It isn't Yellen's job to bail out depositors. In fact, it is EXPRESSLY NOT HER JOB to obligate taxpayer funds to bailout bank depositors.
— Tom Luongo (Head Sneetch) (@TFL1728) March 13, 2023
Note that the WaPo runs a picture from October to suggest Yellen and Powell are on board with this idea.
The Fed is not. /2
In this thread, Tom reminds us who this bailout was for: not you or me, but the offshore banks.
Yellen is clearly trying to force the Fed to pivot and go back to the zero-bound with this. And bail out those [EU, UN, WEF, Davos] that were funding the undermining of US institutions and war.
Who in their right mind thinks the "little guy" has more than $250k in deposits?
It will be to provide liquidity to keep the US banks that are systemically important solvent, while continuing to raise rates. Yellen can't fund WWIII with rates at 7%.
— Tom Luongo (Head Sneetch) (@TFL1728) March 13, 2023
