Trickle Effect Friday the Silicon Valley Bank was seized by the FDIC during business hours due to insolvency. The bank catered to the tech and venture capital crowd. They lost their money as just over 1% will receive FDIC funds to a max of $250K. Second largest collapse in US history. That was the second bank in a matter of days. The third seizure is occurring as we enjoy our relaxing Sunday. They liquidate assets which further drop asset prices. Joys of a fractional reserve banking system. Janet from the fed says they will not bail out the banks. So quick recap.
While Sam is engaged in his little name calling tantrum where does he think money will come from as over $150B just disappeared from the tech and venture cap industry from a single bank failure? That means no payroll, no product, no company. This is the tip of an ugly iceberg but the macro events are dire for any company or individual as there will be and already has been contagion.
How many multi millionaires just woke up and have nothing but a screen shot of the money they had in the bank. If it's not in your hand it's not yours as the old saying goes. Let's see what happens Monday but I can tell you that nobody will care about a penny stock company with what's occurring on the markets. Access to one's assets will be priority. Bank run and possibly bail in? Who knows but a single bank collapse can and possibly will destroy markets
Just my thoughts. Take care and be safe.