USCE Winter 2023: change thread titles constantly, almost on a daily basis

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koolkal: Oct 21, 2008; this thread maybe doesnt have room for 2 green xbox one avs

It's possible the bank may not be able to cover all its deposits if it already sold bonds at a loss (not necessarily risky assets either). Silvergate did this and lost huge amounts of money.

To quote Matt Levine:

quote:

Here is the filing. The problem is:

1. Silvergate had tons of crypto deposits: $13.2 billion of deposits at the end of September, most of them not paying interest.
1. Then crypto melted down and crypto investors took their money back from exchanges, which in turn took it back from Silvergate. By the end of December, noninterest bearing deposits were down from $12 billion to just $3.9 billion.
Silvergate needed to come up with about $8 billion of cash to pay out these withdrawals.
1. It got some of the cash by borrowing $4.3 billion from the Federal Home Loan Bank of San Francisco, a government-chartered institution that is basically in the business of giving short-term secured loans to banks that have a sudden need for cash.[2] In late 2022 and early 2023, that described crypto-y banks, and it became controversial that they were borrowing from the FHLBs.

It got the rest of the money by selling a bunch of its bond portfolio: At the end of September it had $11.4 billion of bonds, $8.3 billion of them �available-for-sale� (an accounting term meaning that Silvergate had to mark them on its books at their fair value) and others �held-to-maturity� (meaning that Silvergate could mark them at cost and not worry about changes in market value). At the end of December, it had just $5.7 billion of bonds, all of them available-for-sale. It had sold the rest.

This caused problems, though, because the bonds were worth less than Silvergate paid for them, basically because interest rates went up a lot in 2022. One thing this means is that Silvergate realized losses on the sales:

In order to accommodate sustained lower deposit levels and to maintain a highly liquid balance sheet, Silvergate sold $5.2 billion of debt securities for cash proceeds during the fourth quarter of 2022. The sale resulted in a loss on the sale of securities of $751.4 million during the fourth quarter of 2022.

koolkal fucked around with this message at 21:51 on Mar 10, 2023

# ? Mar 10, 2023 21:49

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# ? Jun 9, 2024 00:36

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

House Republicans have released their demand list in order to raise the debt ceiling.

In addition to the bullet points in the tweet below, they are also asking for:

- Work requirements for SNAP and Medicaid.

- Capping all non-defense spending and implementing an automatic cut to future non-defense spending if no budget is passed.

- No cuts to defense spending.

- Repeal the tax increases in the IRA.

https://twitter.com/JStein_WaPo/status/1634208749584896001

quote:

A powerful group of far-right Republicans on Friday issued a new set of demands in the fight over the debt ceiling, stressing they may only supply their votes to raise the limit if they can secure about $130 billion in spending cuts, cap federal agencies� future budgets and unwind the Biden administration�s economic agenda.

The ultimatum from the House Freedom Caucus � led by Rep. Scott Perry (R-Pa.) � threatened to deal a massive blow to government health care, education, science and labor programs. Seeking tougher work requirements on welfare recipients and the repeal of federal funds to fight the coronavirus and climate change, the conservatives� wish list appeared to complicate efforts to clinch a deal and avert a looming fiscal calamity.

At the heart of the political standoff is the debt ceiling, the legal limit on how much the U.S. government can borrow to pay for spending that policymakers in both parties have already approved. Congress must raise or suspend the current $31 trillion cap as soon as this summer or risk a default, an unprecedented crisis that could rattle markets globally while triggering a potential recession in the United States.

But Republicans have promised to use the fast-approaching deadline to extract fiscal changes from the White House, many of which target President Biden�s signature economic priorities. Appearing at a news conference, Perry said the goal is to �shrink Washington,� and added: �Doing this will lower dollar for dollar the amount needed for any increase in the debt ceiling.�

The far-right caucus called for clawing back nearly $400 billion to boost clean energy and combat pollution in the Inflation Reduction Act, for example, and an end to the �student loan bailout,� as Perry described it, referring to the president�s debt cancellation measure, which is awaiting a Supreme Court ruling. They also targeted the roughly $80 billion recently approved to help the IRS pursue tax cheats, arguing it empowers the government to target innocent Americans. That move could add to the deficit, however, since it could prevent Washington from collecting money it is owed.

