• halfpipe [they/them]
    ·
    2 years ago

    I remember last year there was some minor Chinese bank that had a run over millions of dollars of deposits, and it seemed like it was front page news for a month.

    Silicon Valley Bank just failed and wiped out tens of billions , possibly more than a hundred billion, and it's barely getting coverage. All the top news stories I'm looking at are China / Russia, and the Americans who got kidnapped by a cartel.

    • chickentendrils [any, comrade/them]
      ·
      2 years ago

      Well, SVB is big but it's just kind of a weird scenario ultimately. They tied up 90B$ in 10 year Treasury bonds right before the Fed started hiking rates (and hasn't stopped). So that's like 40,% of their assets tied up right there.

      It's one of the most avoidable bank failures, definitely of this century.

    • MaoistLandlord [he/him]
      ·
      2 years ago

      Not only that, but right wing Indian media was posting fake news about china sending in tanks to kill/combat protestors when in reality it was just your run of the mill pigs beating a few protestors which is already bad enough. And the tanks were from the annual military drills/parades in a city hundreds of miles away lol

      But that didn’t stop westoids from eating it up and thinking some obscure branch in the middle of a small rural town would be the catalyst for “revolution”

    • combat_brandonism [they/them]
      ·
      2 years ago

      my early adolescent brain remembers bear stearns not making much of a dent in the news cycle until washington mutual or whatever the next domino it was that fell a few months later. jp morgan? idfk