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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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[-] kandoh@reddthat.com 1 points 58 minutes ago

This is what people want. Nice high unemployment so labor costs for fast food and services are rock bottom.

[-] jagged_circle@feddit.nl 2 points 1 hour ago* (last edited 1 hour ago)

Where do the millionaires on Trump's cabinet store their money? Because I know those greedy assholes dont want to loose their own bucks.

[-] werefreeatlast@lemmy.world 1 points 1 hour ago

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!

[-] jagged_circle@feddit.nl 1 points 1 hour ago

Can someone please tell me which country has US-style nonprofit banks (credit unions) where I can store hundreds of thousands of dollars without monthly fees?

[-] FlyingSquid@lemmy.world 3 points 4 hours ago

Everybody got a mattress?

I also hear coin hoards were once popular.

Of course, you could just invest in cheese.

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

coin hoards

Nickles would probably be the best bet right now.

[-] peoplebeproblems@midwest.social 12 points 12 hours ago

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.

[-] jagged_circle@feddit.nl 1 points 1 hour ago

You should be able to pull out $10k fairly easily. When you go to spend $10k in cash, that's where you'll get a ton of resistance.

So keep bank receipts for large cash withdrawals.

[-] Odd_so_Star_so_Odd@lemmy.world 4 points 11 hours ago

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.

[-] subiacOSB@lemmy.ml 6 points 12 hours ago

Might as well take a gamble and put all my money in bitcoin if it’s not FDIC insured

[-] jagged_circle@feddit.nl 1 points 1 hour ago* (last edited 1 hour ago)

Its not much of a gamble historically, as long as you're willing to hold it for >5 years --the same advice holds for the stock market.

[-] Xatolos@reddthat.com 1 points 5 hours ago
[-] whoisearth@lemmy.ca 1 points 3 hours ago

Now that is the steal of the century if he pulls it off.

Everyone ready for 1+ trillion to go missing?

[-] abbiistabbii@lemmy.blahaj.zone 15 points 15 hours ago

Jesus fucking Christ on a stick CAN WE HAVE AT LEAST ONE YEAR WHERE THERE ISN'T SOME MAJOR FIXKING BULLSHIT. 😡

[-] tehn00bi@lemmy.world 24 points 18 hours ago

2029 looking a lot like 1929.

[-] CharlesDarwin@lemmy.world 25 points 1 day ago* (last edited 1 day ago)

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.

[-] MisterD@lemmy.ca 7 points 13 hours ago

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.

[-] jagged_circle@feddit.nl 1 points 1 hour ago

Do y'all have any banks that hold USD? Or are you recommending that I convert my life savings to CAD and transfer to a Canadian bank with CDIC?

[-] FlyingSquid@lemmy.world 1 points 4 hours ago* (last edited 1 hour ago)

Offshore banking: no longer just for the rich!

[-] Mongostein@lemmy.ca 2 points 33 minutes ago

Canada and the US share a couple shores, so it’s ok

[-] Alexstarfire@lemmy.world 3 points 14 hours ago

We should start this rumor. It'll totally own me. I'll be so subservient if they burn all their money. 😉

[-] ubergeek@lemmy.today 8 points 18 hours ago

Places like cash app and venmo... where you can have predation turned up to 11.

[-] CharlesDarwin@lemmy.world 5 points 15 hours ago

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.

[-] Alexstarfire@lemmy.world 3 points 14 hours ago

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.

[-] CharlesDarwin@lemmy.world 1 points 12 hours ago

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%.

[-] Alexstarfire@lemmy.world 4 points 12 hours ago* (last edited 12 hours ago)

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.

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[-] SARGE@startrek.website 9 points 21 hours ago

A MAGAt would eat his own shit if he knew a WoKe LibRuL would have to smell it

[-] CharlesDarwin@lemmy.world 2 points 15 hours ago

Exactly this.

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

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