The $250k FDIC limit doesn't really exist; that's just a nice story we tell ourselves to make the world seem fairer and neater than it is - in practice, US deposits are effectively guaranteed without limit. Sorry, kids; there is a Santa Claus (and it's you).

If you're wringing your hands about moral hazard, where have you been for the last 50 years or so?

There were all kinds of good reasons to deal swiftly with SVB, but one side benefit for the authorities of sweeping it swiftly out of the headlines is deflecting awkward questions about how regulators allowed a top 20 US bank to operate such a gonzo business model.

For all the handwringing about the precedent / incentives etc occasioned by BTFP, let's bear in mind that regulatory forbearance has *always* been a key crisis-fighting tool. Precedents are bad, incentives are perverse - we live in a fallen world, and we have to be OK with that.

Usually remain blissfully unaware of who this website's main characters are, but in a moment of weakness, decided to Google who tf is this twerp, and now I want to know what this is a euphemism for: 'Calacanis also added that he has "played ping pong with Ghislaine Maxwell once"'

I'm as anti-moral hazard as the next cat on the internet, but you have to take the world as it is in this business, not as you'd like it to be. Otherwise, you end up writing green ink client letters about how your underperformance is all the Fed's fault.

Judging by today's fixed income price action , BTFP stands for Buy The F...ing Pivot.

It's shocking to me that people who sling around billions of dollars seemingly have no idea what a bank does. They're only at the nexus of the entire financial system, guys, no biggie.

It's a nice theory because it plays into our prejudices about this website's absolute worst characters, but no, I don't believe VC podcast thought leaders posting in all caps could or would move the needle on any bank runs.

The economics of Substack completely baffle me. I'm not going to pay $100 a year to read your blog - I could get a decent newspaper subscription for the same price (or less!).