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‘The next recession starts here’: Trump team weighs abolishing bank regulators
(www.commondreams.org)
No way this can backfire
this post was submitted on 13 Dec 2024
439 points (98.2% liked)
politics
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The 2020's are looking to end like the 1920's.
Not a recession, but a massive depression.
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.
It's not just economic globalization, but the global ecosystem's food chains are already starting to collapse thanks to climate change, and our factory farming systems are becoming increasingly prone to virulent diseases wiping out huge crops of both plants and animals. I wonder what happens when food prices skyrocket because half our food supply has been contaminated, and at the same time inflation explodes thanks to plain ol' financial mismanagement
The 1920s depression was infamously global.
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It's gonna be baaaaad.
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!!
I fucking hate that what you wrote could be credibly said by him. I mean except how eloquently you put it lol
Wasn't lack of regulation what caused the 2008 recession?
And supply-side-God willing, we can get back to there.
Look, some of us are going to make the sacrifice to supply-side-God. We gotta do everything to help the rich get richer. Cause fuck us plebs.
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Yes but American voters don't give a shit.
They found a way to blame it all on the poorz. Oh, and POC.
I think you misspelled "Poor people trying to live above their divinely ordained station!"
- American GOP and Finance Industry
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They don't care if they tank the dollar, it will make the assets in the Strategic Dogecoin Reserve that much more valuable.
Pretty sure the plan is to actively tank the dollar
The question is, how do you bet against the US Economy and for whatever selfish fuckhead of a plan they have.
As the person said below, move your currency out of the US dollar into something like gold or buy a house with a 30-year mortgage because you are basically shorting the dollar for a hard, tangible asset.
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Well look, I'm not advocating for this coming government nor am I an economic expert. But in a vacuum one could impose tariffs on imported goods, tank the cost of labor in your own country, and force manufacturing back here, right? And in the long run, would be beneficial for local manufacturing instead of being so dependent on China. If it weren't for the local oligarchy here I'd say it's even a tough but fair plan for the economy. Knowing what we know, things will only get harder with no observable benefit for the working class as whatever improvement we manage to make will be sucked away by the ruling class. But the plan isn't horseshit in a vacuum. Someone please feel free to tell me why I'm completely wrong as I'm not really speaking with too much conviction tbh
And in the long run, would be beneficial for local manufacturing instead of being so dependent on China....Knowing what we know, things will only get harder with no observable benefit for the working class
...and...
Someone please feel free to tell me why I’m completely wrong as I’m not really speaking with too much conviction tbh
Those tariffs would destroy our $1.95 trillion in exports from the USA because many of those are finished goods with input materials imported (and now tariffed to high heaven). source
Modern manufacturing doesn't depend on hundreds of thousands of human bodies anymore. New manufacturing factories would be highly automated and only employ a tiny fraction of the now unemployed workforce to produce the same amount of goods as in years past.
"From 1960 to today, American steel mills have decreased from an average of 700,000 workers to just 83,000. And within the last 40 years, the productivity of labor has increased more than five times from approximately 10 man-hours per finished ton to under 2." source
So we're basically forfeiting a bunch of jobs related to and effected by procuring overseas input materials to gain a small fraction of manufacturing jobs? That just sounds like it will damage the economy and not bring it back up.
Exactly why everyone with a brain has been shouting that this is the worst possible idea.
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Not gonna lie. If the FDIC goes, I withdraw immediately.
And do what? It's literally not possible to live without a bank account any more. They've actively destroyed cash as a means of payment
What? Cash still works man, and probably will still work. They just made non-cash ways of spending money more convenient, which is why so many aren't using cash anymore, but it won't go anytime soon.
Or are you talking about something else I'm not thinking of?
To pay my rent I would have to take my paycheck physically to a bank, cash my check, use that cash to buy multiple money orders, and then mail those money orders. Keep in mind this has to be done early enough to be delivered before the 1st and that the bank is mostly open when I'm at work.
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Didn't a whole silicon valley bank just wipe out its customers savings by not being fdic insured
Apparently not. They managed to set themselves up in such a way that caused the failure, but the majority of depositors had over the $250,000 cap on FDIC insured assets.
That's not a recession. That's a depression
2029 looking a lot like 1929.
Just where the fuck will people do their banking without FDIC?
I saw that asshat Andreesen lying his fucking ass off on Rogan about how the poor little tweedums on the right were being "debanked" because of "free speech", but not anyone else.
Meanwhile, what the hell would you call something like this?
The right has people within it that are just so insane that I really do think some would withdrawal their money from the bank, and set all their own cash on fire if they thought it would pwn teh libz.
A MAGAt would eat his own shit if he knew a WoKe LibRuL would have to smell it
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Places like cash app and venmo... where you can have predation turned up to 11.
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Credit unions use the NCUA instead of FDIC. So if they don't go after that as well there are still some options.
I would just avoid ALL US banks. Canada has CDIC and our future Trumpian PM hasn't been paid yet to kill it.
US stores don't care where the money comes from so that could be an option.
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And of course, his pick for secretary of the treasury who would oversee all regulations of the stock market is a hedge fund billionaire 🤦🤬
Should I start stuffing my money under my mattress right now?
If rapid inflation occurs, then no (invest in non-monetary assets). If a bank run occurs then yes. Both could definitely happen if they can't manage to cut trillions of dollars of spending but further cut corporate taxes while deregulating banks and consumer protections. Damned if you do, damned if you don't.
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Jesus fucking Christ on a stick CAN WE HAVE AT LEAST ONE YEAR WHERE THERE ISN'T SOME MAJOR FIXKING BULLSHIT. 😡
Looks like a bank run is back on the menu, bois!
Destabilize?
No, this is far worse. Big banks will just take your money. Credit Unions? I have no fucking idea.
I also can't just walk into my bank and pull out $10k without raising all sorts of questions and concerns.
Jesus fuck.
When gambling on the failure of stocks is allowed you get stupid people trying to tear the whole thing down over a quick buck smh.
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I can walk into a bank and get approved to a loan with payments equal to 70% of my income. Regulations are already criminally absent.
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There was a 2023 banking crisis?
Some Silicon Valley investor bank failed IIRC, there were a couple of bank runs?
Lot of shit happened last year, I barely remember.
Might as well take a gamble and put all my money in bitcoin if it’s not FDIC insured
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Ah from here up north this is just watching slow motion Vehicular manslaughter.
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