Originally Posted by embersyc
How well do you know history? Why the **** would anybody use a bank if not for this guarantee? The entire banking industry would be history if not for the FDIC.
Exactly. Wasn't that what happened during the great depression? The stock market ccrashed and as one of the side effects, people either loss their money or pulled it out of the banks. Banks take peoples money and invest it.
Then people were weary about putting money bank into banks and thus why the government had to step in and insure a portion of the money americans put into banks.
That 250000 is insurance for Americans not banks. If we have another crash, banks don't get to keep your money.