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The FED just Bailed Out Banks (What This Means)
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The collapse of two major U.S. banks – Silicon Valley Bank and Silvergate – has sent shockwaves throughout the banking sector, with depositors understandably concerned about their financial security. The Silicon Valley Bank collapse is the largest since the 2008 recession, and 97% of SVB's deposits are uninsured. But what does this mean for you?
Silvergate Bank was in bed with FTX. Which recently collapsed and CEO, Sam Bankman-Fried, was arrested on criminal charges. Many believe this a crypto related crash, but what do you think?
BANKING CRISIS:
The 2023 banking collapse is a major event that has been unfolding since the beginning of March. The second-largest bank failure in US history, Silicon Valley Bank's 48-hour collapse, set off a chain reaction that has caused stocks of regional banks to tumble and sparked fears of a global banking crisis. The tech bank collapse of 2023, which saw Silvergate Bank fail, was closely associated with crypto and had many questioning the stability of the US banking system.
The Dodd-Frank Act, which was enacted in 2010 to prevent another financial crisis like the one experienced in 2008, has been heavily criticized for not doing enough to protect banks from systemic risk. This has led to a bank run at both Silicon Valley Bank and Signature Bank as people fear they may be on the verge of failing.
It remains to be seen how this crisis will play out, but it is clear that it will have far reaching implications for both individuals and businesses alike. It is important to stay informed about the situation so you can make decisions that are best for your finances.
Keep Connected with us...
TikTok: @therealwayneturner
*DISCLAIMER* The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with financial advisor or lawyer.
Silvergate Bank was in bed with FTX. Which recently collapsed and CEO, Sam Bankman-Fried, was arrested on criminal charges. Many believe this a crypto related crash, but what do you think?
BANKING CRISIS:
The 2023 banking collapse is a major event that has been unfolding since the beginning of March. The second-largest bank failure in US history, Silicon Valley Bank's 48-hour collapse, set off a chain reaction that has caused stocks of regional banks to tumble and sparked fears of a global banking crisis. The tech bank collapse of 2023, which saw Silvergate Bank fail, was closely associated with crypto and had many questioning the stability of the US banking system.
The Dodd-Frank Act, which was enacted in 2010 to prevent another financial crisis like the one experienced in 2008, has been heavily criticized for not doing enough to protect banks from systemic risk. This has led to a bank run at both Silicon Valley Bank and Signature Bank as people fear they may be on the verge of failing.
It remains to be seen how this crisis will play out, but it is clear that it will have far reaching implications for both individuals and businesses alike. It is important to stay informed about the situation so you can make decisions that are best for your finances.
Keep Connected with us...
TikTok: @therealwayneturner
*DISCLAIMER* The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with financial advisor or lawyer.
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