Matthew Yglesias

Matthew Yglesias @mattyglesias

I’ve read a lot of good explanations of the mechanics of SVB’s collapse but I’m wanting an explanation of the mechanics of its *rise* — why did such a large share of the VC industry use a single bank? Why did they encourage portfolio companies to use the same bank? — PolitiTweet.org

Matthew Yglesias @mattyglesias

@harryh @MattBruenig @MattZeitlin You could put the numbers into a computer — PolitiTweet.org

Matthew Yglesias @mattyglesias

@MattBruenig @MattZeitlin This but for tax brackets — PolitiTweet.org

Matthew Yglesias @mattyglesias

Long-term trajectory of crime politics — in 1876, a dude got a one year prison sentence for shooting two children and it was described in the paper as “WELL DESERVED PUNISHMENT.” https://t.co/J6IhRQFurL — PolitiTweet.org

Matthew Yglesias @mattyglesias

@franklinleonard There’s actually a newish policy about resolutions of minority owned depository institutions… https://t.co/HAslHt4QvY — PolitiTweet.org

Matthew Yglesias @mattyglesias

@balajis That is not a good authority. — PolitiTweet.org

Matthew Yglesias @mattyglesias

A very good follow if you want to understand bank regulation 👇 — PolitiTweet.org

Matthew Yglesias @mattyglesias

There needs to be a willing buyer! — PolitiTweet.org

Matthew Yglesias @mattyglesias

We could have been eating matzo ball pho — PolitiTweet.org

Matthew Yglesias @mattyglesias

A lot of prominent Substackers have unhedged culture war risk and are facing insolvency if we have a prolonged span when public debate is dominated by bank regulations and fiscal policy controversy. But Slow Boring is built different. https://t.co/L7tFxvpD9T — PolitiTweet.org

Matthew Yglesias @mattyglesias

@SRuhle @BillAckman Is that any of that legal? The FDIC has limited statutory authorities…. — PolitiTweet.org

Matthew Yglesias @mattyglesias

Biden’s war on bank solvency continues — won’t somebody think of the depositors with over $250,000 in cash? — PolitiTweet.org

Matthew Yglesias @mattyglesias

@MattZeitlin The situation is a big stack of reaping/sowing memes. — PolitiTweet.org

Matthew Yglesias @mattyglesias

[whispers] Remember those bad bailouts from 200& everyone hated and swore we should never do again? Rescuing the creditors and not the shareholders is what that was. — PolitiTweet.org

Matthew Yglesias @mattyglesias

The money's not here. Your money's in long-dated agency debt that exposed me to unhedged interest rate risk. Now, we can get through this thing all right. We've got to stick together, though. We've got to have faith in each other. — PolitiTweet.org

Matthew Yglesias @mattyglesias

@jneeley78 I’m just here in Kerrville trying to get a sweetheart deal for Happy State Bank because I like the name. — PolitiTweet.org

Matthew Yglesias @mattyglesias

Michael Barr, the Fed’s vice chair for supervision, spoke last fall both about large regional banks and about his vision of bank merger oversight policy. https://t.co/Yqu2KQGN2P https://t.co/IpZ1GCeNhv — PolitiTweet.org

Matthew Yglesias @mattyglesias

I do not see any indication in those remarks that he would object to a GSIB or other large bank buying SVB if there is a willing buyer. Again, rumors are flying because nobody knows if there is such a buyer. But that’s the public record. — PolitiTweet.org

Matthew Yglesias @mattyglesias

I would again call everyone’s attention to the fact that the Chair of the FDIC (unlike you) has actually thought about the “what do we do if a large regional bank with many uninsured deposits fails?” prior to this weekend and spoke about it in public. https://t.co/vtXhLNuDaH — PolitiTweet.org

Matthew Yglesias @mattyglesias

There are a lot of diligent journalists who cover the banking industry and the regulators, I would wait for them to report something before you decide you know what the regulators are thinking. I also hear a lot of rumors about a lot of stuff. — PolitiTweet.org

Matthew Yglesias @mattyglesias

An awful lot of takes flying around based on some crypto exec saying he’s “hearing rumors” of an FDIC objection to a merger … I dunno — PolitiTweet.org

Matthew Yglesias @mattyglesias

@awprokop But a sound project should be able to find another lender; David Sacks’ pals might just literally lose the money out of their bank accounts. — PolitiTweet.org

Matthew Yglesias @mattyglesias

I think @elonmusk should run a quick Twitter poll of members of congress tonight to see whether they’d support making deposit insurance uncapped and raising FDIC fees to make it work. — PolitiTweet.org

Matthew Yglesias @mattyglesias

@IrvingSwisher Just hand-wave and say the lags are “variable”? — PolitiTweet.org

Matthew Yglesias @mattyglesias

@lcmichaelides Thank you for the insights. Curious as to why you went with SVB specifically? Presumably not local to you in Ohio or a prior relationship — did investors specifically recommend this institution? — PolitiTweet.org

Matthew Yglesias @mattyglesias

Very torn between these takes, which are not logically contradictory but do pull emotions in opposite directions. https://t.co/JcErjsKRxv — PolitiTweet.org

Matthew Yglesias @mattyglesias

@theconveyorcast Yes — PolitiTweet.org

Matthew Yglesias @mattyglesias

The genius of America is that everyplace is exactly the same and even a town as small as Kerrville has a little downtown with a hip coffee shop, wine bar, yoga studio, and people who think Bill Clinton was obviously far too right-wing. — PolitiTweet.org

Matthew Yglesias @mattyglesias

Picked up some buttons at the antique store. You may not like it but this is what peak electoral performance looks like. https://t.co/m9pvL7fF8b — PolitiTweet.org

Matthew Yglesias @mattyglesias

I also have to say I don’t think bank concentration concerns are at all compelling here as an interest, but I’ve always been a cheerleader for more concentration in the banking industry. Big banks are better! — PolitiTweet.org