Feds shut down bank in biggest collapse since 2008.

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Feds shut down bank in biggest collapse since 2008.

Post by BDKJMU »

Contagion fears.
https://nypost.com/2023/03/10/silicon-v ... ion-fears/
Markets of course took a beating today..
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Re: Feds shut down bank in biggest collapse since 2008.

Post by SeattleGriz »

Interesting it happened early in the day and not the usual late Friday news dump.
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Re: Feds shut down bank in biggest collapse since 2008.

Post by BDKJMU »

BDKJMU wrote: Fri Mar 10, 2023 4:34 pm Contagion fears.
https://nypost.com/2023/03/10/silicon-v ... ion-fears/
Markets of course took a beating today..
Make that the markets took a beat the whole week.. :ohno:
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Re: Feds shut down bank in biggest collapse since 2008.

Post by BDKJMU »

SeattleGriz wrote: Fri Mar 10, 2023 4:47 pm Interesting it happened early in the day and not the usual late Friday news dump.
Yeah. 2nd largest bank failure in US history. Does it spread?
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Re: Feds shut down bank in biggest collapse since 2008.

Post by BDKJMU »

:dunce: :lol:
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Re: Feds shut down bank in biggest collapse since 2008.

Post by SeattleGriz »

BDKJMU wrote: Fri Mar 10, 2023 8:11 pm
SeattleGriz wrote: Fri Mar 10, 2023 4:47 pm Interesting it happened early in the day and not the usual late Friday news dump.
Yeah. 2nd largest bank failure in US history. Does it spread?
What I'm getting at is there is a blogger I follow and he has been saying there is a battle between the European Central Banks, what he refers to as Davos versus the NY banks (The Fed).

The reason for the battle is because the European Central Banks, also referred to as old money, have been trying to become the top dog through things like the digitization of money. While the NY money doesn't really give two shits about the people, they for sure don't want to be knuckled under by Davos and then be under their control. The Fed doesn't want to be under Globalist control.

Did you notice how the Fed decoupled from LIBOR? Due to this, apparently when Fed Powell keeps raising the interest rates now, it's hammering the European Central Banks. Fed Powell is a NY money guy.

The guy admits he's throwing his "theory of everything" out there because he honestly doesn't know, but he's trying to make sense of it. To be frank, when you see guys like Cramer burning and crashing on his predictions, it makes you think there are simply too many moving pieces for anyone to figure it out. He actually didn't have any insight on SVB other than it was odd.

Regardless, I unfortunately know very little about what he's describing, but it's been interesting to see if his theory is becoming correct. Also, his "theory of everything" entails more than just banks. He's trying to wrap everything into his theory.
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Re: Feds shut down bank in biggest collapse since 2008.

Post by kalm »

id=1070]
:dunce: :lol:

[/quote]



[quote=BDKJMU post_id=1425446 time=1678514659 user_

Coincidently, also Cramer’s 2nd worst ‘didn’t see that coming’ call ever.

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Re: Feds shut down bank in biggest collapse since 2008.

Post by BDKJMU »

..peacefully and patriotically make your voices heard..
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..I know how you feel, but go home, and go home in peace.
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Re: Feds shut down bank in biggest collapse since 2008.

Post by houndawg »

SeattleGriz wrote: Sat Mar 11, 2023 8:18 am
BDKJMU wrote: Fri Mar 10, 2023 8:11 pm
Yeah. 2nd largest bank failure in US history. Does it spread?
What I'm getting at is there is a blogger I follow and he has been saying there is a battle between the European Central Banks, what he refers to as Davos versus the NY banks (The Fed).

The reason for the battle is because the European Central Banks, also referred to as old money, have been trying to become the top dog through things like the digitization of money. While the NY money doesn't really give two shits about the people, they for sure don't want to be knuckled under by Davos and then be under their control. The Fed doesn't want to be under Globalist control.

Did you notice how the Fed decoupled from LIBOR? Due to this, apparently when Fed Powell keeps raising the interest rates now, it's hammering the European Central Banks. Fed Powell is a NY money guy.

The guy admits he's throwing his "theory of everything" out there because he honestly doesn't know, but he's trying to make sense of it. To be frank, when you see guys like Cramer burning and crashing on his predictions, it makes you think there are simply too many moving pieces for anyone to figure it out. He actually didn't have any insight on SVB other than it was odd.

