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A comment on Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC. Parent comment

Re:Joint Statement by the Department of the Treasury, Federa... by Mistletoe on Sunday March 12, 2023 @08:15PM (#35128687)
Start at David Sacks and Bill Ackman twitter accounts. Add some Jason Calacanis and baby you’ve got a stew going.

Hurry I’m sure they are deleting as we speak.

https://twitter.com/BillAckman/status/1634564398919368704

https://twitter.com/DavidSacks/status/1634382260433719298

https://twitter.com/Jason/status/1634792355294515200

> @Jason

>YOU SHOULD BE ABSOLUTELY TERRIFIED RIGHT NOW — THAT IS THE PROPER REACTION TO A BANK RUN & CONTAGION

>@POTUS & @SecYellen MUST GET ON TV TOMORROW AND GUARANTEE ALL DEPOSITS UP TO $10M OR THIS WILL SPIRAL INTO CHAOS

This is one of the most irresponsible things I’ve ever seen tweeted. It’s the equivalent of screaming fire in a crowded theater.

[ Parent | on HN ]
Re:Joint Statement by the Department of the Treasury, Federa... by TechBro8615 on Sunday March 12, 2023 @08:18PM (#35128722)
David Sacks spent the weekend advocating for the exact action that Janet Yellen just took. What's the problem with that?
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Re:Joint Statement by the Department of the Treasury, Federa... by Mistletoe on Sunday March 12, 2023 @08:26PM (#35128817)
If you don’t understand why it was wrong and how he went about it is wrong I’ll never be able to explain it to you TechBro.
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Re:Joint Statement by the Department of the Treasury, Federa... by smoovb on Sunday March 12, 2023 @09:12PM (#35129265)
Sorry, how is this irresponsible? Leaders that imagine and vocally describe a plausible negative outcome seems quite sensible.

Seems the equivalent of screaming fire in a crowded theater, when there is an actual fire.

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Re:Joint Statement by the Department of the Treasury, Federa... by zerocrates on Sunday March 12, 2023 @10:08PM (#35129885)
Bank runs are a psychological phenomenon.

If you're looking at a bunch of companies you're invested in taking a 5, 10, whatever percent haircut on their deposits, it might be to your interest to take to the media and encourage everyone to panic, helping to create the very risk of contagion that you're talking about, to try to force the government's hand.

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Re:Joint Statement by the Department of the Treasury, Federa... by jacquesm on Sunday March 12, 2023 @10:45PM (#35130297)
No, this has the power to cause the fire to get much larger because the shout gets heard way outside the theater.
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Re:Joint Statement by the Department of the Treasury, Federa... by csomar on Sunday March 12, 2023 @11:48PM (#35130757)
They are using their media influence to "threaten" a bank run. Aka, if you don't bail us out, then we might as well take the whole system with us.
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