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What are your thoughts on the FDIC?

Poll - Total Votes: 3

Yes! They are responsible for doing their job and insuring my money

Nope! They are a government agency and not responsible for anything.

I don't live in America so I could care less.

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You can only vote on one answer.

For those who don't know the FDIC, Federal Deposit Insurance Company, is owned by the government and is there to protect your money up to $250,000 per account. This organization was formed after the great depression of the 1930's to insure that people never lost their life savings again. Yesterday I was talking with another user who feels that the FDIC is more of a suggestion and is not responsible for guaranteeing you money at all if your bank fails. What are your thoughts on this?

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JoyfulSilence · 51-55, M

My bank is so big, that if it failed then we'd probably plunge into a recession. Yet if it came to that I presume all similar banks would be in trouble, too, and it all would collapse. Yet the government would likely bail them all out again. They really would have no choice, since the alternative, a great depression, would be worse!

I just hope after the last time they adequately forced the big banks to set aside enough to cover a bank run.

I hear old man Potter is giving 50 cents on the dollar for your shares. Some money is better than no money! 🤪

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JoyfulSilence · 51-55, M

@Musicman

I'd never heard about chicken coop arson!

I do like the low gas prices, of course. But we still need to shift to low CO2-emission sources of energy and transportation. Or else find a way to suck it out if air and bury it in rocks.

Heck, somebody should find a way to make CO2 into new gasoline!

Musicman · 61-69, M

@JoyfulSilence A lot of poultry plants across the country were burning down. One after the other. That's what caused the egg shortage and the cost of poultry to skyrocket.

The lithium batteries in the electric cars are worse on the environment then gas. Disposing of them is a serious hazard to the ozone and the earth.

JoyfulSilence · 51-55, M

@Musicman

I guess we will have to do cost benefit analyses.

At least chicken is not to expensive. I had to stop buying steak, though. Outrageously high!

1490wayb · 56-60, M

it is grossly underfunded and i have ALWAYS done my banking with local credit union

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1490wayb · 56-60, M

@Musicman credit unions are insured thru the NCUA

Musicman · 61-69, M

@1490wayb So the same question applies. If your credit union fails do you think they should insure your money or will you gladly accept the loss?

1490wayb · 56-60, M

@Musicman i keep very little in savings account. it is non-profit and member owned unlike public traded banks. it is far more secure as was proven during the crisis of 2010-2012

4meAndyou · F

That is not true. They are there to ENSURE that depositors will not lose their money if their federally insured bank fails.

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Musicman · 61-69, M

@4meAndyou Cate to share your thoughts?

4meAndyou · F

@Musicman No. I am tired, and I just found out that my brother fell and broke his back at the END of NOVEMBER...and neither one of those two miscreants thought to call me and let me know!!!!

NativePortlander1970 · 51-55

I despise them, if I have $10million in an account, and the bank suddenly fails, I lose $9,750,000, it's a scam.

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NativePortlander1970 · 51-55

@Musicman Banks usually fail because of mismanagement of funds and poor investments, along with embezzlement from the larger accounts.

Musicman · 61-69, M

@NativePortlander1970 Back in 2008 the banks failed because of Bill Clinton signing a law forcing banks to make house loans to lower income people who couldn't qualify on their own. Then the sub prime loan scandal finished them off.

NativePortlander1970 · 51-55

@Musicman The banks fsiled because in 1994, then Chicago community organizer Barry Sotero, who likes to call himself Barak Obama, sued CitiBank and Chase over their not approving loans to risky people, he won, which created the subprime loan, aka predatory lending. It took only 14 years for it to implode globally with the housing crisis, Clinton repealing the Glass Steagal act did have some bearing to it as well.

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