>“depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
It's largely undone by this
> “any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.”
because that just means the costs will be paid by all U.S. banks which means it comes out of bank fees/costs borne by U.S. banking customers (ie almost everyone).
To your point, it's always the consumers / taxpayers that pay. Fine a company? That ends up in the price? "Tax" a "service provider" (e.g., banks) and that will ultimately be paid by the consumer.
And so on.
The Fed (and others) are going to do what they're going to do. My only wish is they stop with the euphemisms and the insulting of our collective intelligence.
mrandish|3 years ago
>“depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
It's largely undone by this
> “any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.”
because that just means the costs will be paid by all U.S. banks which means it comes out of bank fees/costs borne by U.S. banking customers (ie almost everyone).
chiefalchemist|3 years ago
And so on.
The Fed (and others) are going to do what they're going to do. My only wish is they stop with the euphemisms and the insulting of our collective intelligence.
tus666|3 years ago
More funny language. Why use the word "starting" instead of "on"?