Conservatives further pushed for regulatory reform legislation, while emphasizing the need for tougher work requirements on food stamps, Medicaid and other programs that aim to help low-income Americans. Democrats contend these efforts could result in millions of deserving families being forced off federal benefits, since a wide array of federal anti-poverty initiatives already require beneficiaries to seek employment.

The demands served as a direct challenge to Biden, who has repeatedly pledged he will not haggle with Republicans over the country�s credit. Speaking at the White House later Friday, the president took aim at conservatives� latest requests: He said it showed the �value set� the GOP had and predicted the impacts would fall hardest on police officers, firefighters and the nation�s health care.

�I don�t know [if] there�s much to negotiate on,� Biden said.

Treasury Secretary Janet L. Yellen, meanwhile, appeared Friday on Capitol Hill to deliver her own urgent plea for action, citing the catastrophic ramifications if Congress fails to raise the debt limit in time. Appearing before the House Ways and Means Committee, she reminded lawmakers that the government has never defaulted � and doing so would �trigger an economic and financial catastrophe.�

The intensifying political stalemate capped off a week of mixed economic news in an ever-divided Washington. It began with a fresh warning from Jerome H. Powell, the chairman of the Federal Reserve, who on Wednesday signaled the central bank may have to raise interest rates more aggressively to keep tamping down inflation. Such a move could help lower prices by raising the cost of borrowing, at the risk of squeezing spending and investment in ways that could leave Americans out of work.

Two days later, the government reported that the country added about 311,000 jobs in February, though the unemployment rate still ticked up to 3.6 percent. Taken together, the new indicators raised fresh uncertainty as to how the Fed might respond to the next round of federal inflation data due next week. The central bank will meet later this month to decide its next interest rate move.

At the White House, Biden on Thursday put forward his long-awaited budget for the 2024 fiscal year, proposing more than $2 trillion in sweeping new social policy initiatives along with a slew of new tax increases, largely targeting corporations and the wealthy. While the president�s plan would add roughly $1.8 trillion to the deficit next fiscal year, it would reduce the government�s imbalance by nearly $3 trillion over the next decade.

The slew of developments only appeared to embolden Republicans, who have blamed Biden and his spending policies for the high price of consumer goods � even though both parties have contributed substantially to the nation�s debt, and even though much of the spending in response to the pandemic was approved on a bipartisan basis. GOP lawmakers reserved their fiercest criticism for the president�s 2024 budget, arguing the White House did not go far enough to meaningfully address the country�s debt, especially after the nonpartisan Congressional Budget Office last month predicted the federal shortfall is likely to surge by $19 trillion over the next 10 years.

�It�s a scam. It�s a reckless proposal,� said Rep. Earl L. �Buddy� Carter (R-Ga.), a member of the House Freedom Caucus, in an interview Thursday. �I think what it does is to reinforce the fact that we need to demand spending cuts because [Biden] is not going to make them.�

Republicans hope to release their own spending plan later this spring, aiming to identify roughly $130 billion in cuts for the 2024 fiscal year. Rep. Jodey Arrington (R-Tex.), the chairman of the House Budget Committee, reiterated in a recent interview that the reductions would come from nondefense programs while preserving spending at the Pentagon. Arrington added that lawmakers are also at work in identifying hard caps on domestic agencies that would constrain their spending in future fiscal years.

�You�re going to see the conference coalesce around a set of fiscal reforms and spending controls and savings, and I think that�s going to happen in the near future,� he said.

Yet some conservatives still have pushed their party to go further � and pursue steeper reductions targeting federal health care, education, labor and science-related agencies. On Friday, the House Freedom Caucus even called on Congress to pass an emergency backstop: A spending plan that would automatically cut government even deeper, to levels adopted in the 2019 fiscal year, which would take effect if lawmakers could not reach a broader deal.

�We have to go over the $200 billion mark to make a difference,� Rep. Ralph Norman (R-S.C.), another caucus member, said in a recent interview while pledging to strip �woke dollars� from the federal ledger.

The demands illustrated anew the delicate task ahead for House Speaker Kevin McCarthy (R-Calif.), whose election to the chamber�s top leadership post in January exposed the political fissures in his new, razor-thin majority. Even as Republicans have presented a united front to the White House � demanding that Biden accept spending cuts in exchange for their votes on the debt ceiling � GOP lawmakers have yet to rally around a single set of demands.

