@tprophet FDIC is an insurance that’s not paid for by taxpayers, but by bank customers and selling off assets of the failed bank.
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Thomas 🔭✨ (thomasfuchs@hachyderm.io)'s status on Thursday, 16-Mar-2023 11:06:31 JST Thomas 🔭✨ - clacke likes this.
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Thomas 🔭✨ (thomasfuchs@hachyderm.io)'s status on Saturday, 18-Mar-2023 04:40:40 JST Thomas 🔭✨ @mathias @xaphania @tprophet any funds used for that _selling that bank's assets_. which they had plenty of.
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Mathias, a walf ❄️🐺 :pansexual_flag: (mathias@pawb.fun)'s status on Saturday, 18-Mar-2023 04:40:55 JST Mathias, a walf ❄️🐺 :pansexual_flag: @xaphania @thomasfuchs @tprophet In this case by joint Treasury-Fed-FDIC decision, FDIC is insuring unlimited deposit amounts. Any funds used for that will come from FDIC's Deposit Insurance Fund, which currently has $100b in it, and is expected to be enough to cover. It will be replenished by a special assessment on banks, not *directly* from taxpayers.
There's certainly room to debate whether this is a bailout or not, and *indirectly* all bank customers
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xaph but smaller 🐁 (xaphania@meemu.org)'s status on Saturday, 18-Mar-2023 04:40:56 JST xaph but smaller 🐁 @thomasfuchs @tprophet i thought fdic didn't cover the majority of deposits because of the $250k limit. are you saying that no US treasury funds at all are being used to protect SVB customers?