Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC

Re:Joint Statement by the Department of the Treasury, Federa... by swatcoder on Sunday March 12, 2023 @08:08PM (#35128595)

> Most people don't ever consider that money in their bank could disappear for no reason.

Geez. Let’s hope you’re wrong. Financial illiteracy is bad news in a society built on markets.

I can’t speak for “most people” and especially not people in Gen Z, but otherwise, as a matter of fact, many people do think about that and manage their money accordingly.

[ Parent | on HN ]

Re:Joint Statement by the Department of the Treasury, Federa... by brigadier132 on Sunday March 12, 2023 @08:12PM (#35128648)

Bull shit, 99% of people that use the banking system do not worry about bank runs.

[ Parent | on HN ]

Re:Joint Statement by the Department of the Treasury, Federa... by shrimpx on Sunday March 12, 2023 @08:34PM (#35128898)

Forget bank runs. Banks are corporations and corporations can fail. Very few people have cash above 250k. Financial advisors routinely advise protecting against bank risk by buying risk-free assets or using CDARS or equivalent.

Ironically, it kind of seems it may more likely for a consumer to protect against bank risk than for these startups and VCs that, despite all their resources and CFOs, apparently had collectively decided bank risk isn't a think for them.

[ Parent | on HN ]

Re:Joint Statement by the Department of the Treasury, Federa... by justinclift on Sunday March 12, 2023 @08:15PM (#35128682)

Do 99% of people have more than the $250k in their account?

Of those who do, I wonder what the percentage of people is, who would be worried about that risk?

Maybe more than 50%? 75%? 80%?

[ Parent | on HN ]