FDIC next?

[Anonymous]

Anonymous wrote:

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.


Breaking it whole cloth is the intention!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.


Breaking it whole cloth is the intention!

Breaking it whole cloth is the intention!

[Anonymous]

clean it up. Dismantle if necessary

[Anonymous]

Anonymous wrote:clean it up. Dismantle if necessary

Clean what up? The FDIC? What is wrong with it, in your view?

[Anonymous]

I've started withdrawing money from my bank account. I'm not ready to pull out all of my cash yet. I haven't fully accepted that the FDIC will fail.

[Anonymous]

Anonymous wrote:

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.

Based on the left's bad behavior over the last two decades, yer GD right I have no empathy.

[Anonymous]

Anonymous wrote:I've started withdrawing money from my bank account. I'm not ready to pull out all of my cash yet. I haven't fully accepted that the FDIC will fail.

We usually keep $10k or less in our account but still, $10k is a lot to lose if the economy tanks and we're out of jobs. We may pull more and leave $500 or less in there.

My work, which has very little tie in with the federal government and gets very little business from them, is tightening its purse strings. They cut Grammarly Pro, which they used to cover for all 400ish employees. They cut LinkedIn premium that they covered for everyone on the sales team. Every area they can make cuts, they are doing it. No layoffs so far, but they did announce internally that there would be no interns this year.

[Anonymous]

Anonymous wrote:I've started withdrawing money from my bank account. I'm not ready to pull out all of my cash yet. I haven't fully accepted that the FDIC will fail.

If FDIC insurance goes away, that is game over for the banking system worldwide. It would be so destabilizing that the US would not recover and it would take every other country down, too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've started withdrawing money from my bank account. I'm not ready to pull out all of my cash yet. I haven't fully accepted that the FDIC will fail.

If FDIC insurance goes away, that is game over for the banking system worldwide. It would be so destabilizing that the US would not recover and it would take every other country down, too.

FDIC as an agency could go away. But the essential function of insuring deposits will have to be taken over by Treasury or whatever.

[Anonymous]

Anonymous wrote:clean it up. Dismantle if necessary

Are you drunk or really this ignorant?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've started withdrawing money from my bank account. I'm not ready to pull out all of my cash yet. I haven't fully accepted that the FDIC will fail.

If FDIC insurance goes away, that is game over for the banking system worldwide. It would be so destabilizing that the US would not recover and it would take every other country down, too.

FDIC as an agency could go away. But the essential function of insuring deposits will have to be taken over by Treasury or whatever.

You’d need an act of Congress to do this. There’s multiple precedents in the last few decades.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've started withdrawing money from my bank account. I'm not ready to pull out all of my cash yet. I haven't fully accepted that the FDIC will fail.

If FDIC insurance goes away, that is game over for the banking system worldwide. It would be so destabilizing that the US would not recover and it would take every other country down, too.

FDIC as an agency could go away. But the essential function of insuring deposits will have to be taken over by Treasury or whatever.

You’d need an act of Congress to do this. There’s multiple precedents in the last few decades.

But even in that case, the insurance cannot be dismantled without creating a situation that would be insane.

[Anonymous]

I feel like the billionaires should also be against this right? I know most of their money is tied up in investments but they have to have some bank accounts.

[Anonymous]

Anonymous wrote:I feel like the billionaires should also be against this right? I know most of their money is tied up in investments but they have to have some bank accounts.

Everyone should be against this. It would create such craziness.

[Anonymous]

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

That’s their goal.