I'm confident that I know what insurance limits are for and would plan accordingly for deposits above the limit understanding there are increased risks.
The ONLY way I would help as a government is those firms that were counterparties to SVB that need to make payroll and finance their operations. Give them a 1 year loan (note I said loan and not bailout) so they can bridge this gap in their financing and build up some cash reserves to continue operations on their own. The taxpayers will require a juicy return. No return of funds outside of what the FDIC insures and what is reclaimed through the sale of bank assets. Any money they are not able to recuperate is an impairment.
Gold standard isn't much better. In the end be it fiat, gold, beads, or seashells it is all just tokens being traded around to make trading easier and human ingenuity and governments will always find a way to debase the currency.
I've never had confidence in the safety of deposits over 250k. And I've never had that much confidence in the FDIC either, now that we're on that subject. Maybe I'm just weird. But clearly, as the SVB case shows, too much faith in the system is a big part of the problem.
It is a scam as it is a like normal insurance. No reserves even close to cover liability, they have up to 2 years to pay put a loss among other things an insurance company would be shut down for doing. In reality they don't need it, they can print what they need to cover it. We know what that means, in a major multi bank collapse your 250k would end up with 50k purchasing power.
Side note, beneficiaries are also cover for 250k. If there are 3 beneficiaries it's covered up to 750k. Most people don't know the fdic liability is far more than they suspect.
When I had my identity stolen, an 830+ credit score destroyed, cars financed and a ton of cards opened up in my name, I was told,
Identity theft is a myth.
And
Well you should have been more responsible with your money.
At the time, identity theft wasn't something like what we are all too familiar with today. I was basically told it was my fault, there would be no help for me, I should have been smarter (it was due to a leak I had zero way of preventing) and that I could get fucked.
However if you are big/rich enough, they won't let you fail. They will bail you out. They will bend over backwards to prop you up with money they take from the same exact people who they tell to pound sand.
Remember, to the bankers and the people at the top, we aren't even human. We are an annoyance and the only reason they keep us around is to keep them rich.
It's crazy the creditor isn't civilly liable for extended credit and entering into contracts with a person committing fraud against you. They willingly entered the contract, you did not. They should be 100%.liable for all costs and damages to you, they entered into the contract and enabled the fraud, not you. If they can't identify the customer correctly it's there problem.
If this were "Joe's Bank" in Evansville Indiana, they'd be informing the depositors of the BAIL IN, and how much it will cost them. But since these are High Net Worth Democrat donors, bend over....
In almost all cases that's right on point (from an individual rather than corporate perspective). I feel sorry for those people keeping powder dry in anticipation of another inflation induced stock market collapse, however.
To be fair it’s just a startup bank. Tons of startups Bank there which means their employees will not get paid Monday and will all essentially fail over night. This is an argument for depositors to be made whole NOT equity/stock holders or the actual bank. For reference I am at a startup that banks with SVB. Lost 100% of funding overnight and layoffs start Monday now. 50% of startups in the US bank there. Hundreds of thousands of employees affected.
Pretty sure we understand what fdic applies to. Some of us remember 2009 like it was 14 years ago.
It's not right to bailout anyone. These fraudulent "executives" keep their careers and move on to grift some other monopolistic corporation. Fuck them.
It's not middle class taxpayers bailing out the rich, it's less social benefits accruing to the middle (and lower) class that they didn't pay for in the first place.
I'm confident that I know what insurance limits are for and would plan accordingly for deposits above the limit understanding there are increased risks.
That's a Bingo!
Biden wanted to tax the Uber wealthy. This is their dream
The ONLY way I would help as a government is those firms that were counterparties to SVB that need to make payroll and finance their operations. Give them a 1 year loan (note I said loan and not bailout) so they can bridge this gap in their financing and build up some cash reserves to continue operations on their own. The taxpayers will require a juicy return. No return of funds outside of what the FDIC insures and what is reclaimed through the sale of bank assets. Any money they are not able to recuperate is an impairment.
Depositors shouldn't have any confidence in a fractional reserve banking system.
Gold standard isn't much better. In the end be it fiat, gold, beads, or seashells it is all just tokens being traded around to make trading easier and human ingenuity and governments will always find a way to debase the currency.
i think that is the first thing I ever read from Gu that made sense. Is it really him?
He's scared that he's going to lose money.
