4 ms·

The US Government is the people of the US. They went over the 250k limit. If they don't have private insurance for that, fuck them they're on their own. Not

The US Government is the people of the US. They went over the 250k limit. If they don't have private insurance for that, fuck them they're on their own. Not big enough to bail out, the regular people didn't get it either in the great recession.

boeingUH60 4y ago
And of course, the FDIC is not guaranteeing deposits of over $250k. What's actually happening is that the FDIC will take care of the sub-$250k deposits by itself and sell the remaining assets of Silicon Valley Bank (which they have taken over) to sort out the remaining uninsured deposits.
- notch898a 4y ago
  >And of course, the FDIC is not guaranteeing deposits of over $250k FDIC says they are. 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. https://home.treasury.gov/news/press-releases/jy1337 https://home.treasury.gov/news/press-releases/jy1337
cscurmudgeon 4y ago
You are misinformed. FDIC is not funded by the US govt. It operates on premiums. > The FDIC receives no Congressional appropriations - it is funded by premiums that banks and savings associations pay for deposit insurance coverage. The FDIC insures trillions of dollars of deposits in U.S. banks and thrifts - deposits in virtually every bank and savings association in the country. https://www.fdic.gov/about/what-we-do/index.html https://www.fdic.gov/about/what-we-do/index.html (If anything, the US govt. and people receive more in taxes from the startup demographic and you should be looking at govt. corruption first if you are keen on saving taxpayer money.)
- notch898a 4y ago
  I am not mistaken. I said the amount over 250k. I in fact never said the FDIC would even compensate them for that, just that they're on their own.
  - cscurmudgeon 4y ago
    > Not big enough to bail out, the regular people didn't get it either in the great recession. Why the bail out comment though? FDIC doesn't run on govt money. So even if FDIC helps them out with amounts greater than 250k it won't come out of govt. money.
    - notch898a 4y ago
      Nah then it would simply be fraud, as they'd be misrepresenting the service offered for the premiums. Of course if the government required FDIC to charter most retail banks, and you had to have a bank account to say not have all your cash stolen by crooked cops by the side of the road in civil forfeiture, then It'd look a lot more like a public good supported by an indirect tax on the return on your deposit. Which isn't far from the truth.
drstewart 4y ago
Wow, you are such a tough guy! "Fuck them", you sure don't care about anything. Very, very macho.
- notch898a 4y ago
  What an incredibly sexist comment.

boeingUH60 4y ago

And of course, the FDIC is not guaranteeing deposits of over $250k. What's actually happening is that the FDIC will take care of the sub-$250k deposits by itself and sell the remaining assets of Silicon Valley Bank (which they have taken over) to sort out the remaining uninsured deposits.

notch898a 4y ago
>And of course, the FDIC is not guaranteeing deposits of over $250k FDIC says they are. 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. https://home.treasury.gov/news/press-releases/jy1337 https://home.treasury.gov/news/press-releases/jy1337

cscurmudgeon 4y ago

You are misinformed. FDIC is not funded by the US govt. It operates on premiums. > The FDIC receives no Congressional appropriations - it is funded by premiums that banks and savings associations pay for deposit insurance coverage. The FDIC insures trillions of dollars of deposits in U.S. banks and thrifts - deposits in virtually every bank and savings association in the country. https://www.fdic.gov/about/what-we-do/index.html https://www.fdic.gov/about/what-we-do/index.html (If anything, the US govt. and people receive more in taxes from the startup demographic and you should be looking at govt. corruption first if you are keen on saving taxpayer money.)

notch898a 4y ago
I am not mistaken. I said the amount over 250k. I in fact never said the FDIC would even compensate them for that, just that they're on their own.
- cscurmudgeon 4y ago
  > Not big enough to bail out, the regular people didn't get it either in the great recession. Why the bail out comment though? FDIC doesn't run on govt money. So even if FDIC helps them out with amounts greater than 250k it won't come out of govt. money.
  - notch898a 4y ago
    Nah then it would simply be fraud, as they'd be misrepresenting the service offered for the premiums. Of course if the government required FDIC to charter most retail banks, and you had to have a bank account to say not have all your cash stolen by crooked cops by the side of the road in civil forfeiture, then It'd look a lot more like a public good supported by an indirect tax on the return on your deposit. Which isn't far from the truth.

drstewart 4y ago

Wow, you are such a tough guy! "Fuck them", you sure don't care about anything. Very, very macho.

notch898a 4y ago
What an incredibly sexist comment.