HOLD ON THERE: Treasury Secretary Janet Yellen Says Not ALL Deposits at ALL Banks Are “Insured”
Hotair | 03/16/2023 | Beege Welborn

i.e., Your deposit in Your bank.

Well, quit your grinnin’ and drop your linen – there’s been a rules change.

Apparently, the Biden administration has decided to pick winners and losers.

…“I’m concerned about the precedent of guaranteeing all deposits and the market expectation moving forward,” Sen. Mike Crapo, R-Idaho, the committee’s ranking member, said in his opening remarks.

Republican Sen. James Lankford of Oklahoma pressed Yellen about how widely the uninsured deposit backstops will apply across the banking industry.

“Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now?” asked Lankford. “Will they get the same treatment that SVB just got, or Signature Bank just got?”

Yellen acknowledged they would not.

EXCUSE ME, WHUT?

…Uninsured deposits, she said, would only be covered in the event that a “failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences.”

Lankford said the impact of this standard would be that small banks would be less appealing to depositors with more than $250,000, the current FDIC insurance threshold.

“I’m concerned you’re … encouraging anyone who has a large deposit at a community bank to say, ‘we’re not going to make you whole, but if you go to one of our preferred banks, we will make you whole.’”

“That’s certainty not something that we’re encouraging,” Yellen replied.

Just so the Biden Admin’s stance is clear:

If you’re a Silicon Valley VC, a Chinese foreign national, or an unprofitable green start-up – you’ll be bailed out.

But if you’re a farmer, a factory worker, a small business owner or a local bank that supports them – wait and see… pic.twitter.com/mpghONOYHS

— Will Hild (@WillHild) March 16, 2023

I feel sick that I now live in the Soviet Union (of the preferred elites, who are only those proven to contribute to approved causes). Constant benefits for them, unceasing punishment for everyone else. A Politburo counting election returns and announcing the winners. The KGB suppressing dissenters, and spying on not only citizens, but on the highest government officials — Congressmen, Senators, Justices — to whom they are not answerable, and blatantly refuse to answer.

Physically ill.