[Doomsday Economics] Home of Kirbeh's $0.04 millislice (minimum order 1000)

The Something Awful Forums > Discussion > C-SPAM > [Doomsday Economics] Home of Kirbeh's $0.04 millislice (minimum order 1000)

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(Thread IKs: skooma512)

a.lo: Sep 12, 2009; Can't post for 6 hours!

Mokelumne Trekka posted:

*six months from now*

technically, this is NOT a Great Depression. using "Depression" so carelessly empowers populist rage. 1/32

hmm this was in the year 2020

# ? Mar 15, 2023 17:07

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# ? May 24, 2024 16:17

anime was right: Jun 27, 2008; death is certain
keep yr cool

waking up late west coast time is really screwing me out of the fun

# ? Mar 15, 2023 17:08

Adjectivist Philosophy: Oct 6, 2003; When you gaze long into an abyss, the abyss also gazes into you.

Shear Modulus posted:

gently caress it, bail out the crime bank

but you repeat yourself

# ? Mar 15, 2023 17:08

Wraith of J.O.I.: Jan 25, 2012

is there any word on how all the spank banks are doing?

# ? Mar 15, 2023 17:09

FlapYoJacks: Feb 12, 2009

Wraith of J.O.I. posted:

is there any word on how all the spank banks are doing?

Seems fine. I put a deposit in your mom last night.

# ? Mar 15, 2023 17:10

fanfic insert: Nov 4, 2009

vix on +20.69%

# ? Mar 15, 2023 17:10

a.lo: Sep 12, 2009; Can't post for 6 hours!

making daylight saving permanent would be good for the markets

# ? Mar 15, 2023 17:11

Slow News Day: Jul 4, 2007

Der Meister posted:

this says over 90% of SVB�s depositors had over 250k?????? what?????

...yes? It was a bank used by a ton of SV investors and companies.

Paradoxish posted:

There was a reason that senators were talking about a bailout within hours of things kicking off. People should honestly be livid at the government response here.

Bank failures are common. The reason you don't hear about them is because the government has mechanisms in place to deal with them, and does so fairly quietly after hours and overnight, and by the following morning the problem has been resolved. The reason this one became a problem is because of timing: it happened way faster than people thought, and it happened in the middle of the day on a Friday. That's the real reason senators were talking about it within hours of it happening. Everyone recognized the risk it posed to the entire system, especially since SVB was both large and fairly prominent, despite being a regional bank.

I'm certainly annoyed that the bank management made lovely decisions and then a bunch of tech bros basically scared each other into committing a bank run that screwed each other (and everyone else) over and had to be rescued from the mess. Livid at the government response, though? Lmfao, no. On the contrary, the government acted competently and on very short notice to prevent what would definitely have turned into a major economic depression. It acted as a safety net for depositors (good) while allowing investors to lose everything (great) and making sure management doesn't get off the hook (fantastic). Maybe that's bad news for people in this thread who constantly scream for blood, but it's good news for literally everyone else.

# ? Mar 15, 2023 17:14

silicone thrills: Jan 9, 2008; I paint things

anime was right posted:

waking up late west coast time is really screwing me out of the fun

It really is. I wake up and theres already 200 posts and im like sigh - scroll through all the old news / tweets etc till I can get current but its too late to make fun of anything/participate

# ? Mar 15, 2023 17:14

Adjectivist Philosophy: Oct 6, 2003; When you gaze long into an abyss, the abyss also gazes into you.

Wraith of J.O.I. posted:

is there any word on how all the spank banks are doing?

They're up and down

# ? Mar 15, 2023 17:14

Mr Hootington: Jul 24, 2008; I'M HAVING A HOOT EATING CORNETTE THE LONG WAY

Bloomberg now running with credit suisse is very strong and stable, but is a little bit of a bad boy with some problems. Sure it used to be very intregal to the banking system, but no longer. If, which the bank will not, it failed there would be no systemic risk.

# ? Mar 15, 2023 17:15

HallelujahLee: May 3, 2009

Slow News Day posted:

...yes? It was a bank used by a ton of SV investors and companies.

