During his recent interview with 20VC, Bill Ackman explained why we need to guarantee all bank deposits. Here’s an excerpt from the interview:
Ackman: I woke up Saturday morning after the events of the week pretty convinced that if the government didn’t at a minimum guarantee deposits at Silicon Valley Bank, we’d have a massive run at pretty much every Regional Bank on Monday.
And my advice was we need to guarantee all deposits, not just those, and I think unfortunately the run is continuing.
I mean if you look at the the deposit inflows at the big Banks. If you talk to anyone at JPMorgan who works at opening accounts they’re working literally round the clock to take in all the capital that’s flowing in.
That’s not good for our banking system in our country and that was what I was afraid of over the weekend which is why I was so public if you will.
You can watch the entire discussion here;
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