Discover and read the best of Twitter Threads about #adamlevitin
Most recents (4)
For apologists, #SVB's #bailout was mere prudence: innocent bystanders stood in harm's way - rank-and-file startup employees, elite private school scholarship kids -so regulators improvised measures to make everyone whole without costing the public a dime. What's not to like?
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/04/15/soc…
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pluralistic.net/2023/04/15/soc…
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But that account doesn't hold up to even the most cursory scrutiny. Everything about it is untrue. Take the idea that this wasn't a "bailout" because it was the depositors who got rescued, not the shareholders.
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For many #ConstitutionalLaw scholars, last years' #Dobbs decision on #AbortionRights at the #SupremeCourt came as a dismaying shock, because it showed conclusively that #conlaw wasn't a realm of ideologically consistent intellectual foment, but rather, a matter of *politics*. 1/
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/03/25/con… 2/
pluralistic.net/2023/03/25/con… 2/
Writing for @CreditSlips, the #FinanceLaw scholar #AdamLevitin admits to feeling a bit of schadenfreude in that moment. The "blue collar" law scholars in "grubby" banking and money fields have always treated the conlaw set as "slightly clueless toffs":
creditslips.org/creditslips/20… 3/
creditslips.org/creditslips/20… 3/
There are no #libertarians in a bank run. No sooner had VCs whipped each other into a terrified Twitter frenzy at the collapse of #SVB - a collapse caused by that frenzy - than the #AynRand-poisoned elites started begging for Uncle Sucker for handouts:
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/03/23/sma… 2/
pluralistic.net/2023/03/23/sma… 2/
Now, on the one hand, it's easy to dismiss these guys as very, very, very stupid. After all, they played a game of #PrisonersDilemma in which they were allowed to talk to each other as much as they wanted - and they still sold each other out:
newsletter.mollywhite.net/p/the-venture-… 3/
newsletter.mollywhite.net/p/the-venture-… 3/
Supposedly, the #SiliconValleyBank #bailout wasn't a bailout: in a bailout, the *investors* get public money; but with #SVB, it was the depositors. But, of course, SVB's owners were also depositors in their bank. All in all, SVB's owners are entitled to $2B in public money. 1/
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/03/18/2-b… 2/
pluralistic.net/2023/03/18/2-b… 2/
When #Biden said, "investors in the banks will not be protected. They knowingly took a risk and when the risk didn’t pay off, investors lose their money. That’s how capitalism works," he was ignoring the fact that this isn't how *the law* works. 3/
