KEY POINTS
- Thousands of Americans will receive little or nothing from savings accounts that were locked during the collapse of fintech middleman Synapse.
- Customers believed the accounts were backed by the full faith and credit of the U.S. government.
- CNBC spoke to a dozen customers caught in the predicament, people who have lost sums ranging from $7,000 to well over $200,000.
- While there’s not yet a full tally of those left shortchanged, at fintech Yotta alone, 13,725 customers say they are being offered a combined $11.8 million despite putting in $64.9 million in deposits.
I mean Trump’s economic policies are a philosophical rejection of trickle down economics. He campaigned on a platform of leveraging trade protectionism and immigration reform to produce higher blue collar salaries. He’s doing so in a way that is giving both Wall Street and economic experts conniptions, because they’ll end up biggest losers. Trump has even explicitly called out NAFTA and one of the reasons he won 2016 was his rejection of the TPP.
That is honestly the kind of policy I’d be opening to supporting in a vacuum. A lot of it is oddly similar to Bernie’s economic plans circa 2014. The problem is Trump is an openly corrupt billionaire, friends with other slightly less openly corrupt billionaires, may/may not be a Russian asset, and probably is in the early stages of dementia. There’s absolutely no way he delivers.