Silicon Valley Bank

Jeff Jackson is great--other politicians should take notes on how to act with transparency and connect with their constituents.

I couldn't tell you what my congressional rep ever does and he's been around for decades. Yet I know what's happening with Jeff Jackson

Really top class.

 

His district borders my gerrymandered one which stretch 200 miles away from me to get enough country folks to offset the suburban democrat votes near me. His is a tight district the republicans wrote off.

 

Ugggh. Just let the depositors suffer, businesses crash, employees lose jobs, the banking sector collapse and the economy tank in order to virtue signal your hatred of “the rich”.

Strong take.

 

can you list a few of his most important points?

 

I understand the problems here, but this is basically the sort of shock therapy people openly support to fight inflation, its just that the misery falls on ordinary people in that case who are put out of work and dont have the money so demand collapses etc. None of those ghouls call that class warfare or virtue signaling, they call it sound economics! Seems like rich people losing their shirts might ease inflation too, but that route is unacceptable. Guaranteeing all deposits good (bet we wont see any lawsuits over that), forgiving 10k in student loans bad. That's economic logic in this country, because it operates in the interest of a small class of people.

 

All business failures have these sorts of collateral effects on stakeholders. I don't necessarily disagree with bailing out the depositors, but at the same time, they knowingly put their funds in non-insured accounts. And doing a quick Google on the interest rate paid by SVB (looks like 4.5%), it may have been to earn a better return on their deposits than what other big banks pay. A risk that went bad, some might say.

 

You do realize that banks will require certain deposit amounts in order to provide LOCs and waive processing fees? It's well north of that $250k for even small businesses.

 

Credit Suisse has been crumbling for over a decade. If it was not Mortgage Backed Securities it was the Archegos collapse or the Greensill scandal in the UK. Finally, being prosecuted in Switzerland for knowlingly laudering money for a criminal organization. Frankly, the world might be better off if the bank collapses and the vultures move in to pick what little meat is left on the carcass.

 

Yet people on here yell about high employment numbers and want the fed to crash the economy with interest rates to “get the unemployment numbers up”. You don’t see hypocrisy of protecting big bank accounts and pushing for people to lose their jobs? I do.

 

Maybe change woke to idiots? This is what they deem important to spend money on.

 

I’ve read that the average salary at the bank was $250 and that employees were paid their bonuses before the bank closed.

No worries, Wal-Mart employees are ready to address the default.

 

Or maybe it was speculative investing.

 

Bankruptcy those things like bonuses paid in the last month or two are open to be taken back by courts.. don’t know about bank failures.

 

Looks like an ad paid for by FPL.

 

I’d buy that

 

I would feel much better about all of this if they only made $250, even weekly......

 

Oops!
This SVB Securities Exec's Resume Reads Like a Wikipedia Page For 21st Century Accounting Trash Fires - Going Concern

 

So, how much money did Governor Gavin Newsom have in that bank.