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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.
by 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 agoNah 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.