Great piece by @ddayen calling attention to the lobbying by firms that extract fees from socially useless products to game the FDIC's deposit insurance limit. They want to ensure that limit stays intact.

At stake is more than their rents. Removing the deposit limit dissolves the pretense that banks are private firms bearing their own risk, and invites more fundamental banking reform. https://prospect.org/power/2023-04-25-intrafi-deposit-insurance-caps-lobbying/ ht #JoeWeisenthal 1/

@ddayen ( i wrote something recently about what a reformed banking system might look like here https://drafts.interfluidity.com/2023/03/26/banks-should-fail-much-more-often/index.html ) /fin