I've never had confidence in the safety of deposits over 250k. And I've never had that much confidence in the FDIC either, now that we're on that subject. Maybe I'm just weird. But clearly, as the SVB case shows, too much faith in the system is a big part of the problem.
Agreed. FDIC barely has pennies to the dollar for its “insured” amount as is….it’s a scam to begin with.
It is a scam as it is a like normal insurance. No reserves even close to cover liability, they have up to 2 years to pay put a loss among other things an insurance company would be shut down for doing. In reality they don't need it, they can print what they need to cover it. We know what that means, in a major multi bank collapse your 250k would end up with 50k purchasing power.
Side note, beneficiaries are also cover for 250k. If there are 3 beneficiaries it's covered up to 750k. Most people don't know the fdic liability is far more than they suspect.
The pheasants struggling with inflation are already paying Ukrainian pensions and government employees salaries why no cover the 1% losses?
Exactly right, inflation is a hidden tax on everyone.
I know this is so obvious I shouldn't even finish writing this but where did the idea come from that rich people have to stay rich?
When I had my identity stolen, an 830+ credit score destroyed, cars financed and a ton of cards opened up in my name, I was told,
And
At the time, identity theft wasn't something like what we are all too familiar with today. I was basically told it was my fault, there would be no help for me, I should have been smarter (it was due to a leak I had zero way of preventing) and that I could get fucked.
However if you are big/rich enough, they won't let you fail. They will bail you out. They will bend over backwards to prop you up with money they take from the same exact people who they tell to pound sand.
Remember, to the bankers and the people at the top, we aren't even human. We are an annoyance and the only reason they keep us around is to keep them rich.
It's crazy the creditor isn't civilly liable for extended credit and entering into contracts with a person committing fraud against you. They willingly entered the contract, you did not. They should be 100%.liable for all costs and damages to you, they entered into the contract and enabled the fraud, not you. If they can't identify the customer correctly it's there problem.
Holy Shit, Gu pulls his head out of his ass.
Stealwell should be able to get China to help bail them out. Or, did his tiny dick ruin that opportunity?
Extremely Rare Gu W
If this were "Joe's Bank" in Evansville Indiana, they'd be informing the depositors of the BAIL IN, and how much it will cost them. But since these are High Net Worth Democrat donors, bend over....
Eugene may finally figure out exactly who he's been serving. What a fuckwit!
Uh oh, Eugene Bot needs its NPC software updated
If you have more than $250K, why keep it in a bank, why not invest?
Money flows faster than you think, and my understanding is that most of the SVB depositors over that limit were businesses.
For a two person company, $250k may be 6 months of runway.
For a 50 person company, depending on industry, you might be ok.
For a 100 person company, there's not a chance that you can even come close to making payroll.
In almost all cases that's right on point (from an individual rather than corporate perspective). I feel sorry for those people keeping powder dry in anticipation of another inflation induced stock market collapse, however.
To be fair it’s just a startup bank. Tons of startups Bank there which means their employees will not get paid Monday and will all essentially fail over night. This is an argument for depositors to be made whole NOT equity/stock holders or the actual bank. For reference I am at a startup that banks with SVB. Lost 100% of funding overnight and layoffs start Monday now. 50% of startups in the US bank there. Hundreds of thousands of employees affected.
Pretty sure we understand what fdic applies to. Some of us remember 2009 like it was 14 years ago.
It's not right to bailout anyone. These fraudulent "executives" keep their careers and move on to grift some other monopolistic corporation. Fuck them.
It's not middle class taxpayers bailing out the rich, it's less social benefits accruing to the middle (and lower) class that they didn't pay for in the first place.
Sorry, but let's be real.
Of course Swallows-well is all for bailing out his donor buddies.
Anyone want to make odds... Chyna pulled assets to trigger the svb collapse and shift the conversation away from covid origins.
Damn, I hate when people I hate make sense!! I mean, I can hope they are getting red-pilled but, it's just usually not the case.
Gu with no TDS can actually think straight.
Yellen just did it
The SPLC has labeled Eugene Gu as a probable AI.
Because you’re serfs, now get back to the fields.
Haha faggot swalwell. My fidelity deposits are automatically swept into multiple accounts that do not exceed the FDIC limit for this reason.
IN DAYS OF OLD THEY STOLE FROM THE POOR TO SUPPORT THE RICH
SO IN THE DAYS BEFORE US LET THE RICH BECOME THE POOR AND THE POOR BECOME THE RICH
Why are these people so wicked?
They seek and avoid consequences.