Stephen Gandel, a seasoned financial analyst and journalist, claims that the banks’ arguments are baseless, as there is no way to pull deposits from the system completely.
Gandel acknowledges that individual banks will have to pay more to keep savers’ cash under their control, potentially affecting their business model profitability. He alleges that raising interest levels by 1% would still allow 1,600 national banks to enjoy double-digit earnings, with the U.S. remaining the nation with the most banks even after this shift.
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