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.
Looks like a bank run is back on the menu, bois!
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
Didn’t a whole silicon valley bank just wipe out its customers savings by not being fdic insured
Ah from here up north this is just watching slow motion Vehicular manslaughter.
Wasn’t lack of regulation what caused the 2008 recession?
And supply-side-God willing, we can get back to there.
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
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.
Not gonna lie. If the FDIC goes, I withdraw immediately.
If it looks like it’s on its way out soon I put a run on that bank like it’s dollar store pantihose
And do what? It’s literally not possible to live without a bank account any more. They’ve actively destroyed cash as a means of payment
What? Cash still works man, and probably will still work. They just made non-cash ways of spending money more convenient, which is why so many aren’t using cash anymore, but it won’t go anytime soon.
Or are you talking about something else I’m not thinking of?
To pay my rent I would have to take my paycheck physically to a bank, cash my check, use that cash to buy multiple money orders, and then mail those money orders. Keep in mind this has to be done early enough to be delivered before the 1st and that the bank is mostly open when I’m at work.
No way this can backfire
The 2020’s are looking to end like the 1920’s.
Not a recession, but a massive depression.
massive depression
Wayyyyyyyyyyyyyyy ahead of the curve on this one.
You and me both, bud.
It’s gonna be baaaaad.
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
They don’t care if they tank the dollar, it will make the assets in the Strategic Dogecoin Reserve that much more valuable.
Pretty sure the plan is to actively tank the dollar
Should I start stuffing my money under my mattress right now?
Maybe move your savings to a good local credit union if that’s an option for you.
Find the most stable government you can and buy bonds
That’s a pretty good one. Any recommendations? Everywhere seems terrible right now.
Probably should buy durable goods like ammunition.
Check out ammoseek. I’m up 60% and I bought in the height of covid panic.
I’m a pretty privileged millennial in that I bought my place and I’ve since paid it off. So I have quite a bit of durable goods already.
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.
I guess I could just move to a more expensive place. Anything that happens there wouldn’t be so bad.
There was a 2023 banking crisis?
Some Silicon Valley investor bank failed IIRC, there were a couple of bank runs?
Lot of shit happened last year, I barely remember.
Time to reap the whirlwind
