this post was submitted on 13 Dec 2024
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politics

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Summary

Trump’s team is considering abolishing key banking regulators, including the FDIC and OCC, with plans to consolidate their functions under the Treasury Department.

Critics warn this could undermine public trust in banking, weaken deposit insurance protections, and risk another financial crisis.

The FDIC, established during the Great Depression, played a crucial role in managing the 2023 banking crisis.

Trump allies, backed by financial industry donors, are also targeting other consumer protections, reflecting sweeping deregulatory ambitions tied to Project 2025’s proposals.

Experts fear these moves could destabilize the economy.

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[–] Blackmist@feddit.uk 3 points 6 days ago

Gee, what could possibly go wrong?

[–] T00l_shed@lemmy.world 101 points 1 week ago (2 children)
[–] The_v@lemmy.world 75 points 1 week ago (4 children)

The 2020's are looking to end like the 1920's.

Not a recession, but a massive depression.

[–] EleventhHour@lemmy.world 44 points 1 week ago* (last edited 1 week ago) (3 children)

Except, considering how globalized the world economy is today, it would cause a complete total economic collapse on a global scale. You thought the great depression in the 1920s was bad? You have no idea how bad it can really get.

[–] rayyy@lemmy.world 1 points 5 days ago

a complete total economic collapse on a global scale.

Of course it will all be peaceful, right, RIGHT?

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[–] Heikki@lemm.ee 28 points 1 week ago (1 children)

Trump (2 weeks after everything all the experts said would happen happens): Noun one knew how complicated banking is... my uncle, the MIT professor; huege brain was surprised this happened. An MIT professor didn't think this could happen; speaking of things that happen, Batron... where is Batron? Where is, possibly, my "favorite" son? The crypto visionary. Let me tell you about the importance of crypto. Did you know this stuff is mined? Like from the earth? More valuable than water it is. Looking to back the usd by crypto and then by water. It's free it just drops from the sky like "Bing, Bing Bing bing" might as well as be kaching!!

[–] T00l_shed@lemmy.world 18 points 1 week ago

I fucking hate that what you wrote could be credibly said by him. I mean except how eloquently you put it lol

[–] inkrifle@lemmy.world 77 points 1 week ago (8 children)

Wasn't lack of regulation what caused the 2008 recession?

[–] jagged_circle@feddit.nl 2 points 5 days ago

Yes, because the bankers made dumb deals for greedy profits. and then committed a lot of fraud.

I recommend the movie The Big Short (or the book its based on)

[–] rottingleaf@lemmy.world 1 points 6 days ago

Of what I've read, regulation in the direction opposite from sane too.

[–] Zaktor@sopuli.xyz 43 points 1 week ago (3 children)

And supply-side-God willing, we can get back to there.

[–] CharlesDarwin@lemmy.world 1 points 6 days ago

Can't you just smell the freedumb?

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[–] dhork@lemmy.world 55 points 1 week ago (2 children)

They don't care if they tank the dollar, it will make the assets in the Strategic Dogecoin Reserve that much more valuable.

[–] rishado@lemmy.world 45 points 1 week ago (1 children)

Pretty sure the plan is to actively tank the dollar

[–] justOnePersistentKbinPlease@fedia.io 17 points 1 week ago (19 children)

The question is, how do you bet against the US Economy and for whatever selfish fuckhead of a plan they have.

[–] prole@lemmy.blahaj.zone 4 points 6 days ago

Probably crypto, unfortunately.

[–] Maggoty@lemmy.world 3 points 6 days ago

Buy Euros. Keep them in a European Bank.

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[–] newthrowaway20@lemmy.world 52 points 1 week ago (15 children)

Not gonna lie. If the FDIC goes, I withdraw immediately.

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[–] Feathercrown@lemmy.world 36 points 1 week ago (1 children)

Didn't a whole silicon valley bank just wipe out its customers savings by not being fdic insured

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[–] captainlezbian@lemmy.world 30 points 1 week ago

That's not a recession. That's a depression

[–] aesthelete@lemmy.world 20 points 1 week ago (13 children)

Should I start stuffing my money under my mattress right now?

[–] explodicle@sh.itjust.works 1 points 5 days ago (1 children)

Yes. However you save it, don't leave it with a third party. There will be no FDIC to protect us.

[–] aesthelete@lemmy.world 1 points 5 days ago* (last edited 5 days ago)

I wonder if the NCUA will fly under the radar though. It may be obscure enough to escape scrutiny from Trump goons.

[–] 4lan@lemmy.world 2 points 6 days ago (1 children)

I've been seriously considered converting money into gold. I keep thinking about how my money is just being depreciated every year while it sits in savings.

[–] aesthelete@lemmy.world 2 points 6 days ago

Depends upon the amount of interest you're earning.

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