Bank failures are common. The reason you don't hear about them is because the government has mechanisms in place to deal with them, and does so fairly quietly after hours and overnight, and by the following morning the problem has been resolved. The reason this one became a problem is because of timing: it happened way faster than people thought, and it happened in the middle of the day on a Friday. That's the real reason senators were talking about it within hours of it happening. Everyone recognized the risk it posed to the entire system, especially since SVB was both large and fairly prominent, despite being a regional bank.

I'm certainly annoyed that the bank management made lovely decisions and then a bunch of tech bros basically scared each other into committing a bank run that screwed themselves over and had to be rescued from the mess. Livid at the government response, though? Lmfao, no. On the contrary, the government acted competently and on very short notice to prevent what would definitely have turned into a major economic depression. It acted as a safety net for depositors (good) while allowing investors to lose everything (great) and making sure management doesn't get off the hook (fantastic). Maybe that's bad news for people in this thread who constantly scream for blood, but it's good news for literally everyone else.

thanks for the word for word response from the administration that the news is blaring out

# ? Mar 15, 2023 17:15

Stairmaster: Jun 8, 2012

Slow News Day posted:

I'm certainly annoyed that the bank management made lovely decisions and then a bunch of tech bros basically scared each other into committing a bank run that screwed each other (and everyone else) over and had to be rescued from the mess. Livid at the government response, though? Lmfao, no. On the contrary, the government acted competently and on very short notice to prevent what would definitely have turned into a major economic depression. It acted as a safety net for depositors (good) while allowing investors to lose everything (great) and making sure management doesn't get off the hook (fantastic). Maybe that's bad news for people in this thread who constantly scream for blood, but it's good news for literally everyone else.

have you considered as long as this system continues theres no future for the human race

# ? Mar 15, 2023 17:15

HallelujahLee: May 3, 2009

they bailed out the parasites as usual and now have it clear theres no consequences a totally good response

# ? Mar 15, 2023 17:16

Slow News Day: Jul 4, 2007

HallelujahLee posted:

thanks for the word for word response from the administration that the news is blaring out

Don't worry, there will be another crisis soon. Stay tuned!

# ? Mar 15, 2023 17:16

Mr Hootington: Jul 24, 2008; I'M HAVING A HOOT EATING CORNETTE THE LONG WAY

Stairmaster posted:

have you considered as long as this system continues theres no future for the human race

Slow News Day thinks America isn't doing enough genocide and capitalism isn't brutal enough.

# ? Mar 15, 2023 17:17

Buffer: May 6, 2007; I sometimes turn down sex and blowjobs from my girlfriend because I'm too busy posting in D&D. PS: She used my credit card to pay for this.

That's a hell of a thing to post as the poster child of moral hazard possibly explodes.

# ? Mar 15, 2023 17:17

Oglethorpe: Aug 8, 2005

coelomate posted:

oh yeah that's the stuff

weatherdammerung: ARKSTORM SEASON!

doomsdayecon: BANKSTORM SEASON!

weatherdammerung: ARKSTORM SEASON!

doomsdayecon: BANKSTORM SEASON!

weatherdammerung: ARKSTORM SEASON!

doomsdayecon: BANKSTORM SEASON!

# ? Mar 15, 2023 17:17

fanfic insert: Nov 4, 2009

Slow News Day posted:

...yes? It was a bank used by a ton of SV investors and companies.

Bank failures are common. The reason you don't hear about them is because the government has mechanisms in place to deal with them, and does so fairly quietly after hours and overnight, and by the following morning the problem has been resolved. The reason this one became a problem is because of timing: it happened way faster than people thought, and it happened in the middle of the day on a Friday. That's the real reason senators were talking about it within hours of it happening. Everyone recognized the risk it posed to the entire system, especially since SVB was both large and fairly prominent, despite being a regional bank.

