The US Federal Reserve printed $300 billion in a week to save collapsing banks and bail out Silicon Valley oligarchs. 93% of Silicon Valley Bank’s deposits were uninsured, over the FDIC limit of $250,000, but the government still paid them. 56% of SVB’s loans went to venture capitalist and private equity firms.
US government bailout of Silicon Valley and banks is $300B gift to rich oligarchs
Tag: Wall Street Banks
During Both Obama and Trump Administrations, the Justice Department Has Looked the Other Way at Crimes by the Powerful (and nothing will change with Biden)
Last Thursday evening, Justice Department Attorney General, Merrick Garland, held a brief press conference to announce that he had asked a federal court to unseal the search warrant and inventory receipts filed in connection with the FBI’s search of Donald Trump’s Palm Beach oceanfront home and beach resort, Mar-a- Lago. As part of his statement to the press, Garland said this:
“Faithful adherence to the rule of law is the bedrock principle of the Justice Department and of our democracy. Upholding the rule of law means applying the rule of law evenly, without fear or favor.”
During Both Obama and Trump Administrations, the Justice Department Has Looked the Other Way at Crimes by the Powerful
Related:
“No one’s standard of living will change,” said Biden. “Nothing would fundamentally change.”
The Fed Announces Plans to Permanently Backstop Wall Street with a Standing Repo Loan Facility of $500 Billion…Starting Tomorrow
It’s like they know something else is coming, not unlike they did right before the pandemic.
Congress Passed Legislation Making the Treasury Secretary the Boss of the Federal Reserve During a Financial Crisis: That’s Creating Its Own Crisis
‘A win for the establishment and a loss for progressives’ — analysts react to Yellen as Biden’s Treasury secretary
— “Janet Yellen’s nomination to be Treasury Secretary is a win for the establishment and a loss for progressives and modern monetary theory proponents. So far, the Biden team is mostly establishment types, which should ease the concerns of investors who feared a more leftward tilt. Although we were skeptical that Mr. Biden was going to pick Sen. Elizabeth Warren for the Treasury job, that risk has been completely removed for now.” — Brian Gardner, chief Washington policy strategist at Stifel.
…
— “She is well within the orthodoxy of the economics community, and I suspect that fact along with her familiarity will lead to a largely positive response from financial markets. More broadly, from what we have seen so far, Biden appears to be mainly choosing old Democratic hands to fill his most vital Cabinet and White House posts, people from the Obama (and in some cases, even the Clinton) years. Progressives had hoped to wield major influence in the next administration, but if Biden’s personnel choices so far are any indication, he intends to govern more from what constitutes the middle of the Democratic Party today than to push the envelope far to the left.” — Stephen Stanley, chief economist at Amherst Pierpont.
Related:
The Wall Street Journal Nominates Janet Yellen as Treasury Secretary
Ms. Cat’s Chronicles 