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It's surprising to me that a 90% backstop wouldn't have been sufficient. Make 90% of balances available today and commit that any residue will first be paid to
by etothepii 4y ago
It's surprising to me that a 90% backstop wouldn't have been sufficient. Make 90% of balances available today and commit that any residue will first be paid to those that leave their money behind.
Having no consequence for those with a $3.3b balance creates too much moral hazard.
- junofan 4y agoDepositing cash in a US bank creates a moral hazard? That’s extreme, and I don’t think that’s the world the Fed wants.