Now... they want a bail-out. They cried and cried, demanding a bail-out. --- The SAME FIAT mother-fuckers are at it again! The very same ones! Nothing learned... and you're all whining about crypto, when crypto doesn't even do bailouts at the tax-payer's expense. How many millions do you think Joseph got for carelessly wrecking not one, but TWO major financial institutions? How many bonuses? That is YOUR tax-payer's money thrown out the window and encouraging this. America never learns... at least not in the FIAT-verse.
I belong to the "objectives criticizing ponzis" group, but since OP is on my Ignore, what is he crying about? You know what, I don't care...
Good, that means you're enjoying the ponzi fiat banks having a meltdown. Tomorrow will be fun for you and us
Thanks. This was the only quote that had this info and I think it was very significant. Where did you get it?
Which quote for what? You mean when (Dick) Fuld bitched and begged to be let into the room with Paulson in order to discuss the fate and a bail-out? Or when Fuld managed to beg and even get even Buffett to do a quick emergency (in the middle of the night) scan of the financial statements in order to buy up a large part of Lehman and prevent the collapse, or.... how about when Lehman were told 'No', they still tried to phone up Bush's relative in order to get a last minute desperate attempt for a type of bailout?
But it's not. It is the government's role to step in to avoid the collapse of one sector or another of the economy. As for mom and pop banks, I may be wrong but I think these are specific to the US. Other modern countries only have a handful of banks under tight regulations, if not outright owned in part or whole by the state, for good or bad. Abroad, bank failures are a result of state failures. In America they are the result of lose regulations, greed and scams. The SVB collapse is now clearly understood (low interest long term gov bonds vs. short term higher interest rates tied to rapid interest rate increases to stem inflation). Multiple layers of reasons for its failure will come out from politicians of all persuasions and so called experts who predicted this that and everything else. In hindsight it seems pretty obvious why this bank would collapse and even forever wrong Seeking Alpha had it figured out back in Dec. last year. But as far as I know there will be no taxpayers money to bail out the bank's shareholders. Regulators will make depositors whole (93% of the bank's deposits).
I love the Fed's action to bail out the banks. It is a great thing, and please I want to be clear that I am not being sarcastic This is the crypto assets forum and the Fed's action is extremely beneficial for us, NGU Everyone else who does not benefit from this... I'm sorry
2008 and SVB are very different. In the first, banks and borrowers (among others) were complicit. In this case, only the bank mismanaged its business by failing to anticipate and correct early enough their investments in light of the Fed's repeated interest rate increases. At least SVB cannot be accused of investing in high risk instruments. But the irony is their conservative choices are their downfall.