It's your money. You pay into FDIC Insurance. It only had 150B$ a few weeks ago. Now it has 33B$ less. All paid out to the wealthy at the expense of the middle class.
It is way past time to reel in the tentacles of the federal government. The overreach and massive power of the federal government is not what the Founding Fathers intended for our republic. This is collusion of the Fed and FDIC to unlawfully transfer wealth from the working middle class to the obscenely wealthy. The States need to re-establish their role in banking. The States need to establish state-run banks to take their power back from the money grabbers.
May 2, 2023·edited May 2, 2023Liked by Steve Laffey
Bravo!!! YES we need a different banking system. And one that can't have its protections for everyday people overridden at the whim of the FDIC or Federal Reserve or Congress. Let's move to Limited Purpose Banking — from "Trust Me" to "Show Me!" Banking deregulation has happened over decades at the behest of, or with the cooperation of both parties. Risk and speculation are rewarded these days. What risk to THEM? (large financial institutions and bank-like institutions such as insurance companies) if they are continually bailed out? People were serious after the 1929 stock market crash and the Depression that followed. In 1933, guard rails were put in place to separate Main Street retail banking from speculative Wall Street banking and risky investing. Let's kick Wall Street off of Main Street! Steve Laffey will bring back the Glass-Steagall protections, and will place additional protections for average Americans, keeping your money SAFE, and avoiding another long-lasting Great Depression! Something that could happen at any time. (Please don't do bank runs folks, because then you'll cause this to happen!) We need these fixes now. *LIMITED PURPOSE BANKING* NOW! stevelaffey.com
It is way past time to reel in the tentacles of the federal government. The overreach and massive power of the federal government is not what the Founding Fathers intended for our republic. This is collusion of the Fed and FDIC to unlawfully transfer wealth from the working middle class to the obscenely wealthy. The States need to re-establish their role in banking. The States need to establish state-run banks to take their power back from the money grabbers.
Bravo!!! YES we need a different banking system. And one that can't have its protections for everyday people overridden at the whim of the FDIC or Federal Reserve or Congress. Let's move to Limited Purpose Banking — from "Trust Me" to "Show Me!" Banking deregulation has happened over decades at the behest of, or with the cooperation of both parties. Risk and speculation are rewarded these days. What risk to THEM? (large financial institutions and bank-like institutions such as insurance companies) if they are continually bailed out? People were serious after the 1929 stock market crash and the Depression that followed. In 1933, guard rails were put in place to separate Main Street retail banking from speculative Wall Street banking and risky investing. Let's kick Wall Street off of Main Street! Steve Laffey will bring back the Glass-Steagall protections, and will place additional protections for average Americans, keeping your money SAFE, and avoiding another long-lasting Great Depression! Something that could happen at any time. (Please don't do bank runs folks, because then you'll cause this to happen!) We need these fixes now. *LIMITED PURPOSE BANKING* NOW! stevelaffey.com
https://blogs.cfainstitute.org/investor/2011/07/12/limited-purpose-banking-can-it-fix-the-financial-system/
https://www.aeaweb.org/articles?id=10.1257/aer.102.3.113