Today’s links SVB bailouts for everyone – except affordable housing projects: Even the shareholders got billions. Hey look at this: Delights to delectate. This day in history: 2003, 2008, 2013, 2018 Colophon: Recent publications, upcoming/recent appearances, current writing projects, current reading SVB bailouts for everyone – except affordable housing projects (permalink) For the apologists, the SVB bailout was merely prudent: a bunch of innocent bystanders stood in harm’s way – from the rank-and-file employees at startups to the scholarship kids at elite private schools that trusted their endowment to Silicon Valley Bank – and so the government made an exception, improvising measures that made everyone whole without costing the public a dime. What’s not to like? But that account doesn’t hold up to even the most cursory scrutiny. Everything about it is untrue. Take the idea that this wasn’t a “bailout” because it was the depositors who got rescued, not the shareholders. That’s just factually untrue: guess where the shareholders kept their money? That’s right, SVB. The shareholders of SVB will get billions in public money thanks to the bailout. Billions: https://pluralistic.net/2023/03/18/2-billion-here-2-billion-there/#socialism-for-the-rich But is it really public money? After all, the FDIC payouts come from a pool of funds raised from all of America’s banks. The billions the public put into SVB will be recouped through hikes on the premiums paid by every bank. Well, sure – but who do you think the banks are going to gouge to cover those additional expenses? Hint: it’s not going to be the…Pluralistic: SVB bailout for everyone except affordable housing projects (15 Apr 2023)