a disaster for a ton of banks,s but a true disaster for sub and then a disaster for a lot ofvid individuals who had their money there and companies that had borrowed money from sv, yop. so you can expect a lot ofand bankruptcies in the coming weeks due to thiths. e and then the countless downstream effects from those bankruptciesm bad. , all of th. so this is a disaster not just for the tech industry, people you could easily make fun of, but for everyone, for all ofbut us .restin g thinbut the interesting thing is the biden administration doesn t seemistration to care t they re not that interested because no, whethers whet you re making money or losing money or doing something efficientlr you re y or doing it sloppily doesn t really matter. as long as you re making videote about pioneering female bankers and as long as they get into, oh, that s the real concern., so just today, biden s bidens top economic adviser, ceciliapor rouse, addressed reporters in the white house in the brie
ba banks in this country, wellsnkco fargo, bank of americauntry,, jp morgan, morgan stanley, collectively lost more tha nne fifty billion in market value in one day. that s quite a hiat s a ht. on the other hand , those bankss still exist. and you can t see that for bank.n valley as of this morning, silicon valley bank or svp, has gone under completely.es the that makes the second biggest bank failure in the history ofef this country and the significant sub finance, nearly half of all venture backed health care and technology companies in the unite healthcai states .ant cash it also apparently held significant cash reserves, just one of the biggestrves for cryptocurrencies, and it s now gone. federal regulators have renamed it and taken it over.ov and that means an awfu l lotf m more people lost an awful lot of money and most of that money was not insured. nhat theyno matter what they t, the fdic only guarantees bank fdicdeposits up to two hundred and fifty thousand. an