Venture capitalists and NYTimes working overtime to rewrite history on Silicon Valley Bank.
I'd believe it's a "systemically important financial institution," except that #SVB and VCs were adamant that it was not one, and lobbied hard to make sure it wasn't treated as one.
Sorry, no, we're not going to consider it one for bailout purposes only, especially not without any reforms to prevent the next one.
https://www.nytimes.com/2023/03/10/technology/silicon-valley-bank-fallout.html?partner=IFTTT
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
It's time to give more bailouts and subsidies.
Scratch a conservative and you find someone who prefers the past over any future
(you know I'm being sarcastic, please?)
Max Kennerly
Nicole Parsons
for a day, while . . . 🗽
Ω 🌍 Gus Posey