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I am writing to express my strong objection to the bailout the depositors of Silicon Valley Bank who had balances over the Federal Deposit Insurance Corporation's $250,000 insured limit. In 2008, the entire banking industry was bailed out using taxpayer money while little guys like me lost our houses and had our credit ruined for seven years. Now the decision to bail out these rich and entitled techies from their ill-advised banking decision. The argument has been made that this failure might destabilize the banking system. Really? A few regional bank failures destabilize the entire banking system? What has Congress been doing in Washington for the past 15 years to strengthen the banking system? I've also heard that this is free to the taxpayer because it's paid for through a bank-funded pot of money. Do you take us for idiots? Do you think we don't realize that this will be paid for through increased fees from little guys like me?
As a proud Democrat, I am not a fan of the Jan. 6 rioters, but I'm coming to believe that the government that protects only fat cats with money to buy congressional votes needs to be dismantled, so we can start over again. Maybe the resulting chaos will finally hold accountable the rich folks and you politicians who protect them. I am not a violent person, so don't take this as a threat, but I'm becoming less and less inclined to fight against the coup.
Shame on all of you in our federal government who protect these rich folks at the expense of us little guys who are actually holding up this country.
Chris Hartnett, Minneapolis
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President Joe Biden, like most politicians, could never be accused of being too honest, so what are we to believe as he suddenly appears white as a ghost seeking our calm confidence in our U.S. banking system? ("Biden insists banking system safe," March 14). Let the good times roll, no? All this coming from the leader of a nation well over $31 trillion in debt, projected to reach $51 trillion in the next 10 years. Investors saw through this charade and sold off stocks, sending bank valuations down as much as 60% in one day. We are fighting off another recession given our current inflation and growing interest rates, further stressing any sense of financial stability. The FDIC has been forced to exceed the norm by going past the $250,000-per-account guarantee to cover all deposits for two failed major banks. We also face more natural disasters, substantial military assistance and threats from our enemies that could soon prove more costly.