Today In Biden Land

[NoSavingByTheBell]

Potato Joe worse than Carter

[palmerq]

Nick, Aaron or Anson carter?

[Kirkland Laing]

Potato Joe worse than Carter

I would ask you what Biden has to do with this but you're just trolling and could never come up with a coherent answer, could you thickhead.


You know which president is responsible for SVB's demise? The fucker who rolled back all those burdensome regulations the Democrats brought in after the GOP-created 2008 financial meltdown.


A chief culprit, economists say, is legislation President Donald Trump signed into law in 2018, which rolled back key parts of the Dodd-Frank banking regulations passed in the wake of the 2008 financial crisis. That 2018 legislation, called the Economic Growth, Regulatory Relief, and Consumer Protection Act, passed with strong support from the Republican Party and critical support from some Democrats. Among those leading the charge was McCarthy, then House majority leader.
“We’re going to move this Senate bill directly to the president’s desk to ensure these reforms help the economy to grow further by making community banks stronger,” McCarthy said of the legislation in 2018. “This is going to free up a great deal of capital and this will help a lot.”


“This was a 100 percent avoidable problem,” economist Dean Baker told The Intercept in an email, pointing to the Dodd-Frank repeal bill. “That bill raised the asset threshold above which banks have to undergo stress tests from $50 billion to $250 billion. SVB would have been required to undergo regular stress tests before the revision; among the stresses you look at are sharp rises in interest rates, which is apparently what did in SVB. Presumably, if its books had been subject to this test, the risk would have been detected and they would have been required to raise more capital and/or shed deposits.”



https://theintercept.com/2023/03/11/...ns-lobby-fdic/



There's currently a massive effort to roll back even more regulations now the GOP have control of the House. Looks like things will go the other way now.





President Donald Trump
has signed the biggest rollback of financial regulation since the Dodd-Frank Act was enacted in 2010, freeing smaller banks from the burden of being labeled too big to fail.
Surrounded by lawmakers and financial regulators at the White House on Thursday, Trump put pen to paper on the product of years of industry lobbying and sensitive talks on Capitol Hill


There's that burden word again. Burdensome. God bless those lobbyists. Burdensome.

[palmerq]

I did notice that the last few days on twitter contained quite a lot of all caps posts, looked pretty suspicious.

So has the actions of the federal reserve protected the Americans from a massive fallout form svb collapse? I assume a lot of businesses get their money from there and if was to vanish that could bigger a lot of people, so crisis averted for now?

So if one banks collapse is a disaster what would happen if the us defaults? Like some lovely chaps seem to try to push for every chance they get.

[Kirkland Laing]

I did notice that the last few days on twitter contained quite a lot of all caps posts, looked pretty suspicious.

So has the actions of the federal reserve protected the Americans from a massive fallout form svb collapse? I assume a lot of businesses get their money from there and if was to vanish that could bigger a lot of people, so crisis averted for now?

So if one banks collapse is a disaster what would happen if the us defaults? Like some lovely chaps seem to try to push for every chance they get.

A lot of businesses get their money from the Federal Reserve?


Imagine if the GOP force America to default. The reason mass panic/bank runs were just averted is that the authorities, Fed chair, Treasury Secretary, Biden all came out and told the American public your money is safe, your deposits are safe, the government will guarantee and insure every penny you have deposited. If the country is in default, if the government is being prevented from paying its bills because the GOP have refused to let them, what happens when there's any kind of sign of a bank being in trouble? Are people going to believe that the government will guarantee their money when the government is being prevented from paying its everyday bills*? One bank being seen to be in trouble could start a mass panic and queues both physically and digitally outside every bank of people trying to get their money out. Supermarket shelves empties, ATMs emptied, mass panic, riots and so on. And you have fraudulent haired motherfuckers out their and their fellow travellers who would be fuelling and encouraging the whole thing for their grifts and profit. You could get this going global in about five minutes given the centrality of the dollar to global finance and business. And this is just one second order effect from a debt default.


*When the GOP say they're going to force a default to stop more money being spent the bills they'd be preventing the government from paying are bills that congress already authorised and voted for. There is an actual way for them to reduce spending and that's to pass a budget that cuts spending but they're too chickenshit to do this as any significant spending cuts would be massively unpopular and they'd lose votes. So instead they're forcing this ridiculous theatre on the country to fool the rubes. Unfortunately after decades of the party's gradual degredation into a herrenvolk republik the GOP is now filled with crazy motherfuckers who want to default and just can't wait to shoot the hostage. Fun being Biden eh. If he takes some kind of extraordinary action to bypass congress and pay bills the American government has already democratically rung up he'll be painted as a tyrant, ringing up debt that will bankrupt the country and impoverish your kids and so on and if he does nothing he'll be accused of allowing the biggest financial collapse in history.

