TProphetYour periodic reminder that bailing out Silicon Valley Bank cost more than the entire US food stamp program, and happened overnight with zero debate.
Tim Y.C 🌐🌍@tprophet but the bank wasnt bailed out, no?
mark@clsytim @tprophet if you want to break down each word like a lawyer, no. If you want to describe the action of covering and restoring uninsured funds that were lost, then yes.
It's impossible to deny that a very large (to me) amount of money was conjured out of thin air, which is very surprising as we are always told that it would be an irresponsible amount of money to conjure up when normal people need it
Peter Butler@clsytim @tprophet @ATLeagle I don’t think we know the full breakdown yet.
"At the end of 2022, the FDIC reported that its deposit insurance fund had a balance of $128bn, or about 1.27% of the total insured deposits, and far less than may be needed.”
…
"Funding for the non-bailout bailout will also come from selling off SVB and Signature assets, pegged at $212bn and $110bn respectively. "
….
"make no mistake – it does have an expected cost to taxpayers.”
https://www.theguardian.com/business/2023/mar/13/silicon-valley-bank-collapse-biden-bailout-question
Cykonot@peterbutler @clsytim @tprophet @ATLeagle wow sounds like those banks might have failed to do a simple routine hedge.
Why is there no public banking option when we keep bailing them out and they're necessary? Why don't they get nationalized instead of bailed out when they fail?
TransitBiker@cykonot @peterbutler @clsytim @tprophet @ATLeagle the CEO of Silicon Valley Bank is responsible for its collapse.