New legislation in Congress vows to protect Main Street, but the specifics suggest something else entirely. The proposal, called the Main Street Depositor Protection Act, would raise the Federal Deposit Insurance Corporation’s limit on certain accounts from $250,000 to as high as $10 million. It’s being sold as protection for small businesses and community banks, but upon closer inspection it’s little more than a safety net for the biggest bank accounts held by the top one percent of the top one percent.
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