allen on Nostr: you guys realise that SVB was/is literally punting around in liquid securities ...

you guys realise that SVB was/is literally punting around in liquid securities markets, right? this is the insanity that fiat brings to “banking” - commercial banks have to fail because raising the everything price hits their book of mortgage backed securities (I can’t even believe I’m typing this it’s so stupid) because there isn’t enough of a yield in making *actual loans* and the maturity mismatch is too scary anyway. SVB is FTX, just with mildly less stupid and fraudulent shitcoins - but stupid and fraudulent shitcoins nonetheless. so is every other “bank”.

fuck me sideways. it causes me acute emotional distress that people think this is normal and don’t see any problem with it. we live in such a clown world 🤦‍♀️