Why keep money in a mattress when the FDIC and its insurance is backed by the full faith of the USGovt? If you buy a share of stock well, that is different.
When you buy a share of stock, what does that mean? How is the value derived (of the share)? How does the system that tells you that value work? Most people can't answer these questions and yet invest money anyways.
The banking/financial system provides plenty of valuable services. That it also participates in value-destroying activities is always partially the fault of the consumers who want these activities to exist in the first place.
I think "only" is dismissive of the whole point, which is that they have been intertwined from a regulatory standpoint, arguably undermining the regulation of each.
Why keep money in a mattress when the FDIC and its insurance is backed by the full faith of the USGovt?
The mattress alternative is a patent strawman, but FDIC insurance hardly protects against all the damage a bank failure causes its depositors. What's the average amount of time between a bank failing to pay its depositors and the FDIC paying a claim?
I want to open a new business bank account for a new venture and that will be with them.