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.
This is what people want. Nice high unemployment so labor costs for fast food and services are rock bottom.
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!
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.
Destabilize?
No, this is far worse. Big banks will just take your money. Credit Unions? I have no fucking idea.
I also can’t just walk into my bank and pull out $10k without raising all sorts of questions and concerns.
Jesus fuck.
When gambling on the failure of stocks is allowed you get stupid people trying to tear the whole thing down over a quick buck smh.
Might as well take a gamble and put all my money in bitcoin if it’s not FDIC insured
Now that is the steal of the century if he pulls it off.
Everyone ready for 1+ trillion to go missing?
Jesus fucking Christ on a stick CAN WE HAVE AT LEAST ONE YEAR WHERE THERE ISN’T SOME MAJOR FIXKING BULLSHIT. 😡
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
We should start this rumor. It’ll totally own me. I’ll be so subservient if they burn all their money. 😉
Places like cash app and venmo… where you can have predation turned up to 11.
Exactly. Maybe that’s the cui bono here - some asshole in donvict’s circle stands to gain a lot of money. I hate the overuse of those apps, by the way. People always telling me to venmo them. I often try to just hand them cash. I hate having some middle man take 3% just to move some bits; absurd.
Uhh, you can use Venmo without losing money. It only costs extra if you use the instant withdrawal functionality. Just wait the 2-3 days to get your money.
That said, I’d rather get cash as well. I don’t like Venmo but sometimes it’s the much easier way. Such as when people live in other states.
How do you move money in and out of Venmo without any fees? I get a 3% fee if I transfer from credit card. I see you can deposit a check and pay 1%.
I just transfer from/to a bank account. That’s free.
The way you’re doing it is basically having them spot you the money until your payment clears. There is a risk, and they charge for that.
Why put it on some other place that can steal your money with no repercussions?
Because people do it already.
A MAGAt would eat his own shit if he knew a WoKe LibRuL would have to smell it
Exactly this.
Credit unions use the NCUA instead of FDIC. So if they don’t go after that as well there are still some options.
Gee, what could possibly go wrong?
And of course, his pick for secretary of the treasury who would oversee all regulations of the stock market is a hedge fund billionaire 🤦🤬
Looks like a bank run is back on the menu, bois!
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.
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
Wasn’t lack of regulation what caused the 2008 recession?
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.
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.
And supply-side-God willing, we can get back to there.
Can’t you just smell the freedumb?
In case you didn’t know, this has been animated/narrated, too:
I had no idea and thanks for this! :)
Look, some of us are going to make the sacrifice to supply-side-God. We gotta do everything to help the rich get richer. Cause fuck us plebs.
Yes
Of what I’ve read, regulation in the direction opposite from sane too.
