FRB Commentary 2: Deposit Insurance Khan Academy English (auto-generated) English

FRB Commentary 2: Deposit InsuranceYouTube↗ IA↗(long shot)
Education 41.4K views 94 likes 3 dislikes 26 Oct 2009

Khan Academy 9.4M subscribers United States YouTube↗

Click to Play Video

in the last video I touched on the core

In the last video, I touched on the core weakness of

weakness of fractional reserve banking and that's the idea of the bank run

fractional reserve banking and that's the idea of the bank

where if you have a bunch of banks and

run-- where if you have a bunch of banks and they've all

they've all lend out 90% of their reserves so let's say that here's all my

lent out 90% of their reserves-- let's say that

bank bank 1 bank to bank 3 and you could

here's all my banks-- Bank One, Bank Two, Bank Three--

have a ton of banks I mean you could

and you could have a ton of banks.

imagine you go all the way to bank 100

I mean, you could imagine you go all the way to Bank 100.

the problem with the bank run is if just even one bank

The problem with a bank run is if just even one bank all of a

all of a sudden isn't able to give its depositors its money so it is illiquid

sudden isn't able to give its depositors its money-- so it

in a liquid and will reserve judgment as

is illiquid-- and we'll reserve judgment as to whether

to whether it is truly insolvent but it

it is truly insolvent, but it really just doesn't have the

really just doesn't have the money to give its depositors then all of the

money to give it to depositors, then all of the

depositors of all of the other banks get scared and run over to the banks and ask

depositors of all of the other banks get scared and run over

for their money back and by definition

to the banks and ask for their money back.

in a fractional reserve banking system

And by definition, in a fractional reserve banking

these guys only have 10% of their 10% of their of their deposits as reserves 10% reserves so if more than 10% of the

system, these guys only have 10% of their deposits as reserves, 10% reserves. So if more than 10% of the people ask for their money,

people ask for their money they're all

they're all going to be illiquid.

going to be a liquid you're all going to be illiquid and then you're going to

have just an all-out panic you're going

Then you're going to have just an all-out panic.

to have an all-out panic of the

You're going to have an all-out panic of

financial system people as soon as any

the financial system.

of these guys loans come due so let me

As soon as any of these guys' loans come due-- so let me

draw one of their balance sheets let's

draw one of their balance sheets-- let's assume that

assume that they were actually good

they were actually good investors, which is a big

investors which is a big assumption but let's just say let's say that their

assumption, but let's say that their balance

balance sheets look like this here's all

sheets look like this.

of the deposits that they owe to people

Here's all of the deposits that they owe to people-- to

to me and you that their liabilities

they have 10% of their assets as actual

That's their liabilities. They have 10% of their assets as actual currency reserves.

currency reserves looks like that that's the reserves right there and then

the rest is loans out loans out to

And then the rest is loans out to businesses

businesses and whatever else their loans

and whatever else.

out to random businesses so these are

loans and that's an asset because businesses oh them something then what's

And that's an asset because businesses owe them something.

going to happen as soon as they're a

And what's going to happens-- as soon as there's a panic,

panic everyone wants their money out the

everyone wants their money out.

reserves are depleted very quickly so

The reserves are depleted very quickly.

you have the reserves you see if I can you have the reserves get depleted very

quickly and then these guys sit there

And then these guys sit there waiting for their money.

waiting for their money essentially it shuts down the bank as soon as these

Essentially it shuts down the bank.

loans as soon as these loans mature May

As soon as these loans mature-- maybe this guy owed

this guy owed his money in a year then

his money in a year.

they're going to say just give me the

Then they're going to say, just give me the money back.

money back I'm not going to renew the

I'm not going to renew the loan even though you have a

loan even though you have a good

business and so everyone's going to want

And so everyone's going to want their money back and the

their money back and the whole financial system is going to break down and credit

whole financial system's going to break down and credit is

is going to freeze panic and then you're going to have a freezing of credit freezing of credit and this is a huge

going to freeze.

