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In the case of SVB, rich depositors could not bother themselves with taking steps to ensure that their money was parked in a safe place. This is in spite of the fact that almost all of them pay people to help them manage their money. By contrast, in the case of student loan debt, many 18-year-olds may have misjudged their future labor market prospects. This sort of error would not be surprising given the economic turmoil we have seen since the collapse of the housing bubble and the Great Recession. More
The post Making the Rich Richer: the Silicon Valley Bank Bailout appeared first on CounterPunch.org.
This content originally appeared on CounterPunch.org and was authored by Dean Baker.