For example, my mortgage is through JP Morgan Chase. Do credit cards and mortgages and such just get wiped out? Or do they demand people pay their balances all at once? Or does another bank buy them out and the debts are transferred? How does all of that work?
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If JPMorgan fails becuaee of the GME thing, and others, ALL the big banks fail, too. There won't be a bigger bank to buy them out, and there won't be a bailout from the Fed because the Fed will go tits up, too. If we do this right, everyone will inevitably get a clean slate. No one will lose their homes, cars, businesses, etc because there isn't enough available money in the markets to cover this when the WHOLE stock market, ALL of them, go tits up from this.