@maxkennerly

You get enough dudes who fill the trough on a regular basis into financial trouble and all their beneficiaries fall over themselves to bail them out. Never mind one of the big banks is going to buy SVB and make all those depositors whole. But I guess the politicians will pour some sugar over it first to aid Jamie Dimon’s digestion.

@maxkennerly

The financial lessons of 2008:

1. "Profits are private, losses are public"
2. "Trickle down economics is a sham"
3. Deregulation & tax evasion can be used to create catastrophes that are politically & financially profitable for the 1%

Lessons of 2016:
1. The oil industry & its financiers are funding anti-democracy movements around the globe.
2. The Cruelty is the Point
3. The money is on the side of the oil oligarchs that are frying the planet

@maxkennerly
"Sorry, no, we're not only going to consider it one for bailout purposes only, especially not without any reforms to prevent the next one."

Sadly I wouldn't wager much on that outcome. If there's one thing Democrats and Republicans can still agree on it's funneling tax dollars to the rich.

@maxkennerly

Zero banks should ever be bailed out.

@maxkennerly the biggest problem seems to be it wasn’t required to do stress tests because the asset threshold got raised to $250mn from $50mn, but even that wouldn’t necessarily have prevented failure. They might have done the stress test but used a really weak scenario they passed with ease, or they might have failed in the test but not done anything to address the root cause of a test failure.

I find it hard to believe the 16th-largest bank in the country doesn’t have to do stress tests but guess we can thank Trump in 2018 for partly contributing to that.