Once again billionaires and banks can mismanage their funds, behave recklessly and the government saves them from any consequences. This is completely unacceptable.
If i get myself in financial trouble, the Fed will not print money to give me a free loan until I can dig myself out. I am on my own to figure it out or declare bankruptcy.
But because our government is completely controlled by big money interests, when the billionaires say jump, our government says "Yes sir! How's this?!"
Not really... the system should protect depositors. Frankly I think there shouldnt be a deposit insurance limit or it should be much higher. Depositing cash in a bank should be safe for everyone.
SVB's executives and shareholders were wiped out. They are the ones with a duty to manage the bank so it is only right they take the hit.
The only reason they stepped in to protect these depositors was because their investors were politically connected and powerful and they stood to lost billions.
As a regular joe declaring chapter 7 bankruptcy is nearly impossible these days anyway. You’ll be on the hook for a substantial percentage of your discharged debts under chapter 13. 10 years later they even reopened my parents bankruptcy because they came into a relatively small sum of money from a medical law suit.
If i get myself in financial trouble, the Fed will not print money to give me a free loan until I can dig myself out. I am on my own to figure it out or declare bankruptcy.
But because our government is completely controlled by big money interests, when the billionaires say jump, our government says "Yes sir! How's this?!"
I hope this changes in my lifetime.