Communion Posted March 12, 2023 Author Posted March 12, 2023 13 hours ago, Archetype said: I mean you wouldn't really know how expensive it is to live there You mean it is expensive to live there because... it has an absurd accumulation of wealth in it that makes it remarkably different from the average reality to most people working and living in America? I have never seen such a well-intentioned person fall victim to their immense privilege and come off worse than they probably could ever have planned to. You somehow turned doing something as silly as defending bank investors by wanting us to believe tech start-up's are "small businesses" into shouting that people making nearly $200k a year are anything but privileged because 'the cost of living is high'. Wanna know who also lives in these high COL areas? Actual poor people. People living on the street. People living in hotels and shellers. This exchange would be much simpler if you just said outright if you're a tech bro or venture capitalist instead of trying to play some moral high ground because you've just found out that millions of people view these kind of roles in life (that you seemingly want to enter?) as having low moral and material value to society. The defensive for your desired industry would be less jarring if it didn't feature uninformed opinions that lead you to ignorantly defending the parasites of our society like investment bankers and venture capitalists. 95% of SVB's clients were companies, not individuals (something you even concede), and THE SYSTEM ALREADY WORKS to ensure depositors are made whole in situations like these, like so companies can make payroll. This will be done by auctioning off the billions in assets SVB still has. Other banks will move in to take on SVB's clients. That is not what venture capitalists are calling for when demanding a bailout that would include both saving the bank and ensuring none of its largest depositors or any of its investors lose any of the money they either held at or invested into the bank. In fact, SVB is not even eligible for a bailout under current regulatory standards to begin with. It is not "too big to [be allowed to] fail". The very people who put their money into the bank are those who largely lobbied and bought our politicians to loosen the very regulations that would have prevented this. For our society to be fair and to function normally, these people have to be allowed to fail.
slik Posted March 12, 2023 Posted March 12, 2023 On 3/11/2023 at 2:04 AM, XAMJ said: let them all rot
Vermillion Posted March 12, 2023 Posted March 12, 2023 Apparently another bank has been affected as well
Karla Cabello Posted March 12, 2023 Posted March 12, 2023 capitalism and neoliberalism has failed yet again and will lead the west to its own selfdestruction
Communion Posted March 12, 2023 Author Posted March 12, 2023 39 minutes ago, Espresso said: Apparently another bank has been affected as well Meanwhile the very companies that Democrats, as those who control the federal, give contracts to for processing student loan payments are trying to expedite the process of turning loan payments back on.
ClashAndBurn Posted March 12, 2023 Posted March 12, 2023 The neoliberals on MSNBC were screeching all weekend about how SVC was a unique case and this wasn't an indicator of things to come. "NO RECESSION HERE GUYS! THE ECONOMY IS PERFECT! MOVE ALONG!" The neoliberals on ATRL were screeching just yesterday about how Biden is "super popular" and guaranteed to win re-election. A recession will undo all that so-called "popularity" at the drop of a hat, and the way his administration has handled the economy since 2021 has been objectively abysmal. Basically goes to show that neoliberals in general are full of it, and don't actually have a clue what they're talking about.
XAMJ Posted March 13, 2023 Posted March 13, 2023 2 hours ago, ClashAndBurn said: The neoliberals on MSNBC were screeching all weekend about how SVC was a unique case and this wasn't an indicator of things to come. "NO RECESSION HERE GUYS! THE ECONOMY IS PERFECT! MOVE ALONG!" The neoliberals on ATRL were screeching just yesterday about how Biden is "super popular" and guaranteed to win re-election. A recession will undo all that so-called "popularity" at the drop of a hat, and the way his administration has handled the economy since 2021 has been objectively abysmal. Basically goes to show that neoliberals in general are full of it, and don't actually have a clue what they're talking about. keep wishing for one bb
ClashAndBurn Posted March 13, 2023 Posted March 13, 2023 2 hours ago, XAMJ said: keep wishing for one bb I don’t have to when Biden’s own Trump-appointed Fed Chair is doing everything he can to get his former boss re-elected
ClashAndBurn Posted March 13, 2023 Posted March 13, 2023 Nice to be illuminated on Joe Biden’s true priorities
Attitude Posted March 13, 2023 Posted March 13, 2023 Let's bail out banks without a second thought, but let's make a big deal on forgiving 10k student loans.
Attitude Posted March 13, 2023 Posted March 13, 2023 7 hours ago, Karla Cabello said: well another recession incoming It's been here.
Chemist Posted March 13, 2023 Posted March 13, 2023 I hope i'm wrong but this is giving 2008 recession teas. Let's buckle up
Bosque Posted March 13, 2023 Posted March 13, 2023 It’s not really a bailout since the company is bankrupt and the stockholders will be wiped out. The feds are just covering the deposits, not sure how it would be preferable to punish the depositors. In a normal bankruptcy they’d be first in line anyway to get the banks assets so… makes sense
RunUpDoneUp Posted March 13, 2023 Posted March 13, 2023 I almost peed when people said regular families had accounts at some of these places, truly disconnected. Disposable income in the 10s of thousands to 100s of thousands is not the average american situation, ever. Besides that though, yeah, the fiscally irresponsible are aways given shelter in capitalandia. They're the sons and daughters of the great market of cyclical endangerment of the great republic. Biden doing anything but bending over would be the biggest upset of his presidency(besides the gays of course.)
Chemist Posted March 13, 2023 Posted March 13, 2023 Renewable energy startups play a crucial role in the energy transition, and their success is essential for achieving environmental sustainability so the bailing is good from the environmental point of view
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