Musk & Thiel want taxpayers to bail out Silicon Valley Bank

[dalton99a]

https://apnews.com/article/silicon-valley-bank-janet-yellen-bailout-fdic-fail-failed-c224cf4d2ef07c70cd27e7d0d3be628b

Can the chaos from Silicon Valley Bank’s fall be contained?
By KEN SWEET

NEW YORK (AP) — Can Washington come to the rescue of the depositors of failed Silicon Valley Bank? Is it even politically possible?

That was one of the growing questions in Washington Sunday as policymakers tried to figure out whether the U.S. government — and its taxpayers — should bail out a failed bank that largely served Silicon Valley, with all its wealth and power.

Prominent Silicon Valley personalities and executives have been hitting the giant red “panic” button, saying that if Washington does not come to the rescue of Silicon Valley bank’s depositors, more bank runs are likely this week.

“Either deposits in the U.S. are safe or they’re not. If not, look out below,” David Sacks of Craft Ventures, who is closely tied to billionaires Elon Musk and Peter Thiel, wrote on Twitter on Sunday.

...

-------------------------------------------------------------------------------------------

Silicon Valley Bank (Their webpage is now dead):

[SheltieLover]

1. Yellin is adanantly opposed to a bail out.

I agree!

[jimfields33]

11. I really don't see the title on the article

Or a quote at all from them saying this.

[kelly1mm]

16. The FDIC, Fed, and Treasury agreed today to guarantee all deposits in total, not just 250K.

Yellin is the Treasury Secretary so not so adamantly opposed anymore .....

[Achilleaze]

2. "Alms for the rich. Alms for the rich." - Elite Republican Billionaires

"Give us your money. Oh, and how about some more of those fat-ass G.O.P. Tax Breaks for the rich? Huh? Hurry up with that." - Elite Republican Billionaires

[Retrograde]

3. Socialists!

Keep the government out of business - except when it benefits us.

[leftieNanner]

4. Capitalism for profits

Socialism for losses.

[haele]

5. Libertarians are all about personal responsibility and self sufficiency, amIright?

Also about small Governments, Free Market Invisible Hand natural corrections, Makers vs Takers, Money goes to the deserving, etc., etc., etc...
Instead of demanding the Bank Board gets charged with fraud or fiduciary irresponsibility or whatever, they want the FDIC and taxpayers to give them their money back instead of sending the Bank into bankruptcy court?

Weird how Rich Libertarians become Liberals when they start losing money...

Haele

[TheBlackAdder]

14. Libertarians ARE the most insane self-affecting mofo variants of Republicans.

.

They are only out for themselves and if anyone else benefits by their actions, it's a fluke.

They plug into every taxpayer-funded program available.

If they can tap into a program, they view themselves as somehow deserving of it.
If they can't tap into a program, they view it as some form of tax that they are paying to support others.

.

[SheltieLover]

6. Anythibg they want would be an automatic & loud "No!" from me

How about confiscate ALL assets of those responsible? Every. Fucking. Penny.

[usonian]

7. Failed bankers walk into the Treasury Building wearing dynamite vests, fingers on the trigger.

Oh, WAIT. That was TARP.
Time to make the rich pay taxes? They seem to get all the handouts.

[multigraincracker]

8. Dang, aren't they the deregulation guys?

Nice try.

[republianmushroom]

9. No bail out with tax payers money.

[sprinkleeninow]

10. FDIC compensates account holders of 250k limit. The rest? Do not pass go. Do not collect $200.

Excerpt from web link: "Further, it appears that Silicon Valley Bank’s failure appears to be a unique situation where the bank’s executives made poor business decisions by buying bonds just as the Federal Reserve was about to raise interest rates, and the bank was singularly exposed to one particular industry that has seen a severe contraction in the past year.

Despite being a potentially unique collapse, Silicon Valley Bank’s demise hasn’t stopped investors for looking for other banks that might have similar situations. The stock of First Republic Bank, a bank that serves the wealthy and technology companies, is down nearly a third in two days. PacWest Bank, a California-based bank that caters to small to medium-sized businesses, plunged 38% on Friday."


I italicized parts of the article.

[kelly1mm]

15. The FDIC, Fed, and Treasury agreed today to guarantee all deposits in total, not just 250K. nt

[zuul]

12. All these fuckers are against student loan debt relief

so screw them. Pull yourselves up by your bootstraps like the rest of us, assholes.

[leftyladyfrommo]

13. So does Mark Cuban but for different reasons.

He says the ones getting destroyed are the startup companies not the wealthy.