Nearly half the money — $143 billion — went to holding companies for the two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets.
The people who were dropping the "not a bailout" stuff were tripping me up, because I've heard neolibs say the same thing about 2008 because "oh well they had to pay back some loans", and it makes me wonder if there's actually some official definition for the term "bailout" or if it's more of a vibe check.
I guess I don’t care what pedantry explains how it’s not a bailout. What I care about is how the feds and banks moved heaven and earth to make wealthy people whole over a weekend while hoi polloi are left to fend for ourselves forever
When I was a teenager, I had a savings account that got overdrawn due to fees for not meeting the minimum balance. Then they just started piling on fees after that until it was further in the negative than it had ever been in the positive over the life of the account.
That's the wild thing, it was a small-town S&L. You fucking expect it when you go in with Chase or Wells Fargo or Citi or something, but these guys were local vampires.
For my money a bailout is when somebody outside a system comes in and prevents it collapsing, and bailouts themselves are value neutral. For example, in 2008 the government could have bailed out the mortgage industry by just paying people's mortgages and giving them the deeds, which would have been a good bailout, but they instead gave the money to the banks and millions got foreclosed on, a bad bailout.
This particular one is pretty bad in context. The government's over here squeezing workers with the interest rate rise, meanwhile for the wealthy the money tap truly hasn't been turned off.
The people who were dropping the "not a bailout" stuff were tripping me up, because I've heard neolibs say the same thing about 2008 because "oh well they had to pay back some loans", and it makes me wonder if there's actually some official definition for the term "bailout" or if it's more of a vibe check.
I guess I don’t care what pedantry explains how it’s not a bailout. What I care about is how the feds and banks moved heaven and earth to make wealthy people whole over a weekend while hoi polloi are left to fend for ourselves forever
“omg did you try to withdraw over $250k? Don’t worry sir, we’ll do everything in our power to make sure you have the funds you need”
vs
“You tried to withdraw $40 but you only had $30 in your account? Fuck you”
When they overdraft, it's an apology. When I overdraft, I get a fee that costs twice as much as what I had in the account before I overdrafted.
When I was a teenager, I had a savings account that got overdrawn due to fees for not meeting the minimum balance. Then they just started piling on fees after that until it was further in the negative than it had ever been in the positive over the life of the account.
Ooof. I'm sorry. That's fucking rough.
Being charged for being broke and then ending up in a loop of fees. And on a kid no less.
deleted by creator
That's the wild thing, it was a small-town S&L. You fucking expect it when you go in with Chase or Wells Fargo or Citi or something, but these guys were local vampires.
:free-real-estate: Be overdrawn by $0.15, get a $30 overdraft fee.
deleted by creator
deleted by creator
For my money a bailout is when somebody outside a system comes in and prevents it collapsing, and bailouts themselves are value neutral. For example, in 2008 the government could have bailed out the mortgage industry by just paying people's mortgages and giving them the deeds, which would have been a good bailout, but they instead gave the money to the banks and millions got foreclosed on, a bad bailout.
This particular one is pretty bad in context. The government's over here squeezing workers with the interest rate rise, meanwhile for the wealthy the money tap truly hasn't been turned off.