What if the FDIC didn’t exist? What if, instead, you purchased deposit insurance from an insurance company, no differently than you insure your home, car, etc.? What if the premiums charged for different banks by different insurance companies reflected and thus telegraphed the risk to customers? What if you could buy more than $250,000 of coverage? What if some depositors elected to insure none or only some of their deposit, understanding and accepting the risk of doing so? What if the existence of FDIC insurance actually made depositors ignore the risk, up to $250,000, and simply chased the best rates nationwide via internet banking? What if we lived in a country where we weren’t presumed to be children who needed big brother to care for us? What if a fool and his money are soon parted yielded fewer fools?
Stephen Varone
Walpole, NH
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