That Was Quick: Democrats Already Asking Federal Government to Censor Information Social Media That Could Lead to Run on the Banks

gateway pundit ^ | Mar. 12, 2023 | JIM HOFT

[bitt]

Rep. Thomas Massie (R-KY) was on a Zoom meeting this afternoon with members of Congress, the Fed, the Treasury, and FDIC. The call was organized after Silicon Valley Bank crashed and was taken over by the State of California on Friday.

Silicon Valley Bank was the largest US bank to crash since the 2008 banking crisis.

During the call on Sunday afternoon Massie reported that one Democrat Senator asked if there was a program in place to censor free speech at this time on social media.

The first thought of the Democrat Party is to strip Americans of their right to free speech and the free flow of information.

These people are not your friend

"@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. 8:24 PM · Mar 12, 2023"

[bitt]

l

[R0CK3T]

Welcome to a world controlled by the Trump Deranged.

[FreeperCell]

Just woke going down. manufacturing is booming! 12 on 12 0ff!!!!!!!!!!

[FreeperCell]

JESUS IS LORD.

[BenLurkin]

Which Democrat Senator?

[DannyTN]

Censorship is the wrong answer as it leads to greater uncertainty and fear.

The right answer is what the FED did today.

• They backstopped all SVB depositors, both insured and uninsured.
• They said any losses incurred by the FDIC would be recovered through a special assessment on the banks. But that's unlikely to be needed as I believe SVB's assets exceeded their deposits by about $40 billion.
• They also made a special lending facility available:
• "The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution's need to quickly sell those securities in times of stress."

With 1, they eliminated any issues that SVB customers were going to have. They also set the prcedent that they will likely do the same with the other 2 banks that they took over. That should go a long way towards calming depositor fears at all US banks.

With 2, they were able to claim it wouldn't cost taxpayers anything. Although in the case of SVB it looks like it's unlikely the FDIC will incur a cost.

With 3, the BTFP program they effectively eliminate any liquidity issues a bank might have.

[Fury]

Re: 7 - Good post. Should keep the conspiracy theorist’s ankle biting to a minimum on the thread.

[DannyTN]

Hope so, but the conspiracy theorist’s ankle biting minimum can be quite high.

[markman46]

The ankle biters want a depression so badly

[cp124]

Won’t cost the taxpayer a dime. People actually believe that?

[SPDSHDW]

If the assets exceeded the deposits by 40 billion, why did they shut it down?

[Political Junkie Too]

Let me see if I'm understanding this correctly...

Democrats want to tax our unrealized gains...

...but are ignoring the unrealized losses of SVB's bonds and are "backstopping" them as collateral at par value instead of current market value?

That means that the government is tying up taxpayer funds until the maturation date of SVB's bonds or until SVB pays back the backstop loan?

If they do this, they should drop the idea of taxing investors' unrealized gains, letting us "backstop" our tax payments, too.

-PJ

[Drago]

No need for “#1, 2 or 3”...liquidate the failed bank like you have liquidated every bank that failed in the past (except for 2008, Goldman Sachs, etc.)...”transactional account” individuals covered to $250K...couples/joint accounts covered to $500K, and if no other bank wants/buys the assets the rest of the deposits take an average 10-20% haircut. What makes SVB so special? Another “too big to fail”?

https://www.fdic.gov/bank/historical/bank/bfb2017.html

[Freest Republican]

totalitarianism good said no free thinking man ever.

[Eleutheria5]

Get your money out if you haven’t already. Put it in gold bullion and canned goods. Hide it. This can get worse.

[miserare]

Like you, I am very suspicious of any quick fix the government says will solve the current situation.

This week, I am going to close out an account in the one bank I consider to be less stable.

i’ll stash the cash under my mattress.

This time next year, I will be ably to wallpaper the bedroom with it.

[afchief]

Demonrats HATE our Constitution and America!!!

[KC_Conspirator]

I am betting Schumer.

[mewzilla]

The response to the question...

Thomas Massie
@RepThomasMassie
Replying to
@Gplavallee72
“We will get back to you on that.”
8:29 PM · Mar 12, 2023