. To prevent economic damage, the Biden administration and regulators guaranteed all deposits at the two banks, even those exceeding the $250,000 Federal Deposit Insurance Corporation deposit insurance limit.
If you don’t do this, there’s going to be a run on your smaller banks … Everyone’s going to take their money out and run to the JPMorgan’s and these too-big-to-fail banks, and they’re going to get bigger and everybody else is going to get smaller and weaker, and it’s going really be bad for our system.
He suggested that the government could guarantee “every single deposit in this country and every bank” for six to 12 months until the “interest rate situation [is] resolved and these banks get back on solid footing,” the news outlet conveyed. However, the publication noted that the congressman later changed his position, and a spokesperson for him stated that the guarantee could be in place for “perhaps 30 to 60 days.
Here’s what needs to happen at this point: the government needs to make explicit what a lot of people are assuming, which is that for the foreseeable future, uninsured deposits don’t exist. Everything is insured.
A few lessons we can all learn from the BankingCrisis and the situation with Credit Suisse, UBS, First Republic Bank, etc.: Stay safe out there, folks!
Print money for everyone lol
To little to late!! banksaretrashfiatisTrash Bitcoin is the Future
They can get some money from SBF_FTX and bail depositors out. Oh wait, it worked the other way around last time.
I’m betting on the bitcoin guarantee of 21 million.
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Brilliant, but using ChiefraFba for signals and analysis
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