No bailouts for #SiliconValleyBank or its depositors. Insurance has always been there, and those companies that didn't buy it are the ones responsible for taking that risk. https://www.theguardian.com/business/2023/mar/12/silicon-valley-bank-collapse-no-bailout-janet-yellen
@eighthave Taking these kind of actions is what keeps the US Banking system on solid foundations. The treasury, FDIC, and Federal Reserve all have been a key component of keeping the system stable through shocks like this.
@Siberian I think the FDIC is a great idea, my point is that it automatically covers a fixed amount of deposits. This is widely known and documented. Those who deposit more than that in a bank are taking risks. If you have that much much, you have resources to manage risk. But here, we have typical US #socialism for the rich. Oops, I left my millions in a risky bank that cratered, the US Gov will bail me out. But if I lost my job and can't pay my mortgage, sorry tough luck, this is #capitalism!
