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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  • circuitfarmer@lemmy.sdf.org
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    3 hours ago

    I mean…

    A single big bank failure would probably wipe out the FDIC entirely and not everybody would get their money.

    So that’s false.

    • shortwavesurfer
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      2 hours ago

      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.