Your bank deposits are guaranteed … and you can take that to the bank.
Warren Buffett, the Berkshire Hathaway chairman and CEO, told CNBC on Wednesday that the American people should not fear losing their bank deposits because the government would intervene immediately.
In other words, your deposits are insured no matter the amount.
“People shouldn’t be worried about losing the money and the deposits they have in an American bank, and today, they have no reason to worry,” said Buffett. “But the message has gotten very confused and people don’t really understand how it all works.”
Buffett believes Congress would backstop all depositors if that were necessary.
Indeed, this is the worst-kept secret in Washington: No matter what, the bank will bail out everyone.
Don’t tell the Banksters. Now they can invest money in very stupid stuff, knowing the FED and Congress will bail their stupidity or fraud out.