problem remember this could be just

And this is a huge problem.

caused by one bad actor who couldn't

Remember, this could be just because by one bad actor who

manage their liquidity properly even

couldn't manage their liquidity properly.

worse it could be managed it could be caused just by one panicky withdraw it

Even worse, it could be caused just by one panicky

doesn't even have to be a bad actor it

withdrawer. There's doesn't even have to be a bad actor.

could just be some fear that enters the

It could just be some fear that enters the system-- and

system and even for a completely legitimate bank and I'll use legitimate

even for a completely legitimate bank-- and I'll use

in quotations because we're assuming

legitimate in quotations because we're assuming

legitimate because some would debate

legitimate-- because some would debate whether

whether fractional reserve banking is

fractional reserve banking is legitimate.

legitimate but even if this is a completely up-and-up Bank if for

But even if this is a completely up-and-up bank, if

whatever reason more than ten percent of

for whatever reason more than 10% of their deposits get

their deposits get scared then of a sudden they'll be illiquid and you'll be

scared, then all of a sudden they'll be illiquid and you'll

in this all-out panic condition now I

be in this all-out panic condition.

talked in the last video some of the

Now I talked in the last video, some of the things that

things that have been engineered to fix

have been engineered to fix this problem.

this problem so these are the fixes the

So these are the fixes.

first one is to have a banker of last

The first one is to have a banker of last resort, a

resort ender of last resort lender of

lender of last resort.

last resort and that's our central bank

or the Federal Reserve Bank the Federal Reserve Bank and they'll never run out

And that's our central bank-- or the Federal reserve bank.

of reserves because these these reserves

And they'll never run out of reserves, because these

can be lent borrowed from them and all

reserves can be borrowed from them and all these are, are

these are are IOUs IOUs from the Federal Reserve so what

IOUs from the Federal reserve.

the Federal Reserve does and I've talked

So what the Federal reserve does-- and I've talked about

about this in the past is let's say that

this in the past-- let's say that their balance sheet

their balance sheet currently looks like

currently looks like this.

this let's say that this is their

Let's say that this is their current liabilities.

current liabilities these are their

These are their current assets.

current assets and their current

And their current liabilities are

liabilities are essentially going to be

essentially going to be IOUs.

IOUs these are going to be these reserve

These are going to be their reserve notes, but let's say

notes but let's say someone else comes and says hey Federal Reserve lend me

someone else comes and says, hey, federal reserve, lend me

some money lend me some money so what

they're going to do is that they're going to print some so these are Federal

So what they're going to do is that they're going to print some-- so these are Federal reserve notes.

Reserve notes Federal Reserve notes that

are like that and then they're going to just create an offsetting liability and

And then they're going to just create an offsetting liability

they have no they have no reserved limits let me

and they have no reserve limits.

make it a new color just to ease the

Let me make it a new color just to ease the monotony.

monotony so they'll have this corresponding notes outstanding

So they'll have this corresponding notes

liability and then they're going to give

outstanding liability and they're going to give those

those notes to you they're going to give

those notes to the bank that's in a

They're going to give those notes to the bank that's in a

desperate situation if it couldn't lend

desperate situation if it couldn't borrow

it borrow from any other bank and so the

from any other bank.

Federal Reserve balance sheet will now

And so the Federal reserve balance sheet will

look like this this is what it would

now look like this.

look like before it has these new notes outstanding notes outstanding and now

This is what it looked like before. It has these new notes outstanding and now this will

this will say instead of Federal Reserve notes and it's and it's in its vaults

say-- instead of federal reserve notes in its vaults,

it'll now have this little thing on its books called loan to to the bank loan to this guy right here which is an asset

it'll now have this little thing on its books called loan to the bank, loan to this guy right here, which is an asset

because he owes him something and the

because he owes him something.

federal there's no limit to which the

And there's no limit to which the Federal

Federal Reserve could do this obviously

reserve could do this.

there might be some kind of implicit

Obviously there might be some kind of implicit limit.

