The TRUTH About What’s Going on with These Banks Failing
Last week, Silicon Valley Bank became the second largest bank in US history to fail. Signature Bank followed suit two days later. And all of a sudden, there's the potential for a financial panic across the nation and around the world. In this video, I explain what happened at Silicon Valley Bank in simple, easy to understand terms. I also explain why it happened, and what I'm doing to keep my finances straight in this time of crisis.
0:00 - Intro
0:29 - Origin of SVB Bank Failure
1:07 - What do banks do with deposits?
1:38 - How much money do banks keep on hand?
2:10 - What do banks invest in?
3:07 - The Bank Run at Silicon Valley Bank
5:04 - Are my deposits safe at my bank?
5:57 - Did Silicon Valley Bank get bailed out?
6:22 - Should I be concerned about the stock market?
7:23 - What I'm doing to keep my money safe
7:51 - Question of the Day
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FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. NOT LEGAL OR FINANCIAL ADVICE. The information provided in this video and on this channel is for educational and informational purposes only. It is not intended to be a substitute for legal or financial advice that can be provided by your own attorney, accountant, and/or financial advisor. Practical Personal Finance accepts no liability whatsoever for any losses or damages arising from your own personal financial decisions. You are advised to consult with your financial advisor, tax professional, or attorney regarding any and all financial decisions involving your own income and taxes.
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