“I Had All My Money with SVB”: An Entrepreneur on Bank Failure and the Anxious Echo Chamber of Social Media
The Anxious Achiever
Morra Aarons-Mele
4.7 • 600 Ratings
🗓️ 22 March 2023
⏱️ 30 minutes
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| 0:00.0 | LinkedIn Presents. |
| 0:10.9 | I'm Maura Aaron's Mealy, and this is The Anxious Achiever, the show that looks at the intersection of mental health and work and how we can all do both better. |
| 0:33.2 | Silicon Valley Bank might not have been a household name until a few weeks ago, |
| 0:38.2 | but it quickly became one after its stability unraveled in early March. |
| 0:44.5 | On March 8th, Silicon Valley Bank announced that it quickly needed to raise $2.2 billion. |
| 0:53.0 | And by March 10th, the FDIC announced the bank's closure, marking the second largest U.S. bank failure in history. |
| 0:59.8 | And if the speed with which the failure happened gave you whiplash, you're not the only one. |
| 1:03.9 | It's a testament to the fast-paced digital age we live in. |
| 1:10.5 | And if you're like me, it was also a cause for great anxiety, even though I have no connection to Silicon Valley Bank. We had fears that the |
| 1:12.6 | economy as a whole was on a precipice. My guest today experienced the bank failure, both as an |
| 1:18.5 | entrepreneur who did her banking there, and as someone with a keen awareness of what social media |
| 1:24.0 | can do to all of us and the ways it can increase stress and loneliness. |
| 1:29.6 | Issa Watson is CEO and founder of Squad, an audio social app, and she wrote the book, |
| 1:35.7 | Life Beyond Likes, logging off your screen and into your life. |
| 1:41.6 | You tweeted, Washington Mutual failed with $17 billion of withdrawals over 10 days. |
| 1:51.5 | SVB with $42 billion over two days, mind-blowing impact of living in the social media and digital age. |
| 2:00.0 | What is the impact do you mean there? Yeah, you know, one of the things the social media and digital age. What is the impact you mean there? |
| 2:02.8 | Yeah, you know, one of the things about social media outside of it being a place where people are, |
| 2:08.6 | you know, always putting their perfective highlight rails. It is an echo chamber that is |
| 2:14.3 | easily amplified. And this has happened, not this specifically more, right? But like, |
| 2:21.6 | you know, things have blown up and gone viral in social media. This one just happened to |
| 2:25.6 | result in, you know, $40 billion, you know, being withdrawn. And so I think that there's an |
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