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A comment on US Says All SVB Deposits Safe, Creates New Backstop for Banks. Parent comment

Re:US Says All SVB Deposits Safe, Creates New Backstop for B... by twisteriffic on Sunday March 12, 2023 @08:14PM (#35128670)
> The official also said the steps didn’t constitute a bailout, as equity and bondholders of SVB and Signature would be wiped out.

Tell me you didn't read the article without telling me you didn't read the article.

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Re:US Says All SVB Deposits Safe, Creates New Backstop for B... by hartator on Sunday March 12, 2023 @08:16PM (#35128692)
If you have to pay more taxes because of this, it’s a bailout.
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Re:US Says All SVB Deposits Safe, Creates New Backstop for B... by nickthegreek on Sunday March 12, 2023 @08:18PM (#35128716)
You don't have to pay more taxes because of this.
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Re:US Says All SVB Deposits Safe, Creates New Backstop for B... by dmm on Sunday March 12, 2023 @08:26PM (#35128820)
Right, it's going to be funded as a fee against banks, which will be passed on to bank customers aka taxpayers.
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Re:US Says All SVB Deposits Safe, Creates New Backstop for B... by epvgwwqe on Sunday March 12, 2023 @08:41PM (#35128923)
Do you know the definition of a government tax?
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Re:US Says All SVB Deposits Safe, Creates New Backstop for B... by PierceJoy on Sunday March 12, 2023 @08:34PM (#35128899)
You will lose far far more if the public loses faith in banks. Not wanting depositors to get backstopped is cutting off your nose to spite your face.
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Re:US Says All SVB Deposits Safe, Creates New Backstop for B... by ahelwer on Sunday March 12, 2023 @08:43PM (#35128935)
Nobody in "the public" is losing faith in banks. FDIC covers everybody up to $250k. If you have more money than that and can't be arsed to split it up into multiple accounts that's on you.
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Re:US Says All SVB Deposits Safe, Creates New Backstop for B... by dmm on Sunday March 12, 2023 @08:51PM (#35129009)
> You will lose far far more if the public loses faith in banks

Maybe so. But I think we should be honest about what this is: a bailout of the banking industry.

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Re:US Says All SVB Deposits Safe, Creates New Backstop for B... by fein on Sunday March 12, 2023 @08:20PM (#35128740)
yet.
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Re:US Says All SVB Deposits Safe, Creates New Backstop for B... by adad95 on Monday March 13, 2023 @01:45AM (#35131596)
https://finance.yahoo.com/news/yellen-says-no-federal-bailou...

"In a separate announcement, the Fed late Sunday announced an expansive emergency lending program that's intended to prevent a wave of bank runs that would threaten the stability of the banking system and the economy as a whole."

"The Treasury has set aside $25 billion to offset any losses incurred under the Fed’s emergency lending facility."

If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.

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