Seems to me all these "disruptors", "thought leaders", "visionaries" are disrupted and their plan to deal with this is nowhere to be seen.
It was Mike Tyson - https://www.sun-sentinel.com/sports/fl-xpm-2012-11-09-sfl-mi...
That 100k difference wouldn't make any difference here though, since the problem is for businesses (startups mostly) who had accounts there.
The 250K insurance limit seems quite reasonable for individual personal accounts per bank. But applying the same limit to a whole company which may well have more than 250K in payroll per month... well there's a problem.
It's pretty ridiculous for people to need to judge whether their bank is fiscally sound.
If you operate in 1% space of wealth there are and should be risks. Making everything the lowest common denominator literally leaves us with Camacho for president.
> It's pretty ridiculous for people to need to judge whether their bank is fiscally sound.
This is a great idea. We should look into this more.
iirc three researchers asked this same question back in 2018.
> A potential policy recommendation was posed in 2018 by three researchers, two of whom worked in the Treasury Department. Under their proposal, the Federal Reserve would offer the option to all individuals and businesses in the United States to open a bank account, termed a “Fed Account,” with the Federal Reserve itself, providing an alternative to private banks or credit unions. Such an option could have significant effects on a wide array of monetary and economic issues.
https://econreview.berkeley.edu/fed-accounts-and-the-right-t...
https://www.fdic.gov/resources/deposit-insurance/brochures/i...
If you had a single-owner account and a joint account, you would have $250K in insurance for each of those accounts.
No Sam, it was people like you who underplayed the magnitude of this, and are now panicking, and looking for a bailout, and are entirely unable to justify why of the several hundred or more banks FDIC has closed (though one of the larger ones), SVB should be special, beyond "well, it's MY money".
Maybe there should be changes made to help protect depositors more, but instead of a collected and rational conversation about how we'll treat deposits going forward we're getting glib "just give these people there money back, they don't deserve this" responses. Of course these things are tragedies, but the degree to which the federal government assists people in these situations is a complex discussion, and we have to come up with a consistent approach.
People are asking about salty response, but this kind of cavalier attitude toward the financial system from supposedly serious thought leaders is a bit alarming.
[1] https://twitter.com/sama/status/1634958179657449475