The Federal Reserve has announced on Sunday yet another another massive bailout to cover in full the potential losses of rich depositors who held accounts at the failed #SiliconValleyBank. 1/
The @washingtonpost bluntly admits that the Fed has decided "to protect the assets of tech firms, venture capitalists, and other rich people in California." As always, this latest bailout of the rich is covered over with the lie that it won't cost the taxpayers a penny. 2/
In the days preceding the bailout, the Fed claimed that the failure of SVB was an isolated incident. But it now justifies the bailout by declaring that it is necessary to prevent systemic failure. 3/
The ultimate cost of the bailout will be another astronomical sum. The Post writes: "Fed officials declined to provide a specific figure for the size of that new loan program, but made clear it would be large enough to cover trillions of dollars in potential requests." 4/
The entire economic and political system of the US is a form of organized crime. The financial oligarchy is allowed to accumulate massive wealth through corrupt and illegal schemes, knowing in advance that their bought government officials will protect them against losses. 5/
The Socialist Equality Party fights for the expropriation of the wealth of the superrich and establishment public ownership and democratic control of the financial institutions. These are key elements of the socialist program that will be implemented by a workers' government. 6/6
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