That is, after all, one of the primary functions of the FDIC. But it’s been a long time since we’ve seen it.
“ We just had a crisis where government stepped in to protect regular people; the job market roared back to life. The employment-population ratio for prime-age workers passed the pre-pandemic peakin today’s jobs report in just three years. In the 2008 crisis, predicated on bailing out banks and the rich, it took 12 years to hit that milestone. Let that be a warning as we brace for the fallout.”
“ That includes customers like Circle, a big player in the cryptocurrency industry. It said it has about $3.3 billion of the roughly $40 billion in reserves for its USDC coin at SVB. That caused USD Coin’s value, which tries to stay firmly at $1, to briefly plunge below 87 cents Saturday. It later rose back above 97 cents, according to CoinDesk.”
There are some other ideas in the BoingBoing comment thread:
My suggestion was minimum wage. If the government says it’s good enough (even though it’s not) it should be good enough for Jones.
I heard about this on the radio this week… they really expect us to believe that this wasn’t racially motivated… that’s fucking gaslighting of the highest order. I mean, the GOP establishment in the state could see how this was racially motivated, FFS…
“After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.“
That sounds like they’re getting bailed out for amounts over the insurance limit.
But the real problem is the ‘welfare queens’ who keep popping out babies to get more welfare, right?
Word is they’re looking at those superbly timed stock sales and bonuses.
Like, for instance, Brett Favre?
(Outlined in the Last Week Tonight episode on TANF above; where John Oliver includes a video where Farve gets hit in the crotch with a football)