Regardless, I unfortunately know very little about what he's describing, but it's been interesting to see if his theory is becoming correct. Also, his "theory of everything" entails more than just banks. He's trying to wrap everything into his theory.
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Re: Feds shut down bank in biggest collapse since 2008.

Post by kalm »

From Bernie’s statement….
“Let’s be clear. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed. Five years ago, the Republican Director of the Congressional Budget Office released a report finding that this legislation would ‘increase the likelihood that a large financial firm with assets of between $100 billion and $250 billion would fail.’

“Unfortunately, that is precisely what happened. During the debate over the legislation I said: ‘Are our memories so short that we learned nothing from the 2008 Wall Street crash? Have we learned nothing from the Savings and Loan disaster of the early 1990s or the thievery of Wells Fargo over the last couple of years or the dishonesty of Equifax or the accounting fraud at Enron and Arthur Anderson or the failure of Long-Term Capital Management or the billions of dollars in fines that financial institution after financial institution has paid out for illegal or deceptive activities?’ Sadly, the Republican Congress and the Trump Administration answered all of these questions with a resounding NO.
https://www.sanders.senate.gov/press-re ... lley-bank/
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Re: Feds shut down bank in biggest collapse since 2008.

Post by GannonFan »

kalm wrote: Mon Mar 13, 2023 8:13 am From Bernie’s statement….
“Let’s be clear. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed. Five years ago, the Republican Director of the Congressional Budget Office released a report finding that this legislation would ‘increase the likelihood that a large financial firm with assets of between $100 billion and $250 billion would fail.’

“Unfortunately, that is precisely what happened. During the debate over the legislation I said: ‘Are our memories so short that we learned nothing from the 2008 Wall Street crash? Have we learned nothing from the Savings and Loan disaster of the early 1990s or the thievery of Wells Fargo over the last couple of years or the dishonesty of Equifax or the accounting fraud at Enron and Arthur Anderson or the failure of Long-Term Capital Management or the billions of dollars in fines that financial institution after financial institution has paid out for illegal or deceptive activities?’ Sadly, the Republican Congress and the Trump Administration answered all of these questions with a resounding NO.
https://www.sanders.senate.gov/press-re ... lley-bank/
So something that passed in 2018 is now the direct cause of a banking failure in 2023? If this was such a monstrosity of a bill that got passed back then, why haven't we been trying to plug the gap ever since? I didn't really hear anything about this in the 2020 election (I'm sure it got mentioned in some stump speech somewhere by somebody and we can pull up a YouTube on it, but it wasn't a major point of discussion), and before this bank went under it wasn't something talked about in large circles at all. And this is a bill that passed both houses of Congress with pretty big bi-partisan support - 67 votes in the Senate were for it, so that had to include a large number of Democrats since the GOP never had close to that number in the Senate.

Did this rollback lead to SVB failing? Of course it did. But so did the Fed, especially the San Fran Fed, in that they failed to notice this was happening. And so has the fiscal and monetary policies of the past 2 plus years cause this to happen - the Fed's loose money policy as well as the considerably excessive spending posture by this administration caused the huge spike in inflation. And without the Fed having to become uber-aggressive with driving up interest rates to correct for the out of control inflation, this bank wouldn't have been as exposed as they were. There are reasons why the Fed's main mission for many years, since the '70's, was to avoid inflation at all costs.

Oh, and regardless of the causes, now we can also debate how the administration is responding to this. I know they want to say that it's not a bailout, but when you, as the government, directly back all of the money in this bank, including the amounts that were uninsured (i.e., over the $250k FDIC limit) how is that not a bailout? And how does that, in any way, tell people not to engage in risky behaviors like this again? Heck, they're even floating that all banks everywhere will now have this unlimited protection. Just because you say it's not a bailout doesn't mean it's not a bailout.
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Re: Feds shut down bank in biggest collapse since 2008.

Post by kalm »

GannonFan wrote: Mon Mar 13, 2023 11:10 am
kalm wrote: Mon Mar 13, 2023 8:13 am From Bernie’s statement….



https://www.sanders.senate.gov/press-re ... lley-bank/
So something that passed in 2018 is now the direct cause of a banking failure in 2023? If this was such a monstrosity of a bill that got passed back then, why haven't we been trying to plug the gap ever since? I didn't really hear anything about this in the 2020 election (I'm sure it got mentioned in some stump speech somewhere by somebody and we can pull up a YouTube on it, but it wasn't a major point of discussion), and before this bank went under it wasn't something talked about in large circles at all. And this is a bill that passed both houses of Congress with pretty big bi-partisan support - 67 votes in the Senate were for it, so that had to include a large number of Democrats since the GOP never had close to that number in the Senate.