limits if they keep doing this arbitrarily people might not accept

If they keep doing this arbitrarily, people might not

these Federal Reserve notes as actually

accept these Federal reserve notes as

carrying value so that's probably the

actually carrying value.

main limiting concern and I'll probably

So that's probably the main limiting concern.

talk more in future videos on other

And I'll probably talk more in future videos on other things

things that are kind of keeping the Federal Reserve from just doing this

that are kind of keeping the Federal reserve from just

willy-nilly but the general idea is that

doing this willy-nilly, but the general idea is that they

they never run out so this is one idea

lender of last resort but not even the

So this is one idea-- lender of last resort, but not even

Federal Reserve wants to keep doing this

the Federal reserve wants to keep doing this because what

because what if this guy what if this guy is essentially insolvent if these

if this guy is essentially insolvent?

loans are actually going bad if these loans are actually getting stinky right here they're starting to smell then

If these loans are actually going bad, then there's no

there's no reason that even the central

reason that even the central bank should actually be

bank should actually be lending to this

lending to this guy.

guy you shouldn't be lending to this guy

They shouldn't be lending to this guy.

so let's say the Federal Reserve looks

So let's say the Federal reserve looks at this guy's

at this guy's books and say you know

books and say, you know what?

what these loans are really worthless

These loans are really worthless.

I'm not going to lend more money to you

I'm not going to lend more money to you.

what I'm going to do is take you into

What I'm going to do is take you into receivership.

receivership and I haven't even talked

And I haven't even talked about what that is.

about what that is that's the second fix

That's the second fix.

the second fix is to have this notion this notion of insurance of Federal

The second fix is to have this notion of insurance, of

Deposit Insurance Deposit Insurance so

deposit insurance.

if a bank is just has a liquidity

So if a bank just has a liquidity problem-- it's a

problem it's a good Bank and I'll put good in quotation marks too good Bank good Bank it just ran out of reserves

good bank-- it just ran out of reserves and no other bank is

and no other Bank is willing to lend to it which might you might debate whether

willing to lend to it-- which you might debate whether it's

it's even a good bank if the other banks

even a good bank if the other banks aren't willing to lend

aren't willing to lend to it then it go to the it can go to the discount

to it-- then it can go to the discount window at the Federal

window at the Federal Reserve and borrow

reserve and borrow some reserve notes.

some reserve notes now in the situation

Now, in the situation where even that's not good enough

where even that's not good enough and the bank is essentially out of business

and the bank is essentially out of business, it had been

it had been paying the FDIC a little bit of money the Federal Deposit Insurance

paying the FDIC a little bit of money-- the Federal Deposit

Corporation Insurance Corporation a

Insurance Corporation-- a little bit of money-- I mean,

little bit of money I mean probably a lot of money by an individual's point of

probably a lot of money by an individual's point of view,

view but a little bit of money from a banks point of view and it's it's a

but a little bit of money from a bank's point of view-- and

fraction of a percent a little bit of

it's a fraction of a percent-- a little bit of money every

money every year so that it could tell us depositors look even in the situation

year so that it could tell its depositors, look, even in the

that our bank goes bust the Federal

situation that our bank goes bust, the Federal reserve is

Reserve is going to pay you directly if

going to pay you directly.

these are FDIC bank accounts the Federal

These are FDIC bank accounts.

Reserve will make you whole completely

The Federal reserve will make you whole completely,

regardless of what happens to the banks

regardless of what happens to the banks.

now this this to me is a big fix I mean

Now this, to me, is a big fix.

