Summary
Trump’s team is considering abolishing key banking regulators, including the FDIC and OCC, with plans to consolidate their functions under the Treasury Department.
Critics warn this could undermine public trust in banking, weaken deposit insurance protections, and risk another financial crisis.
The FDIC, established during the Great Depression, played a crucial role in managing the 2023 banking crisis.
Trump allies, backed by financial industry donors, are also targeting other consumer protections, reflecting sweeping deregulatory ambitions tied to Project 2025’s proposals.
Experts fear these moves could destabilize the economy.
No way this can backfire
The 2020’s are looking to end like the 1920’s.
Not a recession, but a massive depression.
Trump (2 weeks after everything all the experts said would happen happens): Noun one knew how complicated banking is… my uncle, the MIT professor; huege brain was surprised this happened. An MIT professor didn’t think this could happen; speaking of things that happen, Batron… where is Batron? Where is, possibly, my “favorite” son? The crypto visionary. Let me tell you about the importance of crypto. Did you know this stuff is mined? Like from the earth? More valuable than water it is. Looking to back the usd by crypto and then by water. It’s free it just drops from the sky like “Bing, Bing Bing bing” might as well as be kaching!!
They don’t care if they tank the dollar, it will make the assets in the Strategic Dogecoin Reserve that much more valuable.
The question is, how do you bet against the US Economy and for whatever selfish fuckhead of a plan they have.
Well look, I’m not advocating for this coming government nor am I an economic expert. But in a vacuum one could impose tariffs on imported goods, tank the cost of labor in your own country, and force manufacturing back here, right? And in the long run, would be beneficial for local manufacturing instead of being so dependent on China. If it weren’t for the local oligarchy here I’d say it’s even a tough but fair plan for the economy. Knowing what we know, things will only get harder with no observable benefit for the working class as whatever improvement we manage to make will be sucked away by the ruling class. But the plan isn’t horseshit in a vacuum. Someone please feel free to tell me why I’m completely wrong as I’m not really speaking with too much conviction tbh
As the person said below, move your currency out of the US dollar into something like gold or buy a house with a 30-year mortgage because you are basically shorting the dollar for a hard, tangible asset.
In my home country (we all know the economy is gonna keep getting worse so we bet against it by default) we buy foreign currency (including ironically USD), gold, electronics or other tangible assets that hold their value.
Time to reap the whirlwind
Not gonna lie. If the FDIC goes, I withdraw immediately.
And do what? It’s literally not possible to live without a bank account any more. They’ve actively destroyed cash as a means of payment
What? Cash still works man, and probably will still work. They just made non-cash ways of spending money more convenient, which is why so many aren’t using cash anymore, but it won’t go anytime soon.
Or are you talking about something else I’m not thinking of?
To pay my rent I would have to take my paycheck physically to a bank, cash my check, use that cash to buy multiple money orders, and then mail those money orders. Keep in mind this has to be done early enough to be delivered before the 1st and that the bank is mostly open when I’m at work.
Invest in crypto. Trump was they keynote at the bitcoin conference this year.
People are more worried about day to day living expenses than investment. I live in a major city and maybe 1% of the businesses accept crypto. Zero grocery stores do.
Should I start stuffing my money under my mattress right now?
If rapid inflation occurs, then no (invest in non-monetary assets). If a bank run occurs then yes. Both could definitely happen if they can’t manage to cut trillions of dollars of spending but further cut corporate taxes while deregulating banks and consumer protections. Damned if you do, damned if you don’t.
Probably should buy durable goods like ammunition.
Check out ammoseek. I’m up 60% and I bought in the height of covid panic.
Maybe move your savings to a good local credit union if that’s an option for you.
Is that safer than a national bank if we do away with FDIC? Seems like a local credit union would fail before a large corporate bank. But maybe I’m wrong…
NCUA insures credit unions. The FDIC does banks and is much more well known.
The idea is that they might not get rid of NCUA.
I’ve been seriously considered converting money into gold. I keep thinking about how my money is just being depreciated every year while it sits in savings.
Yes. However you save it, don’t leave it with a third party. There will be no FDIC to protect us.
