I keep reading that only 250K is covered by the FDIC. Etsy doesn't care about that, they deal with millions and millions of dollars, and they have a trail of financial lawyers who know how to handle their money. Do you really think they would sink all of their money into one bank? They are not going to be hurt by this banks failures. It's a blip though that should wake us up. Small regional banks are the ones that will fail first if our economy goes toes up. It's all a big circle. The present administration has been spending money like a crazy gambler, they put a crimp in the energy sector which makes all of our prices raise, not just at the gas pumps and home heating. Interest rates are going to go up at least a couple more times. The stock market is up up, then down down. When you mix all of this together, things don't go smoothly like they should and this bank failure is an example of what happens when the economy is messed with in such a drastic way in such a short time period. The only thing we should worry about right now is if people make a run on their banks tomorrow morning and take their money out, which would hurt the regional banks. And when I read in here that people are closing their shops because of this, I'm sure there will be some sort of run on banks tomorrow. I'd be panicking more about the rising costs, the fact that we could very easily slip into a recession, and it depends on how high interest rates go, but every time they raise even a quarter percent, jobs are lost. And, now is not the time to buy a new house, so this could very well affect the housing market...again. Until our government stops spending money, we will continually be up and down with threats of recession looming in the future. Etsy has a lot of problems, but getting enough money to pay their sellers isn't one of them. At least right now it isn't.
