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6min chapter
#398 w/Allison Schrager - "The Horrible, No Good Economy: A Primer”
The Fifth Column
Is the Fed's Policy the Wrong One?
Silicon Valley Bank's CEO was on the board of the San Francisco Fed, which is pretty interesting. Silicon Valley Bank went to Goldman Sachs for the bailout. So when Silicon Valley Bank creates all of this chaos by dumping all of these underwater bonds, who buys them? Goldman Sachs. And they made $100 million in fees on it. What incentive do they have to bail these people out and help them out and keep this bank solvent? None. Because, hey, maybe we're just going to buy, is that a conspiracy that's real? Probably not. But it does look a bit dodgy. That's how this stuff works. I think this is ultimately a victory for the populace
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