Today In Biden Land

[Kirkland Laing]

And if you think I'm exaggerating about the GOP and how evil and cynical they are just read this:

After President Richard Nixon declared a “war on drugs” in 1971, the number of people incarcerated in American jails and prisons escalated from 300,000 to 2.3 million. Half of those in federal prison are incarcerated for a drug offense, and two-thirds of those in prison for drug offenses are people of color. Disproportionate arrest, conviction, and sentencing rates for drug offenses have devastated communities of color in America.
Between 1980 and 2011, arrests of African Americans for violent and property crimes fell, but rose dramatically for drug offenses. As the Washington Post reported, African Americans are far more likely to be arrested for selling or possessing drugs than whites, even though whites use drugs at the same rate and are more likely to sell drugs.
In a new article for Harper’s magazine, journalist Dan Baum reports that President Richard Nixon’s domestic policy chief, John Ehrlichman, admitted that the war on drugs was designed to have precisely this impact on the Black community.
In a 1994 interview, Mr. Ehrlichman said, “You want to know what this was really all about?” He went on:
“The Nixon campaign in 1968, and the Nixon White House after that, had two enemies: the antiwar left and Black people. You understand what I’m saying? We knew we couldn’t make it illegal to be either against the war or Black, but by getting the public to associate the hippies with marijuana and Blacks with heroin, and then criminalizing both heavily, we could disrupt those communities. We could arrest their leaders, raid their homes, break up their meetings, and vilify them night after night on the evening news. Did we know we were lying about the drugs? Of course we did.”



https://eji.org/news/nixon-war-on-dr...-black-people/

[Kirkland Laing]

And I don't think one government appointment opened the door to anything. You have a section of the left which bangs on endlessly about gender issues to an extent that's counterproductive and it's counterproductive because the right exploits it for political gain. That has been going on for a while.

As far as education goes that's down to local school boards and individual states pretty much. Trans women in women's sports should be banned, that big swimmer for instance is just ridiculous, but it's just a handful of people nationwide and again it's blown up out of all proportion for political gain. Sex change clinics for kids I'm sure push medication, treatments and surgeries more than they ethically should but that's the case with every single aspect of American healthcare, it's what you get with an entirely for profit system. It would be abnormal if this one part of the healthcare system stuck to ethical norms, no other part does. But this is private businesses and private individuals on the demand and the supply side here. Conservatives are supposed to believe in the sanctity of private individuals exercising freedom of choice in a free market. Except of course when they can demonise the whole thing for political gain to the point where it creates ongoing terrorist incidents:

https://www.bostonglobe.com/2022/12/...ff-are-coping/

[palmerq]

Kirkland Laing is a banking expert(or maybe I got a letter wrong there:S) can you explain this for us dums duns

Regulators Close Second Bank and Move to Protect Deposits https://www.nytimes.com/2023/03/12/b...oJmRji5NcKP6Hw

[NoSavingByTheBell]

Potato Joe worse than Carter

[palmerq]

Nick, Aaron or Anson carter?

[Kirkland Laing]

https://www.mediaite.com/trump/trump...g-to-collapse/

Kirkland Laing is a banking expert(or maybe I got a letter wrong there:S) can you explain this for us dums duns

Regulators Close Second Bank and Move to Protect Deposits https://www.nytimes.com/2023/03/12/b...oJmRji5NcKP6Hw

We've had zero or effectively zero rates for many years now but the Fed had to start putting them up recently to flatten inflation. When you raise rates after so many years of free money it catches out firms who were doing risky or iffy business that was only profitable due to zero rates. You also get loanees defaulting and lots of bank loans going bad which makes the banks insolvent if they have a lot of those loans. I'm sure there are a few banks out there sitting on a ton of bad loans or soon to be bad loans. There'll definitely be more banks in trouble in the next few years. Commercial real estate is in trouble too.



SVB catered to a lot of tech startups. These startups were flush with venture capital cash that had been invested in them, SVB had no expertise in what to do with that money so they bought a bunch of longer dated bonds. These bonds lost money when the Fed raised rates and at the same time SVB's customers suddenly needed cash as it turned out their businesses were geared to low interest rates so SVB had to sell their securities at a lot to pay them back and the whole thing spiralled.







Signature did a lot of real estate business in NY but then got into crypto just before it went pop. Curious timing, the people who ran the bank are not blithering idiots so there's some hidden reason for going after crypto money when they knew the whole thing was a scam. They must have been short of cash somehow, made some bad loans probably. A crypto bank called Silvergate that catered to the crypto industry got shuttered a week ago but didn't make much news.


The Fed have now jumped in to backstop the system which should end the panic but bank runs are about irrational fear and can happen in an instant these days now everybody has electronic banking so you never know. Luckily there's nobody out there trying to fuel the panic for their own grift or profit:


https://www.mediaite.com/trump/trump-pours-gasoline-on-the-fire-amid-economic-fears-following-silicon-valley-banks-failure-the-banks-are-already-starting-to-collapse/

https://www.mediaite.com/trump/trump-pours-gasoline-on-the-fire-amid-economic-fears-following-silicon-valley-banks-failure-the-banks-are-already-starting-to-collapse/

It'llbe interesting to see if the feds investigate the people like Peter Thiel who started the SVB panic last week. This is just uninformed speculation here by somebody who has no knowledge of this at all but it's just possible some of these fuckers were shorting the bank's stock while they were telling people to pull their money out. Maybe the authorities might look into this.

[Kirkland Laing]

Motherfucker.

https://www.mediaite.com/trump/trump...g-to-collapse/


That's the link that's not working from the previous post. What an absolute shower of shit he is.

[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.

[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]

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.

[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

[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.

[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