Did this rollback lead to SVB failing? Of course it did. But so did the Fed, especially the San Fran Fed, in that they failed to notice this was happening. And so has the fiscal and monetary policies of the past 2 plus years cause this to happen - the Fed's loose money policy as well as the considerably excessive spending posture by this administration caused the huge spike in inflation. And without the Fed having to become uber-aggressive with driving up interest rates to correct for the out of control inflation, this bank wouldn't have been as exposed as they were. There are reasons why the Fed's main mission for many years, since the '70's, was to avoid inflation at all costs.

Oh, and regardless of the causes, now we can also debate how the administration is responding to this. I know they want to say that it's not a bailout, but when you, as the government, directly back all of the money in this bank, including the amounts that were uninsured (i.e., over the $250k FDIC limit) how is that not a bailout? And how does that, in any way, tell people not to engage in risky behaviors like this again? Heck, they're even floating that all banks everywhere will now have this unlimited protection. Just because you say it's not a bailout doesn't mean it's not a bailout.
I wasn’t posting Bernie’s take as some defense of the Dems.
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Re: Feds shut down bank in biggest collapse since 2008.

Post by BDKJMU »

GannonFan wrote: Mon Mar 13, 2023 11:10 am
kalm wrote: Mon Mar 13, 2023 8:13 am From Bernie’s statement….



https://www.sanders.senate.gov/press-re ... lley-bank/
So something that passed in 2018 is now the direct cause of a banking failure in 2023? If this was such a monstrosity of a bill that got passed back then, why haven't we been trying to plug the gap ever since? I didn't really hear anything about this in the 2020 election (I'm sure it got mentioned in some stump speech somewhere by somebody and we can pull up a YouTube on it, but it wasn't a major point of discussion), and before this bank went under it wasn't something talked about in large circles at all. And this is a bill that passed both houses of Congress with pretty big bi-partisan support - 67 votes in the Senate were for it, so that had to include a large number of Democrats since the GOP never had close to that number in the Senate.

Did this rollback lead to SVB failing? Of course it did. But so did the Fed, especially the San Fran Fed, in that they failed to notice this was happening. And so has the fiscal and monetary policies of the past 2 plus years cause this to happen - the Fed's loose money policy as well as the considerably excessive spending posture by this administration caused the huge spike in inflation. And without the Fed having to become uber-aggressive with driving up interest rates to correct for the out of control inflation, this bank wouldn't have been as exposed as they were. There are reasons why the Fed's main mission for many years, since the '70's, was to avoid inflation at all costs.

Oh, and regardless of the causes, now we can also debate how the administration is responding to this. I know they want to say that it's not a bailout, but when you, as the government, directly back all of the money in this bank, including the amounts that were uninsured (i.e., over the $250k FDIC limit) how is that not a bailout? And how does that, in any way, tell people not to engage in risky behaviors like this again? Heck, they're even floating that all banks everywhere will now have this unlimited protection. Just because you say it's not a bailout doesn't mean it's not a bailout.
Yep. The Biden admin and the donks are always railing against the wealthy, but here they are doing a massive bailout with taxpayer funds for millionaires.
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Re: Feds shut down bank in biggest collapse since 2008.

Post by GannonFan »

kalm wrote: Mon Mar 13, 2023 11:46 am
GannonFan wrote: Mon Mar 13, 2023 11:10 am

So something that passed in 2018 is now the direct cause of a banking failure in 2023? If this was such a monstrosity of a bill that got passed back then, why haven't we been trying to plug the gap ever since? I didn't really hear anything about this in the 2020 election (I'm sure it got mentioned in some stump speech somewhere by somebody and we can pull up a YouTube on it, but it wasn't a major point of discussion), and before this bank went under it wasn't something talked about in large circles at all. And this is a bill that passed both houses of Congress with pretty big bi-partisan support - 67 votes in the Senate were for it, so that had to include a large number of Democrats since the GOP never had close to that number in the Senate.

