Posted on 03/17/2023 6:51:10 PM PDT by CFW
What in the world was she thinking? When a bailout was hastily arranged for uninsured depositors at Silicon Valley Bank and Signature Bank, the implication was that the same thing would be done for uninsured depositors at any other banks that failed. But now U.S. Treasury Secretary Janet Yellen is telling us that is not actually what will happen. She just admitted that depositors at a failed bank will only be protected if officials determine that a “failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences”. So that means that depositors at big banks are likely to be protected and that depositors at small banks are much less likely to be protected. In other words, Janet Yellen just poured lighter fluid on every small bank in America.
Why would anyone keep more than $250,000 in a small bank at this point when there is a very real risk of losing all of the uninsured money if the bank suddenly fails?
(Excerpt) Read more at discernreport.com ...
I looked at the FDIC sticker at my bank today. It wasn’t a new sticker. It said “deposits insured to AT LEAST $250,000.00”
I keep seeing the $250,000 number thrown around.
But how does Ford or GM manage their money? They have to make regular payrolls far in excess of $250,000.
That said, the idea that ‘important people’/businesses deserve more protections than us mere groundlings doesn’t sit well with me.
It's my understanding that in the event of a bank failure, the FDIC may take some indeterminate length of time to get things sorted, and your $250,000 is frozen till then.
As opposed to Yellen's statement on SVB:
'On Monday morning, customers were able to access all of the money in their deposit accounts so they could make payroll and pay the bills'
Would you leave your cash in a small bank where it may be frozen till the FDIC's "convenience"?
I would not be surprised if it becomes commonplace for major U.S. corporations to establish their own banks to support their financial operations.
Wouldn't that be for $1,000,000? You plus your three children?
That’s the plan. Get rid of small banks.
Team ByeDone signaling to the numerous CHINESE INVESTORS that they'd be getting all of their money back.
This writer has no clue the Demonic evil Yellen and her WEF minions and their aim of destroying small/community/regional banks while bolstering the LEFTARD GIANT BANKS.
Ultimate goal is ONE NATIONAL BANK and ONE DIGITAL CURRENCY and the SVB INTENTIONAL CRASH AND BURN is a genius move at triggering all of it.
Who's running the show, the same EVIL A.I. COMPUTERS owned by the WEF that STEAL ELECTIONS WORLDWIDE?
It's only 'fair" to keep the system solvent. You know, "Diversity, Equity, Inclusion"...
The question of deposit insurance must focus on business accounts. Many businesses and nonprofits must keep over $250,000 in accounts to meet payroll, pay suppliers, cover utilities, etc.
+1
FORD used to “own” Manufacturers Bank, now Comerica.
history fdic insurance including increases & fees
Economic acumen. It's rare to encounter that on FR, whose posters are mostly focused on politics.
If we had actual representation in DC, this would be on the top of every list.
How hard is this to understand?
Author is exactly correct. I work for a very large bank,top 10 and we’re taking in new clients at one of the fastest clips I’ve seen in my 16 years here.
We’re working 24x7 monitoring and keeping systems available, avoiding even the slightest glitch because the Fed is petrified even the slightest instability by any bank will be perceived as trouble.
We’ve even postponed every systems change that’s not infosec related until as fter April 15th.
It’s freaking insane.
It is hard to find civilized words for how I feel about all this. It is a blatant attempt to drive a stake through the heart of all that is good about America.
One would think they are actively trying to destroy this country.
The trouble with this is those 4 major banks will soon be going to digital currency at the request(demand) of the government. If you don’t behave we shut your money down. Truckers in Canada redux
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