Financial Times/Harriet Agnew, Laurence Fletcher and Patrick Jenkins/3-14-2023
“Griffin told the Financial Times that the US government should not have intervened to protect all SVB depositors following the collapse of the Santa Clara-based bank on Friday.”
USAGOLD note: For well-known reasons, creative destruction, and fear of losses, are essential to the market process. Banks are in the unique position of capitalizing on their profits and socializing their losses. Bad things happen when Humpty has nothing to worry about.
