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CNN Erin Burnett OutFront June 4, 2024 05:07:00

Government will provide a backstop in all cases, for all banks? well, i think that s what is happening as a practical matter with silicon valley bank. and so what that does is it creates the expectation that that will be trouble. when you add that to what president biden says. i think that s where people began to think the market is. and the rules are going to be. but to be clear, it s of the to congress. this fda seeing insurance agent was already raised from 100,000 to 250,000. i had a lot of calls with democrats, saying that this is ridiculous, the limit should be unlimited. it should be like 20 million. the point of that deposit limit has never been to insulate anybody from any amount of risk. it s not what it does. but isn t that exactly what s happening now? are you saying you do not think it s a good idea for what they ve done right now? which is a very clear ....

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CNN Erin Burnett OutFront June 4, 2024 05:11:00

Who are the taxpayers? the land making money. remember, in the situation they equities been wiped down, the bombs have been wiped out. the trust has been wiped out. capital structures have been wiped. out when you end up liquidating the asset portfolio of the bank, there will be excess capital. that s most likely the scenario. ran in someone s gonna and that excess capital. is there any chance that it s the depositor? no, i don t think there s any chance that it s depositor. , so that maybe i m missing it but to me that s the positive one to get this backstop. and they re the ones that are gonna get the benefit of the? upside the deposit in the united states is always chosen to pay the tax. they have the insurance in play. that s not changed. we re not gonna give depositors back any tax. that excess return on the balance sheet of that resolve bank, it will end up going to the government. who stood in to make deposits good. that s the ....

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CNN Erin Burnett OutFront June 4, 2024 01:11:00

That s most likely the scenario we re in, and someone s going to own that. is there any chance that s the depositor? no, i don t think there s any chance it s the depositor. maybe i m missing it, but the depositors are paying in their taxes to get the fdic backstop and won t get the benefit and upside. the united states has always chosen to pay the fdic tax to have insurance in place. that s not changing. we re not going to give depositors back any fdic tax. that excess return on the balance sheet a that resolve bank will end up going to the government who stood in to make depositors good. that s the return on the risk that they re taking right now. now the other point she raised. she raised dodd-frank, and she was clear she supported rolling back some dodd-frank regular las vegass that pertained to banks. barney frank supported rolling that back when he was on the board of signature bank, which is one of the ones that went under this weekend. you supported rolling these back ....

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CNN Erin Burnett OutFront June 4, 2024 01:06:00

Systemic effect it has. i think what happened is we were so focused on the too big to fail that i think a lot of us were saying, yes, but bank number 11, bank number 30, bank number 75, if you re a depositor, it s too big to fail in your life in, your business, and i think that s what we saw this weekend. that s right. are we at a point though now as a country i say this with the caveat most people don t have $250,000 in savings. if the fdic limit is there, they will be fine. but banks are making payroll for small companies, so therefore having the deposit base safe matters and matters significantly. appeared from what president biden said today, he said, your deposits are safe. did you read that as a blanket the u.s. government will provide a backstop in all cases for all banks? i think that s what he is happening as a practical matter ....

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FOXNEWS The Story With Martha MacCallum June 4, 2024 19:25:00

Does it end? how many more things will the federal government backstop and what point do they become the de facto banker for everybody? martha: they say it will come through fees. that s you and me. banks don t pay fees. customers pay fees. martha: thanks, brian. so it s less than a week away, at least if you look at the carder. we knew march was going to look like this. didn t snow in january or february when it s supposed to. we have a winter storm dumping piles of snow and whipping up waves in the northeast, some spots getting more than two feet of snow. here s the latest radar forecasters are warning of dangerous winds and toppling trees and power lines. robert ray from fox business reporting live from chatham, massachusetts on cape cod. what does it look like today? yeah, good afternoon, martha. i got to say it s so strange. look at the wind coming in. ....

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