I bet the democrat law makers cleaned up
The Fed is playing a dangerous game.
They get one bank, JP Morgan Chase in this instance, to ‘buy’ the failed bank(s) that pop up.
That does not ‘fix’ the problem, it merely take sit off the front pages and TV screens of America, and John Q. Public thinks ‘All is well!’.
But it’s not.
They have simply taken a poison pill and put it into a healthy bank.
The bad loans that the failed bank made are still there, the depositors’ and investors money is still gone, and the Government is still on the hook................
“The law is in conflict with the outcome action of the Fed/Treasury and ultimately the FDIC, ergo the law is nulled by the ignoring of it.”
***********
We have crossed the Rubicon.
Where’s Warren?
“FUBAR… All of it. Everything Biden touches turns to shit.”
You noticed? Stunning but true! You’d really have to work hard to be wrong 100% of the time. Even the 3 Stooges got a few things right occasionally... And the stakes were much lower for them.
The ultimate back-stop is Fed.gov budget, which is the sinkhole for all leftist social-engineering and central planning schemes. Its the backstop of the backstop.
Right now, Fed.gov are at $1.4 trillion deficit for 2023, and rising next year.
The question then is - how long can $1.5 - $2 trillion deficits be sustained?