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.
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.
The 1920s depression was infamously global.
a complete total economic collapse on a global scale.
Of course it will all be peaceful, right, RIGHT?
massive depression
Wayyyyyyyyyyyyyyy ahead of the curve on this one.
It’s gonna be baaaaad.
Wasn’t lack of regulation what caused the 2008 recession?
I think you misspelled “Poor people trying to live above their divinely ordained station!”
- American GOP and Finance Industry
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.
Yes
Of what I’ve read, regulation in the direction opposite from sane too.
Not gonna lie. If the FDIC goes, I withdraw immediately.
If it looks like it’s on its way out soon I put a run on that bank like it’s dollar store pantihose
They don’t care if they tank the dollar, it will make the assets in the Strategic Dogecoin Reserve that much more valuable.
Pretty sure the plan is to actively tank the dollar
I wonder how this will help China in their efforts to get off the dollar…
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.
That’s not a recession. That’s a depression
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.
Credit unions use the NCUA instead of FDIC. So if they don’t go after that as well there are still some options.
We should start this rumor. It’ll totally own me. I’ll be so subservient if they burn all their money. 😉
2029 looking a lot like 1929.
Should I start stuffing my money under my mattress right now?
Maybe move your savings to a good local credit union if that’s an option for you.
I think caps are the go-to currency of the future. Invest in glass soda bottles.
Find the most stable government you can and buy bonds
That’s a pretty good one. Any recommendations? Everywhere seems terrible right now.
Probably should buy durable goods like ammunition.
Check out ammoseek. I’m up 60% and I bought in the height of covid panic.
I’m a pretty privileged millennial in that I bought my place and I’ve since paid it off. So I have quite a bit of durable goods already.
I’ve been seriously considered converting money into gold. I keep thinking about how my money is just being depreciated every year while it sits in savings.
Depends upon the amount of interest you’re earning.
Yes. However you save it, don’t leave it with a third party. There will be no FDIC to protect us.
I wonder if the NCUA will fly under the radar though. It may be obscure enough to escape scrutiny from Trump goons.
I can walk into a bank and get approved to a loan with payments equal to 70% of my income. Regulations are already criminally absent.
Thats been true for a very long time. Before 2008 we had an approval for more than we made per month altogether.
Might as well take a gamble and put all my money in bitcoin if it’s not FDIC insured
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.
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!
