With SVB Failure, Is America Heading Toward Its Next Depression? I’ve been reading tweets from personalities and individuals that are discussing the Silicone Valley Bank failure. The streaming company Roku had $487 million, representing 26 percent of its cash, in Silicon Valley Bank, the company disclosed in an SEC filing Friday. As a rule, when one big bank goes belly up others are right behind it. The FDIC guarantees depositors up to $25,000 backed by the federal government. But what would happen if the Government went broke too? When I was young my parents and winter visitors would talk about the great depression between 1929-1939. Money was non-existent and soup kitchens fed the hungry! 😥
Updated 03/13/23: Today Joe Biden said America’s banking system is secure, in a 3-minute speech, then walked away without taking reporter’s questions. Dan Bongino went into great detail about what caused SVB to fail. Y’all can subscribe to his Rumble channel. Dan is a wealth of truth you don’t want to miss!
The Banking Disaster And The Media Coverup (Ep. 1967) The Dan Bongino Show. Video credit, Bongino/Rumble
History reports: The Great Depression was the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939. It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and employment as failing companies laid off workers. By 1933, when the Great Depression reached its lowest point, some 15 million Americans were unemployed and nearly half the country’s banks had failed. An EMP is a possibility as well.
The Daily Mail reports: The federal government will not bail out Silicon Valley Bank, despite fears of a market meltdown, Treasury Secretary Janet Yellen announced Sunday. The bank, the 16th largest in the US, collapsed on Friday after a 60 percent drop in shares, which sparked a run on the bank as panicked customers withdrew their cash. It was the worst US financial institution failure since 2008, with SVB controlling $209 billion in total assets at the end of 2022.
President Joe Biden, California Gov. Gavin Newsom, the Treasury Department, and the Federal Deposit Insurance Corporation (FDIC) which now controls the bank’s assets, are holding crisis talks as they try to get other financial institutions to buy out SVB. But industry experts warn that the government only has until Monday to prevent a domino effect among other regional banks and the wider markets.
How much further can the Biden Admin put America in debt? Everything has skyrocketed since the Democrats took over our government. It’s called trickle-down economics but that’s the problem. When SVB depression caused a run on the bank it terrorized folks who ran to withdraw their cash. I fear we will be seeing a domino effect before we know it. Better keep some cash on hand just in case!
FidoSysop
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