The_Gibson :veilid:
Having a nice bourbon, ruminating on the dissolution of the second largest bank to fail in US history.
The issue with this is that it has an outsized tech impact, particularly with startups. This bank was utilized by a lot of small tech firms to do things like payroll, and by larger ones to pay out severance packages.
This doesn't just impact the fat cats.
People I know, and more importantly, people you knowarealready impacted.
feld
The_Gibson :veilid:
@earthshine I only argue the timeframe... I'd take that back to 1980.
Total agreement otherwise.
Earthshine
@thegibson It never does affect the fat cats. They always get their golden parachutes, while everyone else, from the employees and members, to the taxpayers, subsidize their losses.
Since around the turn of the century, the USA has been really going for bust on allowing companies and banks to take risky bets, and then letting them off the hook when they inevitably fail.
Externalizing costs has always been a core feature of western capitalism, but it's basically been a free-for-all ever since reaganomics reached its final form and the post-9/11 bailouts proved once and for all that *not* taking huge risks with other people's money was a business liability in a landscape where all the other businesses that did do it would get bailed out when they fail. Instead of jail time, the executives just get a slap on the wrist and cash out.
GNU social JP is a social network, courtesy of GNU social JP管理人. It runs on GNU social, version 2.0.2-dev, available under the GNU Affero General Public License.
All GNU social JP content and data are available under the Creative Commons Attribution 3.0 license.