In remarks to the annual gathering of Berkshire Hathaway, of which he is CEO, Warren Buffett assured the large meeting that the FDIC had no choice but to bail out the entire, bankrupt U.S. banking system—the sky’s the limit. Buffett is the fifth richest man in the world—as of May 3, 2023.
According to Sputnik, “Buffett said there would have been `catastrophic’ consequences if U.S. regulators had not insured the deposits at Silicon Valley Bank and Signature Bank, as their failures risked sparking a run at lenders across the country.” Buffett is quoted asserting: “Even though the FDIC [Federal Deposit Insurance Corporation] limit is $250,000 … that is not the way the U.S. is going to behave, anymore than they’re going to let the debt ceiling let the world go into turmoil…. I can’t imagine anybody in the administration or Congress or Federal Reserve … saying I’d like to be the one to go on television tomorrow and explain to the American public why we’re only keeping $250,000 insured,” Buffett declared. “It would start a run on every bank.”
