How’s the stock market?

[sdsrfr]

Huh?

I am not sure what the social security age thresholds are for GenX vs Millennials, but as bad as the post-dot-com bubble was a shitty time to enter the software workforce, I'm glad I had a job and some savings when 2008 hit, which was kind of the welcome to adulthood party for a huge swath of Millennials.

Retiring boomers seem to be handing credit cards to motorhome dealers. And people selling them 4BR McMansions in flood zones.

What I mean here is that folks retiring are going out of their way to skip GenX for the big promotion and instead handing it to a millennial.

I’ve been put on committees only bc I’m the most experienced millennial in a niche domain, not bc I’m the best expert in the domain. Theyre purposely picking up and coming achievers over established GenX for the promotion. I’ve heard this justified as a maneuver for sake of “diversity and inclusion” and ensuring transfer of knowledge into the future.

my theory is those who get their inflation adjusted big promotions will have a real edge over the rest of society humping 3% merit raises and thus wrecking their savings.

millennials won’t get stuck at middle manager as the GenX folk have.

 

[Subway]

as stressful and unpredictable as #saleslife can be, the idea of working my butt of for like, $100K a year, knowing the only hope of more money is a measly 3% annual raise, is anathema to me.

I am not normal however. The massive swings in income from month to month and year to year simply horrify most people

I just planned my "financial life" based on the earnings generated by a shitty year (which only seem to happen every 3 years or so) so that even IN a shitty year, my lifestyle is easy to maintain. And when she booms, i buy real estate and invest and take lots of trips

 

[grapedrink]

T bills paying over 5% and exempt from state tax. That's getting close to a 6% tax adjusted return. And no doubt going higher in the next few weeks.

If I were 5ish years out from retirement this would be my play.

 

[kelpcutter]

Hopefully if you're planning to retire now or in the near future you'll live long enough to need both a short and long term strategy. I'm weeks away and not panicking, but I have guaranteed pension and no need dip into long term investments any time soon.

 

[waxhead]

I'm in my last year or so of working and I'm heavy into t-bills. Long term? Who knows? I still have money in the market but only 20%
I'm thinking this rise in interest rates is going to last at least a few years. I hope.....

Hopefully if you're planning to retire now or in the near future you'll live long enough to need both a short and long term strategy. I'm weeks away and not panicking, but I have guaranteed pension and no need dip into long term investments any time soon.

 

[vanrysss]

No one wants to talk about SVB failing this morning? Blood in the water.

 

[r32]

Silicon Valley Bank collapsed today. 2nd largest bank collapse since Great Depression, I think?? Don't quote me on that part.

Stock plummeted and then delisted. Bank closed. FDIC stepping in.

The bank had $209 billion in assets and $175.4 billion in deposits as the time of failure

What happened to Silicon Valley Bank?

Behind the remarkable reversal of fortune for the startup world's bank of choice.

www.axios.com

---- From the artilce ----

What happened: The parent of Silicon Valley Bank (SVB) late Wednesday said that it was seeking to raise over $2 billion in capital, after facing big losses on a giant batch of bonds it sold.

• The specter of a bank seemingly rushing to raise cash spooked investors and depositors.
• The stock collapsed by 60% on Thursday — and soon after the close of trading a flurry of headlines about tech firms and founders rushing to withdraw funds from the bank in what seems very much like a run set off another 20% plunge in the after-hours session.

Why it matters: The saga of Silicon Valley Bank is a striking example of how the surge in interest rates over the last year continues to upend once high-flying investors, financial institutions and companies that thrived in a world of low-interest rates.

• In other words, the Fed's steepest interest rate-hiking campaign since the early 1980s has changed everything.

15m chart (85% drop in two days)




FRC - First Republic Bank also took a nose dive today



SBNY - Signature Bank also took a big hit. 45% down in a few days.



PFBC - Preferred Bank took a hit. 20% in a few days

 

[sdsrfr]

Off to buy more banks!!!

No one wants to talk about SVB failing this morning? Blood in the water.

will be interesting to see which tech startups go belly up on Monday morning.

 

[casa_mugrienta]

Your bank deposits aren't safe and FDIC insurance is a load of bullshit.

 

[grapedrink]

Your bank deposits aren't safe and FDIC insurance is a load of bullshit.

Link? It's safer than anything else out there. The government can always print more and add the numbers back to your account- it'll simply be worth less. The integrity of our banking system is one of the key foundational pillars of our currency and what separates us from China, Russia etc. If that goes, so goes everything else.

That's why the FBI takes bank robberies so seriously. It's not the banks money that was stolen, it's the feds money.

