Nearly half the money — $143 billion — went to holding companies for the two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets.
the depositors are capitalists. they took on risk in exchange for lower rates on loans. the government has bailed them out. when people say they bailed the bank out they mean the only surviving entity that was once the bank - the depositor base.
I'll make sure to tell all the nurses I worked with at my last job that actually they are capitalists, which is why they deserved to have their payroll missed last Friday.
Any other time the FDIC steps in to "bail out" depositors at a bank, I will remember to call them capitalists, too. Just like you would be a capitalist for choosing a bank with higher interest rates.
no mate I'm being literal. the people with deposits at SVB are literally capitalists - they own capital. I'm not being hyperbolic. 97% of deposits weren't insured because they were over the cap - because the people making the deposits literally owned corporations. your nurse friends don't own capital and I'll be deeply, pleasantly surprised if they have single bank accounts over the FDIC insurance limit.
Whats the current price of SVB stock?
the depositors are capitalists. they took on risk in exchange for lower rates on loans. the government has bailed them out. when people say they bailed the bank out they mean the only surviving entity that was once the bank - the depositor base.
So if your bank fails and you lose your money, are you also a capitalist if you chose a bank that offers higher interest rates?
what? it's a commercial bank. they're literally capitalists - they're the owners of the SV startups that are slowly going bust this cycle.
I'll make sure to tell all the nurses I worked with at my last job that actually they are capitalists, which is why they deserved to have their payroll missed last Friday.
Any other time the FDIC steps in to "bail out" depositors at a bank, I will remember to call them capitalists, too. Just like you would be a capitalist for choosing a bank with higher interest rates.
no mate I'm being literal. the people with deposits at SVB are literally capitalists - they own capital. I'm not being hyperbolic. 97% of deposits weren't insured because they were over the cap - because the people making the deposits literally owned corporations. your nurse friends don't own capital and I'll be deeply, pleasantly surprised if they have single bank accounts over the FDIC insurance limit.
Where do you think those nurses paychecks come from?