I'm certainly annoyed that the bank management made lovely decisions and then a bunch of tech bros basically scared each other into committing a bank run that screwed each other (and everyone else) over and had to be rescued from the mess. Livid at the government response, though? Lmfao, no. On the contrary, the government acted competently and on very short notice to prevent what would definitely have turned into a major economic depression. It acted as a safety net for depositors (good) while allowing investors to lose everything (great) and making sure management doesn't get off the hook (fantastic). Maybe that's bad news for people in this thread who constantly scream for blood, but it's good news for literally everyone else.

:gb2yospos:

# ? Mar 15, 2023 17:17

HallelujahLee: May 3, 2009

if im not confusing this loser this guy is a genocide denier and rape apologist so yeah

# ? Mar 15, 2023 17:17

Slow News Day: Jul 4, 2007

HallelujahLee posted:

they bailed out the parasites as usual and now have it clear theres no consequences a totally good response

The consequence is that a lovely bank no longer exists, investors lost everything they had put into it, and management will face lawsuits.

You are right, there won't be any consequences for people like you or me. I'm personally happy about that. You?

# ? Mar 15, 2023 17:18

Pf. Hikikomoriarty: Feb 15, 2003; RO YNSHO; Slippery Tilde

Slow News Day posted:

...yes? It was a bank used by a ton of SV investors and companies.

Bank failures are common. The reason you don't hear about them is because the government has mechanisms in place to deal with them, and does so fairly quietly after hours and overnight, and by the following morning the problem has been resolved. The reason this one became a problem is because of timing: it happened way faster than people thought, and it happened in the middle of the day on a Friday. That's the real reason senators were talking about it within hours of it happening. Everyone recognized the risk it posed to the entire system, especially since SVB was both large and fairly prominent, despite being a regional bank.

I'm certainly annoyed that the bank management made lovely decisions and then a bunch of tech bros basically scared each other into committing a bank run that screwed each other (and everyone else) over and had to be rescued from the mess. Livid at the government response, though? Lmfao, no. On the contrary, the government acted competently and on very short notice to prevent what would definitely have turned into a major economic depression. It acted as a safety net for depositors (good) while allowing investors to lose everything (great) and making sure management doesn't get off the hook (fantastic). Maybe that's bad news for people in this thread who constantly scream for blood, but it's good news for literally everyone else.

yes the govt did the correct thing

but the context here is the govt can't do poo poo when poor and middle class people suffer
but a bunch of well connected vcs bank run their own bank and boom the creative solutions come out over the weekend

# ? Mar 15, 2023 17:18

Subvisual Haze: Nov 22, 2003; The building was on fire and it wasn't my fault.

So the only smart move is to always deposit your money in the most degenerate bank possible to maximize returns knowing the Feds will always make you whole if things go tits up? Also, completely ignore the FDIC limit.

# ? Mar 15, 2023 17:18

HallelujahLee: May 3, 2009

Slow News Day posted:

The consequence is that a lovely bank no longer exists, investors lost everything they had put into it, and management will face lawsuits.

You are right, there won't be any consequences for people like you or me. I'm personally happy about that. You?

the lovely bank is still there they didnt lose anything they will receive their money and literally nobody will more than likely go to prison

# ? Mar 15, 2023 17:19

Slow News Day: Jul 4, 2007

Pf. Hikikomoriarty posted:

yes the govt did the correct thing

but the context here is the govt can't do poo poo when poor and middle class people suffer
but a bunch of well connected vcs bank run their own bank and boom the creative solutions come out over the weekend

I'm with you on that 100%. America sucks, and capitalism sucks.

# ? Mar 15, 2023 17:19

HallelujahLee: May 3, 2009

imagine believing the same people that have time and time again done the same poo poo and now randomly believe they will totally not do it this time

# ? Mar 15, 2023 17:20

FlapYoJacks: Feb 12, 2009

Pf. Hikikomoriarty posted:

yes the govt did the correct thing

but the context here is the govt can't do poo poo when poor and middle class people suffer
but a bunch of well connected vcs bank run their own bank and boom the creative solutions come out over the weekend

To add on top of this post and ti really hammer the point:

The government just a few days prior cut extended SNAP benefits and free school lunch to the struggling and poor. Children will go hungry while the Feds helps the wealthy. Again.

