Remember that scene at the beginning of It’s a Wonderful Life, where people are all desperately trying to get into the bank because if it fails before they get in, they lose their money? That’s what the FDIC prevents.
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Calling it now.
2026 with the economy in free fall and the Republicans about to be voted out of office, he will make his move to fully seize control and declare martial law to stop elections.
The moves they are talking about will absolutely destroy the economy and plunge us into the abyss.
I’m looking at the positive side of societal collapse. If there are no banks, then I don’t have to pay my mortgage.
Remember that scene at the beginning of It’s a Wonderful Life, where people are all desperately trying to get into the bank because if it fails before they get in, they lose their money? That’s what the FDIC prevents.
Yeah. FDIC insurance is the only reason each of us will be left with up to 100k 250k per bank account, if our banks go under. And most of us have less than 100k in savings, so it’s basically the US government saying
Don’t worry, even if shit hits the fan, you will still have your money.
I can’t even be bothered to hear how his minions are going to defend this one. It’s indefensible.
You did not remember correctly. This is disclosed on every savings account with a bank that is insured by the FDIC. The limit was raised several years ago.
That’s a little hard to parse, but if you’re asking “What guarantees the FDIC has the money to pay back Americans who lose their savings because of a bank collapse?”: The FDIC does. From https://www.fdic.gov/about/what-we-do:
The FDIC receives no Congressional appropriations - it is funded by premiums that banks and savings associations pay for deposit insurance coverage. The FDIC insures trillions of dollars of deposits in U.S. banks and thrifts - deposits in virtually every bank and savings association in the country.
FDIC insurance is a selling point for many retail banking products (like checking and savings accounts), so those institutions pay for the insurance so people will have confidence to bank there. More importantly, they buy it because it’s required by law currently.
If the FDIC were abolished, the void would be filled by unregulated entities that would charge higher premiums and cover less, and there would probably be kickbacks involved - while the government watches with its popcorn - to disincentivise real free market competition.
That’s if there were any kind of deposit insurance at all, I mean. The idea might be to encourage the American people to put their savings into a form they can retain control over - like precious metals, land, or digital currencies.
MAGAts talk about Trump Derangement Syndrome but “conservatives” are still trying to destroy everything FDR helped create. That’s how far the FDIC goes back. This is why they want to do away with physical cash. Can’t have a run on a bank if your electronic money just suddenly disappears.
How does this spin to customers?
Okay, my checking account is no longer guaranteed in the event of your inevitable ambition-related collapse. Are you going to pay me speculative-investment class interest rates to justify me trusting you with the money? Or should I just go back to notes under the mattress?
Trump, probably, after talking to his new bestest advisor:
Just move all your money into Dogecoin. It will be perfectly safe there.
There’s no way that happens without full on revolt.
They did paste it correctly but in Markdown, you have to type three. The first one escapes the second, and the third one escapes the underscore and prevents the pair from becoming an italics flag.
1: ¯_(ツ)_/¯
2: ¯\(ツ)/¯
3: ¯\_(ツ)_/¯
The examples above are slightly fake: the unescaped right underscores in lines 1 and 3 would mark the start and end of another italics segment, so I escaped them to imitate what happens in a comment with no underscores except this kaomoji.
A little bullshit story from Trump and Fox about how our tax dollars insure other people’s bad decisions and it’s toast.
