Editor, Gazette-Journal:
This is in reference to the default of the Silicon Valley Bank. On Sunday afternoon, the Biden administration announced it would guarantee all deposits, even those exceeding $250,000. Blow me away. First, the Biden administration wants to forgive student debt; now they want to bail out the millionaires and all their deposits over $250K.
Where did that authority come from? The ole Joe says, “Any losses to the Federal Deposit Insurance Fund will be covered by a special assessment levied on federally insured banks, not taxpayers.” Really? Doesn’t ole Joe know that this business expense, like all business expenses, will be passed on to customers (you know, us taxpayers) in the form of increased fees, higher interest on loans, lower interest rates on deposits, reduced services and reduced dividends for stockholders (does your IRA have any bank stocks in it, fellow taxpayers?).
Beam me up, Dear Leader. We have a president that doesn’t know jack about who pays busines...