03-12-2023, 02:21 PM
Ya, it's pretty evident SVB wasn't in a position that made it unable to operate or cover its obligations. Sure it lost some money on its MBS, but it was nowhere near being insolvent. What made it fail was like someone yelling "fire!" in a crowded theater after seeing smoke - that was actually just a cigarette someone was smoking - and causing everyone to stampede away in fear.
I get that if you've got a lot of money in a bank, you don't want to be the last one to claim yours and get nothing, but this mass panic is just stupid. I got an email from Intuit telling me I should find another bank due to SVB's collapse. I'm like, "who the F does Intuit think they are to be SPREADING panic like this!?!?!?" Aren't they aware SVB has enough cash and assets to cover depositors - especially if everyone stops pulling out of the bank - and that it's a tempest in a teapot for customers to some degree if a buyer is found that maintains operations?
I do feel for the employees. They didn't deserve to get wiped out because a handful of Silicon Valley's "elite" wet their pants at the slightest hint of adversity.
I get that if you've got a lot of money in a bank, you don't want to be the last one to claim yours and get nothing, but this mass panic is just stupid. I got an email from Intuit telling me I should find another bank due to SVB's collapse. I'm like, "who the F does Intuit think they are to be SPREADING panic like this!?!?!?" Aren't they aware SVB has enough cash and assets to cover depositors - especially if everyone stops pulling out of the bank - and that it's a tempest in a teapot for customers to some degree if a buyer is found that maintains operations?
I do feel for the employees. They didn't deserve to get wiped out because a handful of Silicon Valley's "elite" wet their pants at the slightest hint of adversity.