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.
Where do the millionaires on Trump’s cabinet store their money? Because I know those greedy assholes dont want to loose their own bucks.
Destabilize?
No, this is far worse. Big banks will just take your money. Credit Unions? I have no fucking idea.
I also can’t just walk into my bank and pull out $10k without raising all sorts of questions and concerns.
Jesus fuck.
You should be able to pull out $10k fairly easily. When you go to spend $10k in cash, that’s where you’ll get a ton of resistance.
So keep bank receipts for large cash withdrawals.
When gambling on the failure of stocks is allowed you get stupid people trying to tear the whole thing down over a quick buck smh.
2029 looking a lot like 1929.
Can someone please tell me which country has US-style nonprofit banks (credit unions) where I can store hundreds of thousands of dollars without monthly fees?
Jesus fucking Christ on a stick CAN WE HAVE AT LEAST ONE YEAR WHERE THERE ISN’T SOME MAJOR FIXKING BULLSHIT. 😡
Everybody got a mattress?
I also hear coin hoards were once popular.
Of course, you could just invest in cheese.
coin hoards
Nickles would probably be the best bet right now.
Might as well take a gamble and put all my money in bitcoin if it’s not FDIC insured
Now that is the steal of the century if he pulls it off.
Everyone ready for 1+ trillion to go missing?
Its not much of a gamble historically, as long as you’re willing to hold it for >5 years --the same advice holds for the stock market.
This is what people want. Nice high unemployment so labor costs for fast food and services are rock bottom.
Hey, I was driving home and I saw a mcmantion. Its going to be awesome when I buy it next week! So many loans! So little time!
Just where the fuck will people do their banking without FDIC?
I saw that asshat Andreesen lying his fucking ass off on Rogan about how the poor little tweedums on the right were being “debanked” because of “free speech”, but not anyone else.
Meanwhile, what the hell would you call something like this?
The right has people within it that are just so insane that I really do think some would withdrawal their money from the bank, and set all their own cash on fire if they thought it would pwn teh libz.
I would just avoid ALL US banks. Canada has CDIC and our future Trumpian PM hasn’t been paid yet to kill it.
US stores don’t care where the money comes from so that could be an option.
Offshore banking: no longer just for the rich!
Canada and the US share a couple shores, so it’s ok
Do y’all have any banks that hold USD? Or are you recommending that I convert my life savings to CAD and transfer to a Canadian bank with CDIC?
A MAGAt would eat his own shit if he knew a WoKe LibRuL would have to smell it
Exactly this.
Places like cash app and venmo… where you can have predation turned up to 11.
Exactly. Maybe that’s the cui bono here - some asshole in donvict’s circle stands to gain a lot of money. I hate the overuse of those apps, by the way. People always telling me to venmo them. I often try to just hand them cash. I hate having some middle man take 3% just to move some bits; absurd.
Uhh, you can use Venmo without losing money. It only costs extra if you use the instant withdrawal functionality. Just wait the 2-3 days to get your money.
That said, I’d rather get cash as well. I don’t like Venmo but sometimes it’s the much easier way. Such as when people live in other states.
How do you move money in and out of Venmo without any fees? I get a 3% fee if I transfer from credit card. I see you can deposit a check and pay 1%.
I just transfer from/to a bank account. That’s free.
The way you’re doing it is basically having them spot you the money until your payment clears. There is a risk, and they charge for that.
Why put it on some other place that can steal your money with no repercussions?
Because people do it already.
We should start this rumor. It’ll totally own me. I’ll be so subservient if they burn all their money. 😉
Credit unions use the NCUA instead of FDIC. So if they don’t go after that as well there are still some options.
Wasn’t lack of regulation what caused the 2008 recession?
Yes, because the bankers made dumb deals for greedy profits. and then committed a lot of fraud.
I recommend the movie The Big Short (or the book its based on)
Sort of. 2008 happened because new financial products called CDOs allowed shit loans to be turned into gold, and people insured that gold.
More regulation may have helped, but there was a very specific cause.
I think you misspelled “Poor people trying to live above their divinely ordained station!”
- American GOP and Finance Industry
And supply-side-God willing, we can get back to there.
In case you didn’t know, this has been animated/narrated, too:
I had no idea and thanks for this! :)
Look, some of us are going to make the sacrifice to supply-side-God. We gotta do everything to help the rich get richer. Cause fuck us plebs.
Can’t you just smell the freedumb?
Yes but American voters don’t give a shit.
They found a way to blame it all on the poorz. Oh, and POC.
Yes
Of what I’ve read, regulation in the direction opposite from sane too.
And of course, his pick for secretary of the treasury who would oversee all regulations of the stock market is a hedge fund billionaire 🤦🤬
No way this can backfire
The 2020’s are looking to end like the 1920’s.
Not a recession, but a massive depression.
Except, considering how globalized the world economy is today, it would cause a complete total economic collapse on a global scale. You thought the great depression in the 1920s was bad? You have no idea how bad it can really get.
a complete total economic collapse on a global scale.
Of course it will all be peaceful, right, RIGHT?
It’s not just economic globalization, but the global ecosystem’s food chains are already starting to collapse thanks to climate change, and our factory farming systems are becoming increasingly prone to virulent diseases wiping out huge crops of both plants and animals. I wonder what happens when food prices skyrocket because half our food supply has been contaminated, and at the same time inflation explodes thanks to plain ol’ financial mismanagement
The 1920s depression was infamously global.
massive depression
Wayyyyyyyyyyyyyyy ahead of the curve on this one.
You and me both, bud.
It’s gonna be baaaaad.
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!!
I fucking hate that what you wrote could be credibly said by him. I mean except how eloquently you put it lol
Didn’t a whole silicon valley bank just wipe out its customers savings by not being fdic insured
Apparently not. They managed to set themselves up in such a way that caused the failure, but the majority of depositors had over the $250,000 cap on FDIC insured assets.
Looks like a bank run is back on the menu, bois!
