4 ms·
When they say not to panic... panic
by arthur_sav 4y ago
When they say not to panic... panic
- ignoramous 4y agoIn the age of social networks, there's nothing but incessant outrage and instant panic.
- AnimalMuppet 4y ago"Panic moves at the speed of information." I read that on Schlock Mercenary (web comic), but the author may have stolen the idea from somewhere else.
- victorbjorklund 4y agoEspecially since the cost of panic is small for the individual but the risk of not doing it is huge
- capableweb 4y agoUnless you're in the top 1% of the country when it comes to savings and income, the risk is not that high, you have guaranteed access to up to £85,000 or even £170,000 for joint accounts. It seems that even those above 55, only have on average £20K saved.
- tpoacher 4y agoThat's for "haircuts". Bankruptcies means money gone. Poof.
- adhesive_wombat 4y agoFrom the FSCS: > If you hold money with a UK-authorised bank, building society or credit union that fails, we’ll automatically compensate you. > up to £85,000 per eligible person, per bank, building society or credit union. > up to £170,000 for joint accounts.
- capableweb 4y agoNot sure what you're talking about. This is from TFA: > The Bank of England, absent any meaningful further information, intends to apply to the Court to place Silicon Valley Bank UK Limited (‘SVBUK’) into a Bank Insolvency Procedure. A Bank Insolvency Procedure would mean that eligible depositors are paid out by the FSCS as quickly as possible up to the protected limit of £85,000 or up to £170,000 for joint accounts.
- victorbjorklund 4y agoYea, im obviously talking about business accounts with over 250k. If less then yea the risk is smaller (you still risk loosing temporary access to your money).
- cm2187 4y agoIt is not rational to start a bank run, but when there is a bank run, it is actually rational to participate.
- AnimalMuppet 4y agoWhen you see a bank in condition that a bank run would be a reasonable response, it is rational to pull your money out now. If enough people act rationally (or have that information) at the same time, then a bank run starts, by people acting rationally.