The Biden administration has taken pains to avoid the word 'bailout' in describing the effort to rescue Silicon Valley Bank depositors. Yet banking experts say it sure does look like a bailout.
People line up outside of a Silicon Valley Bank office on Monday in Santa Clara, Calif. Days after Silicon Valley Bank collapsed, customers are lining up to try and retrieve their funds from the failed bank.People line up outside of a Silicon Valley Bank office on Monday in Santa Clara, Calif. Days after Silicon Valley Bank collapsed, customers are lining up to try and retrieve their funds from the failed bank.
Officials are doing this by waiving a federal deposit insurance cap of $250,000 and reaching deeper into the insurance fund that is paid for by banks. "If we use a different term, we're serving the interest of those who want to obscure what is really happening here," Squire said.
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