> The official also said the steps didn’t constitute a bailout, as equity and bondholders of SVB and Signature would be wiped out.
Tell me you didn't read the article without telling me you didn't read the article.
Tell me you didn't read the article without telling me you didn't read the article.
"In a separate announcement, the Fed late Sunday announced an expansive emergency lending program that's intended to prevent a wave of bank runs that would threaten the stability of the banking system and the economy as a whole."
"The Treasury has set aside $25 billion to offset any losses incurred under the Fed’s emergency lending facility."
If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.
Maybe so. But I think we should be honest about what this is: a bailout of the banking industry.