Silicon Valley’s Titans Are Realizing a Lot of People Really Don’t Like Them; A bank run led to a wake-up call for America’s most coddled class of plutocrats. (a surprisingly decent read from New Republic)

New Republic ^ | March 14, 2023 | Matt Ford

[DoodleBob]

There was actually a remarkable consensus on opposing a taxpayer-funded bailout from both the right, which inexplicably blamed the collapse on “wokeness,” and the left, which is unsympathetic to wealthy Silicon Valley investors as a matter of course.

[eyeamok]

The House should ZERO out the Budget for the Whitehouse to pay for this Billionaire Bailout

[NohSpinZone]

"And then there is Silicon Valley’s culture—hyperlibertarian, hypercapitalist, and hyper-self-confident. Government regulations are something to be avoided or ignored. Unions are verboten."

Uh, no, I live here and I can definitely say that's not the culture. This USED to be the culture when Silicon Valley was great. Now, it's a bunch of phony woke virtue signalers. That's the real culture of Silicon Valley today.

[Skywise]

Except for the fact that it was Silicon Valley technocrats that did the run on the bank…

[Zhang Fei]

TNR sez Silicon Valley is too right wing. Hokay. What a nutty article.

[Fury]

Re: 5 - You need to practice discernment. The article had some good points, sadly they will get little traction as TNR is often a left-wing bomb thrower magazine.

[ConservativeInPA]

Vaporizing that much money might have had dire implications for other parts of the American financial system—and for thousands of innocent customers who believed their money to be safe within SVB’s coffers.

Tough chit. FDIC covers the little guy’s losses. That is paid for. Socializing businesses’ loses is not capitalism. There needs to be consequences borne by the stupid chits that made poor decisions. Don’t push the payroll crap either. There are multiple ways to mitigate risk of having cash above the FDIC limit of $250k. If these eff’n people focused on business instead of being woke they would know that.

[rdcbn1]

As detestable as these people are, I think the SVB work around is a good idea.

The SVB losses so far are probably minimal, at least compared to the destruction of all value combined by massive economic fallout to the economy as SVB business depositors have going concern problems due to inability to access their working capitol and cannot make payroll.

[ConservativeInPA]

Agreed. I worked in Silicon Valley as a consultant in the early 90’s and on and off to my retirement. The culture certainly changed and actually became unbearable to me.

[GailA]

Btt

[Vigilanteman]

Correct. I’m nearing retirement and do not keep more than $250K with any single entity. Yeah, it is a little inconvenient, but no more so than diversifying your stock or bond portfolio.

[Tench_Coxe]

Bears reposting Angelo Codevilla's essay, although in 10 years there have been some shifts:
America’s Ruling Class

"When this majority discovered that virtually no one in a position of power in either party or with a national voice would take their objections seriously, that decisions about their money were being made in bipartisan backroom deals with interested parties, and that the laws on these matters were being voted by people who had not read them, the term “political class” came into use."

One thing the political class has done a good job at is creating division to keep the people fighting each other, and fomenting tribalism. But we are seeing instances of where ideology is starting to be put aside.

Case in point: the work Naomi Wolf is doing along with volunteers that are Bannon fans with respect to the Covid 'vaccines', and her apology with respect to Joe Biden.

I think the New Republic oversimplifies the attitudes. I think both nominally "Left" and "Right" that aren't in 'the club' realize that they are being screwed by those in 'the club'. The 'Club' exploits the surface differences between thr two.
Think of Lindsey Graham's abortion stunt right before the midterms. Yes, Roe was overturned, sending the issue back to the states, but that stunt was intended to inflame the zealots on both sides of the issue to dampen the swell of MAGA candidates that would 'queer' (pun intended) the trajectory the 'Club' was on. He then goes on to vote for the 1.7 trillion omnibus, binding the House's power of the purse for most of 2023.

Hopefully, those in the 'country class' come together to put an end to it. New Republic might have their eyes half open on this, but its a start.

[Boogieman]

‘“We’ve reached a point of political division where it’s fine to root for members of another tribe losing their bank deposits—even though you would protect members of your own tribe in the same situation,” he wrote on Twitter. “Be careful what you wish for because the shoe may soon be on the other foot.”’

Shoe’s already been on the other foot for decades, pal. That’s why we hate you.

[FLT-bird]

And now to correct some of their lies and BS.

