from Balaji | by Balaji

Also, the overhead of setting up and maintaining multiple bank accounts just for the FDIC insurance is insane. Imagine setting up 10 mailing addresses to ensure the post office reliably delivers beyond your first 250 mails. Archaic laws treated as laws of nature. t.co/524WnCUtwm

In practice I guess the answer was “all business accounts must be at a too-big-to-fail or they could get wiped out overnight” but that sure doesn’t inspire confidence in the US banking system. Anyway, we are now in a new era, of FedDIC insurance. The Fed will print to backstop. t.co/524WnCUtwm

It’s like SF. Failed state. You pay for the police but they don’t prevent crime. You also need private security. Similarly, you pay for the banking regulations but you have to evidently buy private insurance on top of that because your business account can vanish overnight. t.co/Nujsbueibd