Credit Unions • Hacker News Board

Re: Credit Unions

#61

Post by kerkeslager » Mon, Mar 13, 2023, 6:41 PM UTC

latchkey wrote: post #31

kerkeslager wrote: post #15

Earlier quoted context omitted.

This post made me chuckle. It's basically: I don't know about it, therefore it's scary! But like, what do you know about the FDIC that you don't know about the NCUA? I suspect to most people they're both just opaque blobs of the US Federal government that insure deposits up to $250,000, and that's the limit of most people's understanding of either organization. If you're not confident in the NCUA, I'm not sure what e…

> I don't know about it, therefore it's scary! What's wrong with that? Seriously, belittling someone because they don't know about something, so therefore they'd rather avoid it, doesn't seem right either. I know about FDIC. I understand the rules. My bank has a great explainer on their website about the coverage. I don't know anything about NCUA and I don't care to learn, because I'm already protected at the bank th…

My intent wasn't to belittle anyone and I apologize if it came across that way.

Re: Credit Unions

#62

Post by kerkeslager » Mon, Mar 13, 2023, 6:43 PM UTC

latchkey wrote: post #41

1123581321 wrote: post #33

Earlier quoted context omitted.

It’s wrong because you weren’t just trying to avoid it personally; you were trying to scare others away by confidently declaring a problem (“a big one”) while knowing you were ignorant about it.

Wow, HN is really bringing out the asshats today. This is what I was responding to: > I could not tell you whether it's more or less vulnerable to market instability or bank runs than a larger bank. There was no 'confidence'. What I said was true, it isn't FDIC insured. Geez, I'm not trying to "scare" anyone, you're making that shit up. Now, if I'm _ignorant_ to the other ways it is insured, great, educate me, but do…

> Now, if I'm _