Quote:
Originally Posted by photon
I guess I don't understand what it is that's supposed to happen and what I'm supposed to be afraid of.
That all the banks in Canada will collapse and the only thing of value will be the precious metals and food I have?
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With the Silicon Valley bank that just crashed, I was reading that one of the big effects could be that a lot of companies that use that bank, aren't going to be able to meet payroll or pay vendors. And of course, those vendors won't be able to pay their employees and so on. That would totally suck for those workers and families to just not get a pay cheque deposit with no advanced planning. They specifically mentioned ZipRecruiter, Shopify, and Roku as companies that might have to furlough their workforce because of the bank failure.
As much as all that sucks, I am not sure there should be any panic overall though. It was a big bank, but certainly not the first to fail. And when their meat and potatoes are tech start-ups, we shouldn't be surprised. A lot of that industry is a bubble.