Trump-Era Deregulation Deemed a Key Culprit in the Failure of Silicon Valley Bank

[snailspace]

When Bush sent officials to the Hill to ask for regs because problems at banks were on the cusp, Frank blocked it

https://www.wickedlocal.com/story/thepress/2008/10/07/barney-returns-to-newton-to/39810336007/

 

[ll74]

An

When Bush sent officials to the Hill to ask for regs because problems at banks were on the cusp, Frank blocked it

https://www.wickedlocal.com/story/thepress/2008/10/07/barney-returns-to-newton-to/39810336007/

And then he introduced and successfully advanced the most sweeping regulations in banking history.

What's your point?

 

[Lazaran]

Yup. The dems should not have. And many of them didn't. Most of them didn't. Whereas all republicans did.

Let's do the history and math.

Crapo - a republican - introduced it.

House: Democrats 158 no, 33 yes. Republicans 1 no, 225 yes.
Senate: Democrats 31 no, 15 yes. Republicans 0 no, 52 yes.

It's funny how you just can't seem to put that together in a coherent thought without trying to own the libs.

Is that all there is to the conservatives? Fuck history, fuck reality. Just gotta own the libs while ignoring the splinter in your eye.

Good for you buddy.

Next the RWCJ will be claiming that President Obama is responsible for the growing wealth gap because he extended the Bush tax cuts for the wealthy.

When in reality:

https://amp.theguardian.com/world/2010/dec/06/barack-obama-bush-tax-cuts

The full truth and the facts surrounding it don’t factor into the RWCJ’s derpy narrative.

RWCJ

 

[Sean Renaud]

That wouldn't be entirely false.

 

[schism666]

My grandson broke two fingers playing football with friends yesterday.

At the ER Trump was blamed.

there is not a single truth here.

 

[adrina]

there is not a single truth here.

Just the usual propensity for hysterical hyperbole.

 

[Lazaran]

That wouldn't be entirely false.

Did you read the article???

The key point was what the republicans were leveraging in exchange for returning the tax rates on the wealthy to pre-Bush tax cut levels.

Sure, President Obama could have said fuck it and “raised” EVERYONE’S taxes back to pre-Bush tax cut rates and sacrificed funding for SNAP, etc, then campaigned on the fact that republicans were to blame.

I’m sure no one would have blamed President Obama for the pain caused by the apparent rise in taxes on the middle class and the suffering of the poor.



Initially I actually wanted President Obama to say fuck it, but I wasn’t going to be significantly impacted by a tax increase or a cut to SNAP, etc. Upon reflection, and understanding the full scope of the consequences, I changed my opinion. A lot of people were having a really tough time right then, and additional burdens likely would have broken many Americans.

The bottom line truth of the matter is that republicans were / are the assholes.

*nods*

 

[Sean Renaud]

Ultimately it was a lose lose situation because the average American has the memory of a fricking goldfish, apparently no access to Google, no media savvy by which I mean they can't parse obvious bullshit, bias, and truth at all. I remember probably ten years back a pimp walked into ACORN and asked how to house his girls. Oh and later that same year Planned Parenthood was chopping up kids and selling the parts. And I was like "Why don't we discuss how Godzilla was sighted off the shore of South Africa. At least that's believable.

But Obama could in fact of said fuck it. I would have gone on air every day while it was being discussed and explain to the American people the Republicans are holding you hostage but if I don't do this next year they are going to do it again. It will never stop and it will always be a Democrats fault.

 

[Rotadom]

 

[adrina]

Ultimately it was a lose lose situation because the average American has the memory of a fricking goldfish, apparently no access to Google, no media savvy by which I mean they can't parse obvious bullshit, bias, and truth at all. I remember probably ten years back a pimp walked into ACORN and asked how to house his girls. Oh and later that same year Planned Parenthood was chopping up kids and selling the parts. And I was like "Why don't we discuss how Godzilla was sighted off the shore of South Africa. At least that's believable.

But Obama could in fact of said fuck it. I would have gone on air every day while it was being discussed and explain to the American people the Republicans are holding you hostage but if I don't do this next year they are going to do it again. It will never stop and it will always be a Democrats fault.

And less than half of the electorate can be fucked to show up to vote regularly. You weren't wrong earlier when you said America deserves what is happening. This is exactly what happens when people are more concerned with the next shiny object than they are with minding the shop. In this case getting their asses to the polls and doing their civic duties. Less than fucking half.

 

[Sean Renaud]

Oh we hella deserve it.

 

[Lazaran]

Ultimately it was a lose lose situation because the average American has the memory of a fricking goldfish, apparently no access to Google, no media savvy by which I mean they can't parse obvious bullshit, bias, and truth at all. I remember probably ten years back a pimp walked into ACORN and asked how to house his girls. Oh and later that same year Planned Parenthood was chopping up kids and selling the parts. And I was like "Why don't we discuss how Godzilla was sighted off the shore of South Africa. At least that's believable.

But Obama could in fact of said fuck it. I would have gone on air every day while it was being discussed and explain to the American people the Republicans are holding you hostage but if I don't do this next year they are going to do it again. It will never stop and it will always be a Democrats fault.

Yeah, it was a “lose-lose”, with no certainty of who a typically / generally uninformed electorate would have blamed. - Even with President Obama on air everyday making his case.

Ultimately it went down like it did and the middle class and the poor didn’t suffer at a precarious moment in time.- And President Obama DID get re-elected.

Of course the “informed” electorate shit on Hillary, despite President Obama’s moderate presidency, and elected a racist, misogynistic, corrupt orange traitor.

SAD!!!

