this post was submitted on 13 Dec 2024
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politics

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Summary

Trump’s team is considering abolishing key banking regulators, including the FDIC and OCC, with plans to consolidate their functions under the Treasury Department.

Critics warn this could undermine public trust in banking, weaken deposit insurance protections, and risk another financial crisis.

The FDIC, established during the Great Depression, played a crucial role in managing the 2023 banking crisis.

Trump allies, backed by financial industry donors, are also targeting other consumer protections, reflecting sweeping deregulatory ambitions tied to Project 2025’s proposals.

Experts fear these moves could destabilize the economy.

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[–] inkrifle@lemmy.world 77 points 1 week ago (7 children)

Wasn't lack of regulation what caused the 2008 recession?

[–] Zaktor@sopuli.xyz 43 points 1 week ago (3 children)

And supply-side-God willing, we can get back to there.

[–] AtariDump@lemmy.world 21 points 1 week ago (1 children)
[–] CharlesDarwin@lemmy.world 3 points 1 week ago (1 children)

In case you didn't know, this has been animated/narrated, too:

https://www.youtube.com/watch?v=X8xU-gKK17A

[–] AtariDump@lemmy.world 3 points 1 week ago

I had no idea and thanks for this! :)

[–] ShaggySnacks@lemmy.myserv.one 14 points 1 week ago

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.

[–] CharlesDarwin@lemmy.world 1 points 1 week ago

Can't you just smell the freedumb?

[–] Maggoty@lemmy.world 8 points 1 week ago

I think you misspelled "Poor people trying to live above their divinely ordained station!"

  • American GOP and Finance Industry
[–] nova_ad_vitum@lemmy.ca 8 points 1 week ago (1 children)

Yes but American voters don't give a shit.

[–] CharlesDarwin@lemmy.world 8 points 1 week ago* (last edited 1 week ago)

They found a way to blame it all on the poorz. Oh, and POC.

Sort of. 2008 happened because new financial products called CDOs allowed shit loans to be turned into gold, and people insured that gold.

More regulation may have helped, but there was a very specific cause.

[–] jagged_circle@feddit.nl 2 points 1 week ago

Yes, because the bankers made dumb deals for greedy profits. and then committed a lot of fraud.

I recommend the movie The Big Short (or the book its based on)

[–] rottingleaf@lemmy.world 1 points 1 week ago

Of what I've read, regulation in the direction opposite from sane too.