"Effective immediately, banks are precluded from investing
deposits in anything other than short-term government paper."
It was the 10 year bonds purchased when interest rates were
extremely low that got SVB (and likely other banks) into trouble.
Banks shouldn't be allowed to reach for yield.
Posted by retirefire on 13th of Mar 2023 at 02:22 pm
From the words typed into the
teleprompter of Joe Biden you
hear, “
No losses will be borne by the taxpayers. Instead, the money
will come from the fees that banks pay into the Deposit Insurance
Fund.” Who the hell does Biden think are paying those “fees”?
Those fees paid into banks, and then out of banks, from all around
the nation are paid by the people using the bank, that’s
taxpayers.
Posted by DigiNomad on 13th of Mar 2023 at 02:34 pm
Retirefire - hard to expect anything better from people using
the word "free" all the time e.g. "Come on man, it's free! Just get
the jab!" Making it illegal for politicians to use the word
"free," unless in the sentence,"there is no free lunch" would be a
nice step towards needed reform.
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What he should have said: "Effective
According to @POTUS the government bank #bailout won't cost taxpayers ...
Posted by RichieD on 13th of Mar 2023 at 01:47 pm
What he should have said:
"Effective immediately, banks are precluded from investing deposits in anything other than short-term government paper."
It was the 10 year bonds purchased when interest rates were extremely low that got SVB (and likely other banks) into trouble. Banks shouldn't be allowed to reach for yield.
From the words typed into
Posted by retirefire on 13th of Mar 2023 at 02:22 pm
From the words typed into the teleprompter of Joe Biden you hear, “ No losses will be borne by the taxpayers. Instead, the money will come from the fees that banks pay into the Deposit Insurance Fund.” Who the hell does Biden think are paying those “fees”? Those fees paid into banks, and then out of banks, from all around the nation are paid by the people using the bank, that’s taxpayers.
whitehouse.gov
Remarks by President Biden on Maintaining a Resilient Banking System and Protecting our Historic Economic Recovery | The White House
Retirefire - hard to expect
Posted by DigiNomad on 13th of Mar 2023 at 02:34 pm
Retirefire - hard to expect anything better from people using the word "free" all the time e.g. "Come on man, it's free! Just get the jab!" Making it illegal for politicians to use the word "free," unless in the sentence,"there is no free lunch" would be a nice step towards needed reform.