Treasury Secretary Yellen says not all uninsured deposits will be protected in future bank failures

Discussion in 'Current Events' started by Bearack, Mar 17, 2023.

  1. Bearack

    Bearack Well-Known Member

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    This isn't a little news... but monumental news! They didn't want a bank run, however they just caused one with this moronic statement. All those smaller banks will lose all their large depositors as those same depositors will be moving to larger banks that "have" the protection of the FDIC.... Talk about an orchestrated collapse!

     
  2. cd8ed

    cd8ed Well-Known Member Past Donor

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    Do you feel the taxpayers should be on the hook for the failures of banks above the insurance amount?

    If only we had some regulations to make sure banks could satisfy repaying customers who have stored their money there instead of playing the markets, issuing massive bonuses and making risky loans.

    Thankfully Republicans saved them from such horrible regulations!
     
  3. Bearack

    Bearack Well-Known Member

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    Odd... Biden has been in office how many years now and nothing done to prevent these? Also, FDIC was initiated for the mere fact to never let the events of the great depression happen. The FDIC is now only picking winners and losers.
     
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  4. Chrizton

    Chrizton Well-Known Member

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    I am sure she was just saying that the deposits of donors to the Penn Biden Center will be insured, but nobody else's.
     
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  5. Wild Bill Kelsoe

    Wild Bill Kelsoe Well-Known Member

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    We're on the hook for SVB and Security Bank. What makes them special? I guess Biden was making sure Gavin Newsom got his money back.
     
  6. lemmiwinx

    lemmiwinx Well-Known Member Past Donor

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    Are they saying all these venture capital risky business people aren't going to be bailed out any more? Yeah, I've heard that one before.
     
  7. cd8ed

    cd8ed Well-Known Member Past Donor

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    Kind of but not really

    https://abcnews.go.com/amp/Business...licon-valley-bank-signature/story?id=97846142

    I actually wish this is what they would have done for the banks the Republican president bailed out in 2008. Let the bank fail, its corpse will be absorbed by other banks and use the FDIC to cover losses to the depositors.

    I hope they go after the individuals that received bonuses right before this though.

    Did Gavin have money there?
     
    Last edited: Mar 17, 2023
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  8. FreshAir

    FreshAir Well-Known Member Past Donor

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    what she is saying is there is no guarantee futures accounts will be covered over the insured amount, could get a Republican as the next President that refuses too, never know
     
  9. Torus34

    Torus34 Well-Known Member

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    If a nationwide bank run obtains, the statement was certainly ill-informed. But if not, it was a simple statement of fact.

    This poor old country mouse is willing to wait and see before passing judgment on an expert.

    Regards, stay safe 'n well.
     
  10. Lil Mike

    Lil Mike Well-Known Member

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    Right, but there isn't any legal basis to insure depositors for more than the current $250 K amount. Just randomly deciding that they'll protect some depositors at some banks and maybe not any depositors at other banks is a big problem.
     
  11. HockeyDad

    HockeyDad Well-Known Member Past Donor

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    I agree with you, only the deposits of the elite class should be insured for every dime.... people like you and me should be covered for nothing. Elites are more important than us. Their money should NEVER be at risk. These are important Democrat donors and not dirty plebes like you and me. When you are elite the ironclad rule of investing is to privatize profit and socialize loss; the second law is that people like you and me clap like seals when the government bail elites out while turning their back on ordinary Americans. The government played this one perfectly did they not? I am sure important donations will flow to the Democrat Party for this gracious act.

    upload_2023-3-17_19-35-50.png
     
    Last edited: Mar 17, 2023
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  12. cd8ed

    cd8ed Well-Known Member Past Donor

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    You are aware that we are protected if a bank fails, yes?

    It’s called the FDIC — and it’s the same insurance that have been used to protect these depositors.

    It’s fascinating that y’all have tried to turn this partisan but I guess that’s what Republicans do best anymore.

    Zero taxpayer dollars were used to repay these depositors. Zero
     
    Last edited: Mar 17, 2023
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  13. Lil Mike

    Lil Mike Well-Known Member

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    Then where is the money coming from for the insured amounts over the FDIC limit of $250,000 per account?
     
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  14. Wild Bill Kelsoe

    Wild Bill Kelsoe Well-Known Member

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    Gavin's three wineries had accounts at SVB. So yeah, he had money there. It was more that 250 grand.
     
  15. FreshAir

    FreshAir Well-Known Member Past Donor

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    my guess is we will, but it's not guaranteed, Biden handled this better than Bush did though imo
     
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  16. Vote4Future

    Vote4Future Well-Known Member

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    Janet Yellen and Joe Biden cannot protect some and not all. It is called a precedent. You would think she would be smarter than that.
     
  17. Junkieturtle

    Junkieturtle Well-Known Member Donor

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    I agree completely. They should either save all the accounts or none at all. Or put a cap on the amount that EVERYONE can recover. There should not be preferential treatment.
     
  18. FreshAir

    FreshAir Well-Known Member Past Donor

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    the reason you can't bail out the execs and the investors is because they gamble the money, when they win, they pay it out to themselves

    when they lose, the taxpayers should not take the hit

    Biden has set a precedent of not bailing out the execs and investors, this is good news - if the right wants businesses to police themselves, you can't bail them out when they gamble and lose
     
    Last edited: Mar 18, 2023
  19. FatBack

    FatBack Well-Known Member

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    These failing Banks must be a sign of the great economy that this administration keeps ************ us about.

    There's nothing to see here folks, everything is fine..... Just move along now, move along.
     
  20. FreshAir

    FreshAir Well-Known Member Past Donor

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    it's a sign of the effects of the Republican head of the fed trying to cool a hot Biden economy by raising interest rates

    under the failed Trump economy, the same fed was talking negative interest rates to keep it afloat
     
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  21. Quantum Nerd

    Quantum Nerd Well-Known Member

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    Biden bails out banks; Republicans cry.
    Biden doesn't bail out banks: Republicans cry.

    To the "Let's go Brandon" crowd, EVERYTHING Biden does is wrong, because that's the diet Tucker feeds them.
     
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  22. FatBack

    FatBack Well-Known Member

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    Lol....ok... Go with that story.
     
  23. WhoDatPhan78

    WhoDatPhan78 Banned

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    Powell wanted to raise rates more under Trump, Trump threw a fit.

    If we'd had gradual interest rate hikes over the past 5 years, we wouldn't be in a situation where we needed to raise them so quickly.
     
    Last edited: Mar 18, 2023
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  24. FreshAir

    FreshAir Well-Known Member Past Donor

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    Last edited: Mar 18, 2023
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  25. WhoDatPhan78

    WhoDatPhan78 Banned

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