I think the Biden administration was going to be criticized no matter what they did on this one. Had they supported deposits, they're soft soyboys who are only there for their woke leftist donors. Had they let the deposits burn, they're anti-innovation bureaucrats who are willing to spend billions in pork barrel for the CHIPS act but have no understanding of the vitality of small entrepreneurs. Had they supported investors, they're oligarchist cronies hell bent on preserving the moneyed class against the proletariat. Had they let investors burn, they're anticapitalist bureaucrats who do not properly support the market.

Bernanke was 100% at "anything but the Great Depression" in 2008. This was due to the fact that he wrote his doctoral thesis on the Great Depression. As a result, we got helicopter money for rich people at any cost for any reason. Now I don't know, but I suspect, that at least a few people over the weekend said words to the effect of "What if - and work with me here - what if Occupy Wall Street and The Tea Party... but in a post-BLM, post-Jan6 environment where we're in a proxy war with Russia" and after everyone plucked their silk boxers out of their colons they all set about to the diligent task of threading the needle.

Here's the thing that the money is just starting to realize:

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

Bitcoin is up stupid right now, like 20% in 3 days. Circle? I mean... there are three banks that didn't do as well as a stablecoin.

And the stablecoin that everyone's been predicting the demise of? Tether is un-fucking-shaken.

I think we're maybe six weeks before "DeFi" starts getting talked about as "shadow finance" because there will be enough big players who are flat-footed enough to recognize an actual innovative threat to really get the Wurlitzer going.