Silicon Valley Bank last week became the largest bank to fail since the 2008 financial crisis, sending shock waves through the tech industry, Wall Street and Washington. Here’s what we know, and what brought the bank to its collapse. https://t.co/Jd9QlxWwSy
— The New York Times (@nytimes) March 13, 2023
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The usual combination of corporate power and corruption in Washington, DC, weakened regulations for Silicon Valley Bank and set the foundation for its collapse. How much longer people will tolerate a system like this? https://t.co/b2JmFsJhyR
— Jacobin (@jacobin) March 13, 2023
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I can’t stop thinking about how we cut food stamps the same month we bailed out VC guys.
— Kate Willett (@katewillett) March 13, 2023
People going to bed with the ache and weakness of hunger, some working full time for some of the same guys that got bailed out.
While they build cop cities to prevent any pushback. pic.twitter.com/1dYew9l1ps
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Notice that literally no one stopped to ask how this would be paid for. They just did it. “How will we pay for it” only applies when it’s for the benefit of everyday people. The rich, the military and cops don’t get those kinds of questions. Only the public good is questionable. https://t.co/jgwBVdgfDN
— Plz Preorder Let This Radicalize You 🔥 (@MsKellyMHayes) March 13, 2023
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It took them less then 48 hours to make sure depositors at SBV were covered, yet student debt cancelation is means-tested and is being challenged by the court.
— Nina Turner (@ninaturner) March 12, 2023
Just in case you forgot who exactly the system is designed to work for and against.
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My debut at @Slate: Venture capitalists are parasites who couldn’t be trusted with the financial institution that held up their industry, let alone the direction of our technological development. Euthanizing them is imperative if we want a better world.https://t.co/FyHocUXEX0
— Edward Ongweso Jr (@bigblackjacobin) March 13, 2023
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Following the failures of Silicon Valley Bank and Signature Bank, Pres. Biden made clear Monday that ‘no losses will be borne by the taxpayers,’ while detailing the measures taken by his administration pic.twitter.com/whFUNzFoAI
— NowThis (@nowthisnews) March 13, 2023
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Cool cool cool
— The Debt Collective 🟥 (@StrikeDebt) March 13, 2023
So those junk fees that bank charge poor people whose account is so far below $250k it’s sometimes below $0 are what is going to fund the bailout of Silicon Valley VCs https://t.co/TuTI021esJ
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Long before Silicon Valley Bank’s collapse, its CEO helped kill tougher oversight of banks like his https://t.co/PD5p764WuF
— Mother Jones (@MotherJones) March 13, 2023
