Anonymous #1 5w

I’ve heard this before…

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Anonymous #1 5w

“Have you tried pulling yourself up by your bootstraps?” - guy whose company was given $10B of taxpayer money because they lost it on 20x leveraged orange juice futures

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Anonymous OP 5w

i mean it is a mocking statement, even if unintentional, as pulling yourself up by your bootstraps would mean levitating

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Anonymous #3 5w

Saving the depositors from what? A bank that was supposed to keep their money secure, speculated with it, and lost more than they could afford to? In the end, the banks themselves are off the hook for the most part (obviously the shares tend to tank because who would trust these companies with their investment), and the taxpayers (same people who are the depositors) foot the bill in one way or another. There’s literally no individual on earth who would have that privilege

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Anonymous OP 5w

Usually the money comes from the FDIC, which isn’t taxpayer money but premiums that the FDIC collects from its members (the banks). The bank management is sometimes off the hook, but it depends. In the 2023 “bailouts”, management was removed and any stock they held was worthless. In 2008 though, taxpayer money was used too, some management stayed (and basically all of them stayed out of jail!), but executive compensation was limited

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Anonymous #4 5w

the best part is that the phrase was completely intended to be ironic

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Anonymous #3 5w

Sure, the money usually comes from the FDIC for small-medium sized bailouts. But the 2023 bailouts were a drop in the bucket compared to 2008 and the Savings & loan crisis of the 80s/early 90s. I’d wager that more taxpayer money has been spent on bank bailouts than FDIC funds in total. But this is kind of my point right? No one would ever suggest spending $700B of taxpayer money on student loan bailouts and expect anyone to think it was a useful idea. But for banks we say “oh well we had to”

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Anonymous OP 5w

Ahhhhh yeah I do see what you mean now. Good point

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Anonymous #3 5w

And I’m not necessarily trying to say you’re wrong either that sometimes they’re necessary. But for some reason people don’t look at the banks and say “you guys lost like $1T of our money that was grossly incompetent” meanwhile someone who worked their way through college and still has $50k in debt is “irresponsible” or “maybe they should’ve picked major that made more money or gone to trade school”

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Anonymous OP 5w

Nah we absolutely should have. I often think about the fact we only sent 1 person to jail for that. They should have had heavy oversight, jail time, and much more serious reform after 2008

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