AND EVEN A LOT OF PANIC AFTER THE SILICON VALLEY BANK COLLAPSE AND THE FEDERAL RESPONSE FROM LAST WEEK IN TODAY바카라 게임 웹사이트�S MONEY. MONDAY FOR YOU. WE ARE HELPING YOU MAKE SENSE OF ALL OF THIS AND EASE ANY WORRIES THAT YOU MIGHT HAVE AS WELL. SO I바카라 게임 웹사이트�M JOINED NOW BY MEGAN HAMMOND. SHE바카라 게임 웹사이트�S THE DIRECTOR OF FINANCIAL PLANNING AT WEALTH QUEST. MEGAN, AS ALWAYS, THANKS FOR BEING HERE. YOU ALWAYS SORT OF DUMB IT DOWN FOR US AND JUST MAKE THE COMPLICATED STUFF MAKE SENSE. ALL RIGHT. SO TALK TO US A LITTLE BIT HERE. HELP US UNDERSTAND, FIRST OF ALL, EXACTLY WHAT HAPPENED AT SILICON VALLEY BANK LAST WEEK. YEAH, ABSOLUTELY. WE CAN TALK ABOUT THAT. AND I THINK FROM A REALLY HIGH LEVEL, WHAT HAPPENED IS A LOT OF THE CLIENTS TOOK OUT A SIGNIFICANT AMOUNT OF MONEY VERY QUICKLY AND WHEN THAT HAPPENS, IT바카라 게임 웹사이트�S CALLED A BANK RUN AND IT CREATES UNDERLYING LIQUIDITY ISSUES FOR THE BANK. THAT IS INVOLVED. SO FOR SILICON VALLEY SPECIFICALLY LAST WEDNESDAY, THEY CAME OUT WITH NEWS THAT THEY SOLD INVESTMENTS FOR A PRETTY SIGNIFICANT LOSS AND THEY UPDATED THEIR FORECASTED EARNINGS. AND THEN THEY ALSO CAME OUT SAYING THAT THEY WERE GOING TO BE SELLING ADDITIONAL SHARES OF THEIR OWN COMPANY TO CREATE ADDITIONAL LIQUIDITY. SO WHAT HAPPENED IS THAT BOTH CLIENTS AND INVESTORS GOT SPOOKED. SURE. ABOUT THE FINANCIAL STABILITY OF THIS COMPANY. THAT바카라 게임 웹사이트�S REALLY WHAT STARTED THE SIGNIFICANT WITHDRAWALS THAT HAPPENED. SO WEDNESDAY THROUGH FRIDAY, WE SAW SIGNIFICANT WITHDRAWALS THAT HAPPENED AND THEY WERE FROM BIG COMPANIES. SO VENTURE CAPITALIST FIRMS, COMPANIES, REALLY BIG INVESTORS, BILLIONS OF DOLLARS. SO A PANIC THEN STARTS TO HAPPEN WHEN SOMETHING LIKE THAT HAPPENS. EXACTLY WHAT EXACTLY DOES THIS MEAN? I WAS WONDERING FOR THE REST OF THE BANKING SYSTEM, DOES IT IMPACT BANKS LIKE YOURS? YEAH. SO, YOU KNOW, I THINK THIS IS THIS IS A STORY THAT바카라 게임 웹사이트�S STILL UNFOLDING. SO WE DON바카라 게임 웹사이트�T HAVE ALL OF THE DETAILS. WHAT I CAN TELL YOU ABOUT SILICON VALLEY BANK SPECIFICALLY IS THAT THERE WERE SOME CHALLENGES AND NUANCES TO THEIR SITUATION THAT MADE THEM A LITTLE BIT MORE VULNERABLE TO A BANK RUN. THEY PRIMARILY WORK WITH VENTURE CAPITALIST FIRMS, LIKE I MENTIONED. THEY ALSO WORK WITH STARTUPS, PARTICULARLY IN THE TECH AND HEALTH CARE SPACE. AND SO THERE ARE SOME SOME ECONOMIC CHALLENGES AND CHANGES HAPPENING WITHIN THOSE THOSE AREAS OF THE MARKET. WHAT WE바카라 게임 웹사이트�RE ALSO SEEING, THOUGH, IS JUST BROADER ECONOMIC CHANGES WITH RISING INTEREST RATES THAT JUST CREATED A PERFECT STORM FOR THEM. SO THAT FEELS LIKE AN ISOLATED INCIDENT. WHAT WE SAW, THOUGH, ARE SOME DEVELOPMENTS OVER THE WEEKEND. SO WE SAW SIGNATURE BANK. THEY