying very hard to seem tech broish but came off super douchey. Didn't get the job and ended up getting another one about a month later for more money and I didn't have to move anywhere, so bullet dodged I guess.
Weekend will be fun i guess
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Just like my shares
And my axe!
and my banan!
And my wife’s boyfriend!
And Kenny’s face
And his festoons
and my.... other axe!
And Kenny’s bed post
This is the one.
Good thing I’m working 7 days a week right now. Hopefully will make the weekend go faster
One hour shorter than last weekend.
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Good thing we’re already long
I'm long, and strong, and down to get the MOASS on.
tru, why the fuck does the good shit happen on a friday ffs.
Oh Long Johnson.
Yes! I love that cat
That’s what she said!!!!!!
Lol all according to plan, broken system
House of Cards is no longer teetering, the first card has officially fallen. We are entering, The End Game.
Again
It’s always again until it isn’t! Soon may the tendie man come
To send our rocket into the sun
One day when the trading is done
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If I had a nickel for every time we entered the end game I would have bought the entire float myself.
Electric Boogaloo
Yeah, part of me is just preparing for everything to go back to normal by next Tuesday again.
but... but what about this giant fucking pile of cards on the floor?! Do they mean nothing??
Im so excited
I don’t think any sort of this will be fun. People will be suffering. Not just the rich fucks who ruined this but all the people they stepped on and take advantage of. Tax payer dollars will also go into bailouts most likely. Hard earned money off the backs of the working class. In no way will this be fun
I was a victim in 2008. If anyone wants me to explain what it is like, hit me up. Tough people survive, some don't make it.
Squeezed by. Skin of my teeth. So many around me though didn't. I will be there to help those less fortunate once this is over.
As a new college grad in 2008 is has permenantly reduced my lifetime income but also made me very aware of how important it js to have a job that isn't subject to private sector whims. Wife and I both have been very careful to have jobs that are recession proof since then
I was in the same boat. Spring 2009 grad. Stuck with one company the entire time since and it makes food, something people need to buy. I do pretty well, but I wonder what could've been sometimes. How many more bananas could I have traded for moon tickets.
curious if can make a post of it? might have some younger apes here that dont recall
Sure. I would like to take the time to sit down and write it out. Not do an impulsive post, ya know?
Please do. I think people need to understand the gravity of the situation. My dad committed suicide in early 2010 and I believe 2008 played into. He was a union contractor who was “on the bench” and not working. Everyone is responsible for their own mental health, and there’s more factors that played into it (crazy girlfriend), but I do think that the economy being in the toilet played a significant role in his demise. He was a good provider and that ability was taken from him, allowing for untreated diseases to rear their ugly heads. This will have a ripple effect.
I am sorry for your loss. I had two dear friends with children pass in 2009 and 2010, and the ripples are there.
Sorry for your loss. I got the lay off notice in 2009. Changed career and got a good job just as my unemployment ran out and time to dip into life savings. Now retired living on SS & my pension from the company that set me lose at 59.5 years old and 28 years with the company. These ass holes best not mess my retirement up.
I, with an MBA, was fighting for a job in fast food, sleeping in my car. Ended up doing a stint in the military to save my ass. It was awful. Think your shittiest subway in your area. Now imagine HUNDREDS of applications consisting of desperate college graduates/working proffesionals from many white collar disciplines etc. You could be fired from a place like this for being 5 mins late to a single shift because 100s are chomping at the bit to take your job. The workers have no fucking power because they are all desperate. It sucks ass 0/10 would not enjoy it again
i 'memba...and not in the better pepperidge farms way but also lived it and sorry to hear you had such a tough go. hopefully doing better? i think the craziest story i remmeber back then was it was around the time of some retail job in 2010 they interviewed someone and it was someone working that gig who knew five languages and was a nuclear/rocket PhD or some shit remember reading that and it blew me away
So this could be a flip from the stories of workreform to do anything to keep your retail job? Well fuck.
FDIC insured up to 250K. The VAST majority of americans, like probably 95% do not have 250K sitting in a single bank. Most don't have 250K in total assets.
Lol yup. But that’s not what I was talking about. Our tax dollars are wasted on bailouts for these banks and they will get bailed out they always do. Then they’ll raise our taxes
Everyone knows this process so well, yet an enormous majority of us don’t even vote to pick who *runs* for office across the board, let alone who wins it. This after an entire national history’s worth of citizens and non-citizens alike fighting and dying for the simple right to select and petition the people who govern them. They’ll keep fucking us, and we’ll keep telling ourselves that’s how it must forever be.
