So no worries. Godfather Joe will help. But of course, nothing is free.
Posted on 03/12/2023 5:51:09 PM PDT by E. Pluribus Unum
Some Dem tech investors who have spent millions of dollars currying favor with the Biden administration are furious about what they call the White House’s utter lack of help over the collapse of Silicon Valley Bank.
One of the deep-pocketed venture capitalists told The Post that Treasury Secretary Janet Yellen’s statement Sunday throwing cold water on the possibility of a bailout was “pathetic.”
Others said that unlike the financial crisis of 2008, when bankers and government officials were in constant dialogue, there doesn’t appear to even have been much communication to date between the administration and Silicon Valley as to how the government should respond.
“I don’t think the channels are nearly as open as they used to be,” a plugged-in venture capitalist told The Post. “I’m not part of the dialogue, and I don’t know who is.”
The critics said there is growing concern the White House cares more about politics than actually implementing policy to help depositors.
Some donors are claiming there is a lack of communication between the administration and Silicon Valley. Getty Images “We’re calling on the government not to politicize this,” the source said. “The concern is this turns into a ‘stick it to the tech jerks’ narrative in DC.
“That would be a new low.”
Supporters of swift government intervention are quick to note that protecting SVB’s depositors is essential to maintaining a strong financial system.
“Eroding trust in the deposit system has nothing to do with tech,” the source said.
(Excerpt) Read more at nypost.com ...
They’ll get over it. Jo Jo is their boy.
“Venture” Capitalist, it should read.
I mean, if you “venture” but the government (read taxpayers) covers your loses, what is at risk?
Small businesses that used SVB as a clearing house for payroll, etc. will be hurt.
Our 401-k’s are going to go up in flames tomorrow.
Oprah made a phone call.
Fed Moves to Protect Their Woke Big Tech Donors by Making FDIC Insurance Limitless
https://thelibertydaily.com/fed-moves-to-protect-their-woke-big-tech-donors-by-making-fdic-insurance-limitless/
“After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
Looks like DC is guaranteeing every dime.
Did anyone believe Yellen when she said there would not be a bailout? It was only a matter of how deep into the thesaurus would she have to dig to find the proper synonym that provided some implausible deniability for the Biden gang.
Stock futures gained Sunday evening, after U.S. regulators announced emergency measures to stem the fallout from Silicon Valley Bank’s abrupt failure.
Federal regulators said all depositors of Silicon Valley Bank will get their money. They said a second bank, Signature Bank, was closed and that shareholders would be wiped out. Signature depositors will also get their money back.
WSJ
Dow futures up $320.
So no worries. Godfather Joe will help. But of course, nothing is free.
How much money did Hunter have on deposit?
At least the 'pay for access' crowd is open about it.
At 8:30 PM ET, S&P futures rose 1.5%, Nasdaq futures rose 1.5% and Dow futures gained 1.1%. On Friday, the S&P 500 had slid 1.5%, the Nasdaq Composite Index had dropped 1.8%, and Dow Jones Industrial average, had declined 1.1%. after the Federal Deposit Insurance Corp. had taken over Silicon Valley Bank in the second-biggest ever bank failure.
It’s cute how they expect Communists to care.
How are dems supposed to fund the rigging elections without fake banks and crypto?
They’ll get over it. Jo Jo is their boy.
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Absolutely correct. What else could they do? Back a conservative?
It will go up in the short term. People spooked by the $250k FDIC limit are going to pull excess money out of their bank and park it into the stock market staring tomorrow.
I hope you guys are right.
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