Archetype Posted March 16, 2023 Posted March 16, 2023 On 3/12/2023 at 2:05 PM, Communion said: 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? We are talking about the main area affect by this bank, which is the Bay Area. The average working American isn't going to be impacted by the Bay Area's incredibly high cost of living so it has zero relevance to this discussion. On 3/12/2023 at 2:05 PM, Communion said: 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. No one here is defending bank investors. Tech startups can be anywhere from small to medium-sized businesses, this is not news to anyone. Employees of these small to medium size tech startups earn closer to the 150k mark on avg in the Bay Area, with most entry level positions hovering closer to 100k. These people WOULD be privileged IF they could keep their jobs and move to Pennsylvania, Texas, Ohio, Kansas, etc. In the Bay Area, they are the middle class, that is the reality of that region. Do I think said reality is good or beneficial to anyone? Of course not, it's horrible. However, I'm not going to argue that these people don't have the same purchasing power and savings as someone making half their salary living directly above them in Oregon. On 3/12/2023 at 2:05 PM, Communion said: 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. I'm a venture capitalist tech bro who wears plaid, has a beard, and owns ATRL! Is that what you want me to say to fit your narrative? I don't care what you do, how much you make, what you want to do in the future, etc. I'm not going to imagine who I think you are because I do not know you, aside from the fact that you do not live in the Bay Area. It's getting weird, stick to what you know. On 3/12/2023 at 2:05 PM, Communion said: The defensive for your desired industry Relevant only to the fictional story you're writing? On 3/12/2023 at 2:05 PM, Communion said: ignorantly defending the parasites of our society like investment bankers and venture capitalists. Once again, I am not doing that. There is no safety net for the potentially impacted employees (which has been my entire focus, not rich VCs or the current CEO of Roku). People with rent to pay, car payments to make, children to care for, etc. Giving them a one time payout is not enough when they will still have those same payments due every month. Most people do not plan their lives around the rare event that their employer's funds disappear due to a bank failure. The current hiring environment in the Bay Area is dismal, I wouldn't shrug this off as a non factor just because you don't care about these people. On 3/12/2023 at 2:05 PM, Communion said: 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. Once again x2, my focus in on the people who would be impacted the most. From what I read, SVB was insured in a way where clients could only get 250k. Correct me if I'm wrong, these companies were only reassured by the federal government this week that their deposits would be made whole, not when I wrote my previous response. This is a good thing and it solves my primary concern. If SVB is auctioned off completely and never exists again, so be it. On 3/12/2023 at 2:05 PM, Communion said: ensuring none of its largest depositors or any of its investors lose any of the money they ... held at ... the bank. And why is this a bad thing? Businesses put their money into banks and shouldn't need to worry if it will suddenly vanish within one week because the bank poorly managed its assets and investments. The bank itself should fail into oblivion but the actual businesses should be spared for something they had no control over. And no, a majority of those businesses did not engage in a bank run. I'm all for enhanced regulation of the financial sector and banking industry, and agree that it's foolish *some* of the people who lobbied against this would have suffered from their own greed-influenced decisions. That's it.
Chemist Posted March 16, 2023 Posted March 16, 2023 it seems that governments are doing everything in their power to avert a 2008 like recession, as they should. An economic collapse would impact literally everyone, so people getting mad at these bailouts should be thankful that it will most likely not affect your pocket. yeah it sucks that the government is helping rich people doing irresponsible **** but not doing it would be infinitely worse. That’s capitalism for you
Attitude Posted March 16, 2023 Posted March 16, 2023 My brother keeps his money in a can under his bed. Maybe he was right.
HEAVYONIT Posted March 17, 2023 Posted March 17, 2023 Wait, is the bank getting bailed out or is the government guaranteeing the funds to customers? There's a difference between getting bailed out and guaranteeing the cash. The bank should not be bailed out but customers should be able to get their cash out.
Letemtalk Posted March 18, 2023 Posted March 18, 2023 On 3/17/2023 at 2:51 PM, Black Jesus said: Wait, is the bank getting bailed out or is the government guaranteeing the funds to customers? There's a difference between getting bailed out and guaranteeing the cash. The bank should not be bailed out but customers should be able to get their cash out. Don't worry, the investor class will be protected.
Communion Posted March 27, 2023 Author Posted March 27, 2023 Well, I hope y'all enjoyed bailing out these weirdos.
ClashAndBurn Posted March 27, 2023 Posted March 27, 2023 26 minutes ago, Communion said: Well, I hope y'all enjoyed bailing out these weirdos. Lol, that VC punk was anti-Democrat and shitting on Biden and the American Rescue Plan not just the day he got his bailout, but also long before. These tech bros are pretty much all just like Elon.
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