Letters to the Editor: We had a law to prevent bank failures. Trump and the GOP weakened it (via latimesopinion )
The FDIC only has $128 billion, a tiny fraction of the funds needed to cover the estimated $10 trillion in insured bank accounts. If just a few mid-sized banks failed, the FDIC itself would be insolvent.
This would require the Federal Reserve to step in and lend these banks enough to cover customers’ accounts, as it just did for Silicon Valley Bank. Such intervention on a large scale would further fuel inflation, forcing the Fed to continue raising interest rates. The safest course for many businesses and private citizens is to park their cash in short-term government bonds.On Monday, the front page of your print edition reported that billionaires and others with their money in Silicon Valley Bank would get a free-lunch bailout.. My advice to poor kids: Hire the same lobbyists the banks use, and you’ll never go hungry again.
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