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The financial illiteracy is the most disturbing thing here. Commentator can only rail against "the tech world" in this instance if they've failed to grasp that
by joe_the_user 4y ago
The financial illiteracy is the most disturbing thing here.
Commentator can only rail against "the tech world" in this instance if they've failed to grasp that supporting large depositor here this isn't a tech world issue but a financial system issue. And that goes with a generally decline in how knowledgeable the average HN commentator is.
At this point, large bank deposits are implicitly guaranteed and if one pulls that away, the world's financial system would likely fall apart. You can argue this system is terrible and talk about how to change but no one who knows the impact of this stuff want "1929 on steroids" and neither is anyone with power going to implement it.