” If BofA goes under and the FDIC doesn’t honor their obligations no bank will survive including wherever you bank. It is you who lives in a fantasy if you think moving your money to a different bank will somehow protect you if the FDIC defaults.”
And I didn’t say that, either.
Besides, I don’t bank, we moved to a credit union when OUR bank closed and was given to the remade IndyMac, and that became OneWest.
Besides, pretending the banks aren’t and the FDIC aren’t insolvent, is the past time of the MSM.
I thought Freepers had more independent thought than that. Oh well.
Oh the magic credit union, those accounts aren’t also government insured are they - oh wait they are...
And like the banks the credit unions keep as much cash on hand as they have in deposits - oh wait they don’t...
And I will repeat - despite the continuous taunts - if the US government defaults, whether it starts with FDIC, NCUSIF or the general fund the money world as you know it is over, bank, credit union or the matress.
And speaking of what was not said, where did I say the banks and FDIC weren’t insolvent? Nor did I ever say it could never happend, hence the word “if”...
And last but not least you do understand that FDIC insurance is stated as “deposits are backed by the full faith and credit of the United States Government”. Whether the FDIC fund is insolvent or not it is required to meet its stated obligations and if it fails the United States Government will have defaulted. If it defaults you’re screwed no matter where you money is other than perhaps gold - get it...