Anyone watching the collapse of SVB?

I should look up that dude's video history to see how many times he's claimed the USA was gonna collapse. Eventually you go off some kind of cliff where that seems to be the only thing you can talk about, that and...

AnthonyGS (Forum Supporter) said:

Stampie said:

In reply to AnthonyGS (Forum Supporter) :

Why would you compare the US national debt to a metal who's only usefulness is it conducts electricity and doesn't tarnish?  Might as well compare it to the value of all the diamonds in the world.

The silly metal has been accepted my ch longer.  As a matter of fact US currency was backed by that metal longer.  There was once a legal definition of the dollar based on the silly metal.  Now it's based on zilch.  So what do you compare it too?  Unicorn tears?  
 

Maybe go read why they wanted to do away with that legal definition and why.  Maybe all of this isn't just some random freak accident but an actual foreseeable consequence of a lot of bad decisions.  
 

Not one bank can cover their obligations with cash.  I guess a few people finally figured that out.....  

 

Funny thing about the govt debt too.  If I did my accounting the way they do, I'd get Enroned into prison.  If they did it the way they require corporations too the debt is well over $100 trillion.  
 

Good news though!  The world needs the "silly metal" and "it's all okay" types to keep this charade going!  Enjoy!

... returning to a gold standard, which I can't tell if this comment is demanding it or not.

   I usually don't follow these things too closely. I've prepared as well as I can to go without money/food/water/etc. for a short period of time. If the "movers and shakers" of the financial world get too greedy and E36 M3 the bed again and people like us have to bear the burden, as always, I guess I'll cross that bridge when or if I come to it. 


   

The_Jed said:

   I usually don't follow these things too closely. I've prepared as well as I can to go without money/food/water/etc. for a short period of time. If the "movers and shakers" of the financial world get too greedy and E36 M3 the bed again and people like us have to bear the burden, as always, I guess I'll cross that bridge when or if I come to it. 


   

I've been thinking ammo prices are high, but might be worth making another bulk buy. Better than hoarding paper money and there's ways to convert it to gold.

GIRTHQUAKE said:

I should look up that dude's video history to see how many times he's claimed the USA was gonna collapse.

He's predicted 27 of the last 2 stock market collapses!

The_Jed said:

   I usually don't follow these things too closely. I've prepared as well as I can to go without money/food/water/etc. for a short period of time. If the "movers and shakers" of the financial world get too greedy and E36 M3 the bed again and people like us have to bear the burden, as always, I guess I'll cross that bridge when or if I come to it. 


   

This is actually an excellent video about it:
https://vxtwitter.com/marisakabas/status/1635364515197091842?s=46&t=DU75c7lBXywS6eyZ0bV7Mw

Also:

Here's a forbes article on why it happened. Who could of ever guessed removing restrictions would have caused problems? Except to everyone that went through 2008.

Steve_Jones said:

eastsideTim said:

Steve_Jones said:

In reply to eastsideTim :

Debating on PacWest as well, I'm sure many are. 
 

I jumped in at opening.  Too early.  Thankfully, only 100 shares.  I figure if the calming measures prevent a general bank run, it'll recover.  If they don't, then my portfolio has much bigger problems.

I got in at just under $6, so early compared to the $5 low, but not hateful. 500 shares just to see what happens :)

Trying to decide how greedy I am.  I had a sell order in for the day at 11, but it never hit.  Based on after hours trading, I would not be surprised if it hits that tomorrow, so do I put the order in at the same price or try to pick up more pennies in front of the steamroller?

In reply to eastsideTim :

I think it'll hit 11 tomorrow, I don't think $20 is possible, but you could convince me $15 is. Tough call. 

In reply to eastsideTim :

I bought the dip on WAL, SCHW, PACW and FRC. Ill probably hang in there a while longer. The news seems to be we've got it handled, we are fixing it (not that I believe it), with a few "a bunch of banks are in a bad position" peppered in there. Ill keep watching until the news turns or the market turns. Luckily most of them recovered so well today, Ive got a decent position, where Ill have a little time to get out, hopefully. Keep an eye out, the inflation numbers come out before market open tomorrow.

