Posted on 03/22/2023 1:36:17 PM PDT by Oldeconomybuyer
WASHINGTON — Federal bank regulators are prepared to do whatever is needed to “ensure that depositors’ savings remain safe” in U.S. banks, Treasury Secretary Janet Yellen told members of the Senate Appropriations Committee on Wednesday.
Yellen is likely to face tough questions from senators about the federal response to two bank failures earlier this month: California-based Silicon Valley Bank on March 10 and New York-based Signature bank just two days later.
In the hours after the banks collapsed, she and top Treasury officials determined the situation posed a danger to “the broader banking system and the American economy” and required them to take emergency actions “designed to mitigate risks to the banking system,” Yellen told lawmakers.
These actions included guarantees on uninsured deposits at the failed banks, and the creation of new liquidity sources for smaller banks experiencing a rush of withdrawals. Thanks in large part to these actions, “aggregate deposit outflows from regional banks have stabilized,” Yellen told a bankers group Tuesday.
But while the trends are moving in the right direction, the amount of money banks borrowed in the week ending March 15 from the Fed’s discount window set a new record at $153 billion, according to the Fed’s weekly report, a sum that suggests the banking sector is not quite stable yet.
(Excerpt) Read more at cnbc.com ...
“Savings” in Banks need to be sheltered from negative real interest rates [and thus from Yellin’].
“even if that means taking everyone’s money and re-distributing it evenly.”
would that include no ESG policy at banks? I doubt that.
There’s not enough paper to print the money on for this crooked cartel
Yeah I’m getting officially scared 😱😰😨🙀 now
I don’t have any money at the moment - just early SS
(But while the trends are moving in the right direction)
Thus sayeth CNBC.......
if yellen thinking of taxing unrealized gains, then she should also be thinking of credits for unrealized losses
Keep letting Inflation rise and soon enough everyone’s savings will be worthless.
Then you will want government welfare checks and socialism.
I want Inflation refunds from the Fed.
While Fed Reserve is supposedly finally fighting inflation, including raising rates today.
It’s not
” savings accounts”
anyone is worried about
ya ignorant wench !!!
My gawd,
is the only qualification these libtards have for their jobs
their political reliability ?
We
Are
Doomed.
The prop is broken .
the pilots are frauds
we are loseing altitude
and we are gonna auger in .
I usually play the ponies once a week. And my system for picking winners seems to be a bit flawed.
Will Secretary Yellen please cover my loses?
Thanks.
Her regime could protect American savings by canceling its grandiosely megalomaniacal spending plans.
CBDC will “fix” all that.
I’m gradually withdrawing large amounts of case weekly, now.
You don’t know the rules—you are systemically unimportant.
Hint: Pay 10% to the Big Guy and you become systemically important.
LOL!! What savings?
Understandable, but what’s your plan. Hide it under your mattress until it becomes worthless?
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