A senior moderate Republican in the House, who requested anonymity to speak freely about the party�s internal dynamics, described the conservatives� ultimatum on Friday as unhelpful while talks continue among the GOP�s leaders and competing factions. Perry, meanwhile, later said he is �pretty optimistic� that other Republicans might support his caucus�s plans.

In a sign that they plan to drive a hard line in talks, Republicans readied a bill earlier this week that would prepare the government in the event of a default. The measure, which the tax-focused Ways and Means Committee sent to the full House, essentially would prioritize some federal payments over others in the event the United States no longer had the authority to borrow.

The panel�s chairman, Rep. Jason T. Smith (R-Mo.), said the approach would allow the country to pay its creditors, assuage bond markets and preserve benefits for seniors on Social Security. But Democrats pointed out that it would eliminate funding for entire programs, from funding to help hungry families to hurricane disaster aid. Yellen, meanwhile, blasted the idea Friday during her appearance before Smith�s committee � stressing it would not serve as a �shortcut� that averts the worst consequences of default.

�Prioritization is simply not paying all of the government�s bills when they come due,� she told lawmakers.

# ? Mar 10, 2023 22:03

Kalit: Nov 6, 2006; The great thing about the thousands of slaughtered Palestinian children is that they can't pull away when you fondle them or sniff their hair.

That's a Biden success story.

Leon Trotsky 2012 posted:

House Republicans have released their demand list in order to raise the debt ceiling.

In addition to the bullet points in the tweet below, they are also asking for:

- Work requirements for SNAP and Medicaid.

- Capping all non-defense spending and implementing an automatic cut to future non-defense spending if no budget is passed.

- No cuts to defense spending.

- Repeal the tax increases in the IRA.

https://twitter.com/JStein_WaPo/status/1634208749584896001

I'm sure this will work as well for them as it did in 2013. You think by now they would just quickly raise the debt ceiling and claim as much credit as they can for it.

# ? Mar 10, 2023 22:09

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

Kalit posted:

I'm sure this will work as well for them as it did in 2013. You think by now they would just quickly raise the debt ceiling and claim as much credit as they can for it.

It sort of worked in 2011, so there's no reason not to be insane and try every year now.

Even if it didn't work in 2011, they would probably keep doing it just for the optics.

# ? Mar 10, 2023 22:11

Nonsense: Jan 26, 2007

https://twitter.com/ryanlcooper/status/1634263511600619520?s=20

This is one of those things l dont think will go well for any Democrat involved.

https://twitter.com/DavidSacks/status/1634292056821764099?s=20

Pieces of excrement like this guy do not deserve to be bailed out.

Nonsense fucked around with this message at 23:27 on Mar 10, 2023

# ? Mar 10, 2023 23:14

BougieBitch: Oct 2, 2013; Basic as hell

Lol, that Republican demand for work requirements is a total non-starter. Any D politician that votes for that will never, ever win an election again. That's as easy of an attack ad as a Republican raising taxes

# ? Mar 10, 2023 23:29

Kalit: Nov 6, 2006; The great thing about the thousands of slaughtered Palestinian children is that they can't pull away when you fondle them or sniff their hair.

That's a Biden success story.

Leon Trotsky 2012 posted:

It sort of worked in 2011, so there's no reason not to be insane and try every year now.

Even if it didn't work in 2011, they would probably keep doing it just for the optics.

The optics worked out terribly for them in 2013. In case you forgot, they got blamed a lot more for it than the Democrats did. It was also probably a large part of why Republican leadership job approval went down to to 20%.

Here's Pew talking about it: https://www.pewresearch.org/politics/2013/10/15/as-debt-limit-deadline-nears-concern-ticks-up-but-skepticism-persists/

quote:

Despite deep frustration with national conditions, the public�s views of Washington political leaders have shown only modest changes since before the government shutdown began. Approval ratings for President Obama (43% approve), Democratic congressional leaders (31%) and GOP leaders (20%) all are at or near all-time lows, yet are not substantially more negative than they were in early September, a month before the shutdown started.

