Anyways, I'm not American so this doesn't affect me directly (not my money), but as an outsider I find it ludicrous how accepting everyone is being about mismanaged banks and companies that didn't do their due dilligence. I thought America was all about owning the consequences to your actions, but when shit hits the fans everyone forgets about it and comes back asking for help from Uncle Sam.
my bank does that. your bank does that. every bank on the planet does that. depositors don't have any say in what the bank does.
https://techcrunch.com/2023/03/11/silicon-valley-bank-collap...
The "Help us because jobs" line is just mendacious.
Let's not use so much lip gloss on this particular pig.
Many startups are just building some shitty apps that exploit labor in this horrible gig economy while they are kept afloat with VC money until they are dumped into the general public via IPO. This marketing fluff has no place here.
Venture capitalists and startup founders are playing the apex of capitalism. Failure and risk is part of the game. Being saved with taxpayer money is antithetical to that.
Why are small tech startups building something new less deserving than say, giant banks that knowingly took extreme risks in 2008, or giant auto businesses that refused to modernize and truly compete with Japanese competitors in the 80s?
I think it would be refreshing to see a cheaper bailout of small and medium sized businesses actually innovating and building new things instead of giant incumbents.