Jim Bianco tells regulators to offer unlimited insurance on bank deposits like they did in 2008 because '$250k is a made-up number'
However, Bianco urged the FDIC to"raise the deposit insurance ceiling to unlimited as they did this in 2008. Besides $250k is a made-up number anyway. So make up a bigger number."He also said banks should raise the interest they paid on deposits rates to 3% or 3.5% immediately:"This way the public gets the message that you money is safe, no matter the bank, or the amount, and the rate paid on your money is at least competitive with other alternatives.
"This is not a solvency crisis like 2008. Bad loans or poor investments were not made. Money was not lost. So, everyone is going to get their money back," Bianco emphasized at the beginning of his post. However, the advent of online banking meant that depositors could very easily move their money and demanded instant liquidity, he added."This should scare the hell of bankers and regulators worldwide."Sign up for notifications from Insider! Stay up to date with what you want to know.
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