"You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves."

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[–] • 2 pts

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Thanks for that I hadn't heard that one before but I like it

Also with the money is no longer yours bit, how come I can still withdraw it though? I agree with you on every front, but halp me understand that part. The bank going insolvent and all your money gone though and them saying tough titties I can totally understand, that scenario has probably already happened multiple times

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[–] • 0 pt

True. Notice that putting your money in is easy, taking it out, not so much. The IRS restricts the amount you can take out at one time. I structure my withdrawals under $5,000 at a time to avoid being flagged. The idea that the money is no longer yours once it's deposited is to allow the bank to use it as leverage. Sure, you can withdraw it. But legally, the bank owns it while it's in possession of it

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[+] [deleted] • 1 pt

[–] • 0 pt

That includes any assets in safe deposit boxes. Buy a safe, put you valuables in it. Gold, silver, lead, documents/papers.

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