Reply to SVB Bank Run: Fed Calling Emergency Meeting

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]15 banks collapsed under Trump and no one batted an eye. This is the first one under Biden, and it was totally orchestrated by Peter Thiel, who is basically an enemy of the US.

[/quote]

Few care if small community banks go under as spillovers are very limited.

The combined assets of the banks you speak of were less than $20 billion.  SBV has over $200 billion in assets.[/quote]

I think I saw that 97% of their depositors had over $250,000 which is why those accounts were not FDIC insured.

[b]So I'm supposed to feel bad for people who are much much much wealthier than the average American?  Nah[/b].[/quote]

A large fraction of those accounts are businesses you clown.  How do you not understand this?

For example, Patriot Software who handles payroll for millions businesses all over the country used SVB for its accounts. Businesses all over the country could be dramatically affected.

https://www.cantonrep.com/story/business/2023/03/10/silicon-valley-bank-closure-upends-jackson-townships-patriot-software/69995257007/

[quote]Patriot Software began fielding complaints around 9 a.m. Friday from customers whose employees hadn't been paid through direct deposit. At that time, Patriot said its bank "has experienced a processing delay," which meant customers may experience a delay with direct deposit. At 11 a.m., Patriot said in a message to a customer that it still expected the issue to be resolved by the end of the day.[/quote]

You think you're sticking it to wealthy Wall Street types, but in reality the risks are very real for many businesses and common workers who simply won't get paid. But do prattle on. [/quote]

Patriot Software doesn't handle payroll for "millions of businesses" - more like a few thousand.  They handle payroll for less than 0.05% of America's businesses.  And again I do not think it is at all reasonable for taxpayers to be left holding the bag every time business takes a risk.  We already went through this crap with the bank failure of 2008 and nobody was ever held accountable for their criminal schemes.

If you want to play this "privatize the profits but socialize the risk" crap then businesses are going to have to start paying a lot more in taxes to cover it.[/quote]

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