ahhh, this won’t go well. FWIW the FDIC is funded via fees charged to member banks. Costs the US government $0.00. Wonder if he knows that? https://www.wsj.com/finance/regulation/trump-advisers-bank-regulations-fdic-efa761dc The Trump transition team has started to explore pathways to dramatically shrink, consolidate or even eliminate the top bank watchdogs in Washington.
uninsured savings, what could possibly go wrong? If they want to go all retro, why not bring back debtors prisons?
They seem intent on killing the golden goose and turning back the financial system to pre-Depression configuration. Even the next FDR will probably have contracted polio once they make vaccines optional.
Not everything is doom and gloom. The actual federal insurance doesn’t go away, just moves the function of the FDIC into a higher level admin function in Treasury. Does the cost to banks decrease as a result? Maybe. The value prop is TBD.
Part of the MAGA agenda, the FDIC is another government agency that needs to be eliminated. A bank run in the early 1930s, back when America was Great. Although he is totally ignorant of history Donald Trump is doing his best to be the next Herbert Hoover. Back when Hoover was president bank deposits weren't insured, the financial markets were unregulated and Hoover signed into law the Smoot Hawley Tariff Act, the largest tariff in American History. By the way except for the tariff Hoover inherited the situation. Trump is doing his best to recreate it.
Do you have a link on this, by chance? I’m curious to read the proposal in detail before I form an opinion. Thanks!
I would much prefer that FDIC retain its independence that it was established with in 1933. Unless someone can explain what problem eliminating the FDIC would solve. It does not take much of an imagination to think of the ensuing malfeasance that could ensue from our new oligarchs without it. https://archive.fdic.gov/view/fdic/6801/fdic_6801_DS1.pdf
I think its a case of the libertarian right finding common cause with the crypto-bros & scammers. If putting your money in the bank is more of a crap shoot in people's minds, people will move more money to more riskier unregulated assets and outright scams (I'm sure all the gold and silver people will love it too).
Jeez, the guy was able to coordinate with a corrupt judiciary in order to keep himself out of jail.....isn't that enough? Why doesn't he just go steal some more stuff, and quit pretending that knows anything about anything.....besides using fraudulent information to con banks into making him loans, that is.
My immediate thought upon reading the thread title was that I should see what my 0.5 ETH coins are worth. (up 5% today, BTW).
Although I'm sure that you're being facetious and trying to inject a little humor in this thread, it's one of the few times that one of your posts is completely accurate.
I'll let you know what comes of my lawsuit. I'm penniless now I put it all on her, but it seems she just sucked me dry.
