Trump's Project 2025 will get rid of the FDIC

[deminks]

Link to tweet

Project 2025 will get rid of the FDIC so your bank accounts are no longer insured, while also deregulating banks so they can take risks that make them more likely to fail. How do you feel about the safety of your life savings being up to banks?
F**king VOTE

End snip.

The banks can then take risks with your money and can't pay you back if they lose it. Your parents and grandparents know what can happen when banks are not insured. You lose.

Just like the GZP has for years wanted to take your Social Security and play with it in the stock market.

/rant off

[AmBlue]

1. Your framing is EXACTLY right

"Trump's Project 2025"

We need to say Trump every time we say Project 2025. Every. Single. Time.

[MiHale]

3. Keep that Albatross around his neck...

[ArkansasDemocrat1]

22. Why do you think The Convicted Felon and Tiny Fingered Rapist is denying knowledge of it so much?

I have no illusions about the year 2025 if they win. It'll be 1930s Germany...with H bombs, social monitoring and NSA quality surveillance. Won't be a chance for an Underground.

If they win, I'm cheering on Climate Change because fuck it all after that

[madaboutharry]

17. President Biden did exactly this last night in Detroit.

Not Project 2025. TRUMP'S PROJECT 2025.

Stamp it on his forehead, like Hester Prynn's Scarlet Letter!

[valleyrogue]

2. Can you say, "Great Depression"?

These Heritage Foundation nitwits want to repeal the entire 20th century along with the 21st.

[Turbineguy]

4. It worked for Hitler.

[dchill]

12. For a while.

These people don't know or care about the long term. They think that once they're in control, everything will be fine.

[Kid Berwyn]

5. Know your BFEE: Goldmine Sacked or The Best Way to Rob a Bank Is to Own One

From 2008, when they looted the banks through deregulation — just like they did to the S&Ls in the late 80s and 90s. And they made the taxpayers bail out the banksters who stole it.

https://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4224612

[COL Mustard]

25. I like that!

I think I’ll have to go out and buy a bank.

Oh wait…Monopoly doesn’t count!?!?!

[Kid Berwyn]

31. Dr. William Black, forensic economist, coined the phrase "Control Fraud" to describe the crooked process.

I'm proud of these posts in that they present the facts and tell a story that, for some strange reason, is missing from the "mainstream media" or what I like to label, "Coporate McPravda."


Know your BFEE: They Looted Your Nation’s S&Ls for Power and Profit

https://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x2922138


Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever.

https://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4055207

[Igel]

6. It's in a footnote.

The footnote's to what's on page 735 under "broader" recommendations there's a list of possible options (only one's to be selected by an implementer because they're sometimes mutually incompatible), and one of the sentences in the page or two of text refers to (24):

Reckless banks’ competitors have good incentives to police risk closely lest their own holdings of competitor dollars become worthless.24

Footnote 24:

Reforms should also strengthen the incentives of bank depositors (customers) and bank shareholders (owners) to monitor bank portfolios. Deposit insurance undermines the former, as even President Franklin Roosevelt recognized. Bailouts and last-resort lending undermine the latter. Pg. 743.

Just so we can weigh the extent that this is a major and explicit "push". Or that getting depositors and esp. shareholders to be more concerned about and monitor more closely their bank's portfolios is a radical extremist idea.

Personally, I'd have liked to see where FDR "recognized" that "deposit insurance undermines the former". (I will say, FDIC means I'm not motivated to actually worry about my bank's reliability or look at publicly available information on its holding ... Whatever that may be.)

[WarGamer]

7. it's online

"We do not wish to make the United States Government liable for the mistakes and errors of individual banks, and put a premium on unsound banking in the future."

FDR

https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation

[haele]

8. The libertarian view of business - buyer beware.

There's a strong "blame the victim" in policies that promote deregulation.
"The Free Market" will determine what's safe enough, or has enough quality built in, or is environmentally friendly enough.
Doesn't matter that an unregulated market is quickly corrupted by those with the money to buy false advertising - or silence.
Because wealthy Libertarians are usually already corrupted by their money.

Haele

[ArkansasDemocrat1]

24. Then I won't be much of a buyer. I'll only keep what I need in the bank to pay that month's bills

Cash for everything else until they outlaw it

[haele]

29. Oh, then the big bankers will just go to Bitcoin for currency.

Cash and coinage will have to go underground.
Best get a good set of "live off the grid" books, and a like-minded community to help you with them.
That is, unless poverty becomes totally criminalized, and land ownership becomes one of the few requirements allowed for "the franchise" and citizenship.
Everything good for the people in general seems to be criminalized under Project 2025.

