Financial Collapse? Trump Allies Push Dangerous Plan to End FDIC

In this video, The Intellectualist explores Matt Egan's December 18th CNN report, “One of the Dumbest Ideas: Abolishing the FDIC Could Backfire on Trump and His Allies.” Trump’s allies are reportedly considering dismantling the FDIC—a cornerstone of American financial stability since 1933.

The FDIC, created during the Great Depression, insures bank deposits up to $250,000, preventing catastrophic bank runs and protecting public trust. Experts, including former FDIC Chair Sheila Bair, warn this idea could trigger financial chaos, undermining trust in banks and risking mass panic. Aaron Klein of Brookings likens the proposal to “abolishing Wednesday,” emphasizing its absurdity and devastating implications.

The stakes are enormous. Without the FDIC, millions of Americans could lose confidence in the safety of their deposits, jeopardizing economic stability. This proposal isn’t just bad policy—it threatens to erode trust in government institutions that underpin our democracy. Even the banking industry sees this plan as a dangerous leap into chaos.

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👉 For more, check out the original article here: https://www.cnn.com/2024/12/18/busine...