46 Comments
User's avatar
Linda Ann Niro's avatar

This is very bad. As a former banker, banks repeat their mistakes over and over - at taxpayer expense.

Expand full comment
DD's avatar

As a former banker, are you planning to move your money overseas?

Expand full comment
Winston Smith London Oceania's avatar

And all too often, those mistakes are intentional.

Expand full comment
JustThink's avatar

😠 😡

Expand full comment
Merle Pontier's avatar

Are we safer with credit unions or should all of our money be under the bed?

Expand full comment
Critical Resistance's avatar

Credit unions operate differently from banks and are generally seen as more conservative in their lending practices, but they are still part of the financial system and subject to risks. Most credit union deposits are insured by the NCUA, which functions similarly to the FDIC but covers credit unions instead of banks.

As for keeping money under the bed—physical cash avoids banking risks, but it also comes with its own problems: loss, theft, inflation devaluing it over time, and lack of access to electronic transactions.

A more secure approach is diversification—spreading assets across different types of accounts (credit unions, banks, money market funds, tangible assets) so that no single failure can wipe out everything.

Expand full comment
Solemna's avatar

Right credit unions are also funded by federal money, correct? So just as vulnerable?

Expand full comment
Merle Pontier's avatar

Thank you. So nice of you.

Expand full comment
Saralyn Fosnight's avatar

😖😃🤬😡😭

Expand full comment
Dorothy Gallagher's avatar

They are afraid we'll start pulling our money out of all banks regardless of its stability. The rump's plan to shut down the FDIC may back fire and cause another recession before the rump's timeline kicks in. We all know that he and his pals always planned the recession during his time in office so that he could claim to be our savior when the economy bounces back after he leaves office voluntarily or is impeached. Whichever comes first.

Expand full comment
JustThink's avatar

Is FDIC on the chopping block? where did you read/ hear about that?

Expand full comment
Deb M's avatar

Project 2025

Expand full comment
Rusty's avatar

Thanks for the update!

Expand full comment
Josh's avatar

Can you keep a more structured scorecard? Like 0-100 where 0 is everything is safe and 80 is convert everything to gold now?

Expand full comment
Critical Resistance's avatar

I love the idea of a structured scorecard, but the reality is that financial and political instability don’t move in a linear fashion—they tend to accelerate in bursts when key tipping points are reached. If I had to assign a number, I’d say this news nudges things slightly higher, but the bigger concern is the trajectory rather than the immediate score.

What’s happening isn’t an ‘80’ moment yet, but it’s a sign that we’re trending in that direction, and the window to take protective measures is shrinking. The key is to act before the general public realizes there’s a problem—because by then, the doors will already be closing.

Expand full comment
Winston Smith London Oceania's avatar

With this administration, it looks more like the output of a Richter scale.

Expand full comment
Concerned Citizen's avatar

🤬🤬🤬🤬🤬🤬🤬🤬

Expand full comment
Judy's avatar

Back to waterproof boxes buried in the flower garden are we? It just gets greater and greater!

Expand full comment
SandraLea's avatar

Thank you. I’m going to buy an iron box tomorrow.

Expand full comment
DEO's avatar

I am meeting with my financial advisor ( they manage our retirement account) next week. What key questions to ask? They deposit a fixed budget amount to our checking account each month. It is a diversified account with stocks, bonds and cds.

Expand full comment
Critical Resistance's avatar

Good call on meeting with your financial advisor. Some key questions to ask:

1. What portion of my assets are FDIC-insured vs. exposed to market risks?

2. Are there alternative safe-haven assets I should consider given the changing financial landscape?

3. How would my portfolio be impacted in a high-inflation or financial instability scenario?

4. If banks face liquidity issues, how would that affect my ability to access funds?

5. What are my options for diversifying my risk outside of the U.S. banking system?

Having a conversation now ensures you’re ahead of any potential disruptions before they become a crisis.

Expand full comment
DEO's avatar

Thanks so much for the key questions, really appreciate you.

Expand full comment
Elyse Fradkin's avatar

I’m calling my wealth manager tomorrow. Thanks for the questions, but I have a question for you. How would a bank run work in the age of electronic transactions? I use autopay for a bunch of things, although I do have checks.

Expand full comment
DEO's avatar

I am not an expert by any means but I also pay bills, just a few, online through bill pay with my local bank. I also have my utility bill payments taken directly (by the utility) from my bank account. I did ask my bank manager “if the bank goes offline, how much of my funds would I have access to?”. She said “up to $5,000 as of the last deposit of the previous business day.” If you are trying to protect yourself via the internet that is one thing. But, if the banks start going sideways, you probably won’t get a heads up. They may lock up your accounts so that you cannot withdraw funds, that’s where the operating cash on hand comes in. I guess we CYA as best we can. I spent this morning marking a stash of grocery supply with expiration dates so I can easily see what gets used first. Another run to Costco this week for real basics to store away. Coffee is jumping up like crazy, so to hell with the K cups and coffee press here I come, with a stock of ground coffee.

Expand full comment
Trish's avatar

I must ask. My financial advisor support and voted for “them”. I was mortified to find out initially and terrified now. I am thinking of changing to a different manager group that supports a more international client. Do you think this is wise? Their fees are much higher but it might be prudent?

Expand full comment
User's avatar
Comment deleted
Feb 27
Comment deleted
Expand full comment
DEO's avatar

Thanks for tips, appreciate the suggestions.

Expand full comment
Winston Smith London Oceania's avatar

Here comes the big bank run.

Welcome back 1929?

Expand full comment
Robot Bender's avatar

That's been my suspicion for quite some time. It's frightening to think it's happening.

Expand full comment
Josh's avatar

I want to get a sense of if this news bring us from like 25 to 26 or 25 to 30

Expand full comment
SLGib's avatar

This country is going down the well thanks to wh lunatic and con Elon and all repubs not standing up- despicable

Expand full comment
Gigi's avatar

Trump is removing ALL safety regulations to protect the American people!!! He has a plan to bury the 95% so they lose everything and depend on Government handouts for survival and give the 5% an oligarch title, taking everything.

Expand full comment
David Wear's avatar

What steps do you suggest regular taxpaying citizens take to protect their nest egg?

Expand full comment
Mary  Murray's avatar

😡😡😡😡

Expand full comment