ALERT! FDIC's Friday Night Bank Failures BEGIN! New 50% Payment for Uninsured Depositors! (Bix Weir)

The "Unspoken" bailout policy of the FDIC was no bailouts for uninsured depositors. That was until Silicon Valley Bank & Signature Bank failed and they issued 100% bailouts to their friends and family. A small bank in Oklahoma named The First National Bank of Lindsay was closed with $7.1M in uninsured depositors. Legally, the $7.1M should have been a writeoff for the depositor but the FDIC didn't want to cause a panic so they partially bailed the uninsured depositors out! Here's the statement from the FDIC: "For uninsured deposits, the FDIC has announced it will make 50 percent of those funds available to depositors starting Monday, October 21, 2024, with the possibility of increasing that amount as assets from the failed bank are sold."

This opens up a huge can of worms for the Future of Banks bailouts by the FDIC. Will they stick with this new 50% rule, uphold the legal language of No Uninsured Bailouts or offer FULL BAILOUTS to all banks like they did with Silicon Valley & Signature Banks? My take... this small 50% bailout was a trial balloon to see how the public reacts...I bet those that got only a 50% bailout will be suing the FDIC for discrimination!!