Shhh! Biden administration tells Americans: Don’t call it a bailout
Snippet of Article: "...Don’t call it a bailout — at least in the 2008 sense. That’s the message the Biden administration sent Sunday after it moved to guarantee all deposits at Silicon Valley Bank, as well as New York-based Signature Bank -- even those with accounts above the federally protected amount of $250,000. ...taxpayers aren’t financing this move, at least not directly. “Instead, the cost of covering the deposits, including uninsured amounts in excess of the FDIC’s $250,000 limit, will be paid for in part out of the agency’s Deposit Insurance Fund — a reserve that is paid for by a quarterly fee on banks,” Wile writes."
Source: www.nbcnews.com
