California regulators on Friday abruptly shuttered Silicon Valley Bank, closing a 40-year-old financial institution that catered to the tech industry and that was the 16th largest U.S. bank before its sudden collapse. The company's stock tumbled 60% on Thursday and had plunged another 70% on Friday before trading of its shares was halted.
As we have been pointing out for literal MONTHS in these weekly market reports, the FED has trapped themselves. It's either nuke the entire economy, or allow inflation to run its course.
Inflation had gotten completely out of control due to NOTHING but their OWN MONEY PRINTING, so they raised interest rates at the fastest speed in history.
Because of this, banks are being crushed under the weight of these new rates due to their utterly incompetent and, frankly, malicious money managing practices. We are now starting to see the dominoes fall.