Kolek planning to go pro
Goose, the FDIC guarantee is $500K for a couple with a joint account. It's also $500K or $250K per account, not per person. So an individual who is lucky enough to have, say, $5 million cash can fully insure every penny of it if he or she spreads it around between 20 banks. (Or 10 for a couple.) I'll let others debate the condition of the economy -- but just wanted to include that about FDIC insurance.
This is correct. Husband/wife is $500K, single is $250K and that is per account, not per bank. In last six months I have transferred and opened 12 month CDs in a joint accounts. I have been using Capital One Bank, which currently offering 5.00% for 11 month CDs. The deal runs out on 3/14/23 on that rate.
Good news. Bailed out
Making depositors whole. Investors are still up a creek. Fair, imo.The Federal Reserve, Treasury and Federal Deposit Insurance Corporation announced in a joint statement that, “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.”https://www.nytimes.com/2023/03/12/business/janet-yellen-silicon-valley-bank.htmlAdditional bad news, Signature Bank (servicing law firms) also entering conservatership. Same deal as SVB. Signature has $110B AUM, so about half the size as SVB.
Where does the money come from for the bailout?Isn't Signature Barney Frank's bank?
SultanHave you been to Elsa’s over the past year? They have raised prices multiple times. You are correct I have been dooming the economy for quite some time. Not exactly sure what your point is, I think there are lot smarter people than me that have voiced concerns as well.I will add that it was reported that top financial minds briefed the White House today over concerns going into tomorrow.I would much rather be talking about massive amounts of money that is hanging off of trees than dooming the economy.
SkatYeah, they were concerned about a Boomer run on the bank. I do hope that was a joke.
SkatI have no idea why they are concerned and making policy changes on a Sunday. I am sure it is nothing. Good news, President Biden will be addressing the non event tomorrow morning.
Herman Nice tip on the pork chop sandwich recommendation. Enjoy The Players? That was one tournament I have not attended on my bucket list.
Hey, but at least we can draw the "bailout" line at student loan relief right?
They are bailing out depositors, just not investors. Works for me, eh?