An average 1,600 tech workers have been laid off every day of 2023 so far
Business InsiderJUL 2023
The Spin
Pro-establishment narrative
While there is a fear that SVB’s collapse is a sign of a financial crisis similar to that of 2008, that is not the case. The problems that faced SVB were company-specific and tied specifically to the tech sector. The banking sector as a whole is stable, and there is no need to worry about a new financial crisis.
Establishment-critical narrative
SVB’s collapse was not surprising to anyone other than the global markets and so-called “experts.” Rising interest rates have caused massive losses that happen to have dramatically hit SVB first, but the problem is not isolated to SVB. Just like SVB, other banks will look to sweep their losses under the rug and we will continue to see the largest collapses since 2008.