Imagine how much it would cost to hire LeBron James to write content for your website. Imagine miraculously getting him to do it for free. Imagine then driving him away from your website so you can fail to collect $96 from him annually
This was not a bailout. During the GFC, the gov’t injected taxpayer money in the form of preferred stock into banks. Bondholders were protected and shareholders were diluted to varying degrees. Taxpayer money was put at great risk. Many people who screwed up suffered minimal to no consequences. Those were bailouts.
Here, shareholders and bond holders have been wiped out. The @FDICgov insurance fund capitalized by premiums paid by banks will absorb any losses. The fund will recoup any losses by assessing more premiums on the banks.
Had the @FDICgov@USTreasury and @federalreserve not intervened today, we would have had a 1930s bank run continuing first thing Monday causing enormous economic damage and hardship to millions.
More banks will likely fail despite the intervention, but we now have a clear roadmap for how the gov’t will manage them.
Bank boards and managements have received a massive wake up call. Being a director or CEO of a bank that fails is no fun: years of litigation, regulatory investigations, personal liability, potential civil and criminal charges, and enormous reputational damage.
Our gov’t did the right thing. This was not a bailout in any form. The people who screwed up will bear the consequences. The investors who didn’t adequately oversee their banks will be zeroed out and the bondholders will suffer a similar fate.
Importantly, our gov’t has sent a message that depositors can trust the banking system. Without this confidence, we are left with three or possibly four too-big-to-fail banks where the taxpayer is explicitly on the hook, and our national system of community and regional banks is toast.
Our government did the right thing for the country. We are very fortunate it did so.
I may be wrong but get a feeling that it was all this was staged to get past the date of Jan 6. Maybe avoid related ceremonies to stay in house for ‘negotiations’? All issues magically resolved end of day (Jan 6)
On Hannity just now, Rep. Matt Gaetz sounds open to flipping to McCarthy: "We're at the stage now where I'm running out of things to ask for" and that 'We did very well driving a hard bargain."
ER doc & CPR professor here - with a second thread tonight to explain what comes next, AFTER CPR....
it seems that Damar Hamlin is alive, in critical condition... so what does this mean, & what happens now?
a new thread, below 🧵
#Bills#DamarHamlin#CPR@NFL@nflnetwork
I still don’t understand why the new owner of the company publicly trashes the company product and people working there when he needs the same public engaged to make the company and product successful. What purpose do the “disclosures” serve?
@sansiddh Dude that is mid life crisis for the 40s. 20s is don't care a fuck. 30s is sanity creeping in. 50s is what the fuck did I do.
So enjoy your life. You still have ways to go to the 30s phase.
Speaker Pelosi with Michael Fanone, the DC police officer who suffered burns, a heart attack & traumatic brain injuries on Jan 6. Palpable mutual appreciation …