These Bozos want to deregulate the banks.

[ModernDiogenes]

https://www.reuters.com/business/finance/trump-advisers-seek-shrink-or-eliminate-bank-regulators-wsj-reports-2024-12-13/

I’m giving you Reuters because the WSJ has a pay wall.

The WSJ is reporting Trump deregulation talking about rescinding regulators and even entire agencies that regulate our banking and investment institutions.

They are even talking eliminating the FDIC. No more bank insurance.

Great! Let’s deregulated the folks who already almost sent us into a new Great Depression only a few years back in 2008. These doors ego are already doing everything they were doing in 2008 with their crap derivatives and credit default swaps, only in steroids thus time. Adding college loans, car loans and credit card debt to high risk mortgages.

What is wrong with these guys. Let them play fast and loose with their own money. Leave mine safe where I can get it when I need it.

They just love to place high risk investment bets with OPM (other people’s money).

 

[Demon]

May be time to pull the money out of my savings account and just leave the checking. Idiots.

 

[Helix]

It's a horrible idea because history. History, however, is hard, because it requires reading books and articles.

 

[Along Came Jones]

Trump Advisers Seek to Shrink or Eliminate Bank Regulators. I gifted the WSJ article in a different thread.

Among other items,

Advisers have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller of the Currency, if deposit insurance could then be absorbed into the Treasury Department, some of the people said.

 

[Peter]

Yey, deregulated banks, what could possibly go wrong?

 

[dseag2]

Yeah, bank stocks have been going up since they got wind of possible deregulation because they will now be free to screw their customers even more. I hate my bank and I only keep enough money in my checking account to pay my bills. I do own bank stocks, though.

 

[gdgyva]

"One of the ideas involves getting rid of the Federal Deposit Insurance Corp. In interviews with candidates to lead the FDIC and the Office of the Comptroller of the Currency (OCC), Trump advisers are asking if the president-elect would have the power to abolish the FDIC and whether deposit insurance could be absorbed into the Treasury Department, the publication reported."

You might want to actually read what the actual proposals are.....
And again....these are ideas being tossed around....trying to cut federal jobs that are redundant
I say BRAVO

 

[ModernDiogenes]

"One of the ideas involves getting rid of the Federal Deposit Insurance Corp. In interviews with candidates to lead the FDIC and the Office of the Comptroller of the Currency (OCC), Trump advisers are asking if the president-elect would have the power to abolish the FDIC and whether deposit insurance could be absorbed into the Treasury Department, the publication reported."

You might want to actually read what the actual proposals are.....
And again....these are ideas being tossed around....trying to cut federal jobs that are redundant
I say BRAVO

I did. You do the same.

I said get rid of the FDIC and a Treasury absorbed “insurance” isn’t the FDIC, is it? No, it isn’t. It’s not insurance either. You know why? Because insurance is paid for by the insured. In this case the banks to product their depositors.

A Treasury protected fund would be paid for by taxpayers. The banks would no longer be footing the bill.

That’s what they want. More profit because they can play faster and looser, and no cost to them at all if that higher risk goes BOOM! Back to the Gilded Age where Robber Barons of industry and finance played gods and had little accountability for their actions that put others at risk.

I keep telling you folks we are repeating behaviors we have done in the past already that had bad outcomes. How much more proof do you want?

Now I could suggest you might want to understand what you’re reading before being a smart ass in replying. Instead I’ll just wish you a Merry Christmas.

 

[Risky Thicket]

"One of the ideas involves getting rid of the Federal Deposit Insurance Corp. In interviews with candidates to lead the FDIC and the Office of the Comptroller of the Currency (OCC), Trump advisers are asking if the president-elect would have the power to abolish the FDIC and whether deposit insurance could be absorbed into the Treasury Department, the publication reported."

You might want to actually read what the actual proposals are.....
And again....these are ideas being tossed around....trying to cut federal jobs that are redundant
I say BRAVO

The oligarch plan is to push us into cryptocurrency.

 

[Airyaman]

"One of the ideas involves getting rid of the Federal Deposit Insurance Corp. In interviews with candidates to lead the FDIC and the Office of the Comptroller of the Currency (OCC), Trump advisers are asking if the president-elect would have the power to abolish the FDIC and whether deposit insurance could be absorbed into the Treasury Department, the publication reported."

You might want to actually read what the actual proposals are.....
And again....these are ideas being tossed around....trying to cut federal jobs that are redundant
I say BRAVO

https://finance.yahoo.com/news/trump-prepares-wreck-economy-alarming-202637927.html

Sheila Bair, who previously served as chair of the FDIC, warned about the plan to dissolve the essential regulator.

