SILICON VALLEY BANK & SIGNATURE BANK BOTH UNDER THE CONTROL OF THE FEDS 😫👀😳

By now I know you’ve heard about the Silicon Valley Bank (SVB) collapse. It’s been a week since the bank (which catered to many tech investors), came under the control of the Federal Deposit Insurance Corporation (FDIC); it was the largest USA bank to fail since the 2008 financial crisis, so this is a huge hit to the banking sector.

Also, New York's Signature Bank (the second-biggest commercial real-estate lender in the city) was taken over by the Feds as well this past week. This bank provided loans to landlords of multi-family apartments in NYC and according to Bloomberg, the loans were structured in such a way that they provide a separate pool of cash to buy tenants out of rent-stabilized units.😳

There’s so much that I can say about these structured loans: Essentially these loans incentivized NYC landlords to harass their tenants to leave OR to take buyouts.😏😒😠 This move then left very little cash available to make repairs, which forced the buildings into unlivable conditions for their tenants.😠 I live in New York City and I can tell you this is a whole rip-off!

What does all of this say about the state of the banking system and the financial sector? Well, after the run on SVB last week when depositors tried to withdraw tens of billions of dollars worth of deposits, Janet Yellen (USA Secretary of Treasury) tried to reassure American depositors that all is well in the banking sector. She also told senators that “government refunds of uninsured deposits will not be extended to every bank that fails, only those that pose a systemic risk to the financial system.” Uh-Oh!😌🙃🧐

Is this the time to hide our money in mattresses? (IMO that’s not really a good idea either, especially as we seem to be moving at breakneck speed towards a cashless society. What then should we do? WE DO WHATEVER THE HOLY SPIRIT TELLS US TO DO! If He is telling you to move from one bank to the next, then do it! If He is saying to change things around with the way you manage your finances, then do it! God is not a man that He should lie, that means that whatever He says to you, He will surely back it up!

Don’t be moved by what’s happening in the global financial sector, keep your eyes on Jesus and on His Word. If you feel confused by the message you’re hearing, always default to what you have peace about. What is your heart saying? How are you being led? Stick with that, and maintain your peace!

You and I do not have to fail when banks fail. Indeed this is the time for us to ARISE AND SHINE FOR OUR LIGHT HAS COME, BECAUSE THE GLORY OF THE LORD IS UPON US! I’ll see you next Friday, muah! 😘

Copyright ©2023 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™. The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post. THE OPINIONS EXPRESSED HERE ARE NOT SHARED AS INVESTMENT ADVICE - THEY ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY!