Following the collapse of Silicon Valley Financial institution, a clip from an episode of the enduring American animated tv sequence, The Simpsons, has gone viral on Twitter. The clip, taken from the episode titled “The PTA Disbands,” which initially aired on the Fox community on April 16, 1995, has been resonating with viewers as they draw comparisons between the episode’s storyline and the latest occasions at Silicon Valley Financial institution.
The episode follows the Springfield Elementary Faculty PTA because it disbands as a consequence of price range cuts, leaving the varsity with out the mandatory funds to perform correctly. Later within the episode, one of many characters of the present could be seen going inside a financial institution and creating panic round prospects by saying issues like, “the financial institution is out of cash”, “bancrupt”, and “they do not even have money for the subsequent 3 prospects”.
A person on Reddit modified the title of the financial institution within the video from First Financial institution of Springfield to Silicon Valley Financial institution which made the video clip much more in style on social media. Twitter customers have been sharing the clip of the chaotic scenes on the financial institution and drawing parallels with the Silicon Valley Financial institution’s collapse.
Listed here are some Twitter feedback on the clip
“I keep in mind this episode as a toddler lol, I didn’t perceive it on the time but it surely was humorous, now it’s hilarious trigger it’s really our banking system at its finest and the mindset of the folks”
“They know they all the time know
“Props for getting the safety footage!”
“We have to do financial institution runs each week, far more enjoyable than simply sitting round ready for the inevitable collapse, it’s good to be proactive.”
The Silicon Valley Financial institution, headquartered in Santa Clara, held belongings of round $209 billion and was ranked because the sixteenth largest financial institution in the US as of the top of the earlier 12 months.
The Fed’s forceful improve in rates of interest over the previous 12 months had a noticeable impression on the start-up trade, by which it performed a big function, by limiting monetary situations. This challenge seemed to be a major concern for the collapse. Whereas trying to assemble funds to compensate for the lack of departing deposits, the financial institution suffered a $1.8 billion loss on Treasury bonds that had been devalued as a result of Fed’s fee hikes and spiralled into collapse.
Additionally learn: FDIC takes control of collapsed Silicon Valley Bank, retains employees for 45 days at 1.5x salary
