Head of the Treasury. J Pow is the Fed chair. But they probably in cahoots to make this happen.
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Global Financial Crisis (4 Viewers)
- Thread starter Dostoevsky
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Yep, new "Bank Term Funding Program" created.
Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm
No industry is every allowed to fail again, only the middle class can lose. Bitcoin up almost 10% on the news
@Bjerknes @GordoDeCentral
Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm
No industry is every allowed to fail again, only the middle class can lose. Bitcoin up almost 10% on the news
@Bjerknes @GordoDeCentral
Yep, new "Bank Term Funding Program" created.
Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm
No industry is every allowed to fail again, only the middle class can lose. Bitcoin up almost 10% on the news
@Bjerknes @GordoDeCentral
Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm
No industry is every allowed to fail again, only the middle class can lose. Bitcoin up almost 10% on the news
@Bjerknes @GordoDeCentral
Fuck them all. Nuke this goddamn Ponzi.
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And by the way
Yep, new "Bank Term Funding Program" created.
Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm
No industry is every allowed to fail again, only the middle class can lose. Bitcoin up almost 10% on the news
@Bjerknes @GordoDeCentral
Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm
No industry is every allowed to fail again, only the middle class can lose. Bitcoin up almost 10% on the news
@Bjerknes @GordoDeCentral
Fun to see a bunch of libertarian VCs call for the gubment to do something when their money is stuck and unironically will go back to big gubment bad in their next podcast appearance.
that’s exactly what will happen. I don’t see the argument to let depositors lose their money since they’re not in a place to assess the riskiness or financial health of a bank. That’s regulators job. Also to mitigate against runs on other banks.
But at the same time the bankers will ride that into wealth. and they’re the ones who made bad calls.
What’s more worrying is that We could still see runs on banks to move money to the big ones despite the treasury’s action. it’s rational to go for larger banks now and avoid the hassle of dealing with a small bank that may or may not be in need of a bail out. Id be moving my money now regardless of what the treasury says. I don’t want the drama
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Watch this fucker get mad and defensive as he pleads for government action. He has the audacity of saying these companies have real people as employees who won’t get their payroll
https://www.youtube.com/live/ipyybO_OCNE?feature=share
The hilarity and hypocrisy is that this guy is Musks biggest defender and a close friend. Huge VC guy and just a few weeks ago on the same YouTube channel was arguing that other Tech Leaders should take note of how Twitter is still running as normal despite laying off 70% of the staff. He called tech employees as white collar elites and that they wouldn’t have trouble finding employment elsewhere and are just entitled.
He was advocating for more layoffs but now when it’s his VC money on the line he suddenly gives a fuck about the employees
But at the same time the bankers will ride that into wealth. and they’re the ones who made bad calls.
What’s more worrying is that We could still see runs on banks to move money to the big ones despite the treasury’s action. it’s rational to go for larger banks now and avoid the hassle of dealing with a small bank that may or may not be in need of a bail out. Id be moving my money now regardless of what the treasury says. I don’t want the drama
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Free market capitalism
Fun to see a bunch of libertarian VCs call for the gubment to do something when their money is stuck and unironically will go back to big gubment bad in their next podcast appearance.
Fun to see a bunch of libertarian VCs call for the gubment to do something when their money is stuck and unironically will go back to big gubment bad in their next podcast appearance.
https://www.youtube.com/live/ipyybO_OCNE?feature=share
The hilarity and hypocrisy is that this guy is Musks biggest defender and a close friend. Huge VC guy and just a few weeks ago on the same YouTube channel was arguing that other Tech Leaders should take note of how Twitter is still running as normal despite laying off 70% of the staff. He called tech employees as white collar elites and that they wouldn’t have trouble finding employment elsewhere and are just entitled.
He was advocating for more layoffs but now when it’s his VC money on the line he suddenly gives a fuck about the employees
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that’s exactly what will happen. I don’t see the argument to let depositors lose their money since they’re not in a place to assess the riskiness or financial health of a bank. That’s regulators job. Also to mitigate against runs on other banks.
But at the same time the bankers will ride that into wealth. and they’re the ones who made bad calls.
What’s more worrying is that We could still see runs on banks to move money to the big ones despite the treasury’s action. it’s rational to go for larger banks now and avoid the hassle of dealing with a small bank that may or may not be in need of a bail out. Id be moving my money now regardless of what the treasury says. I don’t want the drama
- - - Updated - - -
Watch this fucker get mad and defensive as he pleads for government action. He has the audacity of saying these companies have real people as employees who won’t get their payroll
https://www.youtube.com/live/ipyybO_OCNE?feature=share
The hilarity and hypocrisy is that this guy is Musks biggest defender and a close friend. Huge VC guy and just a few weeks ago on the same YouTube channel was arguing that other Tech Leaders should take note of how Twitter is still running as normal despite laying off 70% of the staff. He called tech employees as white collar elites and that they wouldn’t have trouble finding employment elsewhere and are just entitled.
He was advocating for more layoffs but now when it’s his VC money on the line he suddenly gives a fuck about the employees
But at the same time the bankers will ride that into wealth. and they’re the ones who made bad calls.
What’s more worrying is that We could still see runs on banks to move money to the big ones despite the treasury’s action. it’s rational to go for larger banks now and avoid the hassle of dealing with a small bank that may or may not be in need of a bail out. Id be moving my money now regardless of what the treasury says. I don’t want the drama
- - - Updated - - -
Watch this fucker get mad and defensive as he pleads for government action. He has the audacity of saying these companies have real people as employees who won’t get their payroll
https://www.youtube.com/live/ipyybO_OCNE?feature=share
The hilarity and hypocrisy is that this guy is Musks biggest defender and a close friend. Huge VC guy and just a few weeks ago on the same YouTube channel was arguing that other Tech Leaders should take note of how Twitter is still running as normal despite laying off 70% of the staff. He called tech employees as white collar elites and that they wouldn’t have trouble finding employment elsewhere and are just entitled.