Well E36 M3.

guess I'm going to open some short positions tomorrow

In reply to Opti :

Fortunately, I'm just using "play money" for this, and my retirement is mostly in index funds, so if I don't double my money, not a big deal.

In reply to eastsideTim :

I'd pull the $11 since it's at $13 pre market at the moment. 

In reply to Opti :

Okay. That's funny.

Apparently the actual mechanism that drives the anti-Cramer position is not that his picks are inherently any worse than anyone else's. It's that he has a massive audience of fools who jump on his calls, which artificially skews the market that inevitably rights itself.

The real bet isn't that Cramer is wrong. It's that a bunch of reactionary, unsophisticated investors are going to jump on his stock and artificially inflate the price. That you can short right as they're all buying for more than it's worth, and profit as they unload because the price precipitously declines back to a healthy level.

Steve_Jones said:

In reply to eastsideTim :

I'd pull the $11 since it's at $13 pre market at the moment. 

I put a sell order in for $16, in case it pops up at open.  I'll probably lower it later if it doesn't look like it is going to climb during the day.

In reply to eastsideTim :

From what I see, yours should have sold :)

Steve_Jones said:

In reply to eastsideTim :

From what I see, yours should have sold :)

 

Yup, just a bit over doubling my money.  I guess I could have been more aggressive and bought more, or held on longer, but that's why I'm not retired, or broke.

I did see something about PacWest execs buying last week during some of the panic, so it sounds like they had confidence they were not going to fail.

This is now a thread for pretentious gambling I guess

GameboyRMH said:

This is now a thread for pretentious gambling I guess

Nah, just normal gambling.  If it was pretentious, I'd have assumed I knew what I was doing and gone all in, like the GME nuts.

To bring things back sort of on topic - it looks like the rumors I heard about Credit Suisse may be true.  I think they are now saying there were some "lapses" in their reporting in 2019 and 2020.  This could be a way bigger deal than SVB, but I am guessing the Swiss government is not going to let them fail.

In reply to eastsideTim :

Hey I resent that comment. I went big on GME. I took profits though, and held a little for support.

I also do not know what I am doing, nor do I pretend to.

I read something a couple years ago about a guy working in an investment firm getting ready for a big presentation on some of his picks. He said one of the main guys walked by, who was considered an investing guru, and he stopped by and asked what he was working on. The worker told him he was finishing his research for a presentation he was going to be giving to the big wig later that day. The investor asked him well whats all this. The worker said well its all the financials and projects im looking over doing my due diligence, and the investor told him I let you in on a little secret, the bad ones are the ones going down and to the right and the good ones are the ones going up and to the right, then walked off.

In reply to eastsideTim :

It is starting to look like a much bigger issue then they originally let on.

More on-topic, SVB CEO Greg Becker finished off the bank with one of history's greatest acts of executive idiocy, one of those moves that every single lower-level employee can recognize as idiotic but could only watch powerlessly as it predictably led to their ruin:

https://www.cnn.com/2023/03/13/business/svb-employees-angry-at-ceo/index.html

If he'd kept his mouth shut, the bank was still very much at risk of collapsing, but nowhere near as hard or fast.

Opti said:

In reply to eastsideTim :

It is starting to look like a much bigger issue then they originally let on.

Who woulda thunk?

In reply to 1988RedT2 :

Everyone that pays attention

In reply to GameboyRMH :

If he had kept it quiet people would just be complaining that they hid it from everyone, and "they have a responsibility to...."

Not saying his tactics were good, just that him being transparent is the last thing we should be upset about in this situation

In reply to GameboyRMH :

I was thinking about this when I heard his comments. It really was extremely boneheaded. If you're at that point that you're making these announcements, you should be deep in talks with the Fed/FDIC/Treasury, and also in private talks to raise capital/sell assets... You need to be extremely transparent with these entities (Fed/FDIC/Treasury specifically, as well as state auditors), you can't broadcast it to more people. People are not smart. A person is smart, although not this CEO. People are dumb, panicky dangerous animals. And they did a dumb and panicked us further into/towards another dangerous recession.