What in the world was she thinking? When a bailout was hastily arranged for uninsured depositors at Silicon Valley Bank and Signature Bank, the implication was that the same thing would be done for uninsured depositors at any other banks that failed.
But now U.S. Treasury Secretary Janet Yellen is telling us that is not actually what will happen.
She just admitted that depositors at a failed bank will only be protected if officials determine that a “failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences”. So that means that depositors at big banks are likely to be protected and that depositors at small banks are much less likely to be protected.
In other words, Janet Yellen just poured lighter fluid on every small bank in America.
Why would anyone keep more than $250,000 in a small bank at this point when there is a very real risk of losing all of the uninsured money if the bank suddenly fails?
She said that….she,and her advisors,and Biden would decide which banks would be protected. Why Biden? What the hell does he know about economy. Only Woke, leftest, Democrat donor banks will be protected.
http://discernreport.com/janet-yellen-just-poured-lighter-fluid-on-every-small-bank-in-america/
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