One of the top Republicans on the House Financial Services Committee suggested on Tuesday that the United States should begin temporarily insuring every bank deposit in the country as a way to build up confidence in the national banking system after the collapse of Silicon Valley Bank over the weekend.
Luetkemeyer’s comments make him one of the first Republicans to take a similar stance as President Joe Biden, who has called for a broad deposit guarantee to mitigate fallout from the banking crisis. Meanwhile, several Republicans have criticized those proposals, calling it a bailout for big banks. “You know, the sky is falling. Everybody runs around like that, the whole thing’s going to implode,” he said.
Luetkemeyer pointed to a similar temporary policy that was implemented after the 2008 financial crisis that established an unlimited deposit insurance program for any bank above the $250,000 limit.
FinancialCmte RepBlaine No.
FinancialCmte RepBlaine Umm no.
FinancialCmte RepBlaine That's it. I'm pulling my money out tomorrow and selling all stocks. Game over.
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Silicon Valley Bank collapse: White House urges calm as bank failure recalls 2008 crisisWASHINGTON—As federal regulators sift through the remains of Silicon Valley Bank, whose collapse last week recalled the 2008 liquidity crisis and sent shudders through the fragile post-pandemic economy, elected officials in Washington and elsewhere used the regional lender's demise to deploy their arguments for what went wrong.
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government? charlesforelle According to your opinion piece it is because 12 white men weren’t running it. charlesforelle The Biden government's struggle? Had Dante lived, government would have been the stuff of the Divine Comedy. charlesforelle MeGain has a false ego. She thinks people want to hear her or see her. No one wants her around. She is fake and everything out of her mouth is a lie
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