Republicans continue to get more blame than the Obama administration for Washington�s fiscal policy stalemate, but the balance of opinion has not changed in the past week. In the new survey, 46% say Republicans are more to blame for the deadlock in Washington over the government shutdown and debt limit; 37% say the Obama administration is more to blame. A week ago, when the question asked just about responsibility for the government shutdown, the public said Republicans were more to blame, by 38% to 30%.

As this article points out, the balance of opinion for who to blame didn't change much over that week, but it substantially changed a few weeks prior from +3% R to +9% R:

Kalit fucked around with this message at 23:35 on Mar 10, 2023

# ? Mar 10, 2023 23:30

Papercut: Aug 24, 2005

BougieBitch posted:

Lol, that Republican demand for work requirements is a total non-starter. Any D politician that votes for that will never, ever win an election again. That's as easy of an attack ad as a Republican raising taxes

The entire list of demands is a non-starter, since Biden has made it very clear that he's not willing to entertain bargaining over the debt ceiling

# ? Mar 10, 2023 23:37

Shooting Blanks: Jun 6, 2007; Real bullets mess up how cool this thing looks.

-Blade

Heck Yes! Loam! posted:

Anything Blockchain related was already dead or wounded. This will finish it off. AI will still be propped up heavily by Microsoft, google, and a few others

Ehhhh...there is still a ton of VC money going towards AI. This will slow things down as various funds figure out their financial situation and liquidity, but I doubt this will be more than a speedbump.

# ? Mar 10, 2023 23:47

FlamingLiberal: Jan 18, 2009; Would you like to play a game?

Papercut posted:

The entire list of demands is a non-starter, since Biden has made it very clear that he's not willing to entertain bargaining over the debt ceiling

Yes and nothing on that list is remotely reasonable whatsoever

It's basically like 'kill everything we don't like and you get to live for another 6 months'

# ? Mar 10, 2023 23:55

Dick Trauma: Nov 30, 2007; God damn it, you've got to be kind.

Nonsense posted:

This is one of those things l dont think will go well for any Democrat involved.

https://twitter.com/DavidSacks/status/1634292056821764099?s=20

Pieces of excrement like this guy do not deserve to be bailed out.

Bailouts for me but not for thee!

https://twitter.com/nandelabra/status/1634315840098127873?s=20

# ? Mar 11, 2023 00:12

Goatse James Bond: Mar 28, 2010; If you see me posting please remind me that I have Charlie Work in the reports forum to do instead

To my understanding the fdic has a 100% success rate at protecting uninsured depositors (greater than 250k) and that's probably a good thing. Whatever your feelings about capitalism, "picked the wrong bank and lost all their money" is not a societally advantageous way for capitalists to lose all their money.

# ? Mar 11, 2023 00:23

Jaxyon: Mar 7, 2016; I’m just saying I would like to see a man beat a woman in a cage. Just to be sure.

Google Jeb Bush posted:

To my understanding the fdic has a 100% success rate at protecting uninsured depositors (greater than 250k) and that's probably a good thing. Whatever your feelings about capitalism, "picked the wrong bank and lost all their money" is not a societally advantageous way for capitalists to lose all their money.

They'll probably see their money, the issue is it's going to take a while and a bunch of techbros might not make payroll.

# ? Mar 11, 2023 00:24

virtualboyCOLOR: Dec 22, 2004

Google Jeb Bush posted:

To my understanding the fdic has a 100% success rate at protecting uninsured depositors (greater than 250k) and that's probably a good thing. Whatever your feelings about capitalism, "picked the wrong bank and lost all their money" is not a societally advantageous way for capitalists to lose all their money.

Eh, it is if they admit they are a capitalist (and have a 6 figs+ income). At that point they have admitted they lost their humanity.

# ? Mar 11, 2023 00:41

Dick Trauma: Nov 30, 2007; God damn it, you've got to be kind.

https://twitter.com/TexasTribune/status/1634282727821266963?s=20

The man who designed the law is representing this shithead, and I'm sure he knew that someone would come along sooner rather than later so they could feed more of this garbage into the justice system to further erode everyone's rights.

quote:

A Texas man is suing three women under the wrongful death statute, alleging that they assisted his ex-wife in terminating her pregnancy, the first such case brought since the state�s near-total ban on abortion last summer.

