by Michael Snyder, The Economic Collapse Blog:
What in the world just happened? On Friday, Silicon Valley Bank collapsed and was taken over by regulators, and then on Sunday regulators swooped in and shut down New York’s Signature Bank. In a desperate attempt to prop up faith in our rapidly failing banking system, the Federal Reserve unveiled an emergency plan late on Sunday that is absolutely staggering. All of the depositors at Silicon Valley Bank and Signature Bank will be protected, and all of them will have access to their money right away. They aren’t calling this a “bail out”, but that is essentially what it is. But will it be enough to stop the bank runs that are already happening?
TRUTH LIVES on at https://sgtreport.tv/
Late last week, huge lines at Silicon Valley Bank quickly made headlines all over the nation.
NEW: Massive line forms outside Silicon Valley Bank in California as customers panic.
Welcome to Biden’s America. It will only get worse.pic.twitter.com/MNCQuKIc9h
— Collin Rugg (@CollinRugg) March 10, 2023
The panic at Silicon Valley Bank quickly spread to other banks in California. In particular, First Republic Bank was hit really hard…
Dozens of customers lined up outside of a First Republic Bank in southern California on Saturday eager to withdraw their funds in the wake of the collapse of Silicon Valley Bank.
There had been fears following SVB’s demise for First Republic’s future when analysts pointed out the similarities between the estimated value of their assets versus the actual value.
As news of what was unfolding in California spread like wildfire on social media, soon there were lines at various banks all over the nation.
Read More @ TheEconomicCollapseBlog.com
