The largest nominal drop on record. Is it also the largest percentage-wise drop?

> Now that the Federal Deposit Insurance Corp. has taken over SVB, investors expect the bonds to be sold off in coming months, adding supply to the weakened market and pushing prices lower.

Do the rules say that FDIC has to sell these right away? I imagine they have discretion on timing the sales so that it doesn't dislocate the market. The FDIC is all about stability, after all...

It's trippy to see my own tiny contribution to tidal waves like this:

> First Republic’s funding relies in large part on wealthy individuals who increasingly have a range of options to seek higher yields on their cash at other financial institutions as interest rates have risen.

Over the last year I kept my FRC checking account at 100 (not the real number). A month back or so I dropped it down to 50 and moved the other 50 into T-Bills.

I have a mortgage with FRC. What happens to that mortgage if FRC goes under?

Wow, the government acted incredibly swiftly and decisively to crush the possibility of a general bank panic. The current US banking system is very different from the 2008 system.

Something seems wrong with the entire banking sector. I don't know if SIVB triggered it or is just the first domino to fall.

Two of the largest bank ETFs are down around ~8% today. SIVB is only 2% of the holdings of KBE and 3% of KBWB.

https://www.google.com/finance/quote/KBE:NYSEARCA

https://www.google.com/finance/quote/KBWB:NASDAQ

A former Bridgewater guy who I respect very much is saying that the panic is totally uncalled for: https://mobile.twitter.com/BobEUnlimited/status/163395659942...