Marcus Silva is represented by Jonathan Mitchell, the former Texas solicitor general and architect of the state�s prohibition on abortions after about six weeks of pregnancy, and state Rep. Briscoe Cain, R-Deer Park. The lawsuit is filed in state court in Galveston County, where Silva lives.

Silva alleges that his now ex-wife learned she was pregnant in July 2022, the month after the overturn of Roe v. Wade, and conspired with two friends to illegally obtain abortion-inducing medication and terminate the pregnancy.

quote:

The friends texted with the woman, sending her information about Aid Access, an international group that provides abortion-inducing medication through the mail, the lawsuit alleges. Text messages filed as part of the complaint seem to show they instead found a way to acquire the medication in Houston, where the two women lived.

A third woman delivered the medication, the lawsuit alleges, and text messages indicate that the wife self-managed an abortion at home.

Dick Trauma fucked around with this message at 00:52 on Mar 11, 2023

# ? Mar 11, 2023 00:45

Foxfire_: Nov 8, 2010

virtualboyCOLOR posted:

Eh, it is if they admit they are a capitalist (and have a 6 figs+ income). At that point they have admitted they lost their humanity.

It's business accounts, not individuals. $250k is not a particularly high balance for a company. Lots of non-tech startups will routinely carry balances like that.

"new restaurant that's going to lose money for awhile" or "construction company where a payments received but not spent on materials yet"

# ? Mar 11, 2023 00:52

Failed Imagineer: Sep 22, 2018

virtualboyCOLOR posted:

Eh, it is if they admit they are a capitalist (and have a 6 figs+ income). At that point they have admitted they lost their humanity.

A 6-figure income in the US is at a base like... 80th percentile of wages. Doing well but it doesn't make you a capitalist in a Marxist sense, in a big city it probably means you can afford an OK car that runs most of the time

# ? Mar 11, 2023 00:53

Goatse James Bond: Mar 28, 2010; If you see me posting please remind me that I have Charlie Work in the reports forum to do instead

Jaxyon posted:

They'll probably see their money, the issue is it's going to take a while and a bunch of techbros might not make payroll.

Yeah that's a relevant point, people who desperately needed their next paycheck or two on time could be in a pickle.

The people who are likely to take a bath in the FDIC led reorganization/liquidation are stockholders, bank management, and bondholders, in that order. If uninsured depositors start getting dunked on those three categories have been wiped out completely.

# ? Mar 11, 2023 01:02

Goatse James Bond: Mar 28, 2010; If you see me posting please remind me that I have Charlie Work in the reports forum to do instead

And to be clear I'm MUCH more okay with those three categories losing money than going "whoops commercial banks don't work anymore", there's a level of implicit risk in those three that the government / we as citizens don't want to be applied to regular normal bank accounts

# ? Mar 11, 2023 01:05

Alkydere: Jun 7, 2010; Capitol: A building or complex of buildings in which any legislature meets.
Capital: A city designated as a legislative seat by the government or some other authority, often the city in which the government is located; otherwise the most important city within a country or a subdivision of it.

Leon Trotsky 2012 posted:

House Republicans have released their demand list in order to raise the debt ceiling.

In addition to the bullet points in the tweet below, they are also asking for:

- Work requirements for SNAP and Medicaid.

- Capping all non-defense spending and implementing an automatic cut to future non-defense spending if no budget is passed.

- No cuts to defense spending.

- Repeal the tax increases in the IRA.

https://twitter.com/JStein_WaPo/status/1634208749584896001

LOL at that article starting with "A powerful group of far-right Republicans"

Fuckers are delusional if they think they have any power. Biden's already stated "Nope, not happening" to any of that and now they're just going to either look weak when they knuckle under and lift the debt ceiling, or insane if they follow through and generate voter anger against themselves.

# ? Mar 11, 2023 01:27

Hieronymous Alloy: Jan 30, 2009; Why! Why!! Why must you refuse to accept that Dr. Hieronymous Alloy's Genetically Enhanced Cream Corn Is Superior to the Leading Brand on the Market!?!; Morbid Hound

I really wish he'd just mint the coin.

# ? Mar 11, 2023 01:57

Ither: Jan 30, 2010

Dick Trauma posted:

https://twitter.com/TexasTribune/status/1634282727821266963?s=20

The man who designed the law is representing this shithead, and I'm sure he knew that someone would come along sooner rather than later so they could feed more of this garbage into the justice system to further erode everyone's rights.

