Post ATWMthmJOX8aVLviyW by jack@mastodon.sdf.org
(DIR) More posts by jack@mastodon.sdf.org
(DIR) Post #ATVNK9FbgH6o52HWT2 by rysiek@mstdn.social
2023-03-11T11:41:08Z
0 likes, 0 repeats
Silicon Valley Bank collapse sends tech startups scrambling https://edition.cnn.com/2023/03/10/tech/silicon-valley-bank-tech-panic/index.htmlThat story again:#SiliconValley tech startups learn first hand about the dangers of centralization. đź‘€ #SVB
(DIR) Post #ATVNK9nzcQc9ngMz44 by rysiek@mstdn.social
2023-03-11T11:49:06Z
0 likes, 3 repeats
Hypercapitalist techbros already calling for, wait for it, government intervention!What happened to "the market will solve it"? :blobcatthinking: "The market will solve it" only if it's your money on the line, not their stock options. :blobcatthinksmart: Remember all this bullshit about "we get the big payouts because we take the big risks"? Yeah, well… observe what happens when the risks actually materialize. Crying for risk-mitigating bailout *checks notes* literally the next day.
(DIR) Post #ATVNOYOa8RV3Dva2rI by ParadeGrotesque@mastodon.sdf.org
2023-03-11T11:51:53Z
0 likes, 0 repeats
@rysiek Socialize the losses and privatize the profits, etc... etc...
(DIR) Post #ATVNsgRglluysVOu2q by rysiek@mstdn.social
2023-03-11T11:54:13Z
0 likes, 2 repeats
So next time you hear a libertarian talking head lay it on thick about the "entrepreneurial spirit", how "investors take risks and these need to be rewarded", "the market regulates itself", "taxes are an undue government intervention" — remember this.Because the moment shit goes south for *them* it becomes "saving the economy" or some other bullshit excuse for an undue government intervention that benefits *them*.Tax the rich!Regulate tech!Support public tech infrastructure!#SVB🧵/end
(DIR) Post #ATVO3haqqI4dchwMeO by ParadeGrotesque@mastodon.sdf.org
2023-03-11T11:59:19Z
0 likes, 0 repeats
@rysiek This also applies to other things:"The only good and just abortion is my (or my daughter's) abortion""Free speech for those with a printing press (or 90% of the shares of a major newspaper)""We are a serious news outlet, except when we are sued, and then everything was nothing but entertainment and hyperbole""Gun bans are evil, except when we could get hurt, and then they are mandatory"And don't get me started on the whole vaccine thing.Hypocrisy, pure & simple.
(DIR) Post #ATVO9gt6NY79AkKg6a by rysiek@mstdn.social
2023-03-11T12:00:16Z
0 likes, 0 repeats
@ParadeGrotesque "do as we say, not as we do".
(DIR) Post #ATVSoNjkswuVT0cS2a by trebach@masto.ai
2023-03-11T12:46:28Z
0 likes, 1 repeats
@rysiek The only government intervention they should get is that of the Federal Deposit Insurance Corporation, which gives people who deposited their money into a checking or saving account at that bank their money back, up to $250,000 per person/account (the rules around a person having multiple accounts are a bit wonky). Investment accounts lose everything
(DIR) Post #ATVUzcodMa27KIOFH6 by tychosoft@fosstodon.org
2023-03-11T13:16:59Z
0 likes, 0 repeats
@ParadeGrotesque @rysiek hypocrisy is the one true American value...
(DIR) Post #ATVV0Nq0XI3hAAOVRQ by JamesBazan@mastodon.coffee
2023-03-11T13:10:39Z
0 likes, 1 repeats
@rysiek Socialized risk, privatized profit. Oh. And "taxes (on our profits) are theft."
(DIR) Post #ATVV3HeXzHqOqkPtZI by ParadeGrotesque@mastodon.sdf.org
2023-03-11T13:17:40Z
0 likes, 0 repeats
@tychosoft @rysiek Hypocrisy is the one true human value.
(DIR) Post #ATW4WyNNigJi9AHPk0 by radix023@noagendasocial.com
2023-03-11T19:54:42Z
0 likes, 0 repeats
@rysiek socialism for the rich! capitalism for the poor!
(DIR) Post #ATW5DC2fIhJch2ipv6 by rysiek@mstdn.social
2023-03-11T12:15:45Z
0 likes, 0 repeats
Oh, and one more thing: should some kind of government intervention happen here? Maybe!But it needs to be designed in a way such that it prioritizes protection of the *employees* of the companies affected, not the investors.Investors knew or should have known the inherent risks well enough. Every investment brochure warns about them.#SVB
(DIR) Post #ATW5DCjuhtuUrAxNKa by rysiek@mstdn.social
2023-03-11T19:59:02Z
0 likes, 1 repeats
The plot thickens!Silicon Valley Bank chief pressed Congress to weaken risk regulationshttps://www.theguardian.com/business/2023/mar/11/silicon-valley-bank-weaken-risk-regulations-svb> CEO Greg Becker personally led the bank’s half-million-dollar push to reduce scrutiny of his institution – and lawmakers obliged> [T]he bank was lobbying lawmakers on “financial regulatory reform” and the Systemic Risk Designation Improvement Act of 2015 – a bill that was the precursor to legislation ultimately signed by President Donald TrumpThanks Obama! 🤡 🤣 #SVB
(DIR) Post #ATWAaHWTaYcm7gUjxo by rysiek@mstdn.social
2023-03-11T20:03:20Z
0 likes, 0 repeats
> “Without such changes, SVB likely will need to divert significant resources from providing financing to job-creating companies in the innovation economy to complying with enhanced prudential standards and other requirements,” said Becker, who reportedly sold $3.6m of his own stock two weeks ago, in the lead-up to the bank’s collapse.So… Silicon Valley tech startups got screwed by a bank that pushed Trump to deregulate it. :blob0w0:Doesn't get more Schadenfreude than that!#SVB
(DIR) Post #ATWAaIJkdM2WaVY5lg by jwildeboer@social.wildeboer.net
2023-03-11T20:11:09Z
0 likes, 0 repeats
@rysiek It was Peter Thiels VC fund that started the bank run, it seems. https://www.fastcompany.com/90864395/silicon-valley-bank-an-its-a-wonderful-life-bank-run-for-the-digital-age
(DIR) Post #ATWAaJPoYIU3zbORrE by ParadeGrotesque@mastodon.sdf.org
2023-03-11T21:03:02Z
0 likes, 0 repeats
@jwildeboer @rysiek You mean, like what he did with crypto currencies? Pump them up in front of investors, while he was dumping them at the same time?What. A. Surprise. (Not!)
(DIR) Post #ATWAaKk3cWGq6fs836 by jwildeboer@social.wildeboer.net
2023-03-11T20:12:51Z
0 likes, 0 repeats
@rysiek and those statements from the SVB boss are 8 years old, AFAICS.
(DIR) Post #ATWMlvoRKcRZiNDcNE by jack@mastodon.sdf.org
2023-03-11T23:19:37Z
0 likes, 0 repeats
@ParadeGrotesque @jwildeboer @rysiek #almostdeadassholes
(DIR) Post #ATWMthmJOX8aVLviyW by jack@mastodon.sdf.org
2023-03-11T23:21:01Z
0 likes, 0 repeats
@ParadeGrotesque @jwildeboer @rysiek #almostdeadassholes
(DIR) Post #ATXFWDzVTIcuwKuzqq by pikesley@mastodon.me.uk
2023-03-12T09:33:01Z
0 likes, 0 repeats
@ParadeGrotesque @tychosoft @rysiek https://youtu.be/PFArDeCfj-M