Robert ReichMar 19, 2023

As we saw again this past week, we have socialism for the wealthy and connected, rugged individualism for everyone else.

Is it any wonder that so many see the system as rigged against them?

Show threadJud
@rbreich I don’t favor the one-sidedness of this take, at least without more information. I’d like to know how many employees of startups and other small to midsize companies had their payroll tied up in SVB. (This in no way excuses the awful opposition to student loan forgiveness and anything else that might give the middle and working class a leg up.)
Mar 19, 2023 at 6:27pmWeb
Show threadJoe ❌👑Mar 20, 2023
@jud @rbreich The startups were directed by their venture capitalist funders to bank with SVB. But the real problem was the 2018 legislation that took away safety regulations on banks with under $250 billion in capital. If it weren't for that, this collapse probably would not have happened.