Coons’ vote to destabilize American banking still destabilizing as Midsize banks seek FDIC protections
When Chris Coons voted to support Trump’s vandalism of Dodd-Frank he probably knew he was voting to put taxpayers on the hook for very predictable losses and bank failures. That’s just the risk you have to take in order to make sure banks don’t miss out on huge potential profits.
Midsize U.S. banks reportedly ask the FDIC to insure all deposits for two years
A coalition of midsize U.S. banks, Mid-Size Bank Coalition of America (MBCA), has asked regulators to extend FDIC insurance to all deposits for the next two years, Bloomberg News reported on Saturday citing an MBCA letter to regulators.
The letter argued that extending insurance will immediately stop the exodus of deposits from smaller banks, which in turn will stabilize the banking sector and restore confidence in banking system, the report said.
We don’t want you to regulate us, just save us from ourselves!
Exactly. Guardrails might slow down our profit making abilities, but make sure there are ambulances stationed at the bottom of the ravine.