[Doomsday Economics] poverty euthanasia

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(Thread IKs: skooma512)

comedyblissoption: Mar 15, 2006

Number

# ¿ Mar 13, 2023 00:40

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# ¿ May 10, 2024 09:42

comedyblissoption: Mar 15, 2006

SpaceDrake posted:

God I am just sat here laughing my rear end off

As so many have already pointed out, this is just going to incentivize bank runs because everyone's going to get bailed out and the folks who bail out early and sell stock early (like what happened when SVB got goosed a few years ago) are going to make utterly ruinous amounts of money. Every bank will be squeezed, therefore every bank is protected, therefore every bank is now a literal mint.

Good job to the Biden administration, I suppose, for choosing the path of total financial chaos and proving that the government could just end poverty at will.

is intentionally engineering a bank run using your own money while shorting stock legal? asking for a friend

# ¿ Mar 13, 2023 02:56

comedyblissoption: Mar 15, 2006

Relevant Tangent posted:

yeah
otoh this is the system working as intended
still should've clipped the unsecured deposits for a token 1%

clipping unsecured deposits for any amount would trigger a bankrun, defeating the claimed anti-bankrun premise so you might as well not have done it in the first place

# ¿ Mar 13, 2023 04:08

comedyblissoption: Mar 15, 2006

coelomate posted:

sure they can. One of the major risks to raising rates too much or too quickly was the unrealized losses that would pile up on bank balance sheets.

As of Sunday March 12th, there's no such thing as an unrealized loss on a bank's balance sheet due to interest rate moves - they can immediate cash against them at their old value. It's effectively a 600 billion dollar stimulus lmao just lmao.

jpow could set rates to 25% tomorrow and the banks wouldn't blow up

turns out the One Weird Trick is shoveling giant amounts of money to rich people while making money expensive for everyone else

# ¿ Mar 13, 2023 10:31

comedyblissoption: Mar 15, 2006

Vox Nihili posted:

the bank has to go broke and get taken over by the government for it to happen, the bankers themselves still lose all their money

to be fair even if the government hypothetically requires a bank to be completely taken over and its management fired to press the magic brrr button, it's a tremendous subsidy to uninsured depositors that did not exist before specifically to help the banks.

the billionaires with billions of uninsured liquid deposits apparently dont have to worry about any of this bond or interest rate or insured deposit poo poo the proles do!

# ¿ Mar 13, 2023 10:44

comedyblissoption: Mar 15, 2006

so the fed and treasury is saying that if you bought a low interest bond a couple years ago as a non-banker, you were a rube. a sucker. a buffoon. you could've just parked the money in a uninsured deposit without the associated fees and your bank could literally die and you would be better off.

# ¿ Mar 13, 2023 11:03

comedyblissoption: Mar 15, 2006

the bank in this scenario of course died specifically for the exact thing that the uninsured depositor didn't want to do: park their money in illiquid treasury bonds and other assets that pay gently caress all with the risk of rising rates

lmao

# ¿ Mar 13, 2023 11:08

comedyblissoption: Mar 15, 2006

mila kunis posted:

i've been asking in another thread but can someone explain how this isn't a bailout - it smells like one but apparently it isn't? (this isn't a SYQ just me trying to figure out wtf happened)

it's a bail out of uninsured depositors that are billionaires

everyone understood that if you have uninsured money in a bank, that if the bank goes tits up as banks tend to do, you will take a haircut or massive loss on your uninsured deposits

to avoid this risk, you could make sure your money is insured or convert it into assets. but the exorbitantly wealthy being bailed out didn't want their money to be less liquid or eat the potential loss from interest rates going up or pay the implicit fees that come with insured deposits.

the government is stepping in and saying that wealthy people are not allowed to lose money even though they placed a bet and failed on a risk that everyone understood! they get to have their cake and eat it!

# ¿ Mar 13, 2023 12:06

comedyblissoption: Mar 15, 2006

in order to make sure wealthy people do not lose money here on their uninsured deposits, they are going to use the government fund intended for insured depositors that ordinary people with insured deposits (e.g. FDIC) implicitly pay fees for.

again, SVB is unique in that like some crazy high 90+% number of depositors are uninsured. they have not been proportionately paying into this govt insurance fund they are currently enjoying that you were paying into!

comedyblissoption has issued a correction as of 12:16 on Mar 13, 2023

# ¿ Mar 13, 2023 12:13

comedyblissoption: Mar 15, 2006

Honest Thief posted:

so the feds are giving the banks money and they get an IOU?

in the specific case of SVB uninsured depositors, the feds are handing them a giant bag of money and getting absolutely nothing in return.

it took less than a single weekend for them to reach this decision.

