What Is FDIC Insurance and What Are the Coverage Limits? - NerdWallet

I've been following the SVB story for awhile now, along with the layoffs and failures of a huge number of Silicon Valley start ups. It smelled like 2008 again and I'm too freaking old to start over again, so I moved the majority of the family assets over into FDIC insured funds.
I think the advice to learn to code just got flushed down the toilet.
Just to remind some of our non-investing compatriots, the $250,000 limit, of $500,000 for a joint account, is per bank. If you have more than that in one bank in an insured account, just move part of it to another bank. Now I personally have strived all my life to avoid great wealth and I have succeeded, but I do have mine split between different banks.

CPT Lawrence Cable - If you have a sizeable lump of change (>$250) that you're keeping in cash, I recommend that you put it in one of those that have "online diversified banks".

The one I'm familiar with (there are others) is Empower (just changed from Personal Capital a few weeks ago) - their "cash" account is federated over different FDIC insured banks in $250 chunks, so you don't have to manage it, you just see one consolidated entry.

COL Randall C. - I'm not living off of any of my savings/IRA's yet, even though I am well beyond the penalty age. I've just split things up into FDIC Certificates of Deposit with varying maturity dates. Most have been above 4% when I moved this stuff, which isn't wonderful, but better than losing 30% of it's value. If and when things settle down, I'll start moving stuff back to stocks or mutual funds as they mature.

The Fed looks like they are going to cave. Talk is about letting the banks borrow against book value of their bonds instead of market value. That's a mistake IMO. From the Wall Street Journal. "critics have a point. For the second time in 15 years (excluding the brief Covid-caused panic), regulators will have encouraged a credit mania, and then failed to foresee the financial panic when the easy money stopped. Democrats and the press corps may try to pin the problem on bankers or the Trump Administration, but these are political diversions. You can’t run the most reckless monetary and fiscal experiment in history without the bill eventually coming due. The first invoice arrived as inflation. The second has come as a financial panic, with economic damage that may not end with Silicon Valley Bank."