Investing General Discussion

Not that this is news, but we are no longer a country of laws. The law on the books says $250k. We just ignored it. And we passed the cost along to other banks, who did nothing wrong, negatively impacting those shareholders.

"Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law."

Sanrith Descartes said:

Not that this is news, but we are no longer a country of laws. The law on the books says $250k. We just ignored it. And we passed the cost along to other banks, who did nothing wrong, negatively impacting those shareholders.

"Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law."

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I bet the lawsuits to block this will be filed tomorrow.

Furry said:

I bet the lawsuits to block this will be filed tomorrow.

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Nope. I bet there isnt a single one. Why? Everyone wins. Futures are flying because the Fed signaled laws dont matter and the odds of rate hikes just plummeted. I would hate to be a bear come the open tomorrow. The couple guys here holding SQQQ are in for a really bad day.

Remember, the rich and connected are the ones with exposure. The rich and connected never lose. Thats how the game is played.

Blazin said:

That's odd pretty sure the twitter sages told me opra lost all her money, and now not a single depositor loses even a penny? If twitterverse was wrong about this really makes you wonder what else might be bullshit. At least all the food plants are burnt down, and tractor supply feed is still keeping chickens sterile.

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C'mon dude. Everyone knows Oprah called her friends Barack and Mike and they called Joe and told him to cover her losses. Do you not Twitter?

Khane said:

I sure hope smart people aren't actually pretending there is no chance of this being a farther reaching systemic problem... like they did 15 years ago.

It's fine to reserve judgment based on surface level information. But uh... fuck you if you still believe this entire financial system isn't rigged and fucked by greed and it totally can't ever happen again.

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It almost certainly is a sign of both systemic problems and poor management at this bank. That said, properly managed this shouldn’t cause anything too bad, but if you have concerns about the people in charge properly managing this in light of how well the fed has preformed recently, I’d say you have some merit in that concern.

I think the dollar is ultimately going to decline, but we still have europe to trash for a time and a lot of wealth to burn. A sudden collapse of the financial system in the short term just seems terribly unlikely.

Edaw said:

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And Yellen said they are getting it all back tomorrow.

Sanrith Descartes said:

And Yellen said they are getting it all back tomorrow.

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Tomorrow is definitely gonna be some madness at svib. I suspect the fdic will have some trouble making good on everyone having access to everything when a 100b in withdrawals come a knocking.