Heard Suze Orman admonishing a fan to stop hoarding cash under the mattress and get to the bank PRONTO and deposit said cash in an FDIC-insured account. Typical mainstream thought process. Bank insured. Bank safe. Hmm, me put money in safe bank, everything okey-dokey.
FDIC could be insolvent by end of year? Who you kidding, it’s been insolvent since the get-go. As far as dealing with the FDIC, do I want to deal with a bureaucracy that makes it as hard as possible to get to my cash? The mattress is looking pretty good. And the way our clueless president is printing and spending, what will my money be worth if and when I ever get it? I put a check for $11,000 in Bank of America a couple months ago, and had to wait almost 2 weeks to withdraw all of it. Yes indeedy.
What if? What if there is a systemic crash and you can’t get money from the ATM? Can I call Suze Orman? Will she cash my personal check til I can get to my moola?
By the way, I admire Suze Orman. She has a way of getting across to her viewers that they should be making better decisions with their money.