Listen: Metlife, Donald Trump, Bank Manchester discussed on Slate Money
"So. Has now officially full in this league. So deep in the weeds. Important stuff. It's not the weeds. It's very important. So Emily because you're the person who has a little in this league. Can you explain what the financial stability. So I'll just briefly wake up to say that the financial stability oversight council was created as part of Dodd, Frank after the crisis as a way to oversee too big to fail institutions. And the ones we're talking about today or the non Bank institutions that were deemed too big to fail. And there was only four of them a g MetLife g. capital and prudential, and then slowly they all lost the designation mostly for good. Is not a too big to fails financial institution. As we talked about last week, it is now just a poorly run power company. Hold on power companies like that. It fell off the list for good reasons because it sold off its but MetLife sued to get rid of the designation and one and then Trump became the president and instead of appealing the ruling and fighting to keep MetLife with the syfy designation. The Trump people really, we're good. We can lose it and the way that they actually call it too big to fail, they call it syfy. That's like a youth movement, stance systemically, important financial institutions rate. It means to fill and the news this week as the last one standing. The last two big to fail non Bank institution financial institution, prudential lost its designation. So now there are no, everything's fine guys. Well, non Bank Manchester, and so I did a little bit of homework on this one. I have a long. I'm leaving my axios edge newsletter with this because I really found this fascinating and I feel like no one wrote about this enough. And I looked the official report which is like sixty five pages long explaining why it no longer needs to be considered too big to fail. And there's no actual reasons in that, partly because all of the interesting stuff has been Medac did. So you have no idea what they're talking about, but what they did say, you know, among other things is you can. You can look up potential in the stock market. A publicly listed company has a market capitalization of about forty two billion, which doesn't sound super lodge and isn't super lodge. It also has this total life. Insurance is written on human beings around the country in America of three point, seven trillion dollars.."