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It's interesting that modern markets still have these built-in breaks (weekends) that work as emergency stops. Now everyone can wonder over the weekend whether
by wunderland 4y ago
It's interesting that modern markets still have these built-in breaks (weekends) that work as emergency stops. Now everyone can wonder over the weekend whether this will spread to other banks and become another global crisis, or if this is just one poorly managed bank that made risky bets.
In either case, does anyone really think the taxpayer won't be on the hook for these risky bets? Privatise the gains, socialise the losses. The banks have too much power for this to play out any other way. Nothing fundamental has changed in a decade.
- dougmwne 4y agoIf there was ever an industry that had less support for a taxpayer bailout, it’s tech startups. Lots of regular people loath these startups. By definition, it only affects a bunch of rich VCs, overpaid coastal elites, Saudi money, and elite college graduates. Don’t expect middle America to shed a tear.
- deleted 4y ago[deleted]
- dzdt 4y agoThis isn't about Wells Fargo making "risky bets" in any way that involes loss of funds or can spread to other banks. This is simple buggy consumer facing software that can't manage to get correct info into a web browser.
- bsuvc 4y agoSo everything is fine at the banks?