Paul Krugman

@paulkrugman ↗

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Last Checked April 3, 2023

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Sun Mar 12 13:38:28 +0000 2023

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Paul Krugman @paulkrugman

And of course SVB lobbied successfully for a weakening of regulations that might have prevented the blowup — as Lael Brainard warned in real time 6/ https://t.co/SWGbYcPI12 — PolitiTweet.org

Posted March 12, 2023

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Paul Krugman @paulkrugman

In a deep sense — though not a legal sense — what SVB actually did was a kind of affinity fraud a la Madoff. It managed to convince the VC/startup/crypto etc world that it was one of them, part of their community, and hence trustworthy 5/ — PolitiTweet.org

Posted March 12, 2023

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Paul Krugman @paulkrugman

The good news is that the FDIC has seized the bank, so the stockholders have been cleaned out. Unfortunately, there seems likely to be enough systemic spillover that the Feds will probably have to backstop some although maybe not all the uninsured deposits 7/ — PolitiTweet.org

Posted March 12, 2023