Except these (funded by Silicon Valley VC’s and hedge funds) fintech intermediaries between you and your bank aren’t banks.
And I don’t see what useful service they provide that a bank can’t. They’re just another grift - one step removed from “making your money clean”.
They should be required to be regulated and insured like banks- but that’s not going to happen going forward.
higher interest rates on offer, for innovative features or because they were turned away from traditional banks.
So, people were attracted by higher interest rates and a lot of customers probably had bad credit.
Now I’m wondering if Trompkins will also dismantle FDIC coverage of savings accounts. (And whether there’s suddenly any genuinely safe place at all for ordinary USians to park their savings.)
“A bank just robbed us. This is the first reverse bank robbery in the history of America.”
Talk about a sweet summer child…
(Sorry, that comes off a little victim-blamey. I sympathize with people who trusted a bank to secure their money, and hope they are successful in recovering their full savings.)
I’m assuming that their intent is to entirely dismantle the last vestiges of the New Deal Order, so I’m guessing yes. People are going to lose everything… Except for the few who will now hold all of our wealth.
I don’t know. 
I’m guessing sooner or later, investments in guillotine manufacturers will have a nice return…
The revolution will not be monetized.
Not that I think you disagree, but not all returns are monetary 
When Yeltsin stole the IMF loan to cash out his buddies, the Ruble lost 3/4 of its value.
The sanctions since 2014 have caused it to lose 2/3 of its exchange value again.
In 2024, it has only lost ~18% of its value.
I’d say there’s more work to do on the sanctions front.
Here’s a question for my 
cousins: how much will the back-stabbing, inflation-generating tariff plan, proposed a couple of days ago by your president-elect, bolster the value of what remaining oil 
can sell? Perhaps that’s something something that the press might ask at the next opportunity.
Ha ha oh wait you’re serious. 
Press are still breathlessly reporting that Biden is old.
No, wait, he’s already got one.
Still, it’s nice to see this discussed amongst economists.
Yeah, what’s currently being called AI isn’t AI at all. It’s just theft.
The mattress industry will probably do ok. /s
Yeah, but it’s the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, not the Nobel Prize.
I post this a couple of times each year.
Anyone else think that there’s a market crash in the offing?