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.
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.
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.
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
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
Yes but American voters don’t give a shit.
They found a way to blame it all on the poorz. Oh, and POC.
Yes
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.
Of what I’ve read, regulation in the direction opposite from sane too.
Not gonna lie. If the FDIC goes, I withdraw immediately.
And do what? It’s literally not possible to live without a bank account any more. They’ve actively destroyed cash as a means of payment
What? Cash still works man, and probably will still work. They just made non-cash ways of spending money more convenient, which is why so many aren’t using cash anymore, but it won’t go anytime soon.
Or are you talking about something else I’m not thinking of?
To pay my rent I would have to take my paycheck physically to a bank, cash my check, use that cash to buy multiple money orders, and then mail those money orders. Keep in mind this has to be done early enough to be delivered before the 1st and that the bank is mostly open when I’m at work.
Have an “empty” account where you put only the money you need to transfer and do the transfer right after that.
So, in other words, don’t use cash?
For the things that require you to pay by transfer.
NYC Philly Denver San Francisco NJ DC
All these require businesses to accept cash. The only states where it was proposed and shut down was in red states; ND MS
“85% of sellers who accept cash and use the online payment processing service Square said they never plan to stop taking cash, according to Shelle Santana, an assistant professor at Harvard Business School who has been analyzing Square transaction data.”
Republicans don’t care about discriminating against unbanked people. Sounds like you probably live in a Republican hell hole
What point are you trying to make? Nothing you said addresses any of the barriers to using cash exclusively that I brought up. My landlord doesn’t live nearby so I can’t exactly just go hand him a massive wad of cash nor will my employer pay me in cash so I don’t have to get to a bank during business hours.
I live in California by the way.
You’re probably telling them something they’re already viscerally aware of.
Invest in crypto. Trump was they keynote at the bitcoin conference this year.
People are more worried about day to day living expenses than investment. I live in a major city and maybe 1% of the businesses accept crypto. Zero grocery stores do.
Those have the same custodial risk as a bank account. Not your keys, not your coins.
You keep hold of your keys. Only a small proportion of your assets are accessible by the payment providers.
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
2029 looking a lot like 1929.
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
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. 😉
Should I start stuffing my money under my mattress right now?
I think caps are the go-to currency of the future. Invest in glass soda bottles.
Maybe move your savings to a good local credit union if that’s an option for you.
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
Time to reap the whirlwind
Unless Republicans choose to abolish the filibuster, they can’t do it. Takes 60 votes in the Senate.
Democrats can be lobbied.
I don’t think even the most annoyingly fake- progressive Democrat is gonna vote to abolish the FDIC. I’m not even convinced that every republican would do so.
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.
Ah from here up north this is just watching slow motion Vehicular manslaughter.
There’s no way Trump knows how to drive. This is more like terminal brain cancer. We’ve got a good month or two left, then we absolutely go insane.
