Discussion in 'Banking - Investing - Finances' started by Garcia, Mar 12, 2023.
Patience. Big Pharma will provide relief by donating massive quantities of Xanax to make everyone feel better (sarcasm).
Honestly I don't understand how one bank landing on the rocks can shake so many other institutions.
Then again in 2008 (?) a bunch of toxic mortgages almost destroyed the US economy and screwed up half of Europe. It's scary how fragile the economy is.
Yes seriously, smaller banks offer higher interest rates on deposits, which signifies the higher risk involved.
Members of congress asking for a full guarantee on deposits over the FDIC limit don't know what they are talking about.
Members of the public crying wolf over a refusal to give such a guarantee are ignorant as well.
Depositors with these smaller banks are supposed to have understood and taken the additional risk if they are wealthy enough to make deposits above the FDIC limit.
Same goes for the situation in other countries where there is a central bank guarantee for deposits up to a maximum.
One Law for them and one Law for us proles is how I see it and my "seriously" was with extreme sarcasm. To big to fail is now a total joke or rather a gambling business venture being abused time and again by pretty much the same people.
Yellen simply had no real answers for the question put to her IMO.