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Originally Posted by OhioBuckeye
I worry more about every bodies money that’s in bank. Will the govt. step in & start taking money from the banks? Will somebody warn us if the govt. steps in & starts using our Sav.? I always thought if the govt. had their fingers in banks anyway shape or form, they could take it or keep you from getting any of our own money. This is just a thought, but I really don’t think it’ll get that bad. Does anybody have any thoughts about that?
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Please see my earlier post. I am sorry you feel so anxious and vulnerable. My parents were children of the depression so I get it but your banking fears are not well-founded in today’s reality. The US is literally the world’s “bank.” Our currency is like gold compared to most others We had been the top-performing economy In the world for quite awhile before this virus hit just a few weeks ago. The US banking system will be the last one to go bust. Think of it this way: if you keep your cash “stuffed in your mattress” it is far more vulnerable to loss than it would be in any FDIC or other insured institution (credit unions & some others have their own insurance) Our Federal Reserve Bank’s function is to back-stop our banking system.
As I posted earlier, I strongly recommend having more than one account at one bank—just in case of a local disaster/emergency or a hacker or account breach. “Don’t put all your eggs 🥚 in one basket” 🧺 (See my other post above) I hope you take some actions to gain some sense of control over your money to reduce your fears.