Let's hoist a glass to Fed and Congressional industrial-strength stupidity...
Posted on 03/11/2023 11:11:46 AM PST by EBH
Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments, according to an email from the company shared with NBC News.
The online do-it-yourself goods mega shop said it used SVB to facilitate disbursement to some sellers, and that it was working with other payment partners to issue deposits.
"We wanted to let you know that there is a delay with your deposit that was scheduled for today," the email from Etsy said.
"We know that you count on us to help run your business and we understand how important it is for you to receive your funds when you need them," the email continued. "Please know that our teams are working hard to resolve this issue and send you your funds as quickly as possible."
Etsy did not immediately respond to a request for comment.
Etsy claims 7.5 million sellers worldwide.
(Excerpt) Read more at msn.com ...
Here we go.
How much money of their 487 million dollars shall Roku recover?
Let's hoist a glass to Fed and Congressional industrial-strength stupidity...
“How much will Roku recover?”
Get our your checkbook.
Yeah, no kidding
That is just it...
This is going to slow and painful.
Roku, Etsy, there is a few crypto in the mix, ...
As I just commented on another thread, I suspect the fall-out from SVB’s failure is going to cascade throughout almost every other business sector. We are just now starting to hear of the initial harm caused to individuals and businesses. I bet some large corporations are not yet even aware they are invested in the bank.
(Cryptocurrency)
The House of Card’s ♠️♣️♥️♦️🃏🃏🃏🃏
And the (multiple) Jokers in charge...
.
I have a Roku and use it every day, I would hate to see them go away, if you concentrated your money in ONE bank and it goes under, well it sucks to be you.
The calls have already begun, next week it will get deafening to bail out this bank to avoid a major catastrophe, the contrast could not be starker, the people of East Palestine get nothing, the people of Silicon Valley get bailed out, talk about getting screwed.
A guy I know said today that the worldwide business he works for is impacted by this bank failure.
If you have deposits over $250,000, you should take steps to secure your money. The FDIC does not cover over that amount.
The real estate market will not hold up, but if you have no other options, it is a place to secure your money.
Or buy lots of food if it gets that bad might be smart.
Slow and painful is the optimistic outlook. Watch for the opening bell Monday.
buy Treasuries - rates are good thnxs to Jay Powell and backed by gov’t.
The FDIC can cover a few banks. A systemic failure and lowly depositors of the LAST to get anything if any assets are left. Even with the FDIC line of credit in the billions, they can only cover 2% of all deposits.
This thread is about Etsy not Roku d
My sister is the CFO of a fortune 100 tech firm.
I sent her an email about this.
She said “I am well aware, I am living the nightmare every day”
Etsy doesn’t mention how many sellers are affected.
During the George Floyd riots of 2020, I received an email from Etsy pledging full support of BLM goals, along with a demand that all White people purge themselves of their inherent racism. It was extremely insulting.
Phase 2 of the takedown of the US economy...
“I bet some large corporations are not yet even aware they are invested in the bank.”
The economy is incredibly complex, and a major bank failure can have second, third, fourth and even fifth order effects that nobody could see coming.
Some small vendor in the midwest may find out three months from now they can’t make payroll because their largest customer went out of business because they couldn’t make payroll etc etc etc.
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