Thank you for the history of SVB. And, yes, this box checking is going to be the death of our system. "The rich already have insurance on their uninsured balances. It is called Congress. The rich know if they apply enough pressure from a foolish public, the rich always can get another bailout." The real divide in this country is not race…
Thank you for the history of SVB. And, yes, this box checking is going to be the death of our system.
"The rich already have insurance on their uninsured balances. It is called Congress. The rich know if they apply enough pressure from a foolish public, the rich always can get another bailout."
The real divide in this country is not race or sexuality or even politics. All those are distractions. The real divide is class.
So look at these two lines of thinking:
Everyone reading this Substack has to have health insurance because you *might* get sick and you *might* not be able to pay your bill. If you don't get insurance through Medicare or your work, and you aren't so poor you can get Medicaid, you have to find a high-priced, low benefit policy. Now they promise subsidies, but only up to a certain point. Two people with solid middle class incomes aren't going to qualify. So you end up paying, in my husband and my case, $917 a month for a plan with a combined $14k deductible. We're only in our late 40s. We have about 20 years until Medicare kicks in. A catastrophic plan would work better for us because we don't really use the medical system. We just need protection in case something really bad happens. But those plans are illegal because they don't foist sufficient responsibility on us. So we're way overpaying for what we need, but it's all because we might not be able to pay our bill and the hospital will "lose" money (translation, not make as much money) if they can't get us to cough up every bit of our savings, take a second out against our house, or put is into medical bankruptcy, all things that really only affect the behemoth hospital and the person involved.
Meanwhile . . . a bank, whose decisions affect every depositor, is allowed to only insure 3% of their deposits? And the people and businesses that don't get their money back are those that had more than 200,000 in accounts there? Wouldn't you love to have 200K sitting in a bank. (I understand payroll, but somehow I think that's a small part of what we're talking.) And if they get in trouble, the taxpayers bail them out. And no matter what they say, it always comes down to the taxpayers. That $25 billion doesn't automatically just appear out of nowhere. Someone has to underwrite it, either through inflation or taxation.
Thank you for the history of SVB. And, yes, this box checking is going to be the death of our system.
"The rich already have insurance on their uninsured balances. It is called Congress. The rich know if they apply enough pressure from a foolish public, the rich always can get another bailout."
The real divide in this country is not race or sexuality or even politics. All those are distractions. The real divide is class.
So look at these two lines of thinking:
Everyone reading this Substack has to have health insurance because you *might* get sick and you *might* not be able to pay your bill. If you don't get insurance through Medicare or your work, and you aren't so poor you can get Medicaid, you have to find a high-priced, low benefit policy. Now they promise subsidies, but only up to a certain point. Two people with solid middle class incomes aren't going to qualify. So you end up paying, in my husband and my case, $917 a month for a plan with a combined $14k deductible. We're only in our late 40s. We have about 20 years until Medicare kicks in. A catastrophic plan would work better for us because we don't really use the medical system. We just need protection in case something really bad happens. But those plans are illegal because they don't foist sufficient responsibility on us. So we're way overpaying for what we need, but it's all because we might not be able to pay our bill and the hospital will "lose" money (translation, not make as much money) if they can't get us to cough up every bit of our savings, take a second out against our house, or put is into medical bankruptcy, all things that really only affect the behemoth hospital and the person involved.
Meanwhile . . . a bank, whose decisions affect every depositor, is allowed to only insure 3% of their deposits? And the people and businesses that don't get their money back are those that had more than 200,000 in accounts there? Wouldn't you love to have 200K sitting in a bank. (I understand payroll, but somehow I think that's a small part of what we're talking.) And if they get in trouble, the taxpayers bail them out. And no matter what they say, it always comes down to the taxpayers. That $25 billion doesn't automatically just appear out of nowhere. Someone has to underwrite it, either through inflation or taxation.