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Pres. Biden says those who invested in failed Silicon Valley Bank and Signature Bank will not be protected: “They knowingly took a risk and when the risk didn’t pay off, investors lose their money. That’s how capitalism works.” https://t.co/HWi82gAbJP pic.twitter.com/3hVKFJqmZt— ABC News (@ABC) March 13, 2023

“That’s how capitalism works”!!

Has he been scrolling r/antiwork and r/collapse, signing in at the Bear of Hex, keep a copy of the Communist Manifesto bedside?

Is this just a joke?

On a serious note, if it’s not, how far are the puppets in government prepared to go in what could be a cataclysmic moment of comeuppance for the Economic Terrorists of Wall St?

    • combat_brandonism [they/them]
      ·
      2 years ago

      I have 0 faith in these ghouls but there's a difference between investors in these banks and people who keep their money there, and so far it's only the latter that are being protected by FDIC actions.

        • combat_brandonism [they/them]
          ·
          2 years ago

          absolutely, and either way we all know who's getting fucked here, it's the people that didn't get paid friday

          i love the tidbit where a normal bank will shard out a business's accounts into 250k chunks for better insurance but because SVB was too busy disrupting they didn't know they could do that

        • CanYouFeelItMrKrabs [any, he/him]
          ·
          2 years ago

          The govt isn't giving its money to the startups though. They're selling bank assets and giving that to the depositors, including the businesses. Which seems fine. The bankers lose their assets