Get Woke, Go Broke

I believe DeSantis and other Republicans are actually pushing socialism saying banks can only consider financial interests. It's ironic. If he wants banks to operate freely, he'd leave them alone.

From what I've seen banks should have plenty of oversight since they're such a critical lynchpin of stability. But I don't pretend it's capitalism in the sense of a free market. They don't need to be held entirely by the State, but nor should they be completely free of it either.

A business has to be able to fail.

So there are two issues in play in regards to Socialism.

One is the obvious bailing out of banks (the haves by the have-nots).

The other is the one this thread represents.

Both are Socialism.

It's a disease and both will take care of themselves and be eliminated.


The exception is if we decide to be like Venezuala, Cuba, China, North Korea, etc.

Then Socialism will be good.

I believe the rise of Walmart forced out smaller mom & pop local American business, and Walmart also imported more Chinese made goods in the process. I don't know if they've cut back, but I believe they had a lot of success selling cheaper non-American products.

I believe Walmart operated fairly freely to achieve that. Good or bad? When should government act, if at all.

Quote: rxwine

I believe the rise of Walmart forced out smaller mom & pop local American business, and Walmart also imported more Chinese made goods in the process. I don't know if they've cut back, but I believe they had a lot of success selling cheaper non-American products.

I believe Walmart operated fairly freely to achieve that. Good or bad? When should government act, if at all.

The free markets will take care of themselves as long as they're not interfered with.


So in the case of Wal-Mart, they moved into small towns and drove mom and pop business out because they offered a better price.

Then they moved the prices up and made a killing.

That's when mom and pop business spring up again.


Eventually, people like me will support the smaller businesses, as long as they don't take advantage of us, like they were at first.

Quote: rxwine

I believe the rise of Walmart forced out smaller mom & pop local American business, and Walmart also imported more Chinese made goods in the process. I don't know if they've cut back, but I believe they had a lot of success selling cheaper non-American products.

I believe Walmart operated fairly freely to achieve that. Good or bad? When should government act, if at all.

They've enjoyed the most success as a result of making people believe they have the cheapest products.

What Walmart really does is you can put together a list of some dozens of specific items, go into Walmart and get all of those items for generally a lower total price than you could acquire all of those items at any ONE other place; of course, most places won't even have all of those items in one place, depending on what you want.

In terms of actual total cost, however, unless you're in some relatively rural or semi-rural area and only really have access to a Walmart (within reasonable driving distance) and maybe a few other small stores or specialty stores, then really, a consumer is better off to shop around and go to different stores and get some number of items from each of those stores. If the consumer did that and got the cheapest item available to them (based on all of the stores they have access to) what the consumer would find is they would end up buying very few things from Walmart.

One example in the Midwest region is Rural King. I honestly would not be at all surprised if fewer than 20% of Walmart's like items are actually cheaper than the item at Rural King. Rural King sold their branded T-Shirts for $3.99 as little as two years ago. I have a few.

Quote: rxwine

I believe the rise of Walmart forced out smaller mom & pop local American business, and Walmart also imported more Chinese made goods in the process. I don't know if they've cut back, but I believe they had a lot of success selling cheaper non-American products.

I believe Walmart operated fairly freely to achieve that. Good or bad? When should government act, if at all.

I don't understand why so many people want to buy Made in the USA? I want a free choice to buy the least expensive option that meets my needs. Don't give the the "quality" excuse. There are plenty of products made oversees that are better than what is made here.

Quote: rxwine

If you want banks to be controlled, that's socialism, even if it's to force them to operate efficiently.

Bank runs are occurring because folks are realizing Socialism has crept into banks.

So not only do we have to deal with record inflation, we have to watch a bank contribute to social issues we don't agree with.

That's just fundamentally wrong to take client deposit money, and donate or invest the funds, towards a political agenda the person doesn't agree with nor believe in.

It's tough enough to stay solvent in business if everything is perfect.


The chart below shows a recent run comparable to the 1982 recession.

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Deposits, All Commercial Banks (DPSACBQ158SBOG)

Feb 24, 2023

https://fred.stlouisfed.org/series/DPSACBQ158SBOG

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The high in Silicon Valley Bank (Nasdaq) was $763.22 on 11/1/2021 with 59.2M shares outstanding (current).

That would be about a $45.18B firm that went up in smoke.

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‘Get woke, go broke’: Silicon Valley Bank's top woman executive, LGBTQ+ activist gets targeted for lender's failure

Mar 14, 2023
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With over $209 billion in assets, the California-based lender was the 16th largest US bank. The bank became the largest to collapse since the 2008 financial crisis.

However, in a twist, the boss of Financial Risk Management at SVB’s UK branch, Jay Ersapah, has been accused of prioritizing pro-diversity initiatives over her actual role. While Ersapah acted as the CRO for Silicon Valley Bank in Europe, Africa, and the Middle East, she organized a range of LGBTQ+ initiatives, including a month-long Pride campaign and "safe space" catch-ups for staff.

In the past, she has also moderated the EMEA Pride townhall and served as a panellist at the bank's Global Pride townhall to share her experiences as a lesbian of colour. Her LinkedIn profile indicates that she has had a successful career, having worked for several high-profile names in the finance sector, including Citi, Barclays, and consultancy firm Deloitte.
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https://www.businesstoday.in/silicon-valley-bank/story/get-woke-go-broke-silicon-valley-banks-top-woman-executive-lgbtq-activist-gets-targeted-for-lenders-failure-373067-2023-03-12

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Sarcastic joke:



Serious moron:



The level of stupidity of the anti-woke will never cease to amaze.

Mental retardation amongst righties continues to spread.



Can’t blame it on the vaccine cause they aren’t vaccinated!