I'll tell you right now all of my

I mean, I'll tell you right now, all of my savings right

savings right now are in Federal Deposit Insurance Ord FDIC insured bank accounts

now are in Federal deposit insured-- FDIC insured-- bank accounts.

now this might sound great to the

This might sound great to the depositor, but what's the side

depositor but what's the side effect on the banking system well let me draw all

effect on the banking system?

of my banks again so I have bank one I

Let me draw all of my banks again.

have bank 2 i have bank three I have

So I have Bank One, I have Bank Two, I have Bank Three, I

bank four now they are all FDIC insured they are all FDIC insured they pay some

have Bank Four. Now, they are all FDIC insured.

small fraction of a percentage every

They pay some small fraction of a percentage every year so

year so that they can tell their

that they can tell their depositors, look, if we ever

depositors look if we ever go bust if we ever blow up for whatever reason your

go bust, if we ever blow up for whatever reason, your

deposits are a hundred percent safe are 100 percent safe now what's going to

deposits are 100% safe.

happen this will solve the bank run

And what's going to happen? This will solve the bank run problem, right?

problem right let's say for whatever reason this guy runs out of reserves or

Let's say for whatever reason this guy runs out of reserves

he goes bankrupt let's say that this guy

or he goes bankrupt-- let's say that

goes bankrupt in the old situation

this guy goes bankrupt.

before the insurance everyone else is

In the old situation, before the insurance, everyone else

going to get scared and you're going to

is going to get scared and you're going

have a bank run and they're going to ask

to have a bank run.

for their money there's just not going

They're going to ask for their money and there's just not

to be enough reserves because they only

going to be enough reserves because they only keep a

keep a fraction of the reserves that's

fraction of the reserves.

what fractional reserve banking is but

That's what fractional reserve banking is, but now everyone's

now everyone's going to feel comfortable

going to feel comfortable, like, you know what?

like you know what everything is backed by the Federal Reserve which can print

Everything is backed by the Federal reserve, which can

as many notes as it wants so I'm just

print as many notes is it wants so I'm just

going to sit pretty so this does solve

going to sit pretty.

the bank run problem solve the bank run

So this does solve the bank run problem.

problem you might say hey you know this doesn't

And so you might say, this doesn't make it an unstable

make it an unstable equilibrium anymore

equilibrium any more-- which is kind of true, but

which is kind of true but what does this

what does this do?

do all of these guys are now FDIC

All of these guys are now FDIC insured.

insured I'm equally willing to give my money to eat any of these guys so I'm

I'm equally willing to give my money to any of these guys.

essentially going to give my money to

So I'm going to essentially going to give my money to the

the guy with who gives me the highest interest giv deposit to the highest interest highest interest and I've

guy who gives me the highest interest. And I've actually

actually done that with my personal

done that with my personal accounts.

accounts I've gone and I've seen which

I've gone and I've seen which bank provides the highest

bank provides the highest interest and I've ignored how they're investing their

interest and I've ignored how they're investing their

money I mean otherwise I'd be pretty

money-- I mean, otherwise I'd be pretty suspicious about a

suspicious about a bank offering more

bank offering more interest because they're probably doing

interest because they're probably doing something risky but now I don't care

something risky, but now I don't care because I know it's

because I know it's FDIC insured and

FDIC insured and even if that bank blows up, I'm going to

even if that Bank blows up I'm gonna get

get all my money back.

all my money back so I might as well give my deposit to the bank with the

So I might as well give my deposit to the bank with the

highest interest now based on what you

highest interest.

saw in that last video which is the bank

Now based on what you saw in that last video, which is the

that's going to be giving the highest

bank that's going to be giving the highest interest?

interest what's going to be the bank

What's going to be the bank that's

that's taking on the most risk that is taking on the most risk so once again

taking on the most risk?

when you give this relatively cheap

So once again, when you give this relatively cheap

insurance cheap insurance to all of these banks and all of these banks can

insurance to all of these banks and all of these banks

attract money much easier by paying this

can attract money much easier by paying this insurance-- if

insurance if they didn't have this

they didn't have this insurance, they would have to

insurance they would have to pay much

more let's say this insurance is you know let's say it's point one percent per year if they didn't have this

Let's say this insurance is 0.1% per year.

insurance they would have to pay much

If they didn't have this insurance, they would have to

more than point one percent per year to

pay much more than 0.1% per year to the depositor in

the depositor and interest to make up for the risk that they're taking on that

interest to make up for the risk that they're taking on,

they're not being backed by the

that they're not being backed by the government.

