It's slightly disheartening to see so many people on HN willing to invite a wider collapse of the US banking system in order to punish/hurt a group of people they deem to be "elite".
Talk about cutting off your nose to spite your face!
> It's slightly disheartening to see so many people on HN willing to invite a wider collapse of the US banking system in order to punish/hurt a group of people they deem to be "elite".
People are tired of being around rhetoric that students are undeserving of a bailout because they decided to take loans from banks that were more than willing to lend them money for degrees with no prospects of recouping, however, when banks make their own poor decisions the banks plead with the regulators they've been deregulating, defanging, and lobbying, there are calls for yet __another__ round of socialism. Only now we have no choice because the options are a) bailouts or b) systemic collapse of life as we know it. Tone-deaf.
We are now changing definitions as to what a 'systemically important bank' is, apparently it is no longer 1 of the big-5, but any bank that has 200,000 depositors. Why and how is a bank with 200,000 depositors in a position to bring the entire financial system to a halt?
In his Twitter spaces, Jason C. said that he is now a newly minted 'single-issue voter' looking at candidates that call for limiting of spending. Mind you, after he went on his all caps tirade on Twitter in an attempt to stoke fear.
What's disheartening is seeing the complete disconnect in comments like yours with the optics of the situation.
People aren't inviting the collapse of the system; they are criticizing the complete hypocrisy of those that call for financial prudence when it's other people's problems or needs but blame the government when they are now in a precarious situation. Utterly self-serving and shameless.
We're slowly chipping away at the social contract, seemingly all while forgetting the previous times when bank bailouts were given.
Rationalize this however you want, at the end of the day a bank mismanaged risk, it's C-suites cashed out before news hit, those in the know using means such as Podcast at their disposal, used their privileged position in order to get themselves out of harm’s way before others could, and now want losses to get socialized.
These guys will never learn, this will happen again, and in 10 years we'll be right back here, only eggs will cost 30$ a dozen and you'll be financing your microwave.
It's slightly disheartening to see so many people on HN willing to invite a wider collapse of the US banking system in order to punish/hurt a group of people they deem to be "elite".
Talk about cutting off your nose to spite your face!