Joy-Ann Reid nailed it. Now that Silicon Valley Bank Libertarians were at the point of losing money, they found that government was necessary.
Joy-Ann Reid nails it.
The wealthy in our country have a Libertarian streak whenever they are making huge profits. Most never want to pay their fair share in taxes. They are of the false belief that they made it on their own. The truth is they were simply better at playing the game our economic system is.
Musk used technologies developed in the ’60s and perfected thereafter by taxpayer dollars to barely reach space. We went to the moon and back, to Mars and back on microprocessors and computers much less powerful. Yet Musk gets the fanfare as if he is a genius from lazy reporters, and the engineers, scientists, and manufacturers who created and innovated are left unnamed and unglorified.
Silicon Valley Bank‘s executives and the venture capitalists who deposited money in the bank were all begging for a bailout when their bet (Let no one fool you. Our casino is structured as a fraudulent casino.) failed. And unlike students who contribute materially to our economy, they got a bailout in less than 72 hours. Do not be dissuaded that this was not a bailout. It was.
Watch Joy-Ann Reid appropriately call out this privileged class. “Every Libertarian become a socialist the moment the free market screws them,” said Reid quoting Current Affairs Nathan Robinson. “Billionaire Mark Cuban swiftly went from denouncing regulators to asking, ‘Where were the regulators?’ Tech industry leaders immediately started calling for FDIC to ditch its $250,000 cap on guaranteed deposits.”
And that makes it not insurance on a failed bank, but a bailout by the government as the fees collected for the bank for one purpose was used as a bailout fund for the rich.
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