I think you learn more about the world by delving into others' misconceptions than you learn from their factual understandings. Facts are out there for anyone to discover, but when someone inadvertently affords you a glimpse into their wrong beliefs, well, that's something that can't be learned in any other way.

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Which brings me to the apologists for #SiliconValleyBank, who are busily churning out incredibly revealing bad takes about why bailing out #SVB was the right thing to do, and why you're wrong to call it a bailout, and why all of this is Very Regrettable but nevertheless The Right Thing To Do.

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Here's a terrible reason to support the SVB bailout: because if we let all the tech companies who did business with it fail, you might not be able to get into your house anymore after your smart-lock fails because the cloud service it depends on cuts off the startup that made it because their bank account went up in a puff of smoke:

https://www.wired.com/story/silicon-valley-bank-collapse-fallout/

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Look, if you think the fact that my #InternetOfShit door-lock failed because the company that designed it made no plan to let me into my house if they went out of business would make me sympathetic to that company, you are out of your fucking *mind*. If that happened to me, it would make me want to tear the lock out of my door, hunt down the CEO of the company that made it, set the lock on fire, and throw it through their front window.

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Here's another terrible reason to support the bailout: if SVB's depositors lose their money, every other large depositor will flock to #Morganstanley, on the theory that Morganstanley is #TooBigToFail, and will behave just as recklessly, but will never be allowed to go under precisely because they are so structurally important:

https://marginalrevolution.com/marginalrevolution/2023/03/can-the-svb-crisis-be-solved-in-the-longer-run.html

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I'm pretty sure this is true! It doesn't make me want to support an SVB bailout though - it makes me want to break up Morganstanley, regulate the everlasting shit out of the resulting fragments, and create massive *public* banks that are run by and for their depositors, insulated from the reckless, speculative conduct of these maniacs who keep crashing the world economy:

https://prospect.org/economy/2023-03-15-federal-reserve-banking-public-option/

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