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submitted 1 day ago* (last edited 1 day ago) by MicroWave@lemmy.world to c/politics@lemmy.world

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.

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[-] T00l_shed@lemmy.world 92 points 1 day ago
[-] The_v@lemmy.world 68 points 1 day ago

The 2020's are looking to end like the 1920's.

Not a recession, but a massive depression.

[-] UltraGiGaGigantic@lemmy.ml 15 points 1 day ago

massive depression

Wayyyyyyyyyyyyyyy ahead of the curve on this one.

[-] save_the_humans@leminal.space 2 points 1 day ago

You and me both, bud.

[-] EleventhHour@lemmy.world 41 points 1 day ago* (last edited 1 day ago)

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.

[-] rayyy@lemmy.world 1 points 2 hours ago

a complete total economic collapse on a global scale.

Of course it will all be peaceful, right, RIGHT?

[-] captainlezbian@lemmy.world 11 points 1 day ago

The 1920s depression was infamously global.

[-] BlemboTheThird@lemmy.ca 16 points 1 day ago* (last edited 1 day ago)

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

[-] T00l_shed@lemmy.world 11 points 1 day ago

It's gonna be baaaaad.

[-] Heikki@lemm.ee 27 points 1 day ago

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!!

[-] T00l_shed@lemmy.world 18 points 1 day ago

I fucking hate that what you wrote could be credibly said by him. I mean except how eloquently you put it lol

this post was submitted on 13 Dec 2024
409 points (98.6% liked)

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