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Hey if you don't want the return on your deposits spent on fraudulently represented "insurance" which of course is paid to the same people (government) demandin
by notch898a 4y ago
Hey if you don't want the return on your deposits spent on fraudulently represented "insurance" which of course is paid to the same people (government) demanding FDIC/NCUA insurance before chartering a retail bank, simply keep your money under a mattress. You see you don't have to pay the tax, it's an insurance because it's an optional thing and instead you can choose to have the money stolen by cops by the side of the road in "civil asset forfeiture."
Of course if anybody else took your money representing it as bailing out everyone under 250k, but actually was fraudulently representing it and you found out you were forced to pay "insurance" to bail out accounts over 250k, well then we'd just call it insurance fraud.
- jghn 4y agoI didn't say there were good options for people wanting to deposit more than 250K. But people claiming that those who wound up in this situation couldn't possibly have foreseen the problems are mistaken. There's a reason why I don't put all of my money in a single bank account, why can't these companies do the same? But really, this is obscuring the point. The people screaming "bailout" aren't the unfortunate people who work for a company who uses Rippling. No it's the person who normally yells "free market!".
- notch898a 4y ago100% agree with you. Sweep accounts or possibly some form of private insurance?