US US Politics General - Discussion of President Biden and other politicians

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SILICON VALLEY BANK, JUST THE TIP OF THE ICEBERG​

Cartoon published 03/12/2023

Update: U.S. Treasury Secretary Janet Yellen rules out a bailout of collapsed Silicon Valley Bank.

Silicon Valley Bank is yet another example of corruption in the banking sector. I’ve read that SVB is the second largest banking failure in US history.
A woke and ‘green’ bank, SVB was devoted to ‘DIE,’ or Diversity, Inclusion, and Equity.
Maybe the latter in particular contributed to their collapse, but before it did go bust executives running the sorry show made sure they cashed out of their stock and rewarded all the top executives with generous bonuses. The taxpayers will pick up the rest of the tab via FDIC insurance


A lot about this bank collapse sounds familiar. Jim Cramer recommended the stock ahead of its demise—just like he did with Bear Stearns and Lehman Brothers. Of course, Cramer should be put on the ignore list after he pounded the table and insisted on forced Covid vaccinations for everyone in America. The man sided with tyranny. Don’t side with him—ever again.

Then there is the billionaire class that always seems to come out on top. Peter Thiel’s fund withdrew most of its money out of SVB just in time. Perhaps Thiel possessed better inside information due to his Palantir ball or something, or it could be that he is smart and always knows when it’s time to ‘get out.’ My point is the insiders always have the advantage. Regular investors become bag holders.


We need a criminal investigation into SVC, but most likely they will be bailed out before the collapse of more financial institutions is triggered. We know Wells Fargo has problems, almost on a continuous basis. Apparently deposits were disappearing and many customers complained of incorrect balances. WF is a criminal organization that has already paid large fines in the past—just like Pfizer.

I’m hardly the one to dispense financial advice, but be careful with banks—especially the large ones. I once went ‘all in’ on silver and I was convinced that I would make a fortune. Instead JPM crushed silver through illegal shorting and manipulation. They paid a fine, but the damage was done. Starting on May 1, 2011, their traders illegally colluded and shorted silver—and in a year or two the shiny metal collapsed down to $13. It forced me to realize just how much power and influence the big banks possessed. The average Joe stands no chance against them. That’s why I would not keep an inordinate amount of money in any bank—especially during these unstable times. One could wake up and find their banks declaring bankruptcy and their money gone.


The ultimate blame belongs to the Federal Reserve. It was set up with the promise of ending booms and busts. Instead, they intentionally brought about continuous booms and busts. The Roaring 20s and easy credit. Then the Great Depression made longer by FDR’s bad policies that benefited big banks who wanted to buy up infrastructure for pennies on the dollar. Then we had the post-WWII boom, the inflation bubble caused by the Vietnam War and LBJ’s ‘Great Society’ spending. We experienced very high interest rates under Jimmy Carter. Fed Chairman Paul Volcker stepped in and raised them to ridiculous highs in order to counter inflation as well as crush the gold and silver ‘bubble.’ Then we got the housing bubble, the Internet bubble, the post-9-11 stock market crash, and the 2008 bank crash due to their criminal manipulation of housing derivatives. After that we got the ‘everything bubble,’ which may be crashing right now. Will SVB trigger more failure? Maybe not right away, but the dollar is fundamentally flawed and it won’t take much for another Great Depression. Perhaps the BRICS countries will trigger it. Or maybe WWIII.


We live in perilous times. We could see some ’titanic’ economic destruction. I still favor “real money:” gold and silver, but it wouldn’t hurt to stock up on storable food, ammo, and easily-traded items such as packs of cigarettes, toilet paper, medicine, and/or small bottles of booze.

— Ben Garrison
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President Biden (@POTUS)

At my direction, @SecYellen and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank. I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system.
nitter.esmailelbob.xyz nitter.esmailelbob.xyz

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Thomas Massie (@RepThomasMassie)

Just got off of a zoom meeting with Fed, Treasury, FDIC, House, and Senate. A Democrat Senator essentially asked whether there was a program in place to censor information on social media that could lead to a run on the banks.
nitter.esmailelbob.xyz nitter.esmailelbob.xyz
 
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tehpope said:
View attachment 4763769

President Biden (@POTUS)

At my direction, @SecYellen and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank. I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system.
nitter.esmailelbob.xyz nitter.esmailelbob.xyz

edit:
View attachment 4763788

Thomas Massie (@RepThomasMassie)

Just got off of a zoom meeting with Fed, Treasury, FDIC, House, and Senate. A Democrat Senator essentially asked whether there was a program in place to censor information on social media that could lead to a run on the banks.
nitter.esmailelbob.xyz nitter.esmailelbob.xyz
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They're about to lean hard on Musk to shut this up.
 
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Fed released a statement that depositors of SVB will have access to their money (above the 250k limit?) in addition to Signature Bank which apparently has collapsed as well. (A)

No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
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I mean seriously they're just fucking with us. Inflation is a tax, you jackasses.
 
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MarvinTheParanoidAndroid said:
I hate that these people are my representatives. Who picked these people? Why are they so unAmerican?
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This Stupid Journo Bint Actually Fucking said:
I know we respect the First Amendment, but...
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Oh fuck right off. This stupid cunt, of all people, works for a network that illegally obtained and aired Donald Trump's tax returns, who at the time was the President of the United States. You want to bitch and moan about the government not punishing people for saying things you dislike? Fine, it's a free fucking country. But don't think for a God damn second you're doing anything other than swinging a double edged sword by begging a sitting US Congressman to go after journalists for saying things your employers dislike. I better see you with a hammer and a chisel carving Freedom of the Press into fucking stone because I promise you, you don't to set this kind of a precedent for anyone you dislike coming into power.
 
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tehpope said:
View attachment 4763769

President Biden (@POTUS)

At my direction, @SecYellen and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank. I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system.
nitter.esmailelbob.xyz nitter.esmailelbob.xyz

edit:
View attachment 4763788

Thomas Massie (@RepThomasMassie)

Just got off of a zoom meeting with Fed, Treasury, FDIC, House, and Senate. A Democrat Senator essentially asked whether there was a program in place to censor information on social media that could lead to a run on the banks.
nitter.esmailelbob.xyz nitter.esmailelbob.xyz
Click to expand...
"...a solution that protects workers, small businesses, taxpayers, and our financial system."

Wasn't SVB a venture capital bank? Do they even offer banking to nobodies and small businesses?
 
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