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So — checking accounts for businesses and consumers...? This does not sound great. Can somebody clarify as to how this is a sensible move at all / what the int
by keithwhor 7y ago
So — checking accounts for businesses and consumers...?
This does not sound great. Can somebody clarify as to how this is a sensible move at all / what the intention is?
- Spooky23 7y agoThey are trying to keep banks liquid to avoid a panic and closure. People are already starting to pull cash. This is a 9/11 like event, except the impacts are nationwide, not just in the NY Metro area. Companies and people are just going to stop paying bills. I'd guess you're looking at 2-4 million people out of work in the next week. The only saving grace is that this season is a low business period for retail and other sectors anyway, but they'll start dying in the summer.
- deleted 7y ago[deleted]
- JumpCrisscross 7y ago> Can somebody clarify as to how this is a sensible move at all / what the intention is? It's sensible because it's low risk. The intention is to alleviate pressure on the short-term lending markets, e.g. the repo and Fed Funds markets. This is about preventing a credit crisis moreso than juicing the taps.