One of the main questions to emerge after the collapse of Silicon Valley Bank doesn’t have to do with the lender itself, but with Congress.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1451117
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1451117
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Isn’t it the same old story? Republicans F it up, the Democrats have to plug it up, regulation wise that is.
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Senator Fisher and rep Don Bacon belong in that photo. Worse than useless.
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You forgot part III.
After Democrats fix it up, Republicans claim the fix stifles innovation and growth. And must be repealed.
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“You’re going to find out that the [2018] bill had nothing to do with this bank’s failure,” Sen. Jon Tester (D-MT) told The Washington Post, before blaming the bank’s leadership for the failure.
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I get it, it’s Montana, but that Suvorov (?) quote comes to mind.
Guys are going to keep poking, until they hit steel.
“The bank’s leadership shouldn’t have done what we gave them license to do.”
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Each group of people respond to different things. As good as the Dems are, there is a disconnect in messaging.
That’s because there is more diversity in the groups of voters the Dems need to attract. The GOPPERs are more homogeneous.
For us it is a coalition of constituencies
Far more resources should have been allocated by Democrats to appeal to this diverse collection of voters. In addition, location is a factor as well. Jon Tester is talking to different people than Shelden Whitehouse.
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In response to a Wall Street Journal report that he had lobbied to ease the restrictions that he authored while in Congress on smaller banks, Frank told the paper that “nobody has shown me any evidence of systemic or other kinds of fraud that would have been prevented” absent the 2018 changes. He reportedly added that lightening regulations “saved smaller banks a lot of paperwork.”
.
Frank separately told the Financial Times that he took the board job at Signature in part because, after leaving Congress, he “need[s] to make some money.”
‘k’
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I hear NPR had a debate about whether the 2018 regulation rollback could be blamed for today’s events…between Barney Frank and Larry Summers.
Twenty five years since I listened to Nice Polite Republicans.
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I really hope that it’s the Suvorov quote, but he didn’t lie: dudes are going to poke the system, until they’re either caught or the system effs up.
Then they’ll claim hero status (currently Dave Sacks).
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SVB Financial Group’s record plunge on Thursday minted short sellers roughly half a billion dollars in paper profits, according to a report.
And I bet there are some of the shameless who got a few of those dollars.
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Money makes the world go around
The world go around
The world go around
Money makes the world go around
It makes the world go 'round.
A mark, a yen, a buck or a pound
A buck or a yen
A buck or a pound.
Is all that makes the world go around
That clinking, clanking sound
Can make the world go 'round
Money money money money
Money money money money
Money money money
If you happen to rich
And you feel like a night’s entertainment
You can pay for a gay escapade
If you happen to be rich and alone
And you need a companion
You can ring (ting-a-ling) for the maid
If you happen to be rich
And you find you are left by your lover
And you moan and you groan quite a lot
You can take it on the chin
Call a cab and begin to recover
On your 14-karat yacht! What!?
Money makes the world go around
The world go around
The world go around
Money makes the world go aroung
Of that we both are sure
On being poor!
Money money money
Money money money
Money money money
Money money money
Money money money
Money money money
Money money money
Money money money, money money money
Money money money, money money money
Money money money, money money money
Money money money, money money money
When you haven’t any coal in the stove
And you freeze in the winter
And you curse to the wind at your fate
When you haven’t any shoes on your feet
Your coat’s thin as paper
And you look 30 pounds underweight
When you go to get a word of advice
From the fat little pastor
He will tell you to love evermore
But when hunger comes to rap
Rat-a-tat rat-a-tat at the window
(At the window!)
Who’s there? (hunger) oh, hunger!
See how love flies out the door
For, money makes the world go around
The world go around
The world
Money makes the world go 'round
The clinking, clanking sound of
Money money money money
Money money money money.
Get a little, get a little
Money money money money
Mark, a yen, a buck or a pound
That clinking, clanking, clunking sound
Is all that makes the world go 'round
It makes the world go 'round!
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Sen Warner (himself extremely wealthy) “ was “proud” to have supported the legislation.
“I do think these midsized banks needed some regulatory relief,” he said.”
Is that the same as him saying that people and businesses who patronize midsized banks need less protection than those who do business with larger banks?
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Back when this was about to get passed Senator Warren was on Chris Hayes describing more or less what happened last week. For these Dems that voted for it to get out there this week and say this was not at all related is pretty rich, even for the likes of Barney Frank and Mark Warner.
Senator Warren on how to fix what Trump broke in banking rules (msnbc.com)
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Does not “systemically important,” mean small enough to fail?
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“SVB giving to BLM”
This is a masterly stroke of propaganda. It’s creators understand the mechanics of urban legends.
This story is totally fake, but validates the beliefs of those who despise minorities. And so, it will spread and grow wings and spread some more. Five years from now, one will hear it spoken as fact.
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The Editor’s note sums up what a false claim that is:
The closest thing I found that bore any relationship to this number was a company newsletter which discusses “reinvesting in low- and moderate-income (‘LMI’) communities” in California and Massachusetts. It mainly talks about financing small business loans and mortgages over the next five years (2021-2026) but also mentions $75 million “in charitable contributions.”
The “Claremont Institute” issued a release that was entirely made-up and all the right wing talking heads cite it because its name is academic-adjacent. We’re all going to hell, and be forced to attend Hillsdale College when we get there.
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So long as there are stupid people (most but not all of whom are on the right) who fear the “woke”, communism and The Gay, terrible laws will be passed by pols (in both parties) who exploit these peoples’ stupidity and bogeyman fears to get elected.
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Remember when the wingnuts were blaming the Crash of 2008 and the resulting financial crisis on the 1977 (!) Community Reinvestment Act, which they claimed forced banks to violate established lending practices and hand over money to poor minorities who were unable to pay them back?
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