Spencer Cox

@SpencerJCox ↗

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Last Checked March 23, 2023

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Sun Mar 12 14:44:07 +0000 2023

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Spencer Cox @SpencerJCox

Putting your money in a checking/savings account in one of the largest banks in America with a 40-year history is not tech companies playing fast and loose. Furthermore, there are tremendous assets held by the bank—maybe enough to cover 100% of depositors—it will just take time. — PolitiTweet.org

Posted March 12, 2023

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Spencer Cox @SpencerJCox

Feels like many misunderstand the difference between bond holders/stockholders/executives and depositors. No one is arguing to bail out the bank. Equity holders should lose everything. But depositors (who did nothing speculative) can’t access their $ to make payroll this week. 1/ — PolitiTweet.org

people are getting very confused about this whole Silicon Valley Bank / FDIC issue, so here's a thread: -Majority… https://t.co/fDF0rfim9w

Posted March 12, 2023

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Spencer Cox @SpencerJCox

But time is a problem here. If you can’t meet payroll on Thursday, then companies might have to close their doors or face mass layoffs. The ripple effect of 100’s of thousands losing their jobs over timing is terrible for our citizens. And that would be true in any industry! — PolitiTweet.org

Posted March 12, 2023