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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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.