Posted on 03/21/2023 4:52:23 AM PDT by Oldeconomybuyer
Y-you mean I DON’T have more than $250,000 in the bank? Say it ain’t so!
That isn’t a new problem and has already been solved. Multiple ways to handle that. DIF banks network, intrafi, ncu insurance etc. Risks are risks.
Soon she’ll say that if Government controlled all bank accounts it would work a lot better ,LOL
The problem is that the $250,000 limit doesn't help nearly as much when you're dealing with large accounts that serve transactional purposes. A more serious problem involves businesses that might be dealing with transactions far in excess of that $250,000 on a much more frequent basis. A business with as few as 50 employees, for example, probably needs at least $250,000 just to process a payroll run every two weeks.
This last example is what really motivated the U.S. Treasury and the Federal Reserve to "backstop" banks like SVB and Signature. Ford Motor Company, for example, has something like 88,000 employees in the U.S. How many bank accounts would they need just to process their payroll every two weeks? We worked this out on another thread and came up with something like 1,800-2,000 bank accounts. That would be preposterous.
Yellen another feeble minded parasite in the Biden tribe of fools and idiots.
How ironic that everyone’s worried about depositors who have millions of dollars in banks, when surveys indicate that 40% or more of adults don’t have enough cash to cover a $400 car repair bill.
Yellen babbles on about “systemic threats” but the underlying problems in America go so much deeper.
Most Americans shouldn't be worried about their own bank deposits.
They should be worried about their employers' bank deposits.
Ironic that a dyed-in-the-wool communist educated in Soviet Moscow, is so worried about the fat cats’ money. Let this be a lesson to you, young man, as Beaver’s father would say. If you have more than $250,000, don’t keep it all in one account or one bank. Duh.
IF OPRAH really had $560 MILLION in SVB-—
WHAT bank wants to take her deposits next?????
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