He is covering up for Trumps deregulation of banking reforms that began after the 2008 crash.
The bank collapsed because the Trump administration weakened Obama era banking regulations, which allowed it to take on more risk so the CEO and shareholders would make more money.
But ya, blaming it on Pride sounds “scarier” and more plausible to conservatives.
☘️Uncle Mark’s Lucky Charms2 hours ago
Y’all know that if this bank was based in a red state, these reich-wing babbling-heads would be blaming the Fed (“under the malicious direction of Pres Biden”) for raising interests rates and “targeting red state banks.”
Their rhetoric is so tired & predictable.
Woke = Compassion, caring, sympathy/empathy and love.
jk1052 hours ago edited
I hear most employees at this bank are white heterosexuals. If we must engage in a culture war over what is a banking regulation issues, why don’t we blame its failure on white heterosexuals?
Yes, yes, it was definitely the pride activities and not Peter Thiel spurring a run on the bank by withdrawing all his money.
There are very few banks that’ll survive a run, because they’re not built to.
Basically, Peter Thiel had enough money there personally, along with some other people that he had strong influence with, to basically be a run all on its own. The bank, on the other hand, was *mostly* okay. It had weathered the current financial climate a bit worse than others, because it wasn’t diversified, but it wasn’t in an eminent collapse situation.
It’s like someone tripping and being a little unsteady, but pretty likely to regain balance. You can help them up, or even ignore them, with little consequence, because once they have their balance bank things are back to normal. Or you can give them a push, and then they may never get their balance back.
Peter Thiel saw this bank wobbling, and said “oh, hey, they might grab me to try to regain their balance” and pushed them away from him instead. I mean, it probably wasn’t *actual* malice. But any excuse to be angry with Thiel is a valid excuse in my book.
Yep. I mean, this bank was small enough that it qualified for “small bank” exceptions written into the tighter banking rules.
Someone mocked Biden elsewhere by saying “the banking sector is strong if you believe me saying it’s strong” but like… the reality is, it basically requires people to trust it to be able to function. No bank can withstand a real run, because it’s a logistical impossibility for them to have enough money everywhere to pay everyone immediately even if they had *none* of it invested, but obviously a lot of that money is in “asset” form and would need to be sold first anyway.
Like, the whole banking system depends on people not panicking about banks.
Like, it’s pretty likely if nobody ever heard about Thiel’s withdrawal, SVB would’ve recovered just fine. And if the news agencies hadn’t stoked panic, the other banks would’ve been fine (or at least had structured shutdowns over a much longer time period with no panic or real losses).
But *this* is what has everyone in a panic, instead of the actual threat posed by the “sure, default on government debt” types.
Oh fuck it.
I’ve spent the last seven years working to get my licence so I can operate the Big Gay Weather Machine.
And now I have to learn how to bring down the global banking system as well?
At our next secret meeting, I’m going to suggest that lesbians are given control of the Big Lesbian Global Financial Hegemony Machine.
(It’ll be #17 on the Gay Agenda.)
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