Secretary Yellen’s statements definitely help and hopefully mitigate the need for a temporary deposit guarantee. That said, we need an updated and expanded @FDICgov deposit guarantee regime as soon as possible.
Secretary Yellen’s statements definitely help and hopefully mitigate the need for a temporary deposit guarantee. That said, we need an updated and expanded @FDICgov deposit guarantee regime as soon as possible.
And we need @USTreasury and the @FDICgov ready willing and able to provide a systemwide temporary deposit guarantee if the recent beginnings of confidence being restored fades.
@BillAckman @FDICgov make the DEBT $600T, come on let's go
@BillAckman @FDICgov This is exactly what she should have said days ago, as next bank failure deposits would be protected same way as SVB/Signature for same reason(I proposed pretty much same statement when replied to your tweets several days ago. Really self inflicted wounds by not doing earlier)
@BillAckman @FDICgov Bill you realize the total amount of $$$ needed to fully back every deposit in the US is something like $17 trillion dollars right?
@BillAckman @FDICgov The first job of government is to protect individuals and societies from (faultless) ruin. Bank runs are one of those things.
@BillAckman @FDICgov yeah, it needs to be lowered not raised
@BillAckman @FDICgov Kudos for a proper length tweet! Now, we just need a congressional authorization per existing law, or the congress passing a new law, for the treasury to expand the FDIC insurance.
Who funds this guarantee? Who has 250k+ in their accounts? It's not the regular person. It's business owners and the wealthy. Who pays the most banking fees which covers the banks FDIC fees aka cost of doing business? Look up the demographics it's the poor. You're asking the worst off people in the county to pay for deposit insurance for the wealthiest. Fuck right off, pussy.
@BillAckman @FDICgov Raised rates will probably cause further housing market adj. Shouldn't Fed leave some room to do something for potential credit risk if home prices fall? Not sure we need to guarantee everyone's cash waiting for it to be put to use when home prices and financing falls apart.
@BillAckman @FDICgov So that we can get more SVB type moral hazard?