# ¿ Mar 13, 2023 12:36

comedyblissoption: Mar 15, 2006

BRAKE FOR MOOSE posted:

where did this narrative even come from, why do you think individual billionaires would ever want to hold on to fuckloads of cash equivalents earning far less than they could in any other investment

the accounts are nearly all companies holding cash for operational expenses, it's not a bet, it's the opposite of a bet, as the only way they lose is the catastrophic failure of a top 20 largest bank, not a shift in the market

you can think it's a bad thing to make depositors whole without making up the dumbest poo poo in the world to justify it. you can just think it's bad

it's absolutely a bet! lmao

# ¿ Mar 13, 2023 13:37

comedyblissoption: Mar 15, 2006

the entire reason people use insured deposits and pay the associated fees is they are making a bet that the bank will fail

there is insurance because banks routinely fail! it's not some unforeseen circumstance!

not investing giant dragon hordes of money and wanting liquidity is its own bet!

# ¿ Mar 13, 2023 13:45

comedyblissoption: Mar 15, 2006

also, putting so much money in a single uninsured deposit and institution such that the very existence of your own business and being able to make payroll disappearing overnight is its own terrible bet! random people off the street have better financial acumen

# ¿ Mar 13, 2023 13:51

comedyblissoption: Mar 15, 2006

Mr Hootington posted:

Lmao at bank stocks eating poo poo because investors are terrified they will not be made whole if a bank implodes.

hmm theres a solution to that

# ¿ Mar 13, 2023 15:00

comedyblissoption: Mar 15, 2006

Marx Headroom posted:

its pretty funny that something is happening, but reporting on it would make it worse

# ¿ Mar 13, 2023 15:20

comedyblissoption: Mar 15, 2006

Thoguh posted:

The fact that depositors were almost assured of getting the overwhelming majority of their money after a fairly short period of time is part of why this move was so insane. The rich people weren't even going to take more than a minor loss on this, if any at all! Any reasonably well run company caught out of sorts by this would have been able to find a way to get some cash flow for the time period between now and when their money re-appeared and any rich person caught out by this would have simply had a little less money for a few weeks or maybe a few months at most. There was no need to do this!

https://www.youtube.com/watch?v=HX0fIi3H-es

# ¿ Mar 13, 2023 16:25

comedyblissoption: Mar 15, 2006

HallelujahLee posted:

https://twitter.com/TommyPigott/status/1635305586517774336

lol

# ¿ Mar 13, 2023 17:54

comedyblissoption: Mar 15, 2006

JamesKPolk posted:

my IT infra homies and I were all super into that David Graeber book. It's honestly not the worst setting to get into alienation of labor, especially if the stuff you're supporting isn't particularly accessible

poo poo, I went to college w/ people who were getting inducted to the capitalist class in real time (like FAANG => yc founders and poo poo like that) and THEY'RE loving bernie bros (I mean maybe those are incompatible but). if you think capitalism isn't a dead end, SV is probably one of the places you're looking to save it. thats loving stupid but I mean that's a tougher realization to come to when you've been handed 6 figure work even before you graduated

as with all things (boomers, tech bros, soldiers, etc) it's a good idea to look at the material conditions that make those ideological choices easy for an individual to make (why ARE we rewarding a fart delivery app front end person over a switchboard engineer?) rather than ascribe these things to a particular personality flaw w/ the individual or cohort in question

medicare for all was supported by Dr. Trump

# ¿ Mar 14, 2023 23:21

comedyblissoption: Mar 15, 2006

zetamind2000 posted:

https://twitter.com/AFLCIO/status/1635757324345257986

the dsa villified are troop lee carter for doing a force the vote with a dozen other democrats on repealing right to work in a democrat controlled virginia lol

# ¿ Mar 15, 2023 12:56

comedyblissoption: Mar 15, 2006

webcams for christ posted:

absolutely criminal that they never disclose who "bought" the NFTs

https://twitter.com/crypto/status/1635933124692508672

abstract art was just retro ape nfts

# ¿ Mar 15, 2023 13:04

comedyblissoption: Mar 15, 2006

Raccooon posted:

Would banning Tik Tok run into 1st amendment concerns?

Guess it doesn�t matter though this SC probably wouldn�t care if it was unconstitutional.

the supreme court just refused to a hear a case where states are requiring businesses and teachers to sign pro-isreal pledges

# ¿ Mar 16, 2023 12:55

comedyblissoption: Mar 15, 2006

webcams for christ posted:

community banks: get hosed

https://twitter.com/carlquintanilla/status/1636392183405195264

efb

this public statement might incite bank runs defeating one of the major reasons you would want to bail svb depositors lol

# ¿ Mar 16, 2023 17:27

comedyblissoption: Mar 15, 2006

to be fair, maybe the statement was intended specifically to incite bank runs to jp morgan et al

# ¿ Mar 16, 2023 17:29

comedyblissoption: Mar 15, 2006

Raccooon posted:

Watching rioting in France.