Did this rollback lead to SVB failing? Of course it did. But so did the Fed, especially the San Fran Fed, in that they failed to notice this was happening. And so has the fiscal and monetary policies of the past 2 plus years cause this to happen - the Fed's loose money policy as well as the considerably excessive spending posture by this administration caused the huge spike in inflation. And without the Fed having to become uber-aggressive with driving up interest rates to correct for the out of control inflation, this bank wouldn't have been as exposed as they were. There are reasons why the Fed's main mission for many years, since the '70's, was to avoid inflation at all costs.

Oh, and regardless of the causes, now we can also debate how the administration is responding to this. I know they want to say that it's not a bailout, but when you, as the government, directly back all of the money in this bank, including the amounts that were uninsured (i.e., over the $250k FDIC limit) how is that not a bailout? And how does that, in any way, tell people not to engage in risky behaviors like this again? Heck, they're even floating that all banks everywhere will now have this unlimited protection. Just because you say it's not a bailout doesn't mean it's not a bailout.
I wasn’t posting Bernie’s take as some defense of the Dems.
But Bernie was.

Talk now is that the Fed is going to be spooked and may not continue raising interest rates. What a cluster we've gotten into since we let inflation get out of hand. Considering how old a lot of these folks in government are, you'd have to imagine that they did remember the 1970's when we last didn't have control of inflation. Of course, they are also so old that their memories are not in the best of shapes. :ohno:
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Re: Feds shut down bank in biggest collapse since 2008.

Post by kalm »

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Re: Feds shut down bank in biggest collapse since 2008.

Post by Baldy »

Yellen is on the case. :thumb:

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Re: Feds shut down bank in biggest collapse since 2008.

Post by GannonFan »

I feel bad for Yellen. She's not a politician and even if it's not supposed to be her Cabinet position has become political. She's not a young pup anymore (I think she's 76 - amazing, is anyone under 70 anymore in government?) and I wonder how much say she had in the government spending that happened in the opening months of Biden's administration and played such a big part in generating the generational jump in inflation that's the root cause for much of this distress. She had a great run as the Fed chair - this seems like a step down though.

Also, there is a danger in what they've done in terms of guaranteeing all of the deposits, regardless of amount, in the SVB and Signature banks. When you allow government to cover risks like that, more people are apt to take those risks assuming government will come to the rescue again when it happens again. That makes those people taking the risks less likely to check on their own how secure their money is.

And like I said, all of this because we bet big on modern monetary policy and because the Fed forgot to worry about inflation. Brutal.
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Re: Feds shut down bank in biggest collapse since 2008.

Post by BDKJMU »

GannonFan wrote: Fri Mar 17, 2023 8:26 am I feel bad for Yellen. She's not a politician and even if it's not supposed to be her Cabinet position has become political. She's not a young pup anymore (I think she's 76 - amazing, is anyone under 70 anymore in government?) and I wonder how much say she had in the government spending that happened in the opening months of Biden's administration and played such a big part in generating the generational jump in inflation that's the root cause for much of this distress. She had a great run as the Fed chair - this seems like a step down though.

Also, there is a danger in what they've done in terms of guaranteeing all of the deposits, regardless of amount, in the SVB and Signature banks. When you allow government to cover risks like that, more people are apt to take those risks assuming government will come to the rescue again when it happens again. That makes those people taking the risks less likely to check on their own how secure their money is.

And like I said, all of this because we bet big on modern monetary policy and because the Fed forgot to worry about inflation. Brutal.
I don’t.
-Not only did she not speak out against Biden’s profligate spending, she openly supported it.
-She claimed inflation was going to be transitional, which proves she’s either an idiot, or was lying.
-She’s openly supported DEI amd ESG within the financial world.
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Re: Feds shut down bank in biggest collapse since 2008.

Post by BDKJMU »

Silicon Valley Bank (SVB) did not have a chief risk officer for the last eight months of 2022 as it barreled toward collapse – even as it employed a chief diversity officer over the same period….
https://www.foxbusiness.com/economy/sil ... -executive
Guess DEI more important than monitoring risks..
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Re: Feds shut down bank in biggest collapse since 2008.

