Can we have a thread about what the hell to do right now?
🗣️ DISCUSSION 💬
First of all, I'm an idiot when it comes to anything financial. I know many of you aren't. What is the safest thing to do with the money (fiat) that we do have right now? Leave it in our local bank? Credit union? Keep it as cash in my sock drawer? Also, the money in my 401k? Switch it over to bonds or something else I don't fully understand? Any thoughts from someone who's been paying better attention to these things than I?
Saw that this morning. My understanding is that there wasn't even enough FDIC money to pay out SVB depositors at 100%. Which means they are printing because there are two other banks where the depositors need to be bailed out at 100%.
EDIT: Keep in mind these depositors got reimbursed at well over the 250K limit. Oprah supposedly had over 1/2 billion in SVB.