The legacy of Donald Trump lives on, first in train crashes after he lowered railroad safety regulations and now in bank crashes after he lowered bank safety requirements in 2018. Guess which Trumplican “help our wealthy donors” policy will result in another crises for the average American.
President Biden has announced that all bank depositors are safe because of the Federal Deposit Insurance Corporation (FDIC) which guarantees that deposits up to $250,000 are available for withdrawl. He has gone beyond that saying that all deposits will be made available for the recently failed Silicon Valley and Signature Banks. This means that users of those banks will get all their money. Only the investors in those banks will lose money, but that is an expected risk.
Taxpayer’s money will not be used to bailout these banks. The money to pay depositors is coming from the “Deposit Insurance Fund” which every FDIC insured bank must pay into to cover the costs for failed banks. The “Deposit Insurance Fund” is further backed by the full faith and credit of the US federal government.
Democrats established the FDIC on June 16, 1933 after numerous runs on banks as depositors rushed to withdraw their money before banks collapsed from insufficient funds. The Republican administration did nothing to protect depositors after the 1929 stock market crash, believing that the system would correct itself. I think that means that bank owners would be ok and the federal government had no obligation to protect the average Joe.
While Trump was president he pushed for “trickle down economics” where the wealthy would be given more money so that they could build more factories and hire more people so that money would trickle down the class layers to those at the bottom. In reality, the wealthy mostly kept the money and got richer and employees got a few coins at the bottom.
The “trickle down policy” is really a “tinkle down policy.”
Henry Ford, who built the US auto industry, was no friend of average people But as a wise capitalist he knew, if you pay employees well, they can afford to buy your Ford car.
Trumplicans have shown us how good they are at raising fears of wokism, whatever that is. They taught us to worry about the transgender apocalypse, indoctrinating young people with accurate history and socialist programs like Social Security, Medicare and the FDIC.
