by Brian Maher
Daily Reckoning
“Give a man a gun and he will rob a bank,” claimed fictional television character Tyrell Wellick, adding pithily:
“Give a man a bank and he will rob everyone.”
The bank — the banking system — will shortly be robbing everyone. This it will do to make whole the moneyed depositors of Silicon Valley Bank, presently in receivership.
The regulatory authorities insist the robbing is not a “bailout.” That is because the taxpayer is not being tapped directly on the shoulder. And it is true, he is not.