Anyone surprised the gov is going to cover all deposits from the Silicone Valley Bank failure?

Are you under the belief that the FDIC will be enforcing their $250k per account insurance limit? They are not...not for SVB nor for Signature Bank.  This post was edited by my2cents at March 13, 2023 6:53 PM MDT

Yes multiple banks failing is very concerning. 

I wonder where she came up the idea that this was done to save Pelosi, Oprah and the royals. 

From the same orifice all the other info is from.

No one said the FDIC was created recently. 

To answer your original question, no, I am not surprised. Whether or not the FDIC should protect higher value accounts is a legitimate topic for debate. But you seemed to imply that the reason behind it is to protect rich people without considering that most of their depositors were tech startup companies with payrolls to meet and suppliers to pay. I don't know whether those people you say are depositors are or aren't, nor do I think it matters. I simply said I don't think it's the reason behind the bailout. 

Over 90% of the depositors have more than the $250k limit.  

Not being surprised that the government took steps to prevent a banking crisis does not mean I agree with you on any level. To continue this discussion is an exercise in futility since you are only interested in reinforcing your views not in understanding the topic. 

The FDIC covers $250,000 per depositor.  If Oprah, the Pelosis and/or the royals have joint accounts,  EACH depositor named in that account is insured up to $250,000.  So, if Nancy and Paul Pelosi have a joint account, they are covered for up to $500,000.  

Correct a joint account would be covered $250k for each. I did not dispute that.

Do you have any proof - I mean REAL proof, not just what Trump tells you - that these folks are getting special treatment because of who they are?

I do not need Trump to tell me anything.   I fact I do not know if he has said anything to the effect. 

I know the rules for FDIC insurance are $250k per depositors per ownership type.  And I know they have announced they are waiving those rules.  I know who some of the depositors are.   
Well, if it walks like a duck, quacks like a duck...it is a duck.

And the depositors to whom you refer are no different than any other depositors - celebrities, politicians or Joe Shmoe.  

No they are not....because they are getting a special waiver from FDIC removing the insurance limits.   

It’s easy to complain. What can or would you do about it?

I have no power to do anything directly about it.  
What would I do?  I would enforce the rule/law as written. We should not have two sets of rules/laws. 

Got anything to back up your statement that FDIC cap limits are only for these folks?

It is only for these two banks. SVB and Signature Bank.  

That is what Yellen testified to in Congress that she and other Treasury members,  the FDIC, and the Fed Reserve voted to cover these two bank's depositors fully 100%.  

So, it is the two banks' depositors, some of whom may be Oprah, Pelosi, etc., who are going to be made whole above the $250,000 limit not that Oprah, Pelosi, et al are the only ones in those two banks who will get the waiver.  That means every other person who deposited more than $250,000 will be given the waiver, so why are you singling Them out?  Why aren't you just as irritated that 90% of the depositors in those two banks will get waivers?

So far, you just keep saying that they are getting special treatment, but you haven't posted anything that indicates that they are being treated any differently than any other depositor at those banks. This post was edited by Spunky at March 20, 2023 6:57 AM MDT