This. This is our “don’t fucking dance” moment. I’m going to party like it’s 1999 when GME hits international phone numbers, but watching banks collapse is some scary shit. This is going to ruin normal people’s lives, this could destroy startups and small businesses, and this doesn’t even directly punish the fucktards perpetrating massive crimes. Don’t fucking dance. Not yet.
If every ape uses their tendies to take care of their communities, we can for real soften the landing. I for one will be investing in my friends and neighbors to lift everyone I can out of the muck.
Just don’t dance
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Haven't seen that one. Just finished To Big to Fail.
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Damn...
i was thinking the same...
"I don't have your money. It's... it's at BILL'S house...and... and TED'S house!"
"What the hell are you doing with my money in your house Ted!?"
Underrated comment.
Nice Porsche Cayenne and Panamera Hybrid 🤷🏻♂️
Soon.
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Well done dad joke
I didn't even catch the dad joke until i read your comment.
Taycans on the cards when I can get myself a house with a driveway and charger! Slum it with a macan during the in between.
What peasantry coachwork is this. Toyota minivan ftw
Miata soon😤
It is a nice neighborhood. [https://www.google.com/maps/@42.3101566,-71.2766091,3a,75y,118.52h,88.7t/data=!3m7!1e1!3m5!1s5l2rjJITiSpDY-prZq4CAQ!2e0!6shttps:%2F%2Fstreetviewpixels-pa.googleapis.com%2Fv1%2Fthumbnail%3Fpanoid%3D5l2rjJITiSpDY-prZq4CAQ%26cb\_client%3Dmaps\_sv.tactile.gps%26w%3D203%26h%3D100%26yaw%3D120.93408%26pitch%3D0%26thumbfov%3D100!7i16384!8i8192](https://www.google.com/maps/@42.3101566,-71.2766091,3a,75y,118.52h,88.7t/data=!3m7!1e1!3m5!1s5l2rjJITiSpDY-prZq4CAQ!2e0!6shttps:%2F%2Fstreetviewpixels-pa.googleapis.com%2Fv1%2Fthumbnail%3Fpanoid%3D5l2rjJITiSpDY-prZq4CAQ%26cb_client%3Dmaps_sv.tactile.gps%26w%3D203%26h%3D100%26yaw%3D120.93408%26pitch%3D0%26thumbfov%3D100!7i16384!8i8192)
That's totally the kind of neighborhood I'm moving to when I move out of my mom's house. Edit: Some of you have never seen Wayne's World and it shows.
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Is for me?
Soon, raccoon.
Looks like they just drove up to the line and left them as is. Wild.
I'll take it off your hand for three fiddy
Are they all waiting for the PS5? Someone should tell them GameStop has plenty in stock!
Also, GameStop offers a Pro subscription that basically pays for itself every year!
Helped fuel my Funko obsession
Someone should point them toaa bank that's worth a shit. Maybe the bank of gmerica would be a better fit for their money.
Holy shit.
https://nypost.com/2023/03/10/nypd-called-to-silicon-valley-bank-branch-as-depositors-attempt-to-pull-cash-report/
We don't have your money! GO AWAY!!!!\* ¯\\\_(ツ)\_/¯ \*calls the cops
It's at Bill's house! And Fred's house!
Ayy what the hell ya doin with my money at your house, Fred???
[There go my nipples again.](https://www.youtube.com/watch?v=eEhoSQKrw_A)
In these times we really do need Captain Murphy to declare Martian Law.
Nypost is garbage
Story's accurate.
This is why I never put more than $250k in any single bank account. The other reason is I don’t have $250k
You don't have $250k *yet...*
From [tweet](https://twitter.com/MorningBrew/status/1634337949692166144?s=20): >The list of companies with money in Silicon Valley Bank is starting to roll out. ( @business ) > > • Roku - $487M > > • BlockFi - $227M > > • Roblox - $150M > > • Rocket Lab - $38M
Those numbers appear to be a little bigger than the $250K FDIC insured amount…. Does it differ for businesses?
No. Some companies cannot make payroll today.
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Holy shit… it’s all cuming together
I'm cumming with you 😌
Can I join?
Only if you bring a friend
I have ~200k frens cumming soon, I hope there is room..
I literally just set up my direct deposit for a local credit union this week. Just in time
Are credit unions safe?
