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VCs are taking it well
On the one hand the feds clearly did the right thing for the economy and average Americans -- because a massive nationwide bank run would have ruined everybody's day -- on the other hand a bunch of absolute wankstains like this guy and David Sacks are going to be saying: "See? See! I told you!"Did that guy develop an app that disables your ability to toggle the caps lock?
Did that guy develop an app that disables your ability to toggle the caps lock?
RTRDR more like.DSHFTR i think it's called
On the one hand the feds clearly did the right thing for the economy and average Americans -- because a massive nationwide bank run would have ruined everybody's day -- on the other hand a bunch of absolute wankstains like this guy and David Sacks are going to be saying: "See? See! I told you!"
Short answer, the US made the decision long ago to have a diversified financial system with small, medium and large banks, rather than just a few dominant institutions. SVB went to the wall not because of fraud or malfeasance but because, while still technically solvent, they ran out of liquidity. If the govt. had allowed SVB depositors (as opposed to the equity and debt holders) to get hosed, the only rational response for people with their money in any other local or regional banks would have been to move it to the big money centers like Chase, BoA etc. that are (rightly) regarded as too big to ever be let fail. This would have killed dozens or even hundreds of other local and regional banks that are perfectly viable in the medium and long term as long as all their depositors don't bail at once right now. If that had happened (still could of course) the govt. would be on the hook for far more in deposit insurance payouts overall than whatever the cost is of making up the shortfall between SVB's current assets and liabilities (probably somewhere between 12% and 15% of its roughly $200B securities holdings.) OK, medium answer.How does this help average Americans (excluding those that wouldn't be paid due to frozen accounts)? And why would this have led to a nationwide bank run?
Well FRC is F’d