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I'd argue that most people simply don't know what is going on and think that their money is being stored in a bank vault.
by jejeyyy77 4y ago
I'd argue that most people simply don't know what is going on and think that their money is being stored in a bank vault.
- giantg2 4y agoTrue. I suppose if we combine both groups, that covers the vast majority of people.
- notahacker 4y agotbf, this group have a better handle on how things work than the people who live in existential fear of bank runs because they're oblivious to the fact that a solvent bank can always borrow enough money to fulfil withdrawal requests (with FDIC kicking in only when the bank is insolvent)
- jejeyyy77 4y agoRemains to be seen IMO - esp. in the age of social media.
- notahacker 4y agoSocial media has nothing to do with the fact a solvent bank can borrow enough to offset its entire loan portfolio