Reply to Is a credit union safer than bank? Safer than vanguard?

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[quote=Anonymous][quote=Anonymous][quote=FPYCparent]Not going to claim that crazy things cannot/will not happen, but per https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation:

[quote]The FDIC is not supported by public funds; member banks' insurance dues are its primary source of funding.[/quote]

...

[quote]The FDIC receives no funding from the federal budget. Instead it assesses premiums on each member and accumulates them in a Deposit Insurance Fund (DIF) that it uses to pay its operating costs and the depositors of failed banks. [/quote]

Admittedly, I am NOT an economist and I cannot predict the future.  :)  However, I'd like to think we can agree on some facts to form the basis of an informed discussion.[/quote]

Nobody is saying it's going to run out of funding, we're saying who knows what Musk and his boys plan on doing with it. What's to stop them from not paying out? What's to stop them from personally stealing the money?[/quote]

The Second Amendment. [/quote]

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