how much of the gig economy's labor payments moved through SVB? Door dash, Uber, etc. those companies suck ass, but their precarious workers could very well get caught out. even one day's pay could be catastrophic.
and what about our lovely private "money apps* in the US? any exposure there?
I didn't believe you reading that bit about the reserve requirements being gone, but holy fuck that's true.
We live in the stupidest timeline, capital can't not shoot itself in the foot in the most well-understood way imaginable.
I wouldn't have believed it if it wasn't right there. god damn
yea I bust out laughing when I read that they'd done so yesterday. we're dying to recreate the great depression. there's supposed to be stress tests done regularly to make sure the banks have adequate reserves but SVB just claimed exemptions they got inserted into the banking regulations through lobbying.
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