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Matthew Yglesias @mattyglesias
Too many wins for All Quiet on the Western Front. Where is Biden? I don’t think DC elites understand that the figure of America’s greatest hub of growth and innovation is on the line here. — PolitiTweet.org
Matthew Yglesias @mattyglesias
When interest rates were low, billionaires borrowed against their unrealized capital gains to avoid taxes. You might not like that trend, but it wasn't rising poverty. https://t.co/ONY2z0iEUh — PolitiTweet.org
Matthew Yglesias @mattyglesias
A rich person on any given day has way more credit card debt than a poor person. Because he's rich, he pays it off at the end of every month. But because he always pays it off, the banks want to lend him tons of money. — PolitiTweet.org
Matthew Yglesias @mattyglesias
I have a lot of problems with this thread, but this tweet in particular is driving me crazy — is growing access to credit a *counterpoint* to falling poverty or an example of it? People don't like to lend money to the desperately poor. — PolitiTweet.org
Matthew Desmond @just_shelter
Non-mortgage debt is up 200% since 1989 but anchored poverty is supposedly down 50%. 🤔 https://t.co/kgVm8wTeAe
Matthew Yglesias @mattyglesias
These arguments don't seem that compelling. https://t.co/LJ4T3HhRBm — PolitiTweet.org
Matthew Yglesias @mattyglesias
After you've shown people Avatar 2, you can't put out that Little Mermaid CGI. — PolitiTweet.org
Matthew Yglesias @mattyglesias
@Neil_Irwin That does seem to be how they are thinking about it, though I wonder if anyone considered the opposite — let some banks fail and compensate by reversing course on interest rates. — PolitiTweet.org
Matthew Yglesias @mattyglesias
In 2008 conditions, you'd see the stock market rally in response to a rescue action and say "that's good, this is working." But in the 2023 inflation-fighting mood do we want this reaction, or are lower stock prices disinflationary? https://t.co/7mwNjxO3Ck — PolitiTweet.org
Catherine Rampell @crampell
S&P futures up after regulators announced plan to backstop all the depositors in failed Silicon Valley Bank/Signatu… https://t.co/ruf2n…
Matthew Yglesias @mattyglesias
It's problematic that the Fed doesn't have an explicit theory of how raising interest rates slows demands to fight inflation. By causing some banks to fail in a way that costs people their jobs? Apparently not like that! Exclusively through construction layoffs? Why? — PolitiTweet.org
Matthew Yglesias @mattyglesias
I saw this movie right when it came out and thought "that was pretty cool." I think that if I'd seen it under current levels of hype and acclaim I'd have found it annoying. Ideally you wouldn't be such a slave to expectations but such is life. — PolitiTweet.org
Matthew Yglesias @mattyglesias
Everything Everywhere All At Once at the Oscars https://t.co/seICN459pI — PolitiTweet.org
Matthew Yglesias @mattyglesias
If this deposit guarantee and especially the ability to post long-dated bonds as collateral at par had existed a week ago, SVB never would have gone under and their managers & shareholders would have been bailed out. Instead, First Republic etc reaps the benefits. — PolitiTweet.org
Matthew Yglesias @mattyglesias
The inscrutable metaphysics of bailouts are that while the shareholders & managers of SVB get wiped out and the SVB depositors get made whole, there's an enormous shadow benefit to the shareholders and managers of *other* banks. — PolitiTweet.org
Matthew Yglesias @mattyglesias
If you combine the 30th through 50th largest banks in the country you get an entity with $1.4 trillion in assets that credibly competes with the Big Four. Apply the same principle and you could have a dozen or more giant banks and robust competition. — PolitiTweet.org
Matthew Yglesias @mattyglesias
If you combine the 30th through 50th largest banks in the country you get an entity with $1.4 billion in assets that credibly competes with the Big Four. Apply the same principle and you could have a dozen or more giant banks and robust competition. — PolitiTweet.org
Matthew Yglesias @mattyglesias
This is I think genuinely unpopular opinion but the government should encourage mergers of large regional banks so as to create a few more true giants. Then let a thousand truly small banks bloom with a lighter regulatory touch. — PolitiTweet.org
Matthew Yglesias @mattyglesias
@tomgara The SVB shareholders have already been wiped out, but it implicitly bolsters the share price of a bunch of other banks. — PolitiTweet.org
Matthew Yglesias @mattyglesias
Exchange Stabilization Fund is the “there’s always money in the banana stand” of the American government. — PolitiTweet.org
Matthew Yglesias @mattyglesias
@MattZeitlin The collateral valued at par is the real bailout! — PolitiTweet.org
Matthew Yglesias @mattyglesias
https://t.co/ReXwepsDzz — PolitiTweet.org
Matthew Yglesias @mattyglesias
@JStein_WaPo ¯\_(ツ)_/¯ — PolitiTweet.org
Matthew Yglesias @mattyglesias
A bailout of the Medicare Trust Fund! — PolitiTweet.org
President Biden @POTUS
We’ll increase the amount the wealthiest Americans pay into Medicare by just 1.2%. And all that revenue will stren… https://t.co/b6CPWhXVdD
Matthew Yglesias @mattyglesias
@MattZeitlin Back in the 20th century this country had a robust consent-manufacturing industry. https://t.co/0GNj620wFS — PolitiTweet.org
Matthew Yglesias @mattyglesias
This will attract less attention than the guarantee to SVB depositors but arguably a bigger deal for those of us who don't have an account there. — PolitiTweet.org
Neil Irwin @Neil_Irwin
Notable that the new Bank Term Funding Facility allows banks to pledge collateral at par. Meaning holdings of long-… https://t.co/WnSF3cUqYq
Matthew Yglesias @mattyglesias
I see the claim is that no taxpayer funds will be used because "any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law." That's pretty semantic, but they probably won't have to spend it... — PolitiTweet.org
Matthew Yglesias @mattyglesias
Just in time a joint Fed/Treasury/FDIC statement promising no haircut and also no use of taxpayer funds. How does that work? Read someone else … I don’t know the answer https://t.co/35b3bfHme9 — PolitiTweet.org
Matthew Yglesias @mattyglesias
It would be pretty ironic if the entire large regional bank category ends up wiped out due to its own greedy refusal to accept regulation — 10,000 spoons when all you need is a knife. Hopefully we can avoid! But it’s hard, that’s why they shouldn’t have brought us here. — PolitiTweet.org
Matthew Yglesias @mattyglesias
That’s not an outcome I celebrate or welcome because (a) it is sad for people to lose their bank deposits and (b) there could be contagion and runs. But I do think it’s important to be clear about the policy choices that brought us here and to have less special pleading. — PolitiTweet.org
Matthew Yglesias @mattyglesias
Hopefully someone from the short list of potential buyers will step up. But if they don’t we’re in a pickle where legally at least the thing that’s supposed to happen is large depositors lose some of their money. — PolitiTweet.org
Matthew Yglesias @mattyglesias
“Well if SVB is too big to easily sell shouldn’t it have been held to a much tougher regulatory standard?” Yes! But they lobbied, extensively and aggressively and successfully, to be treated like a small bank rather than a big one. — PolitiTweet.org
