“If Silicon Valley were a normal place, this past weekend might be remembered as the moment its libertarian instincts gave way to a profound appreciation for the healing power of government.” It didn’t take long, did it?
The words in quotes are those of Washington Post contributor Adam Lashinsky. He believes against all reason that Silicon Valley Bank’s (SVB) troubles have somehow revealed the genius and necessity of government. Not really. Actually not at all. If we’re being realistic, those in the banking industry must most disdain the combined actions of the Fed, Treasury and FDIC to backstop SVB. Think about it.
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