Will Failing Banks Doom us All?
Hard to do that when we were already doomed
I’m not as caught up on this bank situation as some people are but everything I see looks pretty freaking bad (looking at my portfolio to see which of my assets may have been involved wasn’t a great idea either).
From Vice News:
This week, amid mounting worries about a looming recession that may have already begun, two banks in the United States collapsed.
Both banks served the technology industry—already heavily hit by interest rate hikes and the general downturn as a result of the COVID-19 pandemic and the war in Ukraine—albeit in different ways.
The first bank to implode was Silvergate, a Californian bank founded in 1988 that in recent years went all-in on banking the crypto industry. It began to run into trouble as the crypto economy collapsed last year, when depositors took their money out at a staggering pace—within months, its deposits dried up from over $12 billion to just under $4 billion at the end of 2022. The bank tried to sell securities that it had purchased to cover the losses, but rising interest rates had eroded their value. The bank got a $4.3 billion loan from the Federal Home Loan Bank (FHLB)—effectively a government bailout—but as its fortunes soured, FHLB demanded its money back right away. As problems mounted, the bank's stock tanked, and finally it announced voluntary liquidation on Thursday.
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