Silicon Valley’s culture—hyperlibertarian

Libertarian? Uhhh not its not and it hasn't been for a long time. Its hyper woke. Libertarians would not censor and ban and deplatform and cancel with such glee the way Big Tech has. Really, the correct description would be Fascist since they're in bed with and doing the bidding of Government.

the Tesla and SpaceX CEO has purchased Twitter, summarily fired most of its workforce, and then driven it into the ground

No he didn't. He chitcanned a lot of pampered leftist twits who weren't doing anything productive and contrary to predictions of imminent doom from Leftists, Twitter has rolled along just fine without them. He's trying to monetize things and expand Twitter's array of offerings because.....get this.....Twitter was losing $4 million per day before he bought it. He's trying to turn the company around and make it actually profitable....and not just a tool of the government.

"We’ve reached a point of political division where it’s fine to root for members of another tribe losing their bank deposits—even though you would protect members of your own tribe in the same situation,”

Leftists happily cheer on the cold blooded murder of Trump supporters Ashley Babbit and Rosanne Boyland right on video for all to see with no punishment whatsoever for their murderers who were both cops....at a time when the Left had rioted for months over supposed police brutality. Leftists are more than happy to see their political opponents de-platformed, de-banked, thrown out of homes/apartments, fired from jobs, and more for the "crime" of having a different opinion. So now you're gonna express how shocked and horrified you are that a lot of us don't mind seeing you lose your bank deposits? Cry me a river. You started it.

[DoodleBob]

I suspect Matt Ford wouldn't enjoy the FReeper Company Barbecue. But his batting average on this article is waaaay better than any utterance from Willard, Yertle, Paul Ryan, or that gasbag Billy Kristol.

I'll take the win, no matter how ugly.

[Sicon]

Over the past year, the Tesla and SpaceX CEO has purchased Twitter, summarily fired most of its workforce, and then drove it into the ground.

He did? I wasn't aware that Twitter had been driven "into the ground."

[NohSpinZone]

It’s insufferable mostly because how fraudulent it is. Silicon Valley in its glory days was all about merit uber alles. Anyone preaching this D.I.E. nonsense would have been laughed out of the room or worse.

[SunkenCiv]

• GOP blames Silicon Valley Bank's collapse on 'ESG' policies. Here's what to know. [03/14/2023]
• Trump Will Take Action to Eradicate CRT, 'transgender Insanity' From Public Schools [03/14/2023]
• How Did We Get Here: The Coming Standardization for Policy Implementation of ESG [03/14/2023]
• Michelle Goldberg: The right's desperate, defensive, destructive war on 'wokeness' (BARF) [03/14/2023]

  ---

• Treasury Department To Hand Over Hunter Biden's Banking Records [03/14/2023]

  ---

• Interest Payments on National Debt Will Exceed Defense Spending This Decade, CBO Says [03/14/2023]
• Gimme (Cheap) Shelter: Food is up 10.2% YoY. Electricity up 12.9%, shelter up 8.1%. [03/14/2023]
• The Big List of U.S. companies going crazy woke for LGBT 'A corporate shakedown strategy that would make Jesse Jackson green with envy(long) [03/14/2023]

  ---

• Here are the SVB facts you can bank on [03/14/2023]
• More than $100,000,000,000 wiped from US banks after collapse of Silicon Valley Bank [03/14/2023]
• Tucker Carlson Goes There: "If People Don't Start Making a Lot of Noise -- It Will Mean Digital Currency... If You Want to Make a Run on the Banks This Is How You Talk" [03/14/2023]
• SVB collapse: Moody's flags six other banks with concerning credit ratings [03/14/2023]
• Moody's cuts outlook on U.S. banking system to negative, citing 'rapidly deteriorating operating environment' [03/14/2023]

  ---

• Biden blames banking collapse on Trump, regulations [03/14/2023]
• Joe Biden: Thanks to My Administration 'the Banking System is Safe' [03/14/2023]

  ---

• Enemies Within: Biden Puts Muslim Brotherhood in Key Diplomatic and Intelligence Roles [03/14/2023]

[mewzilla]

On a related note...

Israeli Banks Transferred $1 Billion Out of SVB Before Collapse Times of Israel report confirms money was withdrawn before feds seized Silicon Valley Bank.

[GOPJ]

The Biden administration had to take pains to explain that no taxpayer dollars would be spent to guarantee SVB’s deposits and that the money would instead come from the FDIC’s insurance fund. While true in a technical sense, that fund is replenished by fees from banks all over the country, which in turn come from the fees that Americans pay to their banks all the time. In an indirect way, we all just bailed out Silicon Valley this weekend.

Refreshing paragraph that stands up to Biden's lies... Very unusual for a liberal to tell the truth.