government so it's a really good deal for the depositor they pay point one

So it's a really good deal for the depositor.

let's put it this way when you give a

Let's put it this way.

deposit to a bank you're lending money

When you give a deposit to a bank, you're lending

to the bank so you're you're checking

money to the bank.

deposit rate so let me write this down

So your checking deposit rate-- so let me write this

you're checking deposit interest rate interest rate is the same thing as the

down-- your checking deposit interest rate is the same

bank's borrowing cost right when I go to

thing as the bank's borrowing cost, right?

some bank and they're paying me 2% a

When I go to some bank and they're paying me 2% a year,

year that's the bank's borrowing cost banks borrowing cost they're the same thing

that's the bank's borrowing cost. They're the same thing.

now if the bank didn't have FDIC

Now if the bank didn't have FDIC insurance, it wouldn't

insurance it wouldn't to pay point one percent a year but it

have to pay 0.1% a year, but it would have to give me more

would have to give me more interest it would have to pay me three or four

interest. It would have to pay me 3% or 4%, probably more,

percent probably more because I'd say

because I'd say this is a risky bank--

this is a risky Bank or it's more risky

or it's more risky.

any bank will be more risky than the

Any bank would be more risky than someone who can

than someone who can print out the notes

print out the notes.

so it would have to pay more but now it

So it would have to pay more, but now it can just pay 0.1% a

can just pay 0.1% a year now it can just pay 0.1% a year pay 0.1% or whatever the Fed the Federal Deposit Insurance

year or whatever the Federal Deposit Insurance Corporation

Corporation pays it but it's going to lower to FDIC it pays that to the FDIC

pays it, but it's going to lower to FDIC, but the main

but the main side effect like of this is this going to lower what it has to pay

side effect of this is it's going to lower what it has to

the depositors because the positive say

pay the depositors because the depositors say, this is a lot

oh this is a lot safer than what I

safer than what I thought.

thought so it's going to lower borrowing costs borrowing costs buy much more buy

So it's going to lower borrowing costs by

much more than 0.1% so it's a really

much more than 0.1%.

good deal for the bank and so it's a

So it's a really good deal for the bank and it's an

especially good deal for the for the ultra risky banks who might have to pay

especially good deal for the ultra-risky banks who might

a little bit more but because they can

have to pay a little bit more, but because they can now do

now do SuperDuper risky things and you

super duper risky things.

say hey but you know this is insurance

You say, hey, but this is insurance.

the Federal Deposit Insurance

The Federal Deposit Insurance Corporation isn't stupid.

Corporation isn't stupid it should just charge more for riskier

It should just charge more for riskier banks.

banks but my I guess the the rebuttal to

But I guess the rebuttal to that is that's easier said

that is that's easier said than done because when times are good when times are good like in the 20s or in the it or

than done because when times are good, like in the '20s or

during the housing bubble times are good you get hidden risk risk it gets hidden

during the housing bubble, you get hidden risk.

so you don't risk gets hidden so you don't know who's taking on the risk it's

So you don't know who's taking on the risk.

usually the person who's getting the

It's usually the person who's getting the highest returns,

highest returns but if they're if they if they're always good for it you don't

but if they're always good for it, you don't see it and that

see it and that person just looks like a

person just looks like a genius.

genius that person just looks like a genius when times are good and then when

times are bad that guy blows up but

And then when times are bad, that guy blows

guess what he's not on the line for it

up, but guess what?

it's the Federal Deposit Insurance

He's not on the line for it.

Corporation who all along was probably

It's the Federal Deposit Insurance Corporation, who all

under charging for that insurance I want

along was probably undercharging for that insurance.

to make one last point about this you

I want to make one last point about this.

know it's called insurance it's a

It's called insurance.

Federal Deposit Insurance Corporation

It's the Federal Deposit Insurance Corporation.

Insurance Corporation and I want to

point out the difference between

And I want to point out the difference between financial

financial insurance and you could watch

insurance-- and you could watch my video on credit

my video on credit default swaps which

default swaps, which is another form of financial

is another form of financial insurance between financial insurance and what we

insurance-- between financial insurance and what we normally

normally associate with insurance if

associate with insurance.

I have car insurance so I am a car

If I have car insurance-- let's say I'm a car insurance

insurance person and I agree you know let's say that they are driver one let's

person and I agree-- let's say that they are Driver One--

say have a bunch of drivers so driver

let's say I have a bunch of drivers-- so Driver One,

one driver two driver three driver four

Driver Two, Driver Three, Driver Four.

and I know that in any given year

And I know that in any given year, they each have a 10%

they each have a 10% chance ten percent chance of an accident

chance of an accident.

that's a lot higher than reality but

That's a lot higher than reality, but we'll make the

will make the numbers easy and if there

is an accident it will cost me $10,000 $10,000 so I could go to driver one and

And if there is an accident, it will cost me $10,000. So I could go to Driver One and say, look, there's a 10%

say look there's a 10% chance you're

chance you're going to have an accident.

going to have an accident it would cost $10,000 if you do so I'm going to charge

It would cost $10,000 if you do.

you the fair price would be a thousand

So I'm going to charge you-- the fair

I'll charge you $1,100

price would be $1,000.

so I'll charge 1,100 just so I can make

I'll charge you $1,100. I'll charge $1,100 just so I can make a little bit of a

a little bit of a profit right what you

would charge is a thousand if you wanted

What you would charge is $1,000 if you wanted to break

to break even but I'll charge eleven

even, but I'll charge $1,100-- and I might do this more than

hundred and I might do this more than

just four drivers.

just for drivers I might do with four

I might do it with 4,000 drivers.

thousand drivers so on average in any given year in any given year let's say I have let's say I have one let's have a 1

So on average in any given year-- let's say I have one

million drivers 1 million drivers in any

million drivers-- in any given year, how much am I

given year how much am I going to bring

going to bring in?

I'm going to bring in a million times

I'm going to bring in a million times $1,100, which

$1,100 which is I'm going to get 1.1 billion in input or in revenue from people paying their premiums and how

is-- I'm going to get $1.1 billion in input, or in revenue, from people paying their premiums. And how much

much am I going to have to pay out

am I going to have to pay out?

what's going to be my pay out my pay out

well roughly 10 percent if you believe

Well, roughly 10% if you believe these statistics are

these statistics are going to have an

going to have an accident.

accident so that means that 100,000 are going to have an accident each of those

So that means that 100,000 are going to have an accident.

100,000 actions are going to cost me ten

Each of those 100,000 accidents are

thousand dollars ten thousand times

going to cost me $10,000.

100,000 I'm gonna have to pay out 1

$10,000 times $100,000.

billion for the accidents so I will net

I'm going to have to pay out $1 billion for the accidents.

every year for my statistics of my actuaries did their job

So I will net every year-- if my actuaries did their job, I

I will net a hundred million every year

will net $100 million every year.

and this works out pretty good assuming

And this works out pretty good assuming these statistics are

these statistics are right and people are willing to pay the premium because

right and people are willing to pay the premium because if

if you have enough drivers like a

you have enough drivers-- like a million drivers-- the

million drivers the statistics really

statistics really hold.

hold in any given year the chance of 20%

In any given year, the chance of 20% of the drivers having

of the drivers having an accident is very very very almost infinitesimally

an accident is very, very, very-- almost

small it's almost zero and one driver

infinitesimally small. It's almost zero.

having an accident doesn't make it more

And one driver having an accident doesn't make it more

or less likely than another

or less likely that another driver will have an accident

we'll have an accent when you're talking

when you're talking about on the order

about on the order of a million drivers

of a million drivers.

and that's true of health insurance and

And that's true of health insurance and everything else.

everything else it's just purely probabilistic and if you have enough

It's just purely probabilistic and if you have enough people

people insured the statistics can

insured, the statistics can actually hold up.

actually hold up now with financial

Now with financial insurance, you

insurance you have a different situation

have a different situation.

you might say look in any given year you know three on average you're on average so on an average year the FDIC a might

You might say, look, in any given year, on average, the

say look you know only I don't know one out of you know one out of a thousand

FDIC might say, look, only-- I don't know-- one out of out of

banks fail so there's a point one

1,000 banks fail.

percent chance of failure and of course

So there's a 0.1% chance of failure.

it'll capture back some money because

Of course it'll capture back some money because it'll have

it'll have some assets on average but

some assets on average.

the reality is is that when times go bad

But the reality is that when times go bad, the bank

the bank failures tend to be correlated

failures tend to be correlated because they're all

because they're all interlinked and I've

done a lot you know what they might one

And I've done a lot-- one might be lending to some

might be lending to some business that's dependent on some business that this guy

business that's dependent on some business that this guy's

is lending to the whole financial system

is all linked up so the failures aren't

The whole financial system is all linked up.

aren't they all correlate with each

So the failures aren't-- they all correlate with each other.

other they're not independent events so

They're not independent events.

if one bank fails it's more much more

So if one bank fails, it's much more likely that other

likely that other banks are going to fail all at the same time and we're

banks are going to fail all at the same time and we're

experiencing that right now so you can't

experiencing that right now.

really call you can't really follow the

So you can't really follow the insurance model because the

insurance model because the statistics

statistics really don't apply.

really don't apply you can do this insurance model when

You can do this insurance model when each of the events

each of the events that you're insuring are uncorrelated but when all of the

that you're insuring are uncorrelated, but when all the

events that you're insuring are likely

events that you're insuring are likely to all happen at

to all happen at the same time what

the same time, what you're going to have is-- when times

you're going to have is when times are good you're going to have a much lower you're going to see much lower kind of

are good, you're going to see a much lower kind of loss rate

loss rate and then when times are bad

and then when times are bad, all of your guys are going to

all of your guys are going to blow up

blow up and you're essentially on the hook

and you're essentially on the hook for

for all these people.

all of these people and we see that right now and the FDIC is actually you

We see that right now and the FDIC is actually-- it's going

know it's going to have to go back to Congress I'm 100% sure and ask for more

to have to go back to Congress, I'm 100% sure, and

money and it's us the type we the

ask for more money and it's we the taxpayers that are going

taxpayers that are going to be on the line for this type of thing

to be on the line for this type of thing.

Similar videos:

Mehter müthiş kös çalan Genç Fetih Marşı || Pakistani Reaction || Turkish/ Azerbaijani & Bangla Sub

3.3K views 187 likes 2 dislikes 22 Nov 202053% match

Intro to Games and Visualizations | Computer programming | Khan Academy
Khan Academy Computing
399.5K views 131 likes 10 dislikes 27 Feb 201451% match

АСМР триггеры у камина 🍁🔥 ASMR triggers and fireplace
ASMR KittyKlaw
467.1K views 21.4K likes 500 dislikes 11 Oct 201951% match

The boy fall in love with his new classmate and start to approach her❤Sweet Love Story
Tom Style Clips
105.7K views 3.5K likes 62 dislikes 25 Jan 202151% match

বেসিক আলী ৯: গৃহস্তের একদিন | Bangla Comedy Basic Ali 9| Tawsif Mahbub
Basic Studios Bangladesh
179.6K views 1.1K likes 69 dislikes 12 Aug 201751% match

Nilofer Merchant: Got a meeting? Take a walk
TED
327.7K views 2K likes 184 dislikes 29 Apr 201351% match

Barbie Giant Surprise Egg with Barbie Toys
KiddieToysReview
854.1K views 1.4K likes 612 dislikes 13 Aug 201751% match

Secrets of success in 8 words, 3 minutes | Richard St. John
TED
2.9M views 42.2K likes 691 dislikes 06 Jan 200751% match

Attrition, erosion, abrasion, abfraction (TYPES OF WEAR) + Differences + Treatment *GOOD EXPLANATION
Tu canal Odontológico
1.1K views 39 likes 0 dislikes 04 Jun 202050% match

431K views 0 likes 0 dislikes 09 Jun 202650% match

Eddie Martinez Whistles While He Works | Art21 "New York Close Up"
Art21
100.5K views 565 likes 31 dislikes 15 Jun 201250% match

COVER "THE ECONOMIST" REVEALS THE FUTURE FOR 2020
Faro Reptiliano
12.4K views 299 likes 23 dislikes 28 Jun 202050% match

Comment poser des lunettes aux poules? Inconvénient, avantage, astuces
Papy Nounn
768.5K views 3.7K likes -1 dislikes 28 Feb 202050% match

MUST-SEE of ROMANIA, Clay Castle of the Valley of the Fairies | Romanian Travel Show
Go Travel On The Cheap
847 views 40 likes 2 dislikes 11 Jun 202050% match

Treino aerobico em casa *pra acabar com tudo*
Leandro Twin
206.7K views 18.3K likes -1 dislikes 31 Mar 202050% match

Hechizo para vender propiedades rapido
Grupo Penmi
73K views 1.1K likes 78 dislikes 27 Feb 201750% match

JD Schramm: Break the silence for suicide survivors
TED
194.5K views 2K likes 56 dislikes 11 Jun 201150% match

COMMENT LES RICHES SE SENTENT - TROLL #5 - AVNERETVOUS
Avner
2.2M views 54.2K likes 3K dislikes 20 May 201550% match

#22.『거위 성장 스토리』 9부.왕따를 당하고 있는 아기거위
Gonegi & Fam: Healing Stories
8.3K views 259 likes 2 dislikes 15 Mar 202150% match

iPhone 6s or Galaxy S7?
Unbox Therapy
5.8M views 331.2K likes 13.2K dislikes 23 Aug 201650% match

У Маринетт украли сережки / Ванесса Леди Баг?
Мимилашка
774.4K views 5.5K likes -1 dislikes 22 Jun 201950% match

NO MORE PETS IN NORTH KOREA - NEW FOOD?
Faro Reptiliano
949 views 45 likes 1 dislikes 18 Aug 202050% match

Drawing a Sphere with a fantastic Pencil 3D Illusion - Fine Art- Tips.
Fine Art-Tips
1.5M views 13.4K likes 200 dislikes 14 Feb 201250% match

WHO CONTROLS COCA-COLA IN THE COUNTRIES?
Faro Reptiliano
907 views 53 likes 1 dislikes 07 Aug 202050% match

🇹🇭 I can't believe we ate the WHOLE THING - Bangkok Tour with EYETA
Steve লম্বা Long
364.8K views 6K likes 222 dislikes 08 Apr 201949% match

10 cibi brucia grassi che fanno dimagrire | FoodVlogger
Carlo Gaiano
272.1K views 4K likes 270 dislikes 13 Jun 201649% match

The Rise Of The Pauls (Official Music Video) feat. Jake Paul #TheSecondVerse
Logan Paul
76.1M views 1.5M likes 263.9K dislikes 11 Jun 201749% match

Lots of things to learn from Bangladesh rainy season | Borsha
Koreanbhai কোরিয়ান ভাই
81.4K views 4.8K likes 56 dislikes 17 Aug 202049% match

Biral O Tuntuni | Thakurmar Jhuli | Panchatantra | Bangla Fairy Tales | Bangla Cartoon
Ava
1.4M views 0 likes -1 dislikes 07 Feb 201949% match

Savon éclaircissant Extrême Anti-tâches, Anti-Boutons, Réparateur, Savon Éclat pour une peau plus b
L'ART DU TEINT PARFAIT,ELIXIR DEMARIE LEONIE COACH
43.9K views 0 likes 0 dislikes 04 Jun 202049% match

Settings Privacy About Contact Donate