Remember that scene at the beginning of It’s a Wonderful Life, where people are all desperately trying to get into the bank because if it fails before they get in, they lose their money? That’s what the FDIC prevents.
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Funny considering the number of bank failures that have occurred without this happening.
Small failures, yes. If a wells fargo or jpmorgan failed…
Or a Washington Mutual?
I know wamu was a big failure but i dont know much about how it was handled. I heard a lot about Lehman Brothers, but that was an investment bank. So that’s different.
If you don’t know, then just stop commenting. You are way out of your depth here.
I mean…
So that’s false.
I have no idea just how much was insured at Washington Mutual, and I have no idea what the position of the FDIC was at the time. I literally know nothing about that era.
Probably shouldn’t be making sweeping claims then.