Does anyone know what Texas' policy on televised trials is?

# ? Mar 11, 2023 02:09

Twincityhacker: Feb 18, 2011

https://twitter.com/joshtpm/status/1634330899171901440

( Entire image is though link )

LOL. LAMO. The dude who pushed for deregulation of banks crater his loving bank for the very reasons why the regulations were written in the first place.

# ? Mar 11, 2023 04:01

Chimp_On_Stilts: Aug 31, 2004; Holy Hell.

Twincityhacker posted:

https://twitter.com/joshtpm/status/1634330899171901440

( Entire image is though link )

LOL. LAMO. The dude who pushed for deregulation of banks crater his loving bank for the very reasons why the regulations were written in the first place.

According to this source (which I did not attempt to verify!) his net worth is around $30 million and he has previously sold about $25 million in Silicon Valley Bank stock before the crash (so the stock going to zero does not wipe him out).

This dude is rich and is going to be fine. Meanwhile, the bank imploding is likely to result in more layoffs of ordinary employees.

The CEO got exactly what he wanted from the deregulation and will not suffer the negative consequences.

# ? Mar 11, 2023 08:05

BiggerBoat: Sep 26, 2007; Don't you tell me my business again.

Leon Trotsky 2012 posted:

No, the Fed has said explicitly that the goal is to tamp down demand through monetary policy and that high excess savings rates are something that contributes to lingering inflation. The idea is that if you have high excess savings sitting around, it will drive demand for products and services that will increase prices/inflation because there is a supply shortage. They want to crush demand down to meet the supply to keep prices stable until the supply shortage is solved and demand can rise significantly without raising prices.

My thing is (and I'm an idiot about economics) is that I keep hearing how consumer spending is up and demand is up with disregard for the fact that, yeah, spending and demand are up because people need to eat and have housing and all that poo poo is requiring them to spend more. Meanwhile, the percentage of what they earn being spent on basic necessities continues to grow. Consumers CAN'T cut spending for those things, nor transportation, energy, clothing, etc. They CAN'T save any loving money. So, sure, let's put more of them out of work.

I get angry when I contemplate the assertion that the reason inflation is so high is because people have too much money, while corporate profits soar, and that the only solution to this is to further squeeze the 95% and intentionally put more people out of a job. There's a lesson in here somehwere about what truly drives a healthy economy but I can't articulate it.

"People are working too hard and earning too much" is supposed to be essential to a thriving capitalist economy, or so I've always been taught, but I guess I don't know poo poo. Just keeps sucking that the people that are going to most hurt by what the fed is trying to do here are the people that are already being squeezed the most.

# ? Mar 11, 2023 15:41

BougieBitch: Oct 2, 2013; Basic as hell

BiggerBoat posted:

My thing is (and I'm an idiot about economics) is that I keep hearing how consumer spending is up and demand is up with disregard for the fact that, yeah, spending and demand are up because people need to eat and have housing and all that poo poo is requiring them to spend more. Meanwhile, the percentage of what they earn being spent on basic necessities continues to grow. Consumers CAN'T cut spending for those things, nor transportation, energy, clothing, etc. They CAN'T save any loving money. So, sure, let's put more of them out of work.

I get angry when I contemplate the assertion that the reason inflation is so high is because people have too much money, while corporate profits soar, and that the only solution to this is to further squeeze the 95% and intentionally put more people out of a job. There's a lesson in here somehwere about what truly drives a healthy economy but I can't articulate it.

"People are working too hard and earning too much" is supposed to be essential to a thriving capitalist economy, or so I've always been taught, but I guess I don't know poo poo. Just keeps sucking that the people that are going to most hurt by what the fed is trying to do here are the people that are already being squeezed the most.

To be clear, no one, including the fed, thinks rate increases are the way to go. The issue is that Congress won't be able to raise taxes, which would be the much more effective way to fix the problem. The real issue is that the Fed has to have the appearance of neutrality, so they can't say "raise taxes or we shoot the hostage", they have to just do it or don't.

# ? Mar 11, 2023 16:04

virtualboyCOLOR: Dec 22, 2004

Foxfire_ posted:

It's business accounts, not individuals. $250k is not a particularly high balance for a company. Lots of non-tech startups will routinely carry balances like that.

