It was 16 years ago that the U.S. economy was flattened by the mortgage and banking crisis.

Anyone remember?

The government experts assured us that the odds were tiny that the housing market could crash. Then it did. The government spent more than $1 trillion to bail out the banks and the mortgage lenders.

So now some Republicans want to raise the FDIC deposit insurance limit on savings/checking accounts from $250,000 to… $10 million.

How many Americans have $10 million to deposit in the bank?  Well, let’s see: there’s Bill Gates, Elon Musk, and Taylor Swift to name a few. We’re the last people on earth to join Bernie Sanders in tearing down “the rich” when they earn it. But there’s no reason the federal government should be insuring their bank accounts.

A recent study from the Cato Institute found that fewer than 1% of deposit accounts exceed $250,000, the level at which FDIC coverage currently ends.

Warren Buffett should not ever get taxpayer bailouts.