4 ms·
> “The American people are going to pay the $16 billion bill to prevent the collapse of Silicon Valley Bank,” Kelleher, the Better Markets CEO, said. “Those ban
by LapsangGuzzler 3y ago
> “The American people are going to pay the $16 billion bill to prevent the collapse of Silicon Valley Bank,” Kelleher, the Better Markets CEO, said. “Those banks are not going to cut their executives’ bonuses…They are going to recover those costs in higher fees and rates for everyday banking services and products for Main Street Americans.”
And once again, average Americans are going to foot the bill for all of this.
- butlerm 3y ago> And once again, average Americans are going to foot the bill for all of this. If anyone is subject to increased fees for the benefit of de facto federal deposit insurance it will be the beneficiaries, mostly businesses that need sizable sums of money on deposit to operate. At most banks depositors are already paid next to nothing in interest anyway in exchange for the security and convenience that banks are supposed to provide. Large depositors are already paying for that security, they just aren't receiving it or at least are not guaranteed to receive it, which is a major problem, and one that is relatively easy to fix.