Peter Schiff: Biden’s Bank Bailout ‘Only Applies to the Banks They Like’

EXCERPT:

SCHIFF: "And, you know, the implicit guarantee only applies to the banks that they like, or the ones that they deem systemically important or too big to fail. You know, what the U.S. government did is they created a run on all the smaller regional banks because they don’t have the implicit guarantee. Your deposit is at risk at those banks if you have more than $250,000, and so now, perversely, what’s happening is people are rushing to pull their money out of sounder, solvent banks, and to put their money into insolvent banks, so the opposite of what would happen during a free market."