Post ATZis5j4ASvifCvYfo by scafaria@toad.social
(DIR) More posts by scafaria@toad.social
(DIR) Post #ATZis1GClpT0oXOS8G by scafaria@toad.social
2023-03-13T11:25:39Z
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Libertarians seeking bailouts are *not* hypocritical. A short đ§ľ
(DIR) Post #ATZis1oEjIgmW5JdB2 by scafaria@toad.social
2023-03-13T11:25:39Z
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Libertarians advocate for âeconomic freedom.â Wealth should be allowed to beget more wealth, free of societal constraints. And of course wealth provides power đĽ, which in turn then begets wealth and power, and on and on. 2/11
(DIR) Post #ATZis2Vq7BZEhJiS8m by scafaria@toad.social
2023-03-13T11:25:39Z
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The 1971 âPowell Memoâ provided ideological fuel for libertarians, encouraging business leaders to treat society and democracy as malleable. The powerful could and should bend society itself to allow the exponential compounding of power. Lobbying $ skyrocketed đ3/11
(DIR) Post #ATZis312FCWMG4JMlU by scafaria@toad.social
2023-03-13T11:25:39Z
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The essence of libertarianism isnât âno government intervention.â Its overriding principle is to allow the powerful to compound more power, unchecked by societal constraints. Nothing hypocritical then about using the levers of power to privatize gains and socialize risk! đ¤ˇââď¸4/11
(DIR) Post #ATZis3YiDzSXwW4GG0 by scafaria@toad.social
2023-03-13T11:25:40Z
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I was schooled in this stuff; it took me years to see the light. 5/11Debunking Economic Myths in Service of Democracy (FULL VIDEO)https://youtu.be/A7GB2hHj83w
(DIR) Post #ATZis4Adwxnhq9oYNc by scafaria@toad.social
2023-03-13T11:25:40Z
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â ď¸ #SVB appears to be a case where the moral hazard will be absorbed by banks via a fund set aside for this scenario, rather than taxpayers directly. 6/11(Narrator: Yeah, I know, paid for by our banking fees as consumers.) Gifted wapo:https://t.co/avf886SrnC
(DIR) Post #ATZis4xuzlDSIyruBU by scafaria@toad.social
2023-03-13T11:25:40Z
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âTreasury Secretary Janet L. Yellen said that taxpayers would bear none of the burden of protecting depositors. Their funds will be backstopped by a pool of money that is regularly paid into by U.S. banks, which now holds more than $100 billion.â 7/11
(DIR) Post #ATZis5j4ASvifCvYfo by scafaria@toad.social
2023-03-13T11:25:40Z
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Do I wish the regulations had remained in place (which Trmp repealed) that would have avoided this? Of course. Sometimes libertarians can be their own worst enemy, as the #SVB situation highlights. And regular people get caught in the crossfire. 8/11https://www.forbes.com/sites/mayrarodriguezvalladares/2023/03/12/how-trumps-deregulation-sowed-the-seeds-for-silicon-valley-banks-demise/
(DIR) Post #ATZis6laIaXRtJ75Em by scafaria@toad.social
2023-03-13T11:25:41Z
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What should happen to the companies who did nothing worse than deposit money in a bank? wapo:9/11âI didnât make risky bets. I wasnât doing anything illegal⌠We just put our money in a bank account and now, our business is a precarious position for it.â
(DIR) Post #ATZis7esyym4eozFR2 by scafaria@toad.social
2023-03-13T11:25:41Z
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There will be a lot of finger pointing at the Biden administration. But anti-libertarians (Democrats) arenât to blame here. And this wonât use our taxes or grow the debt. Will VCs and banks hold each other accountable? I wish.10/11
(DIR) Post #ATZis8d9MuypfjBNMu by scafaria@toad.social
2023-03-13T11:25:41Z
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In sum, this seems like yet another situation (like #NorfolkSouthern) where regulations were removed that could have avoided harm (NS case: ECB brakes). Lobbied for by libertarians who wanted to socialize risk. That isnât hypocrisy. Itâs the whole game. 11https://www.youtube.com/watch?v=L_aaDI0Pj9M