McElligott: Deposit Flight ‘Not Solved’
What are the ramifications of the events that shook the US financial system last week and spooked Fe
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Any “depositors” still “sitting in bank savings account at 0.0%” deserve their losses. Do you think any of these mythical creatures still exist? Why SVB didn’t create a short term treasury ladder a year ago is a mystery to me.
It needs to be stressed that incompetence and lack of supervision are part of the story. Also, ignorance in the US senate and house play a role….Does anyone remember the discussion about not letting rescued banks lobby after 2008-2009? Or look at Boeing being allowed to set their own safety standards and compliance after they bought McDonald Douglas? Or how about the idiots at BNSF? Or the legislation saying derivatives would not be regulated?
Very well said. If incompetent people that suffer no personal consequences are in positions of responsibility and aren’t rooted out by having their salaries clawed back, sued for damages etc. then incompetence resulting in innocent people being harmed just continues.
If you think “incompetence” by investors/bankers is a (huge) problem, what happens if the House GOP refuses to pass a clean debt ceiling bill?