Dominos, Dominos, Here There And Everywhere

First it was Silicon Valley Bank.

Then it was Signature Bank.

 First Republic was number three.

That was Monday.

All of these, we are told, have been taken care of without using taxpayer funds like they did in 2009/2009 when they needed nearly a trillion dollars from the taxpayers to pay all the bankers their bonuses.

Pac West looks to be next.

As noted above, so far FDIC has been money source, not taxes.

Not directly taxes.

Just Federal money (the "F" in FDIC is for "Federal".)

The banks left standing are FDIC members.

The cost of being FDIC insured goes up after FDIC bailouts like we've seen in the last month.

The banks left standing recoup those increased fees by increasing various onerous fees on their customers.

Those customers, being taxpayers, are relieved to be screwed by having to pay onerous and increased fees rather than taxes.

So the political wisdom goes.

By the way, five of those left standing - the biggest five in the US (Chase at $3.6 trillion) keep getting bigger since FDIC keeps selling the failing banks to the big five.

Maybe Bank of America will get Pac West.

No matter, there keep getting to be fewer and fewer non-big-five, and bigger and bigger big five.

Those are the ones that are too big to fail so we get to pay for them when they fail directly out of our taxes.

In fact there is quiet talk in Washington about passing a special "too big to fail reimbursement tax" even before the next too big to fail failure so we are ahead of the game.

Rather than being screwed at too big to fail failure time, the taxpayers can be screwed with every pay check.

It is thought that that will hold down unrest.

It is thought that gradual screwing is easier to get away with than big one-time screwing.

Everybody everywhere ought to be happy as a pig in shit to be able to support our wonderful John Gault capitalist system.