 

[casa_mugrienta]

MSN

www.msn.com

 

[casa_mugrienta]

Link? It's safer than anything else out there. The government can always print more and add the numbers back to your account- it'll simply be worth less. The integrity of our banking system is one of the key foundational pillars of our currency and what separates us from China, Russia etc. If that goes, so goes everything else.

That's why the FBI takes bank robberies so seriously. It's not the banks money that was stolen, it's the feds money.

The last I heard there was about $350 trillion worth of deposits in US banks.

I don't remember how much exactly in $$$ the FDIC could cover at that time, but it was somewhere around 2% of that $350 trillion.

I didn't find that comforting.

The FDIC is a complex receivership scheme and financial systems are exposed to complex contagions.

The banks are always going to be top dog, and when sh!t suddenly gets real on a widespread basis...and things "we never expected to happen" happen.... it's you, the depositor, who is going to be told to bend over and take one for the team.

I mean, I suppose you could always sue the FDIC and the Treasury to get every last penny back...I'm sure that would work out well. lolz

 

[grapedrink]

The last I heard there was about $350 trillion worth of deposits in US banks.

I don't remember how much exactly in $$$ the FDIC could cover at that time, but it was somewhere around 2% of that $350 trillion.

I didn't find that comforting.

The FDIC is a complex receivership scheme and financial systems are exposed to complex contagions.

The banks are always going to be top dog, and when sh!t suddenly gets real on a widespread basis...and things "we never expected to happen" happen.... it's you, the depositor, who is going to be told to bend over and take one for the team.

I mean, I suppose you could always sue the FDIC and the Treasury to get every last penny back...I'm sure that would work out well. lolz

Any day now. Another Nostradamus prediction.

The government will print money to replenish those accounts before allowing the banking system to crash because they know it will take everything down with it. Which itself is not without consequences, but it beats the alternative.

 

[casa_mugrienta]

Any day now. Another Nostradamus prediction.

I didn't make any prediction.

I simply stated the facts - the FDIC doesn't have the money to cover depositors.

That's 100% fact.

Now, historically speaking, knowing how our government and banking system work, who do you think is going to bear the brunt of it if things were to go amiss in the FDIC scheme?

And, historically speaking (including very recent history), what do you think the chances are of this sort of scheme failing to some degree because of things "no one ever expected to happen" happening?

Do you actually know how the FDIC works?

The government will print money to replenish those accounts before allowing the banking system to crash because they know it will take everything down with it. Which itself is not without consequences, but it beats the alternative.

Yes, they would just print trillions and trillions and trillions of dollars. Right.

That's what you think will happen, IRL that's never what happens when SHTF.

You do understand you're dealing with bankers and the federal government, right? lol

These people are 100% not your friends.

You have no legal recourse. And they would ensure that.

 

[grapedrink]

Isn’t the federal reserve just a collection of banks that houses the majority of that money anyway

Do you have a better/safer alternative

 

[casa_mugrienta]

Do you have a better/safer alternative

No, just stating what a lot of people don’t know.

Best advice is don’t have more than 250k in any one bank. You have to spread it out over multiple banks. Otherwise you are not insured past 250k.

 

[kelpcutter]

 

[r32]

A few companies with exposure to Silicon Valley Bank. Roku done?

 

[hammies]

I didn't make any prediction.

I simply stated the facts - the FDIC doesn't have the money to cover depositors.

That's 100% fact.

Now, historically speaking, knowing how our government and banking system work, who do you think is going to bear the brunt of it if things were to go amiss in the FDIC scheme?

And, historically speaking (including very recent history), what do you think the chances are of this sort of scheme failing to some degree because of things "no one ever expected to happen" happening?

Do you actually know how the FDIC works?



Yes, they would just print trillions and trillions and trillions of dollars. Right.

That's what you think will happen, IRL that's never what happens when SHTF.

You do understand you're dealing with bankers and the federal government, right? lol

These people are 100% not your friends.

You have no legal recourse. And they would ensure that.

Banks are like the gas stations of the economy.

In 2008 even healthy banks refused to lend out of fear and we endured the worst recession in 70 years. Without banks loaning money to businesses the economy grinds to a halt. That's why the government will do whatever it takes to keep the banking system intact.

 

[casa_mugrienta]

Banks are like the gas stations of the economy.

In 2008 even healthy banks refused to lend out of fear and we endured the worst recession in 70 years. Without banks loaning money to businesses the economy grinds to a halt. That's why the government will do whatever it takes to keep the banking system intact.

That has nothing to do with what I posted about depositors being told to take it up the butt.