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Tech businesses tend to have more direct access to information (e.g. Twitter, emails), and listen to VCs and investors. Regular people and businesses don't hea
by dannyw 4y ago
Tech businesses tend to have more direct access to information (e.g. Twitter, emails), and listen to VCs and investors.
Regular people and businesses don't hear about these things. Today, only 1 other person in my friend group of 6 heard about SVB.
- ketzo 4y agoI have to imagine that if you have enough money in First Republic for your withdrawal to actually be a problem for them… you at least have a dim awareness of, say, the WSJ front page.
- vkou 4y agoThat's not why there's a tech bank run. The reason there's a tech bank run is because VCs, and the companies they own are like geese. They fly in a triangle. Thiel tells his startups to bank-run SVB, and they bank-run SVB, and all the other VC start telling their firms to follow suit. It's all herd mentality among an undiversified group of customers (startups all of which are hit hard by raising interest rates), which is perfect for a bank run.
- gnicholas 4y ago> Today, only 1 other person in my friend group of 6 heard about SVB. Really? My mom knew about it, and she's a retired teacher who doesn't live in the Bay Area.
- gault8121 4y agoThere are three articles about this on the front page of the New York Times right now. It’s going to be widespread knowledge very soon.
- deleted 4y ago[deleted]
- TechBro8615 4y agoIt's currently the top article on CNN, Fox News, NYT, WSJ, and Twitter Trending. Your friends must live under a rock.