Post by houndawg »

BDKJMU wrote: Mon Mar 13, 2023 11:52 am
GannonFan wrote: Mon Mar 13, 2023 11:10 am

So something that passed in 2018 is now the direct cause of a banking failure in 2023? If this was such a monstrosity of a bill that got passed back then, why haven't we been trying to plug the gap ever since? I didn't really hear anything about this in the 2020 election (I'm sure it got mentioned in some stump speech somewhere by somebody and we can pull up a YouTube on it, but it wasn't a major point of discussion), and before this bank went under it wasn't something talked about in large circles at all. And this is a bill that passed both houses of Congress with pretty big bi-partisan support - 67 votes in the Senate were for it, so that had to include a large number of Democrats since the GOP never had close to that number in the Senate.

Did this rollback lead to SVB failing? Of course it did. But so did the Fed, especially the San Fran Fed, in that they failed to notice this was happening. And so has the fiscal and monetary policies of the past 2 plus years cause this to happen - the Fed's loose money policy as well as the considerably excessive spending posture by this administration caused the huge spike in inflation. And without the Fed having to become uber-aggressive with driving up interest rates to correct for the out of control inflation, this bank wouldn't have been as exposed as they were. There are reasons why the Fed's main mission for many years, since the '70's, was to avoid inflation at all costs.

Oh, and regardless of the causes, now we can also debate how the administration is responding to this. I know they want to say that it's not a bailout, but when you, as the government, directly back all of the money in this bank, including the amounts that were uninsured (i.e., over the $250k FDIC limit) how is that not a bailout? And how does that, in any way, tell people not to engage in risky behaviors like this again? Heck, they're even floating that all banks everywhere will now have this unlimited protection. Just because you say it's not a bailout doesn't mean it's not a bailout.
Yep. The Biden admin and the donks are always railing against the wealthy, but here they are doing a massive bailout with taxpayer funds for millionaires.
Everbody understands that the "common man" schtik is just talk, BD, and that if you aren't a millionaire you vote donk because the donks are the slightly lesser of the two evils. :coffee:
The best way to keep people passive and obedient is to strictly limit the spectrum of opinion but allow very lively debate within that spectrum - Noam Chomsky
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Re: Feds shut down bank in biggest collapse since 2008.

Post by UNI88 »

houndawg wrote:
BDKJMU wrote: Mon Mar 13, 2023 11:52 am Yep. The Biden admin and the donks are always railing against the wealthy, but here they are doing a massive bailout with taxpayer funds for millionaires.
Everbody understands that the "common man" schtik is just talk, BD, and that if you aren't a millionaire I think you should vote donk because I think the donks are the slightly lesser of the two evils. :coffee:
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Re: Feds shut down bank in biggest collapse since 2008.

Post by kalm »

UNI88 wrote: Sat Mar 18, 2023 2:50 pm
houndawg wrote:
Everbody understands that the "common man" schtik is just talk, BD, and that if you aren't a millionaire I think you should vote donk because I think the donks are the slightly lesser of the two evils. :coffee:
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One thing is for sure. All 16 Dems who voted for deregulation of Dodd-Frank were looking out for the common man.


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Re: Feds shut down bank in biggest collapse since 2008.

Post by Baldy »

kalm wrote: Sat Mar 18, 2023 4:39 pm
UNI88 wrote: Sat Mar 18, 2023 2:50 pm

FYP


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One thing is for sure. All 16 Dems who voted for deregulation of Dodd-Frank were looking out for the common man.


:thumb:
Is this the same "Frank" that sat on the board at Signature Bank when it collapsed last week and publicly advocated for deregulation? :?
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Re: Feds shut down bank in biggest collapse since 2008.

Post by kalm »

Baldy wrote: Sun Mar 19, 2023 2:55 am
kalm wrote: Sat Mar 18, 2023 4:39 pm

One thing is for sure. All 16 Dems who voted for deregulation of Dodd-Frank were looking out for the common man.


:thumb:
Is this the same "Frank" that sat on the board at Signature Bank when it collapsed last week and publicly advocated for deregulation? :?
Yep! Especially him! He and Pelosi are common man super heroes!
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Re: Feds shut down bank in biggest collapse since 2008.

Post by Baldy »

kalm wrote: Sun Mar 19, 2023 6:07 am
Baldy wrote: Sun Mar 19, 2023 2:55 am
Is this the same "Frank" that sat on the board at Signature Bank when it collapsed last week and publicly advocated for deregulation? :?
Yep! Especially him! He and Pelosi are common man super progressives!
You were soooo close. :lol:
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