FDIC next?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Eliminating the FDIC does not mean eliminating deposit insurance. That could be done through a department at Treasury. Its supervisory responsibilities could be re-allocated to one of the other bank regulators.

The Corporation is a stand alone entity on a statutory basis. No EOs or anything like that underpinning its

Its deposit insurance function and oversight powers cannot be transferred to Treasury or another agency without changing the law. We already have a modern history of precedent - OTS having its responsibilities transferred to the Fed/FDIC/OCC by Dodd Frank Act, FSLIC went insolvent during S&L Crisis and powers transferred to FDIC by FIRREA Act of 1989.

You can’t just shunt the FDIC into the Treasury without Congress acting.

Why would they do that?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Eliminating the FDIC does not mean eliminating deposit insurance. That could be done through a department at Treasury. Its supervisory responsibilities could be re-allocated to one of the other bank regulators.

The Corporation is a stand alone entity on a statutory basis. No EOs or anything like that underpinning its

Its deposit insurance function and oversight powers cannot be transferred to Treasury or another agency without changing the law. We already have a modern history of precedent - OTS having its responsibilities transferred to the Fed/FDIC/OCC by Dodd Frank Act, FSLIC went insolvent during S&L Crisis and powers transferred to FDIC by FIRREA Act of 1989.

You can’t just shunt the FDIC into the Treasury without Congress acting.

Wanna bet?

Okay, so they are saying you shouldn't do this, not that you can't.


The reason this PP is saying that you shouldn't do it is not just because it is illegal, which, we all know is not something your crowd cares about at all, but because it would actually break it whole cloth and you won't be able to just patchwork it back together without risking the shattering of our banking framework.

Even if you don't care if you break the banks or the monetary structure of our economy (because Crypto, obviously) literally everyone else in the US other than very poor people will care.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Eliminating the FDIC does not mean eliminating deposit insurance. That could be done through a department at Treasury. Its supervisory responsibilities could be re-allocated to one of the other bank regulators.

The Corporation is a stand alone entity on a statutory basis. No EOs or anything like that underpinning its

Its deposit insurance function and oversight powers cannot be transferred to Treasury or another agency without changing the law. We already have a modern history of precedent - OTS having its responsibilities transferred to the Fed/FDIC/OCC by Dodd Frank Act, FSLIC went insolvent during S&L Crisis and powers transferred to FDIC by FIRREA Act of 1989.

You can’t just shunt the FDIC into the Treasury without Congress acting.

Why would they do that?

Because they are power hungry narcissists who can't get it through their thick skulls that anyone else has any intellect at all or any relevant experience.

They just want to FEEL THE POWER and they've spent one too many drug fueled nights thinking up this stuff that has very little relationship to the reality we live in. They are broken, broken people who don't feel empathy anymore because they think it's weak and stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Eliminating the FDIC does not mean eliminating deposit insurance. That could be done through a department at Treasury. Its supervisory responsibilities could be re-allocated to one of the other bank regulators.

The Corporation is a stand alone entity on a statutory basis. No EOs or anything like that underpinning its

Its deposit insurance function and oversight powers cannot be transferred to Treasury or another agency without changing the law. We already have a modern history of precedent - OTS having its responsibilities transferred to the Fed/FDIC/OCC by Dodd Frank Act, FSLIC went insolvent during S&L Crisis and powers transferred to FDIC by FIRREA Act of 1989.

You can’t just shunt the FDIC into the Treasury without Congress acting.

Do you think 20 year old tech bros who trade crypto and ghost cat NFTs for $200k understand any of what you just posted or the ramifications for an entire country? This is the tiktok brain generation we are talking about.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Eliminating the FDIC does not mean eliminating deposit insurance. That could be done through a department at Treasury. Its supervisory responsibilities could be re-allocated to one of the other bank regulators.

The Corporation is a stand alone entity on a statutory basis. No EOs or anything like that underpinning its

Its deposit insurance function and oversight powers cannot be transferred to Treasury or another agency without changing the law. We already have a modern history of precedent - OTS having its responsibilities transferred to the Fed/FDIC/OCC by Dodd Frank Act, FSLIC went insolvent during S&L Crisis and powers transferred to FDIC by FIRREA Act of 1989.

You can’t just shunt the FDIC into the Treasury without Congress acting.

Wanna bet?

Nothing would shock me at this point. Trump is allowing Musk to do whatever he wants, especially with large volumes of data, knowing that he (Trump) didn't do it, and can't be held accountable in the future. It's happening so fast, and without any recourse. It might be against the law to do much of what is being reported, but that doesn't seen to matter and there is no sign of it slowing down. There will be a run on the stock market and banks, as people won't not which way to turn, or what is or isn't illegal. Having cash on hand will be their only protection.

