Today, Bloomberg news reports, "The Cyber-Terror Bank Bailout: They're Already Talking About It, and You May Be on the Hook"
Bankers and U.S. officials have warned that cyber-terrorists will try to wreck the financial system’s computer networks. What they aren’t saying publicly is that taxpayers will probably have to cover much of the damage.Yet another reason to end "too big to fail."
If we all put our money in local banks and credit unions, there would be too many small targets. Having most of our assets in just a few banks makes for really effective targets.