Remember that scene at the beginning of It’s a Wonderful Life, where people are all desperately trying to get into the bank because if it fails before they get in, they lose their money? That’s what the FDIC prevents.

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  • voracitude@lemmy.world
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    1 day ago

    Remember that scene at the beginning of It’s a Wonderful Life, where people are all desperately trying to get into the bank because if it fails before they get in, they lose their money? That’s what the FDIC prevents.

    Yeah. FDIC insurance is the only reason each of us will be left with up to 100k 250k per bank account, if our banks go under. And most of us have less than 100k in savings, so it’s basically the US government saying

    Don’t worry, even if shit hits the fan, you will still have your money.

    I can’t even be bothered to hear how his minions are going to defend this one. It’s indefensible.