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On my alignment matrix, everything that gives rich people money is a bailout
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Mar 13, 2023 01:56
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rotor posted:I'm hearing that chase is gonna invest a lot of money in 1st republic https://twitter.com/Fxhedgers/status/1635067459358314496
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Mar 13, 2023 01:57
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yeah, if you get more than like 5 million peeps using it the actual meaning of a technical term dissolves into mist and vapor
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Mar 13, 2023 01:57
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in summary, human:"i bought a treasury bond but i really need all the money now" fed:"eat poo poo" guy that human owed money:"what about me though" fed:"eat poo poo" bank:"i bought a whole lot of treasury bonds but i really need all the money now" fed:"eat poo poo" guy that bank owed money:"what about me though" fed:"i got u fam"
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Mar 13, 2023 01:57
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mila kunis posted:the people liquidating the assets of this bank to pay back depositors that’s the fdic, not svb or maybe the treasury. idk how this poo poo works. svb shareholders pound sand at the end of the day so ‘they’ is definitely not them
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Mar 13, 2023 01:58
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functionally it’s a bailout because it’s the difference between the bank completely evaporating and not completely evaporating but unlike a bailout they aren’t plugging the hole left by bad bets, only the holes left on everyone in the blast radius who was not involved in the bad bet decisions
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Mar 13, 2023 01:59
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pmchem posted:no, the treasury is not paying for them. the fed is willing to take them as collateral at par for a loan of up to 1 year: i stand corrected then, but, uh, isn't that basically the same thing? the treasury loans to the fed, no?
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Mar 13, 2023 01:59
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communicating confidence during a spate of bank failure is basically like playing the dont think about white elephants game, but for keeps
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Mar 13, 2023 02:00
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Shifty Pony posted:it isn't a bailout of the bank, but it is a bailout of a lot of very rich depositors who didn't bother thinking through the risks they were taking because they just assumed that it wouldn't happen to them. this isn’t something you want everyone asking themselves in a healthy society and is getting extremely close to libertarian thinking. the fed/treasury have a very obvious incentive to keeping people’s faith in their cash deposits. because they’re essentially the same thing as cash itself
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Mar 13, 2023 02:02
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i mean, it kinda depends on how they "enhanced and diversified liquidity"
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Mar 13, 2023 02:02
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really it feels like a lot of this is semantic bullshit dancing around "we gave them more money"
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Mar 13, 2023 02:03
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Beeftweeter posted:i mean, it kinda depends on how they "enhanced and diversified liquidity" enhanced and diversified their crypto portfolio with that sweet liquidity injection
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Mar 13, 2023 02:04
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Beeftweeter posted:really it feels like a lot of this is semantic bullshit dancing around "we gave them more money" sure, but it’s “we gave the depositors their money back”, and crucially not “we gave the bank a bunch of cash, hope they do the right thing with it”
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Mar 13, 2023 02:05
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Internet Janitor posted:in summary, kind of only the second one only applies to depositors. not creditors or shareholders. they eat poo poo too
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Mar 13, 2023 02:06
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madmatt112 posted:sure, but it’s “we gave the depositors their money back”, and crucially not “we gave the bank a bunch of cash, hope they do the right thing with it” that's true. i can't really get mad about that, the depositors didn't necessarily do anything wrong
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Mar 13, 2023 02:08
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Beeftweeter posted:that's true. i can't really get mad about that, the depositors didn't necessarily do anything wrong other than having more than $250k in the account like loving idiots
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Mar 13, 2023 02:11
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It's in the interests of the fed that depositors trust the US banking system to have their back without them having to care about that sort of thing.
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Mar 13, 2023 02:13
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Jabor posted:It's in the interests of the fed that depositors trust the US banking system to have their back without them having to care about that sort of thing. i don't disagree, but this is literally what the people running the bank asked for
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Mar 13, 2023 02:14
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Anyway in a just world the shareholders that had advance notice of this and sold out the day before things really went down would go to prison, but I'm not holding my breath on that.
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Mar 13, 2023 02:14
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Beeftweeter posted:i stand corrected then, but, uh, isn't that basically the same thing? the treasury loans to the fed, no? nobody loans the fed money except when the fed is giving them the overnight option (reverse repo). if the fed wants money to do something they just press a button and balances somewhere change; they're only constrained by law
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Mar 13, 2023 02:15
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the fed has literally unlimited us dollars as long as the books balance at the end of the day. that's the point of the fed.
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Mar 13, 2023 02:19
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fair point
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Mar 13, 2023 02:20
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Beeftweeter posted:i don't disagree, but this is literally what the people running the bank asked for yeah and they’re being left out to dry
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Mar 13, 2023 02:24
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is it homophobic or okay to start calling peter thiel a welfare queen?
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Mar 13, 2023 02:41
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Why not just raise the fdic insurance amount per account to something way higher if bailing out depositors is basically guaranteed (something I agree makes sense)
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Mar 13, 2023 02:43
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It's meant to protect individual savers, not corporations. It has been raised continuously over time, it started at $2,500 in 1933
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Mar 13, 2023 02:46
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rotor posted:well, I;m man enough to admit when i'm wrong oh god dammit cramer why did you have to hex us
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Mar 13, 2023 03:00
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rotor posted:well, I;m man enough to admit when i'm wrong it's so over.
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Mar 13, 2023 03:04
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jim cramer owns
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Mar 13, 2023 03:08
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that clip of cramer going off on a tangent about communism while the lady interviewing him looks petrified is gonna live rent free in my head for a while
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Mar 13, 2023 03:11
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Internet Janitor posted:that clip of cramer going off on a tangent about communism while the lady interviewing him looks petrified is gonna live rent free in my head for a while "speaking of peasants, let's give them some trades!"
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Mar 13, 2023 03:13
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ADINSX posted:Why not just raise the fdic insurance amount per account to something way higher if bailing out depositors is basically guaranteed (something I agree makes sense) someone has to pay the fdic insurance bill
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Mar 13, 2023 03:34
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Jabor posted:It's in the interests of the fed that depositors trust the US banking system to have their back without them having to care about that sort of thing. it's in my interest that no one should have more than $250k so gently caress them
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Mar 13, 2023 04:13
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big shtick energy posted:is it homophobic or okay to start calling peter thiel a welfare queen? i would not recommend calling him that
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Mar 13, 2023 04:18
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big shtick energy posted:is it homophobic or okay to start calling peter thiel a welfare queen? "sucking from the public teat" is at least as insulting.
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Mar 13, 2023 04:22
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most businesses need to have more than $250k in the bank and i want to continue to get paid so guaranteeing those deposits seems like a fine way to proceed to this uninformed dipshit seems like you could require businesses to hold insurance on deposits above the FDIC number, although that seems a lot like earthquake insurance in that it is unlikely to pay out in practice
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Mar 13, 2023 04:23
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Signature Bank went belly up today. There are no more crypto banks in the US. https://www.cnbc.com/2023/03/12/regulators-close-new-yorks-signature-bank-citing-systemic-risk.html
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Mar 13, 2023 04:34
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Mar 13, 2023 04:44
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Beeftweeter posted:the ceo sold $3.7 million worth of shares on thursday, either way they are doing way better than (probably) any one of us and a soft cushion is entirely undeserved rich people should get the death penalty for all crimes
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Mar 13, 2023 05:04
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Truman Peyote posted:most businesses need to have more than $250k in the bank and i want to continue to get paid so guaranteeing those deposits seems like a fine way to proceed to this uninformed dipshit not to me, this is just another inherent problem with capitalism and the sooner the whole system fails, the better. i want wall street and silicon valley on fire
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Mar 13, 2023 05:04
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