3 ms·
> > Second, CA gets the least back in federal spending per dollar of taxes paid, and NY is close State by State statistics are irrelevant considering that peop
by JumpinJack_Cash 4y ago
> > Second, CA gets the least back in federal spending per dollar of taxes paid, and NY is close
State by State statistics are irrelevant considering that people who are getting up in arms are small business owners and entrepreneurs who will never receive a bailout because considered not structurally important or not big enough. And yes on a percentage basis there are more of them in flyover America, but just because flyover America States get more federal funds doesn't mean that contractors for such goods and servies are based there at all.
Plus a contract with the Govt. for a good or service to be provided is way different than a bailout. In one instance it's the Govt. acting as a customer, in the other it's the Govt. coming to the rescue to save businesses from bad outcomes.
> > Third, it is not a minor inconvenience when $10M’s of investor money from a fundraising round gets permanently lowered to $250K (no “bailout”) or if a startup stops making payroll for 2 years (upper bound of the time range the FDIC has proposed).
On a systemic level it's a minor inconvenience because the name of the game of a country is to build cool products and services in order to consume them, somebody else will have a try at building a cool product or service and those who were banking with SVB will still have all the means to consume them (which in the end is what really matters) thanks to the FDIC
And besides, get real, 99% of people will never see 250k lump sum being credited on a bank account they control (either corporate or personal) , much less a 10M lump sum which is 99.999 percentile territory, which brings me back to my OP point:
Nobody will ever feel sorry for people who live in the 'top right' area of the chart of life. Or they will but there should not be absolutely any money involved. As an example people will feel sorry for a fighter jet pilot involved in an accident during training even though the guy spent his whole life living the dream flying above the cloud and the sound barrier.
This is the state of the art. Plain and simple. As evidenced by the honors given to the fallen pilot and the insults and spits thrown in the direction of those who are receiving the bailouts.
Call it a reasoning defect, logical fallacy, whatever, I don't care. It's the state of the art, as evidenced by people reactions. So if you are so disturbed by other people indifference, stop (or alternatively never try) raising (and dealing) money but get a cool job giving you mad emotions and away from the limelight of the financial press and the corporate board room, that way you'll never have anything to worry about as it pertains to pitchforks and social hatred.