The billionaire capitalist wants more government bailouts! The crypto bros are also crying for Big Daddy government to come save their fiat money accounts at SVB.
I can’t believe people are calling for a bailout of #SVB. Everyone says “flush all the malinvestment and misallocation of resources out of the system” until it actually starts to happen – as it did on Friday. THEN, it’s straight to the government for bailouts.
Did we learn nothing from 2008/2020 bailouts? If we didn’t get in the way of the free market (where LOSS is just as important as profit) SVB wouldn’t be an issue because all the moronic money-losing tech companies they lent to wouldn’t exist in the first place.
By all means Mark, Mister Dot-Com Lotto Winner (and generally shitty businessman) feel free to start a GoFundMe and you can be the first one to deposit. If it’s such a no-brainer investment, you and Musk and Zuckerberg and the other tech bros can all chip in. Leave me out of it.
All these idiots should have bought T-bills and diversified their banks. I’m just a dummy Lampasshole, and if I know that (as I even wrote about FOUR MONTHS AGO!) then all the super smart tech bros “changing the world” with their money-losing dog walking app should know that.
Maybe they should spend less time worrying about how many genders there are and more time worrying about protecting their working capital.
SVB was just a badly run bank that went bust. Happens all the time. What’s special about SVB is that many influential people banked with them, and are now lobbying for special treatment.
We should have let it all implode 15 years ago and rebuilt from the ashes. Instead, we rewarded every idiot who made poor decisions and enriched sociopaths who used those funds to buy themselves a perpetual grifting operation. We need to let every investor and depositor discover that the emperor has no clothes. Perhaps THEN, real change will occur.
