“After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
So if I was a depositor at SVB an I read that I’d be withdrawing everything at 9am Monday morning, and I’d be expecting everyone else to do the same. How does this statement fix anything?
They're going to print money to make sure you get your money?
Please Login to reply.
The irony!
https://damus.io/note1kqxqfc6g0g3aumxva6xhke6h7drhsjs2xttuc6cxdvernfnsp0qs3q7hkx
How does that square with no losses being borne by taxpayers?
No clue. Magic.
https://void.cat/d/SqJjbvnHWhPLrD8Z7FCBBY.webp
In hope that this action will make you not want to get your money
What would you do?
Everything I can to allocate at least 88% of my cash on hand from the bank to selected investments and assets