# ? Mar 15, 2023 17:20

Buffer: May 6, 2007; I sometimes turn down sex and blowjobs from my girlfriend because I'm too busy posting in D&D. PS: She used my credit card to pay for this.

Subvisual Haze posted:

So the only smart move is to always deposit your money in the most degenerate bank possible to maximize returns knowing the Feds will always make you whole if things go tits up? Also, completely ignore the FDIC limit.

yup, and deposit fees are imaginary

# ? Mar 15, 2023 17:20

Pf. Hikikomoriarty: Feb 15, 2003; RO YNSHO; Slippery Tilde

not to mention the bank ceo literally lobbied congress to be exempt from stress testing

:thunk:

# ? Mar 15, 2023 17:21

RealityWarCriminal: Aug 10, 2016

there are over 1000 bank failures a year and most dont make the news

# ? Mar 15, 2023 17:21

SKULL.GIF: Jan 20, 2017

"Bank failures are common," conveniently omits that 1. The majority of bank failures occur during economic turmoil/recession 2. These failing banks are typically somewhere within hundreds of millions to a few billions AUM. Not $171 billion, or $700 billion.

# ? Mar 15, 2023 17:22

HallelujahLee: May 3, 2009

i wonder how many of them go to prison oh i heard the number was 0 ok

# ? Mar 15, 2023 17:22

spacemang_spliff: Nov 29, 2014; wide pickle

RealityWarCriminal posted:

there are over 1000 bank failures a year and most dont make the news

get out of here pete there's no cheese here

# ? Mar 15, 2023 17:23

SKULL.GIF: Jan 20, 2017

SKULL.GIF posted:

1. The majority of bank failures occur during economic turmoil/recession

# ? Mar 15, 2023 17:23

webcams for christ: Nov 2, 2005

biggest (German language) finance blog in Switzerland leading with this image and has all user comments disabled:

# ? Mar 15, 2023 17:23

Eric Cantonese: Dec 21, 2004; You should hear my accent.

Subvisual Haze posted:

So the only smart move is to always deposit your money in the most degenerate bank possible to maximize returns knowing the Feds will always make you whole if things go tits up? Also, completely ignore the FDIC limit.

If you're getting your deposit back, you're probably not maximizing a return. The moves with SVB only guarantee that depositors can pull out the money they put in.

# ? Mar 15, 2023 17:24

coelomate: Oct 21, 2020

Don't worry, as a Globally Systemically Important Financial Institution Credit Suisse is required to have a Living Will under the Dodd-Frank Act to make it Orderly to Dump Its Corpse In The Woods if and/or when poo poo Happens.

Let's check on that!

quote:

Fed and FDIC slam �poor quality� Credit Suisse living will
Credit Suisse and BNP Paribas have joined Citigroup in the Federal Reserve and FDIC doghouse over failings in their resolution plans � as the head of another US regulator calls for an end to what he calls the �preferential treatment� given to foreign banks� US branches and agencies.

https://globalbankingregulationreview.com/article/us-regulators-target-credit-suisse-over-living-will

...oh

# ? Mar 15, 2023 17:24

Mirthless: Mar 27, 2011; by the sex ghost

Wasnt the last us bank failure in 2020?

# ? Mar 15, 2023 17:24

Subvisual Haze: Nov 22, 2003; The building was on fire and it wasn't my fault.

Maybe we shouldn't have a private banking system if it is constantly on government life support and needing immediate bailouts lest the entire economy immolate?

# ? Mar 15, 2023 17:24

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# ? May 24, 2024 16:17

HallelujahLee: May 3, 2009

Subvisual Haze posted:

Maybe we shouldn't have a private banking system if it is constantly on government life support and needing immediate bailouts lest the entire economy immolate?

this sounds like a good idea and might benefit poor people not allowed

# ? Mar 15, 2023 17:25

The Something Awful Forums > Discussion > C-SPAM > [Doomsday Economics] Home of Kirbeh's $0.04 millislice (minimum order 1000)

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