SVB is the first social media bank run in history. The crisis will change the banking industry forever.
, according to Tom Vartanian, author of"200 Years of American Financial Panics" who was general counsel of the Federal Home Loan Bank Board during the Savings and Loan crisis of the late 1980s.
Such palliative action no longer seems feasible considering"information is now so immediate, disinformation, too, can be transmitted instantaneously," Vartanian added. "ON MONDAY 100,000 AMERICANS WILL BE LINED UP AT THEIR REGIONAL BANK DEMANDING THEIR MONEY – MOST WILL NOT GET IT," he wrote, calling March 13 "MONDAY, BLOODY MONDAY."
Chen, the founder who deleted earlier tweets about SVB, took to Twitter again Monday to say that the histrionics of Calcanis and Sacks actually served to"prevent a massive bank run knowing they would get skewered for it."
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