Daily News | SVB bailout may not come from taxpayers, but we’ll pay for it
the Federal Deposit Insurance Corp. — the FDIC — in 1933. In the 90 years since it has been one of the more popular and enduring parts of Franklin Roosevelt’s New Deal.
But for most people, that FDIC guarantee was enough. When I was a bank teller, my nameplate had the FDIC’s emblem on it. The fine print reminded everyone who came to the window: “Each depositor insured to $100,000.” It was an obvious reminder that, while rich speculators might lose their wealth in a crash, ordinary Americans could trust in banks because the government guaranteed them.
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