Does anyone care about the economy?

[tragabigzanda]

FUCK ICE

[simple schoolboy]

Big surplus elite dump going on right now.

Are we going to learn how many jobs in the laptop class are marginal?

If they’re smart, they’ll spend big on infrastructure improvements and teacher and nurse salaries. I’m not holding my breath.

How are these three categories related? Are you an environmental engineer or work in higher education?

[simple schoolboy]

Silicon Valley Bank has a liquidity crisis, but I don't understand why they are particularly affected by this. Ostensibly they had a massive influx of deposits from the VC crowd over the past couple years and went big on Mortgage Backed Securities. With the rate hikes, the Fed offered better yields and that's about all I gathered.

[elliseamos]

Well keep us posted.

[tragabigzanda]

FUCK ICE

[tragabigzanda]

FUCK ICE

[BurtReynolds]

Sounds kind of important. I dunno.

[spike]

Biggest bank fold since the global recession.

[elliseamos]

So it begins?

Or, nbd?

[Bi_3]

Biggest bank fold since the global recession.

[tragabigzanda]

FUCK ICE

[elliseamos]

But won't the USGov do what it did in the past and bail people/banks out?

Not student loan debters, but VC debters, they need to stay in their position to risk money without any actual risk.

[simple schoolboy]

But won't the USGov do what it did in the past and bail people/banks out?

Not student loan debters, but VC debters, they need to stay in their position to risk money without any actual risk.

It won't happen fast enough for the startups to make payroll. Unpaid wages can be recovered from the corporate board, so to avoid personal liability they're probably going to start laying people off.

[tragabigzanda]

FUCK ICE

[tragabigzanda]

FUCK ICE

[simple schoolboy]

At least one payroll payment processor (Rippling) is shut down due to SVB, so companies that didn't have direct exposure to SVB are missing payroll as well.

[tragabigzanda]

FUCK ICE

[Bammer]

I scarcely understand any of this

[simple schoolboy]

I scarcely understand any of this

Except instead of funding a mortgage for your neighbor the bank was funding vaporware startups and trying to make money on the back end buying Mortgage Backed Securities. Everything was going fine until the interest rate hike.

[simple schoolboy]

Possible Silver lining:

Why on earth would Vox have their money in a West coast bank?

I'm feeling a bit out of sorts with the knowledge that my company is owned by an East Coast private equity firm, but I can't have any confidence we don't have exposure to this.