What are your thoughts on the FDIC?

Poll - Total Votes: 6

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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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.

Musicman · 61-69, M

@NativePortlander1970 So what if your bank fails right after payday and all of a sudden you are told your money is gone. So sorry.

NativePortlander1970 · 51-55

@Musicman Exactly, they do not care, your money is most likely in their own cayman account.

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.

cherokeepatti · 70-79, F

@NativePortlander1970 I think they have that FDIC insurance to keep people from stashing money under mattresses or investing in something like gold or silver that won’t lose value over time.

NativePortlander1970 · 51-55

@cherokeepatti The fdic was actually established around the time when FDR stopped the gold standard, also when FDR stopped the gold standard he outlawed private possession of precious metals and ordered citizens to turn them in for compensation.

cherokeepatti · 70-79, F

@NativePortlander1970 but now people can own gold and silver. I wonder how many people stashed their gold back then by burying it?

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cherokeepatti · 70-79, F

@NativePortlander1970 I remember visiting my aunt and her husband on a farm in the early 1960’s in Nebraska. They mentioned have a $10 gold piece and quietly showed it us. Said that they weren’t supposed to own gold but kept it secretly stashed.

Musicman · 61-69, M

@cherokeepatti A lot of people did. People just don't turn in stuff like that.

NativePortlander1970 · 51-55

@Musicman In 1933 FDR ordered all gold and silver seized to the government to be used as government collateral for the US Mint and Federal Reserve.

Musicman · 61-69, M

@NativePortlander1970 That's like if they outlaw guns. People are just not going to turn them all in.

NativePortlander1970 · 51-55

@Musicman Firearms are constitutional, gold and silver are not.

Musicman · 61-69, M

@NativePortlander1970 So if you were told to turn in any gold or silver you had you would automatically do it? Like old silver dollars.

NativePortlander1970 · 51-55

@Musicman If caught waith any gold or silver under FDRs mandate was a felony, most people back then were a lot more complacent than they are today.