The U.S. financial system feels a jolt

We heard some scary new rumblings this week involving the U.S. banking system.

The collapse of Silicon Valley Bank sent ripples throughout the financial system because of the strong reactions of the tech industry going on Twitter and provoking a mad scramble to get money out of that bank, which financed almost half of US venture-backed technology and health care companies. The sudden and unprecedented uncertainty resulted in a “dash for cash” that began in the markets for the most liquid and safe investments and unfolded with astonishing speed.

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You fail to mention that it IS a bail out! The government is going to cover ALL deposits, well beyond the FDIC 250 thousand. This in includes Gavin Newson.

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