"new restaurant that's going to lose money for awhile" or "construction company where a payments received but not spent on materials yet"

The capitalists say they want to privatize the gains and socialize the losses deserve only scorn and contempt.

Lucky for them though, the Democrats are working hard to find a way to bail them all out as if 2008 didn�t happen:

https://twitter.com/RepSwalwell/status/1634258231718494208?s=20

It�s great that �the most left leaning president since FDR� killed a union strike of working class people less than six months ago is likely going to sign a bill that bails out the wealthy venture capitalists. It�s no wonder alleged sex pest Biden and rest of the Dems have no issue rubber stamping the will of the Supreme Court when it comes to destroying peoples lives.

virtualboyCOLOR fucked around with this message at 18:08 on Mar 11, 2023

# ? Mar 11, 2023 18:01

Gyges: Aug 4, 2004; NOW NO ONE
RECOGNIZE HULK

Google Jeb Bush posted:

To my understanding the fdic has a 100% success rate at protecting uninsured depositors (greater than 250k) and that's probably a good thing. Whatever your feelings about capitalism, "picked the wrong bank and lost all their money" is not a societally advantageous way for capitalists to lose all their money.

I think the issue here isn't so much trying to cover all the deposits if possible, generally when we have to take over a bank that's what happens to everyone with deposits. The issue is who are crying out and demanding big daddy government come in and turn on the cash hose. Larry Summers and other high ranking members of our capitalist death cult must be mocked for suddenly caring about negative societal impacts of capitalism when they and their friends are affected.

Despite the group having a strong goal of preventing leopards mauling the faces of people, we shouldn't just quietly and magnanimously accept the sudden support of those who cheer the leopards on but are currently sporting a few claw marks.

# ? Mar 11, 2023 18:30

Dick Trauma: Nov 30, 2007; God damn it, you've got to be kind.

When external and internal regulation is absent who's left to press for financial discipline?

https://twitter.com/MikeIsaac/status/1634280887318904832?s=20

# ? Mar 11, 2023 19:29

Sephyr: Aug 28, 2012

Google Jeb Bush posted:

To my understanding the fdic has a 100% success rate at protecting uninsured depositors (greater than 250k) and that's probably a good thing. Whatever your feelings about capitalism, "picked the wrong bank and lost all their money" is not a societally advantageous way for capitalists to lose all their money.

When we are talking about an investment bank, say, one also famous for pushing deregulation and who was hyped by Jim loving Cramer for how bold and good its fundamentals were, yes, losing all your money is an acceptable risk if that is where you park it.

That 'socially acceptable' way for capitalists to lose their money (having it taxed away/confiscated by the people) is never going to happen, because there is no constituency for it in any institution.

If they can now literally play russian roulette with 5 rounds in the drum for money, and we're forced to put our heads in front of the barrel when the inevbitable happens, then just let them print their own currency at this point, and have their own courts. It's madness.

# ? Mar 11, 2023 19:36

TheDisreputableDog: Oct 13, 2005

Twincityhacker posted:

https://twitter.com/joshtpm/status/1634330899171901440

( Entire image is though link )

LOL. LAMO. The dude who pushed for deregulation of banks crater his loving bank for the very reasons why the regulations were written in the first place.

That bill was actually very bipartisan, by 2018 standards. Like 17 Democratic Senators and double that House members voted for it. I�m sure it�ll eventually come out whether more frequent stress testing would have mattered in this case, or thing went south too quickly.

# ? Mar 11, 2023 19:45

Lemming: Apr 21, 2008

Sephyr posted:

When we are talking about an investment bank, say, one also famous for pushing deregulation and who was hyped by Jim loving Cramer for how bold and good its fundamentals were, yes, losing all your money is an acceptable risk if that is where you park it.

That 'socially acceptable' way for capitalists to lose their money (having it taxed away/confiscated by the people) is never going to happen, because there is no constituency for it in any institution.

If they can now literally play russian roulette with 5 rounds in the drum for money, and we're forced to put our heads in front of the barrel when the inevbitable happens, then just let them print their own currency at this point, and have their own courts. It's madness.

