Me right now here in South Africa:
A not-so-serious explanation of the situation:
Solution: Bailout or not a bailout?
Well, that is to be seen. In the Daily Mail, this argues that American politicians are doing what politicians do: being economical with the truth.
POTUS Joe Biden said this :
No losses will be — and this is an important for point — no losses will be borne by the taxpayers. Let me repeat that, no losses will be borne by the taxpayers. Instead, the money will come from the fees that banks pay into the Deposit Insurance Fund
We shall see how the dominoes fall over the next few days. Is there a contagion already out there? This was just a canary in a coal mine. The global financial system always looks like it is a big steaming pile of crap conjured up by smooth brains. It's the unholy combo of ivory tower academics; brown-nosing bureaucrats; greedy businessmen and re-election-seeking politicians. It's probably not 2008. The institutions should have better plans for this, the reaction certainly has been swift.
A bank run is the concept of the day. Many people will still probably want to put the money under their mattresses at this point instead of keeping it in the banks. We shall see if this is a haircut or a decapitation for the companies most affected. If the buffers are good enough then it will just mean that those cute foreign tech remote job opportunities will be less for us Africans over here in the short term. Basically, not much to see here. This a timely reminder to diversify your investment risk.