The best explanation of the SBV collapse I've seen so far... 48 hours into the chaos

Silicon Valley Bank collapsed and was taken over by the FDIC a little over 48 hours ago.  They are auctioning off (or trying to) the assets, to pay back depositors, as I write this.  Tech start-ups around the world, people in the U.S., and many large businesses, are all trying to figure what just happened, and how safe their own money is in whatver bank or banks they use.  That's legit.  Three banks have collapsed in about four days.  Silvergate, Silicon Valley Bank, and Signature Bank.  

Disclaimer- check the link on the right for the Disclaimer for this blog

This video above, by Heresy Financial, has the best overall look at what's happened, what it means, and where we go from here, of anything I've seen at this point.  It's under 20 minutes long, and I, personally, just sent the link to every business owner I could think of on my social media list.  Watch this video, and do your own research to figure out the best course of action in your own circumstances.  

I've been watching The Money GPS since about October or 2019, nearly every day.  This is more actual data on the SVB collapse, and more solid info, in addition to the video above.  

Here's what else I've learned, as of 8 pm PDT Sunday evening (3/12/2023).  

One- There IS a Federal Reserve meeting tomorrow, Monday, 3/13/2023, in Washington D.C. at 11:30 am EDT.  The info is on their website (link in the last post).

  

Two- The FDIC has been trying to auction off Silicon Valley Bank, or its assets, since yesterday, and that auction was still going on last I checked.  Any proceeds are supposed to go to SVB depositors as soon as possible.

Three- All the depositors of SVB are supposed to get access to the $250,000 that's insured by the FDIC tomorrow, Monday, 3/13/2023.  I've heard that 85% to 95% of the deposits WERE NOT insured, they were over the $250,000 amount, since these are businesses, many who had millions of dollars in SVB.  So many tech companies MIGHT still have issues with day to day business operations, like payroll, paying suppliers, and everyday operating expenses.  No one seems sure just how much money business depositors will have access to tomorrow.  Maybe just $250K, maybe more.  It depends on the auction to some extent.  

So tomorrow morning, Monday, 3/13/2023, could still be pretty sketchy in the financial world, depending on what happens overnight.  Time will tell.

Check out the Adatpive Reuse SoCal Pinterest page... it's already pretty weird