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! 🤪

Musicman · 61-69, M

@JoyfulSilence I agree with you. If the banks fail the country will fail. No politician would be reelected. The government can't let the country fail unless some foreign entity is paying them in foreign currency or gold to actual let that happen.

JoyfulSilence · 51-55, M

@Musicman

The only problem is Trump is failing us all now, both the government and The People.

I just hope after he is gone we all can recover. And build a better, more fair, more affordable, safer, and more tolerant society.

Musicman · 61-69, M

@JoyfulSilence So you don't think Biden had anything to do with where we are now? I definitely do. Sadly it's going to take Trump longer than one year to clean up four years of mess.

JoyfulSilence · 51-55, M

@Musicman

I do not blame Biden. He did not cause the pandemic. Neither did Trump. People could not work so needed to be bailed out, just like the banks in 2008.

Yes, all that free money, and pandemic shortages due to closed factories, raised demand and lowered supply, causing inflation. Yet that is coming back to normal as the economy is coming back to normal. But not because of Trump. It had already started under Biden, except the inflation drop lagged the recovery.

It would be better not to have the tariffs. So far, companies have been eating most costs, and had over-ordered to avoid the tariffs before they started. Yet now I hear they will eventually run out of inventory and will have to raise prices. Then people will feel it more. It all makes no sense since few companies will move their plants here, it is still too expensive, and even if they wanted to, it would take years. Meantime, poor Americans suffer.

Now, I would not mind paying more taxes (tariffs, ultimately, are a tax). I just want it to go to infrastructure, education, healthcare, and paying down the debt. Not tax breaks for rich people.

Musicman · 61-69, M

@JoyfulSilence I definitely agree with this for sure. One thing I didn't like under Biden though was all the poultry places magically burning down followed by meat packing plants. I could see one burning down maybe, but not as many as happened. I'm not saying it was Bidens fault, but it did happen under him and I do believe that someone was behind it. I also didn't agree with him shutting down oil drilling. $5 a gallon for gas was outrageous! At least it's down to $2.37 a gallon here now.

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!

Musicman · 61-69, M

@JoyfulSilence Fortunately the poultry plants are starting to come back online. Egg's are coming down along with poultry. The poultry is looking much better now than a year ago.