[TIC]

the authorities, Fed chair, Treasury Secretary, Biden all came out and told the American public your money is safe, your deposits are safe, the government will guarantee and insure every penny you have deposited.

what percentage of svb deposits were insured?

[Master]

the authorities, Fed chair, Treasury Secretary, Biden all came out and told the American public your money is safe, your deposits are safe, the government will guarantee and insure every penny you have deposited.

what percentage of svb deposits were insured?

Over here the savings of £85,000 is secured.

[TIC]

the authorities, Fed chair, Treasury Secretary, Biden all came out and told the American public your money is safe, your deposits are safe, the government will guarantee and insure every penny you have deposited.

what percentage of svb deposits were insured?

Over here the savings of £85,000 is secured.

what percentage of svb deposits were insured?

[Kirkland Laing]

the authorities, Fed chair, Treasury Secretary, Biden all came out and told the American public your money is safe, your deposits are safe, the government will guarantee and insure every penny you have deposited.

what percentage of svb deposits were insured?

Low single digits.

[TIC]

the authorities, Fed chair, Treasury Secretary, Biden all came out and told the American public your money is safe, your deposits are safe, the government will guarantee and insure every penny you have deposited.

what percentage of svb deposits were insured?

Low single digits.

so if there are only low single digits of deposits insured with svb how are they going to guarantee & insure every penny deposited?

[palmerq]

I did notice that the last few days on twitter contained quite a lot of all caps posts, looked pretty suspicious.

So has the actions of the federal reserve protected the Americans from a massive fallout form svb collapse? I assume a lot of businesses get their money from there and if was to vanish that could bigger a lot of people, so crisis averted for now?

So if one banks collapse is a disaster what would happen if the us defaults? Like some lovely chaps seem to try to push for every chance they get.

A lot of businesses get their money from the Federal Reserve?


Imagine if the GOP force America to default. The reason mass panic/bank runs were just averted is that the authorities, Fed chair, Treasury Secretary, Biden all came out and told the American public your money is safe, your deposits are safe, the government will guarantee and insure every penny you have deposited. If the country is in default, if the government is being prevented from paying its bills because the GOP have refused to let them, what happens when there's any kind of sign of a bank being in trouble? Are people going to believe that the government will guarantee their money when the government is being prevented from paying its everyday bills*? One bank being seen to be in trouble could start a mass panic and queues both physically and digitally outside every bank of people trying to get their money out. Supermarket shelves empties, ATMs emptied, mass panic, riots and so on. And you have fraudulent haired motherfuckers out their and their fellow travellers who would be fuelling and encouraging the whole thing for their grifts and profit. You could get this going global in about five minutes given the centrality of the dollar to global finance and business. And this is just one second order effect from a debt default.


*When the GOP say they're going to force a default to stop more money being spent the bills they'd be preventing the government from paying are bills that congress already authorised and voted for. There is an actual way for them to reduce spending and that's to pass a budget that cuts spending but they're too chickenshit to do this as any significant spending cuts would be massively unpopular and they'd lose votes. So instead they're forcing this ridiculous theatre on the country to fool the rubes. Unfortunately after decades of the party's gradual degredation into a herrenvolk republik the GOP is now filled with crazy motherfuckers who want to default and just can't wait to shoot the hostage. Fun being Biden eh. If he takes some kind of extraordinary action to bypass congress and pay bills the American government has already democratically rung up he'll be painted as a tyrant, ringing up debt that will bankrupt the country and impoverish your kids and so on and if he does nothing he'll be accused of allowing the biggest financial collapse in history.

I meant there was a lot of businesses who used SVB for their payroll and so on. Not the Federal reserve

[NoSavingByTheBell]

Collapse imminent. FDIC is screwed. They cannot cover anything anymore. 10 trillion dollars just the interest on the debt now. Janet Yellen is a scumbag. All being collapsed by design. Federal reserve a criminal institution

Weeks not months

[Kirkland Laing]

Collapse imminent. FDIC is screwed. They cannot cover anything anymore. 10 trillion dollars just the interest on the debt now. Janet Yellen is a scumbag. All being collapsed by design. Federal reserve a criminal institution

Weeks not months

https://twitter.com/EricColumbus/sta...28387142864896