Trump is shredding public trust in banking and investment

[Nevilledog]

https://www.editorialboard.com/trump-is-shredding-public-trust-in-banking-and-investment/

When I was a teenager, my dad decided it was a good idea to keep as much cash as possible in the bedroom safe. I don’t remember exactly when this was, but it was probably around 1987. That’s when the stock market crashed so badly that people feared another Great Depression.

My dad didn’t trust banks, because his dad didn’t. Grandpa came of age during the Great Depression. He remembered and feared bank runs and bread lines and not being able to find things, forget about not being able to afford them. He grew up to be the kind of man you don’t see anymore. No one saves jars and scraps of tin foil. In his youth, those were hard to come by. We live in an age of abundance now.

At least I thought so. Since watching the Dow fall and fall and fall, before springing back up again, I’ve been thinking about my dad’s decision to pull cash out of the bank and keep it close – about his fundamental distrust of banking, finance and that class of men who manage to make money, not with labor, but other people’s money.

I’ve been thinking about how the fear of another Great Depression seemed to fade into the background as I grew up and entered college, to the point where having doubts about investing your life-savings in the stock market was quaint and old-fashioned. Even my dad seemed to accept this fashionable faith in the markets, however grudgingly.

*snip*

[Irish_Dem]

1. The US used to be a safe investment. It was predictable and secure.

No longer.

[TheFarseer]

2. I've never thought to worry about money in the bank

because of FDIC, But it just crossed my mind that if a major bank in the US failed, who’s to say Trump won’t unilaterally decide “we can’t afford bailing out people that kept their money in a woke bank that was obviously failing. I went bankrupt and I’m fine. It builds character”

[in2herbs]

3. One of the priorities in Project 2025 is to get rid of the FDIC and allow banks to gamble with

our money on deposit in the stock market.