The “small nonprofit school” saved in the SVB bailout charges more than Harvard
I’m kickstarting the audiobook for my next novel, a post-cyberpunk anti-finance finance thriller about Silicon Valley scams called Red Team Blues. Amazon’s Audible refuses to carry my audiobooks because they’re DRM free, but crowdfunding makes them possible
There are no libertarians in a bank run. No sooner had venture capitalists whipped each other into a terrified Twitter frenzy at the imminent collapse of Silicon Valley Bank — a collapse caused by that selfsame frenzy — than the Ayn Rand-poisoned elite of Sand Hill Road started begging for Uncle Sucker to open the sluicegates:
Now, on the one hand, it’s easy to dismiss these guys as very, very, very stupid. After all, they played a game of prisoner’s dilemma in which they were allowed to talk to each other as much as they wanted — and they still sold each other out:
But they still have the commonsense to realize that an America where $10k in student debt cancellation, school lunches for hungry children, and library budgets are out of reach, handing billions to a bank rescue a balance sheet overwhelmingly made up the investments of “high net worth” investors wouldn’t be popular.
After all, these guys have been crying about incipient guillotinism for years:
Sure, they don’t compare small rises in the top marginal tax-rate to Kristallnacht anymore:
But they are locked and loaded for The Event, feathering elaborate subterranean, antipodean nests in the most luxurious bunkers New Zealand has to offer, against the day that the poors come to eat them: