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Remember that scene at the beginning of It’s a Wonderful Life, where people are all desperately trying to get into the bank because if it fails before they get in, they lose their money? That’s what the FDIC prevents.
Yeah. FDIC insurance is the only reason each of us will be left with up to ~~100k~~ 250k per bank account, if our banks go under. And most of us have less than 100k in savings, so it's basically the US government saying
Don't worry, even if shit hits the fan, you will still have your money.
I can't even be bothered to hear how his minions are going to defend this one. It's indefensible.
They won't defend it. They have torn out their ear drums to criticism. They will hear no evil about the man.
It’s 100k per account per bank, IIRC
You did not remember correctly. This is disclosed on every savings account with a bank that is insured by the FDIC. The limit was raised several years ago.
MAGAts talk about Trump Derangement Syndrome but "conservatives" are still trying to destroy everything FDR helped create. That's how far the FDIC goes back. This is why they want to do away with physical cash. Can't have a run on a bank if your electronic money just suddenly disappears.
Its the setup to the biggest robbery in history!
Yes, they take the very, very, very long view at destroying anything and everything that they think is costing them one red cent.
The qons hold derangement syndrome towards a great many things going back decades...
How does this spin to customers?
Okay, my checking account is no longer guaranteed in the event of your inevitable ambition-related collapse. Are you going to pay me speculative-investment class interest rates to justify me trusting you with the money? Or should I just go back to notes under the mattress?
Trump, probably, after talking to his new bestest advisor:
Just move all your money into Dogecoin. It will be perfectly safe there.
There's no way that happens without full on revolt.
I might have said something like that 8 years ago but now ¯_(ツ)_/¯
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They did paste it correctly but in Markdown, you have to type three. The first one escapes the second, and the third one escapes the underscore and prevents the pair from becoming an italics flag.
1: ¯_(ツ)_/¯
2: ¯\(ツ)/¯
3: ¯\_(ツ)_/¯
The examples above are slightly fake: the unescaped right underscores in lines 1 and 3 would mark the start and end of another italics segment, so I escaped them to imitate what happens in a comment with no underscores except this kaomoji.
A little bullshit story from Trump and Fox about how our tax dollars insure other people's bad decisions and it's toast.
If they can tie it to Obama/Biden/Kamala/Clinton or POC in general or something trans, that'll really end it.
I said that a few freakouts ago, bud.
This will isolate american banks on the long run. Who wants to make business with Leeman Brothers 2.0 (on an international scale)... or did I miss something?
Edit: Spelling
We still have bank failures now, Silicon Valley bank? Why eliminate it?
I'm guessing because 1) dumb ideological reasons involving cutting every government service that isn't the military or immigration enforcement and 2) FDIC is primarily funded by fees from the banks. Consumers are so detached from how stuff works for the most part that removing the FDIC insurance fee wouldn't give consumers higher interest rates, but just decrease the banks expenses and make them more money.
If you haven't noticed elon wants to grift crypto via the government so by eliminating oversight and forcing people to run the bank, guess what kinds of assets people will dump their digital dollars into?
How does this relate, if at all, with the insurance that the NCUA provides?
So they want us to buy crypto? If no bank and not enough cash to go around, digital money has to go somewhere right? Buy commodities? Cans of food/medical supplies to sell during the inevitable depression?
Don't miss the trick here. The fake economy built on systemic fraud requires faith that it works for it to work. There is not enough physical money to account for the fictional numbers they throw around hourly on wall street. Its all going to collapse and they want to make sure you don't have anything!
This is the setup to the biggest heist in history! Whatever cash and assets the wealthy have will be safe in their vaults and overseas accounts. The decadent will dine while you starve. They will rebuild the US in their dystopic image even more so than it is now.
General strike, crash the fake economy before they do. If wall street looses billions a day that will send a bigger shockwave than any dead CEO ever could. All they care about is money! You make that vanish and that's power.
Will you have to suffer, yes. That's happening anyway. If not now you will be soon. If we do it soon enough it will be the imagery money that disappears and not your bank account. If we wait till after they rig the table it'll be your loss not theirs.
We don't have much time.
let me guess. they would not touch spic.