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This is the Tom Hartman program.

Can we stop the greed heads from their destruction of banking and more?

And of course, we're talking about the Silicon Valley bank failure.

President Biden came out and said, you know, we're going to, well basically here's how it works

and then what he said.

How it works is the federal deposit insurance corporation, the FDIC, guarantees that if you put

money in a bank that's FDIC insured and the Silicon Valley bank was, in fact, pretty much all banks in

the United States are, that if you put money in a bank like that and the bank goes bust,

the FDIC will give you up to a quarter of a million dollars, $250,000.

So if your deposits in the bank are under a quarter million, you're, you know, everything's

copacetic. If your deposits in the bank are over a quarter million, as many businesses were,

and you know, some individuals as well, obviously, but the big concern here I think was a lot of

these Silicon Valley companies that were using the bank for payroll and things that had, you know,

a lot more than a quarter million in there and they just wouldn't get anything, right?

Beyond the quarter million. What Biden did is he said, you know, we're going to bend the rules here.

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