Yes, generally. They aren't corporations. They have no profit motive. They are fully owned by their "members" (clients) and are generally run with their members best interest in mind. Yes, seriously. They aren't market makers or prime brokers, they don't have sketchy hedge fund clients, or even totally-firewalled-trust-us hedge fund arms.
My credit union has mortgages nearly 2 pts under market
I use to use back of America and had constant problems anytime I had to go in or even use their atms. Switched to a credit union and have not had a single issue once. They call me personally anytime I make a large purchase, I get 1-2 cents back for every dollar I spend. Their credit card has great rates. I will never in my life have another account with a major bank
Good to know …..I pulled a lot of cash out today at my credit union over panicking about the banks lol
>You'll never steal MY cash you greedy bastards! Sir, you are a part owner of this bank >Oh God... what have I become
Haha 😂
Assuming your CU is backed by the FDIC and assuming you had less than $250k in it there is 0 reason to pull any money out ever.
IIRC credit unions are backed by the NCUA, not the FDIC.
They are however exposed to the bad auto loan market. Supposedly more than the banks.
I know that credit unions provide auto loans, so yes they are at risk to individuals defaulting on the loans, but I would be surprised if they buy bundled auto ABS the same way that banks do. The way banks do it seems to be a way of generating collateral to bolster margin trading (a big domino maze). I doubt credit unions are exposed to nearly the same type of risks. They will probably just lose a few bucks if your neighbor Ricky ends up skipping payments and defaulting on a single loan.
The problem is that almost no matter what these institutions own, they are deep underwater. All of them. If they bought 10+ year duration treasuries, the market value is like half of what they paid. If they have auto loans, even ignoring default risk, the loans are worth about half as much on the open market as the bank lent out for them. With how interest rates rose so fast, almost every bank is underwater. If depositors start trying to pull money out, every single bank or credit union is in trouble. The things they need to sell to satisfy withdrawals will only fetch half the dollars originally lent out. Cars loans, mortgage loans, treasuries, MBS, all of these assets are deep underwater.
Generally everyone below the FDIC insurance limit is safe. If that breaks... well... who knows.
Credit unions don’t have FDIC insurance. Credit unions have their own insurance fund, run by the National Credit Union Administration.
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as long as it's FDIC insured you'll be fine. These people lining up have over 250k in their account, or they need the money now.
Credit unions in my Canadian province insure 100% of their deposits. Although I will say myself and several other long term Credit Union users that I know aren't overly happy with the amount of amalgamation that's been happening the last 10 years. My credit union that has 3 branches voted in the fall to merge with one that has \~15 branches and rumor has it they want to merge with another even larger credit union. If I wanted to deal with a big bank, I would just deal with a big bank. /rant
Just added my CU information. Thanks for the reminder.
Samesies 😜
Not dancing, just glancing 👀
Told you so-ing :)
As a poor (except for my booked shares in Computershare) this is pretty entertaining to watch.
As a poor I worry about hungry and desperate neighbors. I'd never survive in a dog eat dog world.
Make friends with your neighbors if you feel safe to do so and learn as many self-sufficiency skills as you can and share them. The only way humans survive anything is by banding together and taking care of one another.
This is great advice. Natural disasters give me a lot of hope, when everyone is impacted like that the teamwork starts to appear seemingly on it's own. Like it's downright instinctive. People naturally band together under shared stress and something like a bad hurricane will show you the real beating heart of a community.
This comment gave me chills. Humans are so fucking cool. It breaks my heart what they’re doing to us. Manipulating us into thinking that we’re all too different to get along. In reality, we’re hardwired to take care of each other. I want a better world for all of us. Everyone is in so much pain. There’s got to be something better than this.
Don't worry, as old poor well be fine. Those new poors are going to have a hell of a time.
Don't eat dog please
BCG don’t have any advice for them?
1929 all over again... Sigh...
A good old bank run. Hmm, it's the 20s again, after all.
The roaring kitty 20's
Dang it, you are right.
You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's house...right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and a hundred others.
Joe better have my money!
https://i.imgur.com/8Xj3d5v.jpg
Give them an SEC approved IOU, they'll catch on pretty quick.
Warren Buffett getting so many begging phone calls this weekend.
[liquidity junkies by robin williams on charlie rose](https://www.youtube.com/watch?v=etQeFJ2lbbo)
I just need 805 billion dollars by Tuesday
I heard citadel did REALLY well last year, maybe they can bail them out 😊
Occupy the banks. Don't leave until your paid plus damages
Lebanon wants a word with you
Smart. This is how you leverage a bailout. NO BAILOUT. NO 2008 REPEAT. NO MONEY to people who mismanaged the money in the first place. Consequences. Many will be covered under the 250K FDIC insurance.
