TProphetMar 15, 2023
Your periodic reminder that bailing out Silicon Valley Bank cost more than the entire US food stamp program, and happened overnight with zero debate.
Show threadTim Y.C 🌐🌍Mar 15, 2023
@tprophet but the bank wasnt bailed out, no?
Show threadcsfgdead
@clsytim @tprophet no, the deposits were secured through FDIC which is funded through bank fees. And that ensured hundreds didn't lose their jobs and be forced to rely on food stamps.
Mar 15, 2023 at 6:50pmWeb
Show threadGrumbleMar 16, 2023

@csfgdead @clsytim @tprophet It's good to remember that working at startups is considered "risky".

"Risky", meaning bad stuff is more likely to happen working at a startup than working at an established company run by adults who know enough to diversify their investments.

Show threadMaggie MaybeOct 25, 2023

@csfgdead @clsytim @tprophet except FDIC only ensures up to $250,000 so they BAILED OUT all the depositors who didn’t care about the rules who thought their deposits should be covered even though they exceeded the limits.

It was absolutely a bail out. Why were they special? They knew the rules and they chose to deposit more than $250,000 in that institution.

How is that different than an 18-year-old kid whose mom signs his financial aid forms with his FAFSA PIN and who was told to take forbearance by the servicer who never mentions that means the interest will capitalize after every pause??