In a truly remarkable exchange Janet Yellen responds to questioning from Oklahoma Senator James Lankford, in a manner that suggests only big banks will be protected under the FDIC. Thus, fomenting the idea that depositors in community banks are not safe and should instead consolidate their deposits into bigger banks.
The biggest banks are only growing as a result of the banking collapse, and those in charge of money in our country are arbitrarily making decisions that counter the American way of life. Losing our small, community banks would completely upend what’s left of Capitalism.
This is truly incredible.
Here is an exchange with Senator James Lankford & Yellen.
He asks, "Will every community bank … get the same treatment as SVB?"
Yellen: "Banks only get the treatment if … the failure to protected uninsured depositors would create systemic risk." pic.twitter.com/JvAX3Hhb6F
— unusual_whales (@unusual_whales) March 17, 2023
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