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‘The next recession starts here’: Trump team weighs abolishing bank regulators
(www.commondreams.org)
2029 looking a lot like 1929.
this post was submitted on 13 Dec 2024
440 points (98.5% liked)
politics
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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.
Jesus fucking Christ on a stick CAN WE HAVE AT LEAST ONE YEAR WHERE THERE ISN'T SOME MAJOR FIXKING BULLSHIT. 😡
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
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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
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.
A MAGAt would eat his own shit if he knew a WoKe LibRuL would have to smell it
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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.
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.
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Credit unions use the NCUA instead of FDIC. So if they don't go after that as well there are still some options.
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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
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.
Yes but American voters don't give a shit.
They found a way to blame it all on the poorz. Oh, and POC.
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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.
They don't care if they tank the dollar, it will make the assets in the Strategic Dogecoin Reserve that much more valuable.
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And of course, his pick for secretary of the treasury who would oversee all regulations of the stock market is a hedge fund billionaire 🤦🤬
That's not a recession. That's a depression
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?
Looks like a bank run is back on the menu, bois!
Everybody got a mattress?
I also hear coin hoards were once popular.
Of course, you could just invest in cheese.
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Should I start stuffing my money under my mattress right now?
If rapid inflation occurs, then no (invest in non-monetary assets). If a bank run occurs then yes. Both could definitely happen if they can't manage to cut trillions of dollars of spending but further cut corporate taxes while deregulating banks and consumer protections. Damned if you do, damned if you don't.
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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.
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