He was advocating for more layoffs but now when it’s his VC money on the line he suddenly gives a fuck about the employees
Sacks is a clown. I listened to a few episodes of his podcast with his friends (All in) around the time of the Twitter acquisition and everything Musk has done post that (layoffs and cost cutting, subscription, 
free speech) were something those guys proposed. Bunch of rich guys with paper thin skin who basically wanted a safe space while complaining about snowflakes wanting a safe space. (It's always nice to learn about how different types of people think, in that sense it's actually a good podcast. They are mostly open about how they operate)
that’s exactly what will happen. I don’t see the argument to let depositors lose their money since they’re not in a place to assess the riskiness or financial health of a bank. That’s regulators job. Also to mitigate against runs on other banks.
But at the same time the bankers will ride that into wealth. and they’re the ones who made bad calls.
What’s more worrying is that We could still see runs on banks to move money to the big ones despite the treasury’s action. it’s rational to go for larger banks now and avoid the hassle of dealing with a small bank that may or may not be in need of a bail out. Id be moving my money now regardless of what the treasury says. I don’t want the drama
- - - Updated - - -
Watch this fucker get mad and defensive as he pleads for government action. He has the audacity of saying these companies have real people as employees who won’t get their payroll
https://www.youtube.com/live/ipyybO_OCNE?feature=share
The hilarity and hypocrisy is that this guy is Musks biggest defender and a close friend. Huge VC guy and just a few weeks ago on the same YouTube channel was arguing that other Tech Leaders should take note of how Twitter is still running as normal despite laying off 70% of the staff. He called tech employees as white collar elites and that they wouldn’t have trouble finding employment elsewhere and are just entitled.
He was advocating for more layoffs but now when it’s his VC money on the line he suddenly gives a fuck about the employees
But at the same time the bankers will ride that into wealth. and they’re the ones who made bad calls.
What’s more worrying is that We could still see runs on banks to move money to the big ones despite the treasury’s action. it’s rational to go for larger banks now and avoid the hassle of dealing with a small bank that may or may not be in need of a bail out. Id be moving my money now regardless of what the treasury says. I don’t want the drama
- - - Updated - - -
Watch this fucker get mad and defensive as he pleads for government action. He has the audacity of saying these companies have real people as employees who won’t get their payroll
https://www.youtube.com/live/ipyybO_OCNE?feature=share
The hilarity and hypocrisy is that this guy is Musks biggest defender and a close friend. Huge VC guy and just a few weeks ago on the same YouTube channel was arguing that other Tech Leaders should take note of how Twitter is still running as normal despite laying off 70% of the staff. He called tech employees as white collar elites and that they wouldn’t have trouble finding employment elsewhere and are just entitled.
He was advocating for more layoffs but now when it’s his VC money on the line he suddenly gives a fuck about the employees
As for your advice to go to a big bank, i would the opposite. Id look for a credit union.
Yes, it would. And there's no reason you should do that. But dumping $1B in a bank account so they could go long on T-bills without an interest rate hedge is financial malpractice. Acting CFOs of all these startups should have their heads roll, let alone the clowns at SVB.
Silicon Valley pisses me off so much because they're myopically obsessed in themselves to the point of willful ignorance. "Why invest money in hedges or diversification options when we can efficiently make so much more with tech company stock or crypto? Banking red tape is for losers."
Meanwhile, a question for the Fed is how much jerking off on interest rates is making less regulated banks insolvent with all their customer deposits.
Silicon Valley pisses me off so much because they're myopically obsessed in themselves to the point of willful ignorance. "Why invest money in hedges or diversification options when we can efficiently make so much more with tech company stock or crypto? Banking red tape is for losers."
Meanwhile, a question for the Fed is how much jerking off on interest rates is making less regulated banks insolvent with all their customer deposits.
It's crazy how narratives can change on a dime. From "we need to kill inflation" and "rate hikes for the foreseeable future" to "this isn't a bailout but all deposits will be backed and we're not doing this because the banking system is in trouble, it's fine." This isn't capitalism, it's 100% managed economy garbage.
Credit union works too. By big banks I meant those that are too big to fail i.e will always get a bailout.
On the 250k insured deposits, that’s peanuts for a business account. Any business worth anything would have bigger deposits and are not in a place to evaluate the credit worthiness of the bank they’re depositing into. SVB had a good reputation until it crashed and I think Moodys had them rated highly too. I can’t fault a business for depositing money there.
if all businesses start seeing simple deposits as a risky endeavour then all smaller banks will crash. That’s the consequence they want to mitigate by the fed action.
I just read a piece by Ben Thompson about what happened and it looks like Peter Thiel might be the biggest instigator of the panic/bank rush. Another friend of Musk and David Sacks
On the 250k insured deposits, that’s peanuts for a business account. Any business worth anything would have bigger deposits and are not in a place to evaluate the credit worthiness of the bank they’re depositing into. SVB had a good reputation until it crashed and I think Moodys had them rated highly too. I can’t fault a business for depositing money there.
if all businesses start seeing simple deposits as a risky endeavour then all smaller banks will crash. That’s the consequence they want to mitigate by the fed action.
I just read a piece by Ben Thompson about what happened and it looks like Peter Thiel might be the biggest instigator of the panic/bank rush. Another friend of Musk and David Sacks