I know there are brilliant people here but most have never made a payroll or suffered the crisis of a failed bank holding all your deposits. I have. It was a long time ago. I learned just how bad an idea it is to have even most of your eggs in one basket. I wanted to blame someone else but I did it all on my own and I never expected a bail-out or a bail-in. I wanted one but knew it was not coming and my problem was nobody’s responsibility but my own.
People learn things and then forget or a new generation comes along to learn the lesson all over again. I’m seeing a lot of new kids who have never learned or even been taught the lessons that came hard for so many who are now irrelevant.
Thank you for that summation. I have been through it, too. More than once.
The only difference is that I grew up with parents and grandparents who remembered the ‘30s so I maintained accounts at other institutions … even for my businesses.
Those are good points I have never had that happen to me but I suppose we’re Ikes big business I would spread my money around and probably keep large cash deposits with the JP Morgan type people because you know they are not going to let a multi trillion dollar bank fail
I also expect some sort of remedy for this bank
Depositors are big Dems
“I’m seeing a lot of new kids who have never learned or even been taught the lessons that came hard for so many who are now irrelevant.”
I think they have a saying for that... “Those who do not learn history are doomed to repeat it.’