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Yeah, shit is gonna hit the fan over this in terms of domestic turmoil. All those people who took PPP loans and Silicon Valley VCs getting bailed out who railed

Yeah, shit is gonna hit the fan over this in terms of domestic turmoil. All those people who took PPP loans and Silicon Valley VCs getting bailed out who railed against student debt relief, it's just mind boggling. Just wait until student borrowers start getting squeezed and the Supreme Court nixes the debt relief. This is not good for long term political stability.

bradleyjg 4y ago
PPP loans and Silicon Valley VCs getting bailed out now railed against student debt relief Contemporary debates are over *who* gets free money from the government. I’m sure this is going to end well.
- nullc 4y ago
  /How did it end? With thunderous applause/ https://www.youtube.com/watch?v=Krq-GX1IhBc https://www.youtube.com/watch?v=Krq-GX1IhBc
- zamnos 4y ago
  https://twitter.com/jason/status/1155224497714110464 https://twitter.com/jason/status/1155224497714110464 Jason Calacanis, specifically, was against help for anybody, especially banks (except his buddies's bank when it was their turn to be in trouble). If your position was that no one is to be helped out, asking then, for help when it's your turn is should cause some self-reflection, or as least a bit of cognitive dissonance. Whether he is capable of even that much remains to be seen.
panarky 4y ago
I lost money on treasury bonds when interest rates increased, where's my bailout?
- School-Cotton 4y ago
  The bank, which is the entity that lost money on treasury bonds, is not getting bailed out. Its value is now probably zero.
  - Willson50 4y ago
    He should have used someone else's money.
  - panarky 4y ago
    Are you replying to a different comment? I didn't say the bank was getting bailed out. I was observing that ultrarich depositors with billion-dollar uninsured balances who would have lost money due to a reduction in the value of bonds are being made whole by socializing their losses. While I, someone who is not ultrarich, who is just trying to save for my family, will have to eat 100% of the losses due to a reduction in the value of bonds, and have zero opportunity to have someone else cover my losses.
ctvo 4y ago
Thinking the young people in the USA have the competency, discipline, means, and determination to even organize, let alone threaten “political stability” is a stretch. This has been happening for 20 years.
- moose_is_loose 4y ago
  Yeah, it tastes a bit different after 2008. There's only so far you can push people before it snaps back.
  - nebula8804 4y ago
    The revolution has already happened in the form of quiet quitting, reduced consumerism, forgoing creating the next generation indefinitely. The impact are not felt over night but will eventually be felt decades from now. There is no other way to fight back. You can't vote for anyone that isn 't captured, any form of violence and you will be shot on sight. What else is there?
    - Zetice 4y ago
      I'm sorry but if this "revolution" was designed to change behavior, it was an abject failure. "Quiet quitting" was concocted in a board room to get people to do their jobs and stop complaining. If you're an employer, you want a team of "quiet quitters" who will do their job and nothing else. It's infinitely easier to manage...
      - nebula8804 4y ago
        >I'm sorry but if this "revolution" was designed to change behavior, it was an abject failure. Like I said, it remains to be seen. The results of the loss of free extra labor (via quiet quitting), loss of employer power over wages (via a small replacement birth wage) and loss of profits (via less spending) take time to work their way through the system. The ultimate goal in my opinion is to allow workers barely enough to make ends meet and for them to not have any lasting wealth. Once they reach retirement age they are someone else's problem then(probably just go off and die somewhere). >"Quiet quitting" was concocted in a board room to get people to do their jobs and stop complaining. Im really just using the definition to describe the behavior of workers no longer bothering to over work themselves. >If you're an employer, you want a team of "quiet quitters" who will do their job and nothing else. It's infinitely easier to manage... Many employers would disagree and say you are leaving extra value on the table.
avalys 4y ago
PPP loans were designed to be forgiven from the start. They were loans only in the technical sense. It was a mechanism for the government to allow companies to continue to pay employees during the pandemic lockdown, instead of firing them. Complaining about PPP loan forgiveness is disingenuous. As for student debt relief, there's a huge difference between someone depositing money in a regulated major bank and expecting that Federal regulators were doing their job and that their money would be safe, vs. someone taking out a $100,000 loan for their own benefit and expecting the government to essentially pay it off for them.
- paulddraper 4y ago
  I'm not a supporter of bailouts in any sense. But obviously there's a difference between fixing things so someone receiving what they signed up vs someone not paying what they signed up for
  - matthewdgreen 4y ago
    None of the SVB customers signed up (or paid premiums) for unlimited depositor insurance. Nonetheless they will now receive that, paid for by a new assessment (tax) on other banks and their customers.
    - paulddraper 4y ago
      They expected (with 99.8% confidence) to be able to retrieve their deposits in full. So the 0.2% scenario is turning out different.
      - vc8f6vVV 4y ago
        If insurance company had assessed the risk as 0.2% the premium would have been miniscule. But they still didn't pay it, or the risk was not 0.2%?
- djbusby 4y ago
  Students took the loans before the expectation of government pay-off existed.

bradleyjg 4y ago

PPP loans and Silicon Valley VCs getting bailed out now railed against student debt relief Contemporary debates are over *who* gets free money from the government. I’m sure this is going to end well.

nullc 4y ago
/How did it end? With thunderous applause/ https://www.youtube.com/watch?v=Krq-GX1IhBc https://www.youtube.com/watch?v=Krq-GX1IhBc
zamnos 4y ago
https://twitter.com/jason/status/1155224497714110464 https://twitter.com/jason/status/1155224497714110464 Jason Calacanis, specifically, was against help for anybody, especially banks (except his buddies's bank when it was their turn to be in trouble). If your position was that no one is to be helped out, asking then, for help when it's your turn is should cause some self-reflection, or as least a bit of cognitive dissonance. Whether he is capable of even that much remains to be seen.

panarky 4y ago

I lost money on treasury bonds when interest rates increased, where's my bailout?

School-Cotton 4y ago
The bank, which is the entity that lost money on treasury bonds, is not getting bailed out. Its value is now probably zero.
- Willson50 4y ago
  He should have used someone else's money.
- panarky 4y ago
  Are you replying to a different comment? I didn't say the bank was getting bailed out. I was observing that ultrarich depositors with billion-dollar uninsured balances who would have lost money due to a reduction in the value of bonds are being made whole by socializing their losses. While I, someone who is not ultrarich, who is just trying to save for my family, will have to eat 100% of the losses due to a reduction in the value of bonds, and have zero opportunity to have someone else cover my losses.

ctvo 4y ago

Thinking the young people in the USA have the competency, discipline, means, and determination to even organize, let alone threaten “political stability” is a stretch. This has been happening for 20 years.

moose_is_loose 4y ago
Yeah, it tastes a bit different after 2008. There's only so far you can push people before it snaps back.
- nebula8804 4y ago
  The revolution has already happened in the form of quiet quitting, reduced consumerism, forgoing creating the next generation indefinitely. The impact are not felt over night but will eventually be felt decades from now. There is no other way to fight back. You can't vote for anyone that isn 't captured, any form of violence and you will be shot on sight. What else is there?
  - Zetice 4y ago
    I'm sorry but if this "revolution" was designed to change behavior, it was an abject failure. "Quiet quitting" was concocted in a board room to get people to do their jobs and stop complaining. If you're an employer, you want a team of "quiet quitters" who will do their job and nothing else. It's infinitely easier to manage...
    - nebula8804 4y ago
      >I'm sorry but if this "revolution" was designed to change behavior, it was an abject failure. Like I said, it remains to be seen. The results of the loss of free extra labor (via quiet quitting), loss of employer power over wages (via a small replacement birth wage) and loss of profits (via less spending) take time to work their way through the system. The ultimate goal in my opinion is to allow workers barely enough to make ends meet and for them to not have any lasting wealth. Once they reach retirement age they are someone else's problem then(probably just go off and die somewhere). >"Quiet quitting" was concocted in a board room to get people to do their jobs and stop complaining. Im really just using the definition to describe the behavior of workers no longer bothering to over work themselves. >If you're an employer, you want a team of "quiet quitters" who will do their job and nothing else. It's infinitely easier to manage... Many employers would disagree and say you are leaving extra value on the table.

avalys 4y ago

PPP loans were designed to be forgiven from the start. They were loans only in the technical sense. It was a mechanism for the government to allow companies to continue to pay employees during the pandemic lockdown, instead of firing them. Complaining about PPP loan forgiveness is disingenuous. As for student debt relief, there's a huge difference between someone depositing money in a regulated major bank and expecting that Federal regulators were doing their job and that their money would be safe, vs. someone taking out a $100,000 loan for their own benefit and expecting the government to essentially pay it off for them.

paulddraper 4y ago
I'm not a supporter of bailouts in any sense. But obviously there's a difference between fixing things so someone receiving what they signed up vs someone not paying what they signed up for
- matthewdgreen 4y ago
  None of the SVB customers signed up (or paid premiums) for unlimited depositor insurance. Nonetheless they will now receive that, paid for by a new assessment (tax) on other banks and their customers.
  - paulddraper 4y ago
    They expected (with 99.8% confidence) to be able to retrieve their deposits in full. So the 0.2% scenario is turning out different.
    - vc8f6vVV 4y ago
      If insurance company had assessed the risk as 0.2% the premium would have been miniscule. But they still didn't pay it, or the risk was not 0.2%?
djbusby 4y ago
Students took the loans before the expectation of government pay-off existed.