These are all solved problems! Easily handled by the radio controlled explosive collars. Duh! Come on people, read the white paper!
(Douglas Rushkoff is, of course, being critical of the billionaire class, but like most dystopic, nightmare scenarios featuring billionaires as the villains I have no doubt they pass this around amongst themselves, nodding their heads, and thinking “Yes, this is the way”)
These boats may seem like a solution to their owners, but there are so few of them that in the end whether they sink or float is inconsequential.
“ Surely there’s a caveat here, right. Haha no:
“What is absolutely imperative is that, however this gets resolved, depositors be paid back, and paid back in full,” Summers said on Bloomberg Television’s “Wall Street Week” with David Westin.
We do have a sytem of deposit insurance, but it isn’t unlimited, and if Larry thought it should be unlimited he should have said so and set up the system accordingly.”
No unlimited bailouts for tech hundred millionaires! You get the same damn coverage as everyone else.
It’s like a combination of the 2000 Dotcom Bust and the 2008 Banking Crash. Let’s just hope that SVB is not the canary that just died.
Yes and.
Peter Thiel’s Founders Fund had no money with Silicon Valley Bank as of Thursday morning as the bank descended into chaos, according to a person familiar with the matter.
Founders Fund withdrew millions from SVB, said the person, who asked not to be identified discussing private information. It joined other venture funds that took dramatic steps to limit exposure to the now-failed financial institution. Founders Fund also advised its portfolio companies that there was no downside to moving their money away from SVB, even if the risk was low.
Founders Fund acted in other ways to move its business away from SVB. On Thursday, as the bank was beginning to unravel, the firm started what’s known as a capital call. That’s a run-of-the-mill activity in the venture capital world, in which a VC firm asks its investors, or limited partners, to send it money in order to make investments in startups — the core function of most VC firms. It began by asking those backers to transfer the funds to accounts at SVB, as it has done for years, the person said.
But the firm learned that its limited partners were encountering issues using SVB services as they tried to transfer the funds — they weren’t immediately going through as expected, the person said.
Quickly, Founders Fund asked its investors to transfer the money to other banks instead. The fund acted to ensure that startup funding deals that were slated to close in the coming days were not delayed, the person said.
Today, Founders Fund has no exposure to SVB. The person did not say if the firm’s cash withdrawals happened on Thursday, as the startup world was panicking about SVB’s financial position, or earlier.
Founders Fund went further than many other venture firms, which kept some money with Silicon Valley Bank in order to maintain a relationship with the institution. This week, as panic turned into a bank run, some venture firms suggested that the tech industry had a moral imperative not to abandon SVB.
Thinking about starting a thread called “Fuck Peter Thiel” but the negativity-as-further-rage-clickfarming makes me queasy.
No insider trading going on there. Move along- nothing to see.
Oh.
Huh.
Imagine.
That 
rolled back regs and now… this happened.
Wow.
Who could have predic–
Bad things come in threes. We’re seeing 45’s deregulation:
What’s next?
And now, a word from the propaganda machine of TFG:
“We are now reducing the size, scope, and cost of Federal regulations for the first time in decades, and we are already seeing the incredible results.”
President Donald J. Trump
Oh.
He did blow up our democracy. Goodbye, peaceful transition of power. Goodbye, civility. Goodbye, common standards of decency.
He also did blow up the pandemic death toll numbers through his own morally repugnant, reprehensible actions during The COVID Pandemic.
… and against my better judgement about linking to this piece:
Over the last four years, the Trump administration has taken on a massive deregulatory effort. With the issuance of Executive Order 13771, the administration’s two-for-one rule, federal agencies were directed to eliminate two regulations for each new rule issued. Much of this effort has focused on scaling back previous Obama-era regulations and weakening agencies’ statutory authority. Notably, environmental regulation has proven a prominent and easy target, as many existing policies and regulations had never been enshrined into law. The Trump administration has replaced the Clean Power Plan, redefined critical terms under the Endangered Species Act, lifted oil and natural gas extraction bans, weakened the Coal Ash Rule, which regulates the disposal of toxic coal waste, and revised Mercury and Air Toxic Standards–just to name a few[1].
… quite the laundry list, no?
See also:
Blah blah nanny state bad something something small government good blah blah blah.®
Tha Nation says it for us:
I liked the quote in the Joseph Stiglitz article in the Guardian:
As Barry Ritholtz tweeted: “Just as there are no atheists in Fox Holes, there are also no Libertarians during a financial crisis.”
Ok, stealing that Ritholtz quote.
This is sad-funny, and apparently Morning Brew scripted and shot it within hours of the breaking SVB story. “Enjoy”:
ETA:
