Lawmakers take aim: Warren blames Congress for ‘entirely avoidable’ bank failures “Helping people achieve higher education and helping people live better lives because they won’t be paying off student loans until they’re 35 falls to the wayside when it comes to bailing out big banks,” said Cormany, who added that her father was paying off student loans until he was 40 and that her mother decided not to got to college due to the cost. “It makes it really clear to students and anyone who looks to the government for support that we are not their first priority, that overall we live in a capitalist society and therefore their first priority is always going to be where the money is,” Vivian Cormany, a pre-med student at University of California, Berkeley, who also works at the student co-op there, said in an interview with The Hill. McTigue added she thought the government took a “better safe than sorry” approach that she understood.īut she still had concerns about the transparency of the failures and the government’s response, which insured extremely wealthy depositors well above the standard $250,000 limit provided by the Federal Deposit Insurance Corporation (FDIC). “No surprises there, but it is unfortunate and it’s wrong,” she said. But yeah, it’s another example of total inequity and racism,” Ellen McTigue, a retired nurse practitioner from New York, told The Hill in an interview. “What am I, surprised that our economy is run by people who own banks? No, it’s not a surprise. Many of the people who The Hill spoke to for this article are nervous that the financial system could be crashing around them again - and angry that rich venture capitalists can get a speedy bailout from the government while expanded social services and loan forgiveness seem to be forever out of reach. The alacritous rescue of depositors at Silicon Valley Bank (SVB) and Signature Bank by the federal government over the weekend is getting a cynical and frustrated response from taxpayers.
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