FAILED ON SUNDAY AND THE FDIC STEPPED IN. WE SAW A BANK RUN ON FIRST REPUBLIC BANK. NOW THEY HAD ENOUGH LIQUIDITY AND THEY THEY FOUND OTHER LIQUIDITY. SO THEY ARE STILL SOLVENT, WHICH IS GREAT. BUT NOW IT바카라 게임 웹사이트�S MOVED BEYOND JUST AN ISOLATED INCIDENT. AND SO THE FEDERAL GOVERNMENT HAS NOW STEPPED IN AND THEY HAVE SAID WE ARE GOING TO COVER ALL OF THE ASSETS THAT WERE HELD AT SILICON VALLEY BANK. AND THEY바카라 게임 웹사이트�RE REALLY DOING THAT TO CREATE STABILITY AND CONFIDENCE WITHIN THE BANKING SYSTEM TO REALLY DID HAVE A RIPPLE EFFECT ON. TALK TO US A LITTLE BIT ABOUT WHAT PEOPLE CAN DO TO PROTECT THEMSELVES FROM SOMETHING LIKE THIS, BECAUSE I DO THINK IT BECOMES SCARY IF YOU HAVE A LOT OF MONEY INVESTED IN ONE PARTICULAR BANK AND YOU SEE SOMETHING LIKE THIS HAPPENING AT OTHER REPUTABLE BANKS RIGHT? IT MAKES YOU THINK TWICE ABOUT WHAT YOU바카라 게임 웹사이트�RE DOING WITH YOUR MONEY. IT DOES. AND I THINK THE FIRST THING WE DO IS WE TAKE A STEP BACK AND WE BREATHE. YOU KNOW, THIS FEELS REALLY SCARY. WE바카라 게임 웹사이트�RE GOING TO CONTINUE TO HEAR ABOUT IT IN THE NEWS. LIKE I SAID, THIS IS A DEVELOPING STORY. BUT AT THE SAME TIME, THERE ARE PROTECTIONS IN PLACE FOR PEOPLE FOR EXACTLY THIS REASON. FDIC. SO FEDERAL DEPOSIT INSURANCE CORPORATION, AND IT바카라 게임 웹사이트�S AN INSURANCE BACKED BY THE FEDERAL GOVERNMENT THAT MAKES SURE THAT YOUR ASSETS ARE AVAILABLE IN THE EVENT THAT A BANK FAILS. AND UP TO A CERTAIN LIMIT. SO IT바카라 게임 웹사이트�S UP TO $250,000 PER SOCIAL SECURITY NUMBER, PER ACCOUNT TYPE PER INSTITUTION. AND SO WHEN YOU LOOK AT IT, YOU CAN ACTUALLY BE COVERED BY SIGNIFICANTLY MORE THAN $250,000 AT IT JUST DEPENDS ON YOUR ACCOUNT TITLING. IT DEPENDS ON WHERE YOUR YOUR ASSETS ARE HELD. AND THAT바카라 게임 웹사이트�S SOMETHING THAT ALREADY EXISTS THAT YOU DON바카라 게임 웹사이트�T HAVE TO DO ANYTHING SPECIAL. CORRECT. RIGHT. BUT WHAT I WOULD SAY IS THAT IT바카라 게임 웹사이트�S IMPORTANT THAT YOU TALK WITH YOUR BANKER ABOUT HOW YOU바카라 게임 웹사이트�RE PROTECTED AND ARE THERE VULNERABILITIES IN YOUR SITUATION THAT WE CAN MAKE SURE THAT WE MINIMIZE? THERE바카라 게임 웹사이트�S ALSO SIPC INSURANCE, WHICH IS SIMILAR, BUT FOR INVESTMENT FIRMS, IT바카라 게임 웹사이트�S I MEAN, THERE ARE NUANCES AND DIFFERENCES. BUT I WOULD TALK WITH THE FINANCIAL PEOPLE IN YOUR LIFE AND AND MAKE SURE THAT YOU KNOW, WHERE YOU바카라 게임 웹사이트�RE PROTECTED AND HOW TO MAXIMIZE THOSE PROTECTIONS. MEGAN HAMMOND ALWAYS JUST A WEALTH. I DON바카라 게임 웹사이트�T MEAN NO PUN INTENDED BECAUSE SHE바카라 게임 웹사이트�S WITH A WEALTH CLASS, BUT ALWAYS A WEALTH OF KNOWLEDGE. THANK YOU. ESPECIALLY WITH SOMETHING LIKE THIS THAT REALLY IS, I THINK, SCARY FOR PEOPLE AS WE바카라 게임 웹사이트�RE SEEING THIS UNFOLD. AND NOW, AS YOU MENTIONED, WITH MULTIPLE BANKS. THANKS S