Broad Social Insurance

FDIC insurance isn't free. It's a charge levied on banks based on various things (a bit above my pay grade), but designed to cover what it's supposed to cover - deposits up to $250,000.

Bailing out depositers in full might even be the right thing to do, in the same way that broader social insurance generally is the right thing to do, but rich assholes should stop fighting to the death to combat anything that doesn't help rich assholes.

Garry Tan has spent hundreds of thousands of dollars trying to defeat socialist and progressive policies in San Francisco and now he’s begging for socialism for himself and his friends https://t.co/JqkJMvQ0tD pic.twitter.com/RjWbhzNITQ

— Kate Willett (@katewillett) March 11, 2023

Oh no mah innovation!!!

Things will likely be surprisingly normal Monday. A lot of this is a bunch of supergeniuses not having any idea what the FDIC does or how good it is at its job. But they know that, no matter what, THEY NEED ALL THEIR MONEY!!!!