Son20,000 closed on a flip today. The lender called to say it might be delayed because the lender’s funds were coming from SVB.

They did close on time today but who’d a thunk it would hit an investor in Little Ol Indiana!

Glad to hear Son20,000 got his deal done!

Your point though is what has many folks concerned: banks are highly interconnected. Bank A fails, and that affects transactions going on at dozens of other banks and financial institutions, which spills over into even more institutions. Then as more banks fail, depositors panic and withdraw their money, causing even more failures that ripple outward. Sort of like a highly contagious virus.

I know some folks decry "too big to fail", and perhaps there is some validity to that. However, no one wants THEIR bank to fail, regardless of how big it is. The kicker is I doubt any of us know which institutions and relationships our banks have with other banks.

I saw your other post on hiding money b/c of lack of trust in the FDIC. I get it, and I'm not a fan of the Govt either. But at some point, there has to be some level of trust. I can't imagine how much chaos we'd see if the FDIC failed, and I'm not convinced that having a pile of USD bills stashed away would help. More than likely, the Govt would force the Fed to print even more money to calm the markets, devaluing what currency exists. So, that's how they getcha even when they don't touch your stuff.

Maybe buy some CONEX boxes. They are raw, shaped steel. Worst case they could always be melted down and/or fabricated into something else.

Interesting. And the crypto pumpers feel this is the big break for crypto. But crypto doesn't pay interest and has zero protections. At least with money in the bank it's protected by the FDIC.

Larry,

I guess I better clarify

Signature Bank was one of the initial two banks to fail, but they were heavily invested into Crypto. The other bank was Silvergate Bank that allowed for conversion to and from Crypto.