Random Thoughts II

[Lightspeed]

It sounds like this might be just the first of a number of banks that are going to struggle with unrealised losses. They're probably big enough to weather things. Right?

But perhaps the cascade effects of SVB failing tips things over the edge? Tech companies folding amidst of a glut of tech worker layoffs.

Then again, tech is weird. It's not like factory workers losing their jobs, who depend on the factory for their ability to produce value. How many tech workers don't have a project in the back of their mind they could apply themselves to?

[Ab]

Lololol

https://www.mercurynews.com/2023/03/...-banks-failure

[Ab]

USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank

https://cointelegraph.com/news/usdc-...on-valley-bank

[Know me.]

Rocket Lab has/had 8% of its cash with SVB.

https://www.youtube.com/watch?v=kxcwn7xoXhU Bank runs what's going on

[Ab]

Roku and Roblox are fucked too.

[Ab]

USDC 88c

[Lightspeed]

Cripes.

[Ab]

Tomorrow morning a lot of Americans are going to be asking where their retirement funds are held.

[Ab]

The most predictable thing in the world

https://www.ycombinator.com/blog/urg...s-are-at-risk/

[Ab]

Silicon Valley Bank employees received their annual bonuses Friday just hours before regulators seized the failing bank

https://www.cnbc.com/2023/03/11/sili...-takeover.html

I’m sure it’s a coincidence

[Lightspeed]

I'm sure it's all legal (or legal enough), and that's all that matters. At least to those who could do anything about it.

[sidbo]

Originally Posted by Ab

The most predictable thing in the world

https://www.ycombinator.com/blog/urg...s-are-at-risk/

Followed by the second, simps begging Elmo to buy it with dogecoin...

Under/over on people who objected to Biden's student debt relief vs begging for govt bailout now it's their money at stake, is set at 95%.

[Know me.]

It's all sorted nothing to see here.

[Ab]

Signature Bank just went under, third biggest bank collapse in US history;

https://www.msn.com/en-us/money/comp...re/ar-AA18x7VW

[Lightspeed]

The pundits I'm hearing are fairly consistent in saying this isn't going to end up like 2008 or turn into some other deeper crisis. But things are still escalating.

About 6am US EST, Monday morning right now. Should be an interesting day.

[Lightspeed]

Here's a good blow-by-blow:

https://edition.cnn.com/business/liv...-23/index.html

[Ab]

First Republic going under

[Ab]

… aaaaaand rescued.

[Deff]

All your moneys are safe with us!

[Lightspeed]

Crypto certainly isn't struggling in response.

[blynk]

Nope, I think its a "haha, a bank is falling over. Crypto, is no longer the most recent failure"

[Ab]

This weekend’s drinking was financed by USDC de- and re-pegging.

[StN]

Wait wait wait…

That fresh ip ad back in the day with the squash players saying Johnson was hard - was that a double entendre?

[Ajax]

Originally Posted by Ajax

Sounds like Deutsche Bank and Credit Suisse are both pretty close to insolvency. Lehman moment on steroids.

Credit Suisse is still in big trouble.

[DrTiTus]

UBS acquires Credit Suisse.

FedNow (Federal Reserve's digital payment system) being launched in July. I'm not sure what the distinction is between a CBDC and the FedNow system, but I understand they're not quite the same thing.

[StN]

Chick at the pub had a t-shirt on last night that said "All my exes live in Texas" - and I asked her if she subscribed to a cloud computing model with its datacentre there. Turns out its a Country lyric from the 1980's - or Drake, whatever that is.

[wazza]

Originally Posted by StN

Chick at the pub had a t-shirt on last night that said "All my exes live in Texas" - and I asked her if she subscribed to a cloud computing model with its datacentre there.

nice

[Ab]

Deutsche Bank just dropped 14%

[Lightspeed]

Al Jazeera's pundit reckoned it was a meme. That if there's banking trouble everyone assumes Deustch Bank must be in trouble too.

[Ab]

Hashtag believewomen

https://www.forbes.com/sites/erikkai...exual-assault/

[DrTiTus]

Happy birthday StN! I won't even try to guess how old you are, but I'm glad you're still with us

[DrTiTus]

Due to shrinkflation, a block of Cadbury chocolate is no longer "a glass and a half of full cream milk", but is instead 1.35 glasses of full cream milk.

[StN]

Originally Posted by DrTiTus

Happy birthday StN! I won't even try to guess how old you are, but I'm glad you're still with us

Cheers Dr T! 'twas a grand day.

[Lightspeed]

Happy Birthday!

[blynk]

Wow, was listening to Today FM, flicked it on just before 9 and they were talking about how they were going into a meeting and they are not sure what was going to happen.

30 minutes later, they are gone. Told to play music and thats the end.

Quite gutting actually listening to them, while on air, find out.

[Lightspeed]

Here's the news article:

Today FM hosts abruptly taken off air and told to play music

One less Mediaworks outlet can't be a bad thing.

[Ab]

Jesus Christ , this poor whale. How the fuck do you get over institutionalisation like this?

https://www.abc.net.au/news/2023-03-...cean/102172240

[Ab]

Happy 25th birthday Starcraft. Yikes.

[blynk]

Saw quite a funny scene the other day. I saw a Mum and 2 kids riding their bikes along the foot path.
No one was wearing helmets, but the mum was wearing a facemask

[MadMax]

Updating the insurance on our old place for rental cover. AMI’s webpage offers Facebook chat for making contact. Next thing I find that’s how you can do business with them.

Seems so weird to be arranging something as important as rental insurance over something that’s usually used for random shit.