The very public failure of SVB (Silicon Valley Bank) is raising concerns of a renewed wave of bank failures that threatens Western economies. The subtext is residual fear that the earlier (mid-2000’s) bank crisis was never adequately addressed. The very bankers who sank the banking system back then were handed trillions in public largesse to cover their losses, but the system of Wall Street provision of credit to fuel capitalism was never reconsidered. As then Treasury Secretary Timothy Geithner put it, ‘the US doesn’t do nationalization (of banks).’ More
The post This is Fascism, SVB Bailout Edition appeared first on CounterPunch.org.
This content originally appeared on CounterPunch.org and was authored by Rob Urie.
Rob Urie | Radio Free (2023-03-17T06:02:32+00:00) This is Fascism, SVB Bailout Edition. Retrieved from https://www.radiofree.org/2023/03/17/this-is-fascism-svb-bailout-edition/
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