“Eliminating the FDIC is so out there, not sure it needs response,” Bair wrote in a post on X Friday. “FDIC has a perfect record of protecting insured deposits for over 90 years. Strong consumer confidence in the brand, providing stability during crises. During the [Great Financial Crisis], money was running INTO banks.”

Bair, who also served as the former assistant secretary for financial institutions, explained that the Treasury Department was not well suited to take on the responsibilities of the FDIC.

“As a former Treasury official, big supporter of the Department, but it would not be a good home for deposit insurance. Deposit insurance is funded by bank premiums, not taxpayers. Treasury has no expertise in handling bank failures. Changing the guarantor would create confusion among depositors who are comforted by the ‘FDIC Insured’ sign at their banks,” she added in a separate post.

 

[Greenbeard]

And again....these are ideas being tossed around....trying to cut federal jobs that are redundant
I say BRAVO

Seal-clapping elimination of the FDIC of all things?

 

[Slartibartfast]

It looks like a lot of society has forgotten why we have essential regulations and the chaos that was prevalent during that time.

 

[NatMorton]

While the headlines read "Elimination of the FDIC" the more detailed plan is to merge its functions in the Treasury Department, and there has been no call to eliminate deposit insurance.

Though I shouldn't be ruining everyone's fun by mentioning this.

 

[Slartibartfast]

While the headlines read "Elimination of the FDIC" the more detailed plan is to merge its functions in the Treasury Department, and there has been no call to eliminate deposit insurance.

Though I shouldn't be ruining everyone's fun by mentioning this.

Consolidating agencies makes it easier for oligarchs to control them.

 

[gdgyva]

As a former Treasury official, big supporter of the Department, but it would not be a good home for deposit insurance. Deposit insurance is funded by bank premiums, not taxpayers. Treasury has no expertise in handling bank failures. Changing the guarantor would create confusion among depositors who are comforted by the ‘FDIC Insured’ sign at their banks,” she added in a separate post.

omg...protected by the Treasury instead of the FDIC....i dont know if we will get used to that....
Lets see, how many jobs can we cut that are redundant though?

As of December 2024, the Federal Deposit Insurance Corporation (FDIC) has 6,096 employees:

According to available data, the average annual cost per federal employee at the FDIC is approximately $100,000 which includes salary, benefits, and other associated costs, with variations depending on position and location within the agency.

So is having the insurance covered by the Treasury worth us saving 609,600,000 annually not including the cost for everything else associated with running that department?

 

[VanceMack]

i suspect they are asking questions of EVERY level of federal involvement regarding ways to improve efficiency. I also suspect that leftists will lie about every question asked, turning basic questions into dire scare tactics that lemmings will seize on.

This is really no different than the leftists claiming Trump said swallow bleach or eat horse paste or he called white supremacists very fine people. All known and proved lies...but it didnt stop the lemmings.from clinging to them, regurgitating them, to this day.

 

[Greenbeard]

As a former Treasury official, big supporter of the Department, but it would not be a good home for deposit insurance. Deposit insurance is funded by bank premiums, not taxpayers. Treasury has no expertise in handling bank failures. Changing the guarantor would create confusion among depositors who are comforted by the ‘FDIC Insured’ sign at their banks,” she added in a separate post.

omg...protected by the Treasury instead of the FDIC....i dont know if we will get used to that....
Lets see, how many jobs can we cut that are redundant though?

As of December 2024, the Federal Deposit Insurance Corporation (FDIC) has 6,096 employees:

According to available data, the average annual cost per federal employee at the FDIC is approximately $100,000 which includes salary, benefits, and other associated costs, with variations depending on position and location within the agency.

So is having the insurance covered by the Treasury worth us saving 609,600,000 annually not including the cost for everything else associated with running that department?

The prospect of having zero people doing the work of the FDIC is exactly what people are sounding the alarm about.

 

[Jason Warfield]

SMH, those who say that the feds will **** up healthcare are okay with transferring responsibilities and obligations from a know quantity to a federal agency that isn’t equipped to do so.

In an effort to cut jobs where the number of jobs today has grown by 500,000 (give or take) over the span of…40 years.

And that coverage has to be paid somehow and it will be by taxes…up goes your taxes ‘cause we all know there won’t be any real spending cuts.

And for you small govt types: this gives the feds power over your money. They can prevent you from taking any money to keep run from happening, adjust rates, who can have what and possibly determine who even gets accounts.

Got a problem with the IRS and are trying to figure it out? Well, the Feds can just freeze those assets until it’s done…tonthei favor…

Musk starts having trouble? Someone else needs help? Trump can use your accounts to help bail them out sonce Trump will say they are too big to fail…

Welcome to the Trump Cronyism Era!