I like your optimism, posting this comment from a Democratic congressperson. As if mtierney will even watch it, and if she does, will give it even a shred of thought.
People who assume they can analyze me, often prove to be wrong.
I remember when budget proposals were in the millions, which quickly segued into billions. Don’t know how it happened, but now we speak of spending trillions of dollars without blinking.
I would like to see a list of what “start-ups” received funds from the Silicon Valley bank. Was there due diligence, or was it something else at play?
start ups didn't receive funds from SVB. They deposited their money there.
And am I wrong? Did you actually watch Rep. Jackson's video? Do you think he made sense?
And federal budgets have not ever been in the millions. The first US budget for fiscal 1790 was over a billion dollars.
Nice bit of trivia: ”During the 1980s, the bank grew with the local high-tech economy, achieving 21 consecutive quarters of profitability. It went from a loss of $39,000 in 1985 to a profit of $12.3 million in 1991.[18] In 1986, SVB acquired National InterCity Bank of Santa Clara.[17][18] It opened its first office on the East Coast in 1990, near Boston, to serve the Massachusetts Route 128 tech corridor.“
There's obviously some nonsensical, probably hateful insinuation out there in right-wing news, which is the point of the question.
It made their employees do DEI training, so they’re a “woke bank” and everyone knows “go woke go broke*” so we should just let it fail.
*Every bank does DEI training, and has done so for at least 10 years.
Of course. One commentator referred to this as "Critical Woke Theory" - seeing "wokeness" in anything you don't like.
Fox Business host Larry Kudlow: "Lord knows what other left-wing romping was going on in these woke banks. By the way, San Francisco Fed head Mary Daly is considered herself to be quite a wokester!" pic.twitter.com/V3gfxUDfsz
Do you want that list to cover the whole 40 years that the bank was in business?
no, 10 or 15 years might revealing. Was the bank established 40 years ago?
I guess you didn't read my response. Banks aren't in the business of handing out money. The start ups in question put money INTO SVB.
There's obviously some nonsensical, probably hateful insinuation out there in right-wing news, which is the point of the question.
I guess someone must be spreading the idea that SVB went broke because they were lending money out to any and every startup (and probably "woke" startups at that). Of course that isn't what they were in business to do and the reason they went bust has to with their investment strategy.
It ignores the fact that startups generally rely on VC money, not bank loans for initial capital.
Seriously, do they think banks just write checks to businesses that have no collateral and expect to lose money initially?
.Gregory Becker, the chief executive of Silicon Valley Bank, leaned back in his chair at a technology conference last week in San Francisco’s luxurious Palace Hotel, and delivered a bullish message.
“In the confident, almost bombastic, style that was his signature, Mr. Becker told the audience of investors, Wall Street analysts and technology executives that Tuesday afternoon that the future of the tech industry was sparkling — and so was Silicon Valley Bank’s place within it.
“What he didn’t say was that, roughly a week earlier, the rating agency Moody’s had called to tell Mr. Becker that his bank’s financial health was in jeopardy, and its bonds were in danger of being downgraded to junk. Realizing the bank needed to raise cash, Mr. Becker had been scrambling since then to fix things.
“That phone call set off a frantic scramble inside Silicon Valley Bank. Just one day after Mr. Becker projected confidence at the conference, the bank announced a $1.8 billion loss and a hastily put together plan to raise $2.25 billion in fresh capital. The news spooked the bank’s depositors and investors so much that on Thursday, its stock plummeted roughly 60 percent and clients pulled out roughly $40 billion of their money.”
Closer to home…..
“By summer, the mood of the economy had soured. Companies were halting plans to go public or conserving their cash. As Silicon Valley Bank welcomed its 2022 class of interns in New York, a planned multimillion-dollar renovation of its Midtown Manhattan office was on pause, a former employee said. The air-conditioning was faulty. Paint was chipping. And mice were running across the floors.”
This is the second article from the Times on the SVB story, both appear on the front page, both have different photos and heads, so the content is different, and different photos of the bank!. Apparently no one here reads links before commenting.
The second link here is the one I quoted early this AM which concerns Greg Becker.
This is the second article from the Times on the SVB story, both appear on the front page, both have different photos and heads, so the content is different, and different photos of the bank!. Apparently no one here reads links before commenting.
The second link here is the one I quoted early this AM which concerns Greg Becker.
Now, who is on first?
I read your links all the time (except NR, which is behind a paywall). And I've usually read the NYT articles before you post them.
my question is relevant whether one has read the stories or not though -- what is your point to posting NYT articles here without comment? We can read the NYT on our own (and most if not all of us do).
This is the second article from the Times on the SVB story, both appear on the front page, both have different photos and heads, so the content is different, and different photos of the bank!. Apparently no one here reads links before commenting.
The second link here is the one I quoted early this AM which concerns Greg Becker.
This is the second article from the Times on the SVB story, both appear on the front page, both have different photos and heads, so the content is different, and different photos of the bank!. Apparently no one here reads links before commenting.
The second link here is the one I quoted early this AM which concerns Greg Becker.
I read your links all the time (except NR, which is behind a paywall). And I've usually read the NYT articles before you post them.
my question is relevant whether one has read the stories or not though -- what is your point to posting NYT articles here without comment? We can read the NYT on our own (and most if not all of us do).
Do you want that list to cover the whole 40 years that the bank was in business?
no, 10 or 15 years might revealing. Was the bank established 40 years ago?
And from the second link:
"Silicon Valley Bank began in 1983 as a small community bank catering to fledgling tech companies. Throughout the 1980s and 1990s, its fortunes and size grew along with the tech sector."
And you also seem to not understand how banks in general, and SVB in particular work, given your comment of "I would like to see a list of what “start-ups” received funds from the Silicon Valley bank. Was there due diligence, or was it something else at play?"
And your cartoon you posted suggests you don't understand how the FDIC in general works, nor how it's working in this particular case.
But pointing this out and expecting this to have any impact on you whatsoever would be, well, what is it when you do the same thing over and over and expect a different result?
Meantime, there’s so much other ‘Rose Garden’ stuff we’re ignoring here, and that doesn’t really fit anywhere else…. Not worth starting a hundred very short threads about. Quite frustrating when everything is discussed in circles and ugly-meme cartoons. https://www.theshovel.com.au/2023/03/14/albo-paid-368-billion-for-8-footlong-subs/ sigh
as far as the comment someone posted earlier that the Rose Garden is ignoring other current events, may I remind folks that I have always tried to keep extraneous and deflecting topics from my garden. A lot like weeding.
Today, posters are focused on the bank closures and FDIC response
Tomorrow my money is on Washington’s response to the downing of our $3.5M drone by the Russians in the Black Sea
The oil pipeline OK in Alaska should be raising the hackles of people concerned about the environment
There will always be new threads on a variety of issues which fade away rather quickly — probably because they are hard to follow over time.
The Rose Garden began after the Benghazi debacle changed our world forever.
start ups didn't receive funds from SVB. They deposited their money there.
And am I wrong? Did you actually watch Rep. Jackson's video? Do you think he made sense?
And federal budgets have not ever been in the millions. The first US budget for fiscal 1790 was over a billion dollars.