Comments on: Luca Geithner's "Super-FDIC" Proposal http://www.kipesquire.net/2009/03/luca-geithners-super-fdic-proposal/ A Stitch in Time Saves Nine ... But Haste Makes Waste Mon, 29 Nov 2010 16:02:21 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Brian Millerq http://www.kipesquire.net/2009/03/luca-geithners-super-fdic-proposal/comment-page-1/#comment-8558 Brian Millerq Wed, 25 Mar 2009 00:56:18 +0000 http://www.kipesquire.net/?p=10609#comment-8558 It's not really accurate to claim that FDIC insurance is "voluntary." It's "voluntary" the way that paying one's income taxes relies on so-called "voluntary compliance." Banking requires a state or federal charter. Participation in the FDIC is required to get a charter. If you start and operate a non-government-chartered bank, or fail to "voluntarily comply" with the requirement file and pay income taxes for that matter, you will not be in business very long -- and you'll probably go to The Big House to boot. It's not really accurate to claim that FDIC insurance is "voluntary." It's "voluntary" the way that paying one's income taxes relies on so-called "voluntary compliance."

Banking requires a state or federal charter. Participation in the FDIC is required to get a charter. If you start and operate a non-government-chartered bank, or fail to "voluntarily comply" with the requirement file and pay income taxes for that matter, you will not be in business very long — and you'll probably go to The Big House to boot.

]]> By: Doug Mataconis http://www.kipesquire.net/2009/03/luca-geithners-super-fdic-proposal/comment-page-1/#comment-8554 Doug Mataconis Tue, 24 Mar 2009 15:39:13 +0000 http://www.kipesquire.net/?p=10609#comment-8554 Given what ultimately happened to Luca Brasi, I'm not sure Turbo Tax Tim would be all that thrilled with your analogy ;) Given what ultimately happened to Luca Brasi, I'm not sure Turbo Tax Tim would be all that thrilled with your analogy ;)

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