US weighs new fund to backstop deposits if more banks fail, Bloomberg News says

Reuters ^ | 3/11/23 | jason reed

[House Atreides]

“ An ounce of prevention is worth a pound of cure.

Or did your parents never teach you that?”
********************************************

They did. Which is why I keep fire extinguishers around in case of emergency. I also have fire insurance in case of actual destruction by fire. I don’t forgo that insurance under the theory that OTHER PEOPLE’S MONEY will make me whole.

I guess you’re in the USE OTHER PEOPLE’S MONEY CAMP.

[Chode]

[DannyTN]

Government has a responsibility here.

• The entire banking structure is a government construct.
• The reason those two banks failed was largely a result of Federal Reserve policy in raising rates so much so fast.
• And they need to contain the bank runs before they get worse.
• And they can do that without raising funds from anyone else.

Alternatively they can do nothing, and because they are on the hook because of FDIC insurance, they will be taking over bank after bank and paying out insurance on deposits. Now your spending other people's money due to inaction.

Not to mention the people that will be thrown out of work and who will need help because various companies couldn't make payroll when their banks failed. MORE other people's money.

Besides, we don't need bank runs. We need to be focused on sending weapons to Ukraine to blast those poor Russian soldiers that are loyal to Putin and committing atrocities in his name.

[PghBaldy]

We have been on borrowed time since around 2000 A.D. They have blown bubble after bubble to prevent disaster, all but ensuring that the next major disaster will be epic. Not 2008-2009 but more like 1929-1933.

[mware]

Because my old car (2008) was on its last legs. Living in a rural area needed car. I’m 70 years old. If I lease a car for 39 month will have spent 16K. Then depending on health and other issues have option to buy out the lease. Fit my situation in life.

[C210N]

all but ensuring that the next major disaster will be epic. Not 2008-2009 but more like 1929-1933.

I'd go one order of magnitude greater.

In both 2008 and 1929, the crisis was with the fiat "dollar". They were "fixed" by machinations with the "dollar".

We are facing something unprecedented - the fall of the fiat "dollar", and the wipeout of the accumulated national "debt" by means of a switch to a new currency.

To wit, the imminent rollout of a FED-driven CBDC. It will be fiat as well, and *quickly* fail, which will usher in a PM-backed currency to save the day - NESARA.

[fatboy]

We all need transportation I get that. I just don’t understand why someone in 2023 would sign up for all that debt and financial responsibility given the current state of the economy which even before this current bank failure was in the toilet.

May I ask, so you have the equivalent of a $410.00/month car payment ($16,000.00 divided by 39 months) what would be the buy-out amount? What is the MSRP on the car when you took possession of it?

This is of course none of my business and not my problem but in the past I have studied in detail the idea of leasing a car and/or buying new and financing most of it and have not been able to find a lease that makes sense. Maybe there are leases available these days that do make sense?

[mware]

It’s market value at time of possession was 25k. Payments of 390 per month. Retired teacher with decent pension plus ss. Began saving for retirement early and have put away nice sum. Figure at 70 don’t want to have payments going past 3 years. At 73 if I am still kicking will buy out the lease. Should be able to afford from TSA.