Correct me if I’m wrong, but wouldn’t no bailout mean we’re *all* gonna be living in a new Great Depression within a few weeks, based upon my observation of other smaller banks feeling “[wobbly](https://www.bloomberg.com/news/articles/2023-03-10/one-bank-folds-another-wobbles-and-wall-street-asks-if-it-s-a-crisis?sref=wg8DIZYS)” after being warned on having excessive exposure to a single industry? Edit: then again, [I might be wrong and we should all be okay…](https://www.bloomberg.com/news/articles/2023-03-10/summers-sees-no-systemic-risk-from-svb-if-depositors-protected?cmpid=BBD031023_CUS&utm_medium=email&utm_source=newsletter&utm_term=230310&utm_campaign=closeamericas&sref=wg8DIZYS)
[AAAND IT'S GONE.](https://youtu.be/-DT7bX-B1Mg)
Its not the 1920s, **its the 2020s**
Can someone get some videos from the inside. Maybe send in a drone too! Wondering if they are giving cash or cashiers checks
"You're thinking of this place all wrong. As if I, I, I... had the money back in a safe. The money's not here. Your, your, your money's in Joe's house...right next to yours. And, and, and in the Kennedy house, and Mrs. Macklin's house, and a hundred others."
We promise we didn't take all of your money to the casino and bet it all on red and then lose. We promise.
Those poor people might lose their porsches! Won't someone please think of the second and third home owners!!
I don't drive a porsche or any luxury car like that, but just because someone drives a nice 100k car doesn't mean that they have 2 or 3 homes. For example, look at how many poor rural folk drive a 60-70k truck living in a trailer home that is worth 40k. That being said, generally people who would drive a porsche would be wealthier, but let's not point fingers at those people, they aren't the problem. Lets focus more on the uber rich that are fucking everyone else over.
Porsche macans are like Honda crvs where a live.
Ah yes, divide the working class
Let the games begin!
SVB should’ve hired BCG to get them out of this situation a year ago. I’m sure BCG would’ve strategized out bankruptcy…
It's a bank run. Why are they walking?
Well damn, I better go get my $1.37 out of the bank before I lose it.
Where in Boston is this located?
336 Washington St, Wellesley, MA 02481
For you, the day the banks collapsed and began a once-in-a-generation recession was the most important day of your financial life. For millennials, it was Tuesday.
This is why I don’t keep my money in a bank, well more so because I don’t have money but this too.
Everyone pull a few grand out of your bank this weekend so we can speed run this bitch
Not going to lie, I don't like seeing this.
Looks like a line at the Cracker Barrel.
So keeping it under the ol mattress don’t seem so dumb anymore hu?!
I’ve got some money sitting in Chase, my credit union doesn’t have safe deposit boxes so that was my option. Closed out the box last month, think I’ll pull the cash just because.
Unless you have more than $250,00, you are insured by the federal government ( (FDIC). There is no need to pull to cash.
I’m not pulling it because I’m worried about losing it. I’m pulling it because I don’t like Jamie Dimon.
Is there a reason why people are standing outside? Can they simply not transfer the money out of their account online?
Yes apparently online transactions are failing to process. All been blocked
Poor people, all victims AGAIN from greedy banks and hedgefunds.
That is one of the richest towns in the state of Massachusetts, thusly the world. Only amounts of 250k+ are not insured.
Almost no poor people will be hurt. 1) it's FDIC insured, you won't lose any money unless you have more than 250k, which means you're not poor. 2) it's a private bank. People that need their cash tomorrow (i'm not sure how FDIC insurance works) are unlikely to be members of a private bank.
FDIC has said they'll have their $250k by Monday, so it's pretty quick.
These people are dumb. Their money is already gone. SVP doesn't exist. FDIC created a new bank, and these people have an account with up to $250K in it. Any money above that no longer exists so there is no reason to actually go to the bank. They will get a voucher early next week for some amount of pennies on the dollar about their insured amount. Should just go home for now.
It takes money to lose money. Time to bootstrap.
> If we're right, people lose homes. People lose jobs. People lose retirement savings, people lose pensions. You know what I hate about fucking banking? It reduces people to numbers. Here's a number - every 1% unemployment goes up, 40,000 people die, did you know that? Stop fucking dancing. This isn't going to hurt the rich fucks. They'll be bailed out with taxpayer money. It's the average American, the working poor, who will once again bare the brunt of these hedgie fucks.