beagle9
Diamond Member
- Nov 28, 2011
- 44,298
- 16,524
It's Putin's fault.. Russia, Russia, Russia..The fact that Silicon Valley Bank (SVB) has been seized by federal regulators is a big deal and will have a huge impact on Silicon Valley’s startup scene. They are the financial institution for every new tech company in Northern California.
Something is really rotten at SVB. The bank has $209 billion in assets and $175.4 billion in deposits, yet it collapsed because it failed to raise a mere $1.75 billion in new financing. The consequences should ripple across a significant segment of the economy, particularly in the San Francisco-San Jose region.
But whatever, shit happens, right? Economic sectors are disrupted all the time, and this one, at least, should hit a more affluent crowd. We’re not talking the destruction of manufacturing in small towns all across America, and Silicon Valley is resilient enough to bounce back. It always does.
Except this isn’t small-town America. This is some of the wealthiest, most powerful interests in our country. And if there’s one thing wealthy financial interests love more than anything else, it’s privatizing profits but socializing the risks. So like clockwork …
Here we go again: Wall Street billionaires demanding public bailouts of failed banks
UPDATE: Friday, Mar 10, 2023 · 8:19:42 PM +00:00 · kos Just watch, all the usual suspects will make the same f’n arguments: They can f’ themselves. I am so livid, I am still throwing shit around my house. Sorry if you come into my house and see the...www.dailykos.com
No. Hell no. Fuck no. Eat shit and fucking die no.