Navigating Financial Turmoil: Insights from Experts
TL;DR Summary
Former Goldman Sachs CEO, Lloyd Blankfein, says that while the government can't issue a blanket guarantee of all deposits in the banking system, depositors can rely on the Federal Reserve, the Federal Deposit Insurance Corporation, and the Treasury Department to guarantee deposits bank by bank in the event of a systemic emergency. Each deposit account owner is insured up to $250,000, and experts advise against rushing to withdraw money. Blankfein supports raising the FDIC-insured limit and warns against incentivizing people to only go to the biggest banks, which could lead to sector consolidation.
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