All the hyper rich guys got their money out, they're the ones who caused the run. Anyone in their circle was instructed on exactly what to do with their money when.

# ? Mar 11, 2023 20:06

Nucleic Acids: Apr 10, 2007; Can't post for 6 days!

virtualboyCOLOR posted:

The capitalists say they want to privatize the gains and socialize the losses deserve only scorn and contempt.

Lucky for them though, the Democrats are working hard to find a way to bail them all out as if 2008 didn�t happen:

https://twitter.com/RepSwalwell/status/1634258231718494208?s=20

It�s great that �the most left leaning president since FDR� killed a union strike of working class people less than six months ago is likely going to sign a bill that bails out the wealthy venture capitalists. It�s no wonder alleged sex pest Biden and rest of the Dems have no issue rubber stamping the will of the Supreme Court when it comes to destroying peoples lives.

If Biden bails out SVB and any other bank that folds he�ll be signing the death warrant of the entire Democratic Party come 2024.

# ? Mar 11, 2023 20:31

bird food bathtub: Aug 9, 2003; College Slice

Nucleic Acids posted:

If Biden bails out SVB and any other bank that folds he’ll be signing the death warrant of the entire Democratic Party come 2024.

"What're you gonna do, let Trump win? Guess it's all your fault then. Should have voted harder."

# ? Mar 11, 2023 20:37

Kalit: Nov 6, 2006; The great thing about the thousands of slaughtered Palestinian children is that they can't pull away when you fondle them or sniff their hair.

That's a Biden success story.

virtualboyCOLOR posted:

It�s great that �the most left leaning president since FDR� killed a union strike of working class people less than six months ago is likely going to sign a bill that bails out the wealthy venture capitalists. It�s no wonder alleged sex pest Biden and rest of the Dems have no issue rubber stamping the will of the Supreme Court when it comes to destroying peoples lives.

TBH I haven�t been following this story too close, but why do you say that Biden is likely to sign a potential bailout bill for the wealthy VCs? I haven�t seen any White House statements regarding this, one way or the other, so far

# ? Mar 11, 2023 20:37

OddObserver: Apr 3, 2009

Kalit posted:

TBH I haven�t been following this story too close, but why do you say that Biden is likely to sign a potential bailout bill for the wealthy VCs? I haven�t seen any White House statements regarding this, one way or the other, so far

FDIC is likely to arrange something that will rescue the deposits while costing the public $0, since that's what they usually do.

# ? Mar 11, 2023 20:46

the_steve: Nov 9, 2005; We're always hiring!

bird food bathtub posted:

"What're you gonna do, let Trump win? Guess it's all your fault then. Should have voted harder."

Look, it's called bipartisanship.
Sometimes you have to repeatedly do something that your party claims it's wholly against so that you'll have the moral high ground when the other party blocks all of your attempts at legislation and calls you a godless commie-socialist after pinkie promising that they wouldn't this time.

# ? Mar 11, 2023 21:02

TheDisreputableDog: Oct 13, 2005

�Let the bank fail� is an astoundingly naive political take. The story will be about the people not getting paid because their payroll processor used the failed bank, the startups that can�t make payroll, etc. I�m sure lots of innocent people getting hurt is a small price to pay for socialist bloodlust, but from a political perspective, Biden and the democrats will get their faces ripped off.

# ? Mar 11, 2023 21:58

Lemming: Apr 21, 2008

TheDisreputableDog posted:

�Let the bank fail� is an astoundingly naive political take. The story will be about the people not getting paid because their payroll processor used the failed bank, the startups that can�t make payroll, etc. I�m sure lots of innocent people getting hurt is a small price to pay for socialist bloodlust, but from a political perspective, Biden and the democrats will get their faces ripped off.

The bank has already failed. It's gone. The FDIC closed it yesterday and retained all its assets. The question is what they're going to do now, and whether they think it'll spread to other banks and cause broader issues

# ? Mar 11, 2023 22:04

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# ? Jun 9, 2024 00:36

TheDisreputableDog: Oct 13, 2005

Yes Lemming, you�ll note the context of the last handful of posts was about the government backstopping the uninsured deposits.

# ? Mar 11, 2023 22:09

The Something Awful Forums > Discussion > Debate & Discussion > USCE Winter 2023: change thread titles constantly, almost on a daily basis

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