"At least that's not what we're going to call it. And new rule: you're not allowed to call it that either. We're going to begin the perpetration after all the heat blows out of the headlines."

UPDATE 20 MINUTES LATER: Breaking: FDIC to Make Good All Deposits at Silicon Valley Bank and Signature Bank

The statement says a special assessment will be made on FDIC member banks to cover any losses and that taxpayers will not bear the cost of any losses.... The move to backstop the banks is being made to stave off runs....

See everyone? This is a "special assessment" on "FDIC member banks" in order to "backstop" them. It's not like you and me keep our money in "FDIC member banks" where such "special assessments" will in this veiled way be passed on to us.

This is a "backstop" and not a "bailout", and is a totally separate and legally distinct methodology for thievery.

"At least that's not what we're going to call it. And new rule: you're not allowed to call it that either. We're going to begin the perpetration after all the heat blows out of the headlines."