Haele

[ArkansasDemocrat1]

32. I _could_ claim asylum at the closest Spanish embassy, but they'll probably Krystalnaucht the embassies first thing.

And what about my wife? Her daughter? I'd never leave them. I'd die with them first.They want to stay and fight, not go to California. Generational ties to home are something that I'm only beginning to appreciate how deep they can be. Service dependents move so much that I don't think we know how to grow those. Gee, thanks Military-Industrial Complex!

Wait until the rest of the world ditches the Dollar as a reserve currency if he gets power. They don't want another USA triggered worldwide depression. That's one great thing about the Euro. It's right there. Established. Solvent. (mostly) Trusted. It's what I'd do.

Any Trumpian economic shenanigans we might undergo will be irrelevant to the world in the same way Latin American currency collapses do. Do folks even know what currencies all the South American countries use unless you're already somehow into world currencies as a vocation or hobby?

[Takket]

10. people have lives to live. I'm supposed to spend my time when I'm not working keeping track of my bank portfolio???

Fuck that shit. I'm not a banker. i would not recognize a disaster in the making even if it was on the paper. That's why we need the FDIC and regulation to make sure banks don't piss away people's lives while they are trying to live them.

[Initech]

9. We have to stop Project 2025 at all costs.

There won't be an America left to protect if the fucking Heritage Foundation gets their way. It must be stopped.

[Deep State Witch]

11. And Move the money offshore

The banks fail, the oligarchs get paid, and they move the money to offshore tax havens.

[Mr.Bill]

13. That has already happened.

A long time ago.

[Deep State Witch]

14. Exactly

This is why they want to do it again, on a grander scale.

[bucolic_frolic]

15. SIPC can't be far behind.

Forced arbitration. Probably illegal to hold assets in a foreign bank. Stocks are no longer held in certificate form, it costs about $300 to get a stock certificate. Cash is risky, and they will tax using it at some point.

[perdita9]

16. My parents both grew up during the Depression

They would not put their money in the stock market. They refused to invest in ANYTHING that wasn't insured. They'd personally witnessed people's wealth wiped out when banks failed and those memories haunted them their entire lives.

The very thought of getting rid of the FDIC is insane.

[bmichaelh]

18. Trump is not a master of Ideas

Trump never comes up with any ideas on his own.

He may try to keep distance from Project 2025.

But I doubt he has any alternatives to any of their proposals.

Also Trump has no moral center.

As been suggested before, Trump's policies are based on who talked to him last.

[Warpy]

19. Those motherfuckewrs want to go back to the Victorian Age

when white males were men, women and children were property without rights, and black folks weren't human, at all. They want no protections for working people injured on the job, long working hours, no benefits, at all, and absolutely no health, safety or environmental regulations on businesses.

"Heritage," my ass. These right wing fronts for kej like the Koch family are terrorist organizations. They need to be stopped.

[ArkansasDemocrat1]

27. Dark Brandon needs to use his newfound power and designate them a domestic terrorist org

[lame54]

20. And the 30 year mortgage

[ArkansasDemocrat1]

21. Of course it will

I mean, why wouldn't it?

[Bev54]

23. Might have to deposit into a Canadian Bank, we have US dollar accounts

and then you can take it out in US dollars using a bank card.

[ArkansasDemocrat1]

26. That's a great idea! n/t

Anything that keeps US banks from taking my $$ and losing it

[Bev54]

28. Highly regulated banks, with CDIC

One of the safest banking systems in the world, they did not suffer during the 2008 crisis.

[GreenWave]

36. I hate to bother with questions but...

I tried online to figure out how to do banking through Canada, but it seems I have to establish a residency in Canada.

Any suggestions appreciated. (Moving to Oh Canada, is not an option)

[Bev54]

37. Non residents can have bank accounts in Canada, each bank has their own criteria but

You would have to check on each bank's website. You may have to visit to open so they can check ID etc but you don't have to live here. And because most of our banks are National, you can open anywhere and have access in any place in Canada.

[GreenWave]

38. Thanks.

[sop]

30. Why don't these P25 folks just move to some war-torn shithole run by armed warlords and leave us alone?

[Evolve Dammit]

33. They want it ALL. Here. Basket of Deplorables was waaaay too kind to this vast right wing conspiracy.

Been working on it for over 50 years.

[sop]

34. They want to turn this country into a war-torn shithole so they can run it like armed warlords.

[Evolve Dammit]

39. Seems to be the plan

[bif]

35. They love deregulating everything!

Except when it comes to women's bodies.