Silicon Valley Bank crisis ‘clearly’ a bailout, ex-FDIC chairman says
March 14, 2023
https://nypost.com/2023/03/14/silicon-valley-bank-crisis-clearly-a-bailout-ex-fdic-chairman-says/
The feds’ move to guarantee all deposits at the doomed Silicon Valley Bank was “clearly” a bailout, according to a former chairman of the Federal Deposit Insurance Corp.
Comment:
Mahatma
14 March, 2023
The only money the government has is our taxpayer money. That includes any fees or penalties or any other source of funds the government collects. It is our money. So, when that money goes to rescue certain depositors who decided to keep more than the $250,000 protected with insurance coverage in a single institution or equitize some other chosen group over another it is a bail out. Call it what you want, but it's a bailout, using public money for the benefit of a few at the expense of many. Where is the equity there? These businesses made a calculated risk to keep more than the insurance would cover. Now they want to be made whole. This is a bad idea. Which is the only thing we can expect from our government at this point in time.
