Do these bears and predatory big cats really need to be kept in cages? I mean, they’re living in the zoo…they’ll behave themselves. The visitors will be safe.
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Would be the same Larry Summers who railed against student loan forgiveness and then was the first to call for bailing out SVB?
Yeah. I thought so.
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Changing the rules for smaller banks along with buying a crap ton of near zero interest rate bonds thinking the fed would never raise interest rates again may also have had something to do with it.
PBS Frontline had a sobering piece on free money (from the Fed) that was on last night. I recommend it.
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Also, it is not as if the Fed sprang the hikes in interest rates on anyone. Powell talked about it a year ago. Maybe folks didn’t believe him because he caved after Trump and others threw a hissy fit earlier.
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Well, at least the Republicans can feel good about their consolation prize - a REAL forensic audit to discover who really benefited from the roll-back of Frank-Dodd.
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Of course they fucking did. Because they could. And 2008 taught them that despite committing crimes or just being fucking dreadful managers they would get bailed out. Heads they win, tails the taxpayer loses, and then all of them are trained like fucking seals to blame the Democrats.
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This reminds me of how DAs and others always pop up defending qualified immunity whenever a cop kills an unarmed person. Not the time.
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Surprise! Surprise! Surprise! Our crooked politicians have sold us out again! Just one more disgusting example of socialism for the rich and powerful and rugged individualism for the masses.The bailout of SVB has convinced me to never again vote for an incumbent politician. I will always vote to throw the bums out. I don’t give a shit who they are or what good they’ve done, they’ll always turn out to be corrupt in the end.
This screams for a new form of government in this country, one built to mirror the views of the people. A true democracy as opposed to a representative government which will always be corrupted over time.
It sure does make anarchy seem attractive.
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Troll alert.
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Unrelated to the content mostly but - what a great choice of photograph to illustrate it. Trump looks lost and small and ridiculous among a group of people who are celebrating having used him for their own ends.
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I don’t see racism behind every door, but this was clearly an attempt to tie a bank mess to minorities or service to minorities.
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They’ve been working this scam all my life and before and I’ve been around a few decades.
No wonder how the impulse to political nihilism gets triggered in people. Burn, baby, burn.
I really did expect more from the Montana Man. But dude, you fucked the pony here. Own it and fix it.
That’s the fucking Democratic way.
Absolutely. Community reinvestment act had nothing to do with the mortgage crash. (Albeit ongoing structural racism may have had an effect – some of the analyses after the fact showed that people of color were targeted with loans that cost significantly more than loans offered to white people with comparable credit scores, which of course increased the risk of foreclosure in an economic/real estate downturn.)
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No Shame From Those Who Pushed To Loosen Rules On SVB
No shame??? Just ask all the people who are being screwed by the result of the GREED of the banks that are failing as a result of the Trump administrations pull-back on bank regulation.
Once again TRUMP strikes back at ordinary people.
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FDIC wants a buyer for Signature, but says buyer cannot do cryptocurrency transactions. This article is from coindesk, who of course are very much pro-cryptocurrency. “Signature Bank, whose crypto clients accounted for a quarter of its deposits”; it is unclear what a buyer is supposed to do with the remains of those deposits. Bids are due Friday.
As a matter of facticity, the data so far say that the 2018 changes were not relevant to SVB.
That does not per se justify them nor say the 2018 changes were a good idea, but if Lefties are going to pretend to be a fact-based set of people, jumping to pre-formed conclusions is not in keeping.
Unless you’re aware of what the 2018 changes actually involved and can point to what SVB did contra them…
Ad hominem dismissals of both is very MAGAesque.
It would behoove the Lefties then to not do the mirror image of the wing-nuts (who were indeed wrong about 2008) and jump to pre-set conclusions about 2018 and SVB (specifically SVB).
Drum has been quite rational in overview - 2018 changes appear to have not been relevant to SVB specifics either way (versus say Peter Theil rat-fuckery).
Not to defend nor to promote the changes as a good idea (nor a bad one) but if people here are going as they do to attack MAGA for being irrational knee-jerkers, then perhaps a bit of same standard for selves.
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