The US isn�t even to the point of a coherent political movement to make an argument for a different path.

a cop can shoot an unarmed white lady and all the liberals will cheer while calling her a domestic terrorist

# ¿ Mar 17, 2023 13:10

comedyblissoption: Mar 15, 2006

webcams for christ posted:

I don't think it's possible to be a widely-published, widely-read economist that gets regular mainstream press and serious academic consideration if you ever cite Marx or mention him favorably and you are under the age of 60.

https://www.youtube.com/watch?v=qZhB6cLabw8

# ¿ Mar 17, 2023 18:36

comedyblissoption: Mar 15, 2006

Cpt_Obvious posted:

If the economy collapses under an old-fashioned bankrun while absolutely no normal people have any money to withdraw I'm gonna die laughing.

the fed only bailing out tech companies and vcs causing a bank run would be really funny

# ¿ Mar 18, 2023 14:13

comedyblissoption: Mar 15, 2006

Rectal Death Adept posted:

i feel like bitcoin going up so much should be more alarming to more people

with the state of the real economy and the way the cavemen in charge are struggling with the money monster we created it should be a concerning sign that the stupidest asset humanity has ever devised is doing amazing all of a sudden

if enough rich people buy bitcoin they have to bail it out

the mark to par fed bitcoin window

# ¿ Mar 22, 2023 04:11

comedyblissoption: Mar 15, 2006

webcams for christ posted:

ahahaha

https://twitter.com/Bitfinexed/status/1638655790616821760

https://twitter.com/V_arrell/status/1590725306268409856

# ¿ Mar 22, 2023 23:28

comedyblissoption: Mar 15, 2006

Al! posted:

god imagine how hosed up an info stream you must consume to think the us has a chance in a shooting war with china

american kids are not taught the us lost a land war against china lol

# ¿ Mar 22, 2023 23:30

comedyblissoption: Mar 15, 2006

webcams for christ posted:

more detail on the Wells Notice from yesterday

https://twitter.com/deitaone/status/1638924604436512769 https://twitter.com/deitaone/status/1638924918317281285

https://www.youtube.com/watch?v=_J6-3l3hCm0

# ¿ Mar 23, 2023 18:08

comedyblissoption: Mar 15, 2006

One Weird Trick
https://twitter.com/CNN/status/1641221244342222849

# ¿ Mar 30, 2023 00:31

comedyblissoption: Mar 15, 2006

fart simpson posted:

you guys posted this yet?

https://twitter.com/spectatorindex/status/1641119037135683585

turns out biden was the accelerationist candidate

# ¿ Mar 30, 2023 14:58

comedyblissoption: Mar 15, 2006

Harik posted:

https://mynorthwest.com/3866942/kirkland-church-forcing-employees-tithe-salary-lawsuit-underway-churchome/

this is a great idea and as soon as the supreme court signs off on it on religious freedom grounds you can start expecting to see more businesses require you to pay them to maintain employment.

a worthy temple to number.

some of the states petitioning bezos to headquarter with them proposed giving the taxes employees paid directly to amazon

# ¿ Mar 30, 2023 22:07

comedyblissoption: Mar 15, 2006

Wraith of J.O.I. posted:

before anyone asks, NO this is not contributing to inflation

https://twitter.com/heimbergecon/status/1641664640156303360

marx was wrong you can just keep raising the price

# ¿ Mar 31, 2023 16:09

comedyblissoption: Mar 15, 2006

what if we crunch the numbers without the Bad People
https://twitter.com/nsjersey/status/1642165562464673794

# ¿ Apr 2, 2023 14:07

comedyblissoption: Mar 15, 2006

Benagain posted:

https://twitter.com/nytimes/status/1642427909431279616?s=20

lol

# ¿ Apr 3, 2023 06:10

comedyblissoption: Mar 15, 2006

gradenko_2000 posted:

https://twitter.com/DaSkrubKing/status/1645797570537721859?t=8UNsIAdruSlvQaigXbAd-g&s=19

this is what liberal economists actually believe

# ¿ Apr 12, 2023 22:26

comedyblissoption: Mar 15, 2006

there was a discussion dick wolff had about his tutelage in modern western economics discipline, and he emphasized that the liberal school had zero conception of labor value in their theories

to me this would be like disregarding the raw natural material inputs of a commodity when trying to theorize an economic model...

# ¿ Apr 12, 2023 22:33

comedyblissoption: Mar 15, 2006

Slow News Day posted:

Finally, some actual good news:

https://twitter.com/deitaone/status/1646203878390611987

??????????????????????????????????????????????????????

# ¿ Apr 13, 2023 00:03

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# ¿ May 10, 2024 09:42

comedyblissoption: Mar 15, 2006

Homeless Friend posted:

many goons are "massively" talented

# ¿ Apr 20, 2023 06:11

The Something Awful Forums > Discussion > C-SPAM > [Doomsday Economics] poverty euthanasia

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