 

[Dribble]

And less than half of the electorate can be fucked to show up to vote regularly. You weren't wrong earlier when you said America deserves what is happening. This is exactly what happens when people are more concerned with the next shiny object than they are with minding the shop. In this case getting their asses to the polls and doing their civic duties. Less than fucking half.

If a Parties didn't alienate half of the electorate...maybe they would vote? But Parties make promises...to get votes...and then break those promises. It is called having a policy. Having a plan to implement a policy. Having a plan to fight the opposition to a policy. When people see that it doesn't matter...why bother? They just want to live. So when something like...say Roe v Wade is overturned...and that doesn't trigger a public response to win by a landslide...what does it take? Or...how many police abuses must happen? Or how many voting rights are removed? Or how many insurrections? Pick anything. Tell me we are moving in the right direction. What does it take? Know why these things don't elicit angry voters? Because nothing changes.

 

[RobDownSouth]

Ah come on. Those VCs and tech bros shouldn’t have to take a haircut on their deposits.

Was disappointed that the Biden admin was going to make good ALL of the deposits (not just $250K). It's a bad look.

"Gotta prevent a run on banks!" is today's equivalent of "too big to fail!"

 

[Dribble]

Was disappointed that the Biden admin was going to make good ALL of the deposits (not just $250K). It's a bad look.

"Gotta prevent a run on banks!" is today's equivalent of "too big to fail!"

I agree to a point. But companies have payrolls over the 250 guaranteed. How are they supposed to function?

 

[Roughscrewu]

Biden is a Career Politician, he has no other skills.

 

[adrina]

If a Parties didn't alienate half of the electorate...maybe they would vote? But Parties make promises...to get votes...and then break those promises. It is called having a policy. Having a plan to implement a policy. Having a plan to fight the opposition to a policy. When people see that it doesn't matter...why bother? They just want to live. So when something like...say Roe v Wade is overturned...and that doesn't trigger a public response to win by a landslide...what does it take? Or...how many police abuses must happen? Or how many voting rights are removed? Or how many insurrections? Pick anything. Tell me we are moving in the right direction. What does it take? Know why these things don't elicit angry voters? Because nothing changes.

Abuses won't decrease or end at all as long as the electorate doesn't give enough fucks to hold them accountable.

The reason they don't participate isn't because they are hurt or abused. They don't participate because they don't care enough.

 

[Sean Renaud]

Yeah, it was a “lose-lose”, with no certainty of who a typically / generally uninformed electorate would have blamed. - Even with President Obama on air everyday making his case.

Ultimately it went down like it did and the middle class and the poor didn’t suffer at a precarious moment in time.- And President Obama DID get re-elected.

Of course the “informed” electorate shit on Hillary, despite President Obama’s moderate presidency, and elected a racist, misogynistic, corrupt orange traitor.

SAD!!!

People shit on Hillary cus bottom line nobody really liked her to begin with. There is a thing called Game Theory and it basically states that if you've already got the W don't spend time grandstanding in Penn State. Head down to Texas or (insert state here) and tell them exactly what you want to do for them. Its really no different from being up thirty points with five minutes on the clock and letting your bench warmers play. They might screw up but it shouldn't be possible.

I think the only thing that would have been accomplished by being on the air as much as possible would be having a record. I would add to the record there is nothing, absolutely nothing stopping the Republicans from maintaining the tax breaks for the middle and lower class. They don't want to because you are hostages, ALL of you. Only the top 5% make over 250k, so lawyers, I'm talking to many of you, many of you doctors, many of you engineers. Don't the uber rich trick you into thinking you're part of the club. You're not. You might never be.

 

[PaxNurgle]

The KEY cause of the bank's failure was the poor decision making of the bank's board of directors. That they were legally allowed to make those poor decisions is in no way the fault of anyone else. They, like everyone else, are all solely responsible for the things they did.

But you fuckwits just have to blame Trump for it out of bitter spite anyway.

It's more complex than simply blaming Trump, or blaming de-regulation.

Both were at fault. The banks made poor investment decisions, and the government- whoever was in charge (look it up; I'm not pointing fingers at anyone) made the stupid mistake of deregulating the banks.

 

[DeluxAuto]

Biden is a Career Politician, he has no other skills.

Unlike the career failed businessman, father, and husband we just suffered through.

 

[Roughscrewu]

Gas was $1.57 under the 'failed businessman', food 30 percent less.

 

[DeluxAuto]

Gas was $1.57 under the 'failed businessman', food 30 percent less.

I get your infatuation. He loves the uneducated and for you, the feeling is mutual.

 

[IrezumiKiss]

Gas was $1.57 under the 'failed businessman', food 30 percent less.

We also had a worldwide pandemic under that failed businessman that he said would vanish like magic during the first stages after it hit our country. Then the economy and society took a bit of a nose dive, to put it lightly.

Hey, if you wanna throw out that presidents own everything under their tenure even if it's beyond their direct power to control, then you best own it all, bish.

 

[YDB95]

Are Senators (and former senators) who voted for the bill, including Bennett, Carper, Coons, Donnelly, Hassan, Heitkamp, Jones, Kaine, King Manchin, McCaskill, Nelson, Peters, Shaheen, Stabenow, Tester, and Warner conservatives?

In a word, yes. Most of them are. They're just not ultra-right wing like most of their Republican colleagues.

 

[BabyBoomer50s]

Was disappointed that the Biden admin was going to make good ALL of the deposits (not just $250K). It's a bad look.

"Gotta prevent a run on banks!" is today's equivalent of "too big to fail!"

Its more than a bad look. It’s terrible policy and market reaction signals that. Apparently the White House and the Fed think the SVB’s investors and tech startups with deposits there are too big to fail and the answer is universal deposit insurance.