Originally posted by: Charles Higgins
Yeah..I realized the inappropriate lyrical/ grammatical / contextual usage..yet, that's the way it was originally presented / recorded. Freddy Fender's biggest hit..nobody cares, though, really.
And of course, there just couldn't have been any external regulatory factors behind said failure ( the Fed's regulatory job, actually, which was per normal written into the regulatory change bill that you implicitly and totally assign as Trump's doing). And of course we can't blame SVB's internal self-auditors who actually exhibited some incompetence and lackadaisical approach to selfcheck their own hen house. A heavy part of SVB's asset liabilities were tied up in govt backed treasury bonds which were massively devalued as interest rates escalated ( which was ultimately necessary by the Fed in order to curtail inflationary pressures to some unknown degree). Then the SVB customer base raided the hen house en masse to get their eggs out ( that's human nature when the shit hits the fan).
It's your prerogative to assign total fault to Trump for this failure..fully expected. But there were a lot of other factors whether you admit it or not. Freddy's ghost told me so.
I never said that SVB's suits weren't responsible. I said that they probably wouldn't have gotten as far as the collapse point with better oversight--which was gutted by Trump's bill. They fucked up? Absolutely. But the point of the FDIC oversight is, or should I say was, to detect such fuckups before they become crises.
I certainly don't credit Trump with actually understanding the bill he signed, or of giving a shit one way or the other. He simply was pleasing his RepubliQ lackeys (in return for slavish loyalty) and of course, there were a few tens of millions stuffed in his back pocket as baksheesh. He also may have been dimly aware that the deregulation would potentially abet his shady business dealings.
But bottom line...the buck stops here (and gets slipped into Trump's pocket). That shitty legislation wouldn't have become law unless Trump signed it--and once he did, something like the SVB failure was an inevitable certainty.
I think the horrible aftereffects of Trump's pseudo-Presidency have yet to become fully apparent.*
*Not that if Trump hadn't come along, the 75 million evil, stupid wackadoodles wouldn't have coalesced behind some other populist con man.
