More on the Banking Mess

North Star member Bill Barclay breaks down the Silicon Valley Bank collapse here.

Excerpt:

Where is Powell? Where is Yellen? Stop this crisis NOW. Announce that all depositors will be safe.
– David Sacks, PayPal co-founder and Silicon Valley libertarian commentator, 3/10/2023

OK. We can all enjoy some schadenfreude as the Silicon Valley techno-libertarians discover that maybe there is a role for government, after all. Especially when their money in Silicon Valley Bank (SVB) might vanish. Of course, it didn’t. It didn’t because those burdensome government agencies decided to make them whole, 100 cents on the dollar, including the more than 90% of deposits that were above the $250,000 Federal Deposit Insurance Corporation insurance limit. . . .