[Anonymous]

If that happens, I am taking my money out of US banks and will encourage others to do the same.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There's no way. Could you imagine the collapse if they stopped insuring bank accounts?

The essential functions will continue. Its time for consolidating staff under anoyher agency.

You are very naive if you think they want to continue these socialist programs. These programs will end because they want to totally dismantle the US government. They have been saying this for years.

The FDIC is a socialist program? You’ve lost your mind. Or you are a cryptocurrency zombie.

[Anonymous]

Anonymous wrote:I saw rumors on social media DOGE was in there. It was published back in the fall that Trump would consider allowing DOGE to tinker with FDIC. So what happens if we find out tomorrow that they're definitely in there? Is it going to cause panic? The argument is that the govt would still cover deposits, but that the function of the FDIC would be rolled into another agency in order to reduce headcount.

How we feeling if this rumor is true?

They already control the mechanism of bank transfers from the government to banks, and between banks. so eliminating the FDIC just means that every single individual account will be at risk. They can literally just steal your money.

[Anonymous]

Anonymous wrote:Eliminating the FDIC does not mean eliminating deposit insurance. That could be done through a department at Treasury. It's supervisory responsibilities could be re-allocated to one of the other bank regulators.

The whole point is that it is supposed to be independent of US treaury functions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Eliminating the FDIC does not mean eliminating deposit insurance. That could be done through a department at Treasury. Its supervisory responsibilities could be re-allocated to one of the other bank regulators.

The Corporation is a stand alone entity on a statutory basis. No EOs or anything like that underpinning its

Its deposit insurance function and oversight powers cannot be transferred to Treasury or another agency without changing the law. We already have a modern history of precedent - OTS having its responsibilities transferred to the Fed/FDIC/OCC by Dodd Frank Act, FSLIC went insolvent during S&L Crisis and powers transferred to FDIC by FIRREA Act of 1989.

You can’t just shunt the FDIC into the Treasury without Congress acting.

You are assuming laws and the human construct around money means anything to these people.

[Anonymous]

Well, Trump’s FDIC pick is now pushing to get FDIC out of the way for crypto. At a minimum, I think all of this effort is going to lead to much more crypto injected into the nation’s banking system. It’s inevitable. What that means? I have zero clue. Does it mean banks will fail when their crypto gets hacked/stolen? Or due to massive volatility in crypto? Who knows? What does it mean for the USD? Will the USD be undermined?

I guess we are going to find out. No one is going to be able to stop it now. Crypto economy will be Trump’s doing. Always remember that. If it is good, good for him. If it is bad and crashes everything, it will be on Trump and Elon.

[Anonymous]

Also, there are ideas for tokenizing things and using them for ownership. Like making digital tokens out of real estate. Who knows where this goes. Could they make a digital token out of say the entire US petroleum reserve? I’m sure someone private will buy it now say they own it. Or national parks. Or highways. Or airspace. Where does it end? The sovereign wealth fund seems like it was invented so it will be a place to house all of this stuff where the cenitbillionaires will plunder the country and start trying to claim ownership over everything public in the country.

[Anonymous]

See, now I'm worried again. I posted over on the Money & Finance board on Monday (https://www.dcurbanmom.com/jforum/posts/list/1254922.page) and everyone said not to listen to my neighbor and it was all crazy.

She works at a bank and texted me that people were pulling so much money on Monday that they ran out of available funds for that day. They even had to order extra cash for the next day to fulfill high dollar account holders who were pulling funds. And when my husband went to our bank to get a bit of cash out to cover things just in case (b/c we never have cash on hand), he encountered long lines too.

JFC I can't believe I live in this timeline.

[Anonymous]

Anonymous wrote:There's no way. Could you imagine the collapse if they stopped insuring bank accounts?

That is the point! Tank the economy and billionaires buy it up for scraps.

When will we stop saying "no way"? Failure of imagination got us here.

[Anonymous]

People keep saying the oligarchs controlling our government won’t do X or Y because it would take the economy. You need to understand that is what they want. Chaos. Destruction. Please educate yourself about Curtis Yarvin and Peter Thiel. They’ve talked openly about their vision for society. Musk’s grandfather was part of a group that tried to over the Canadian government inspired by similar principles. Watch the Dark Gothic MAGA video on YouTube.

These people want to destroy the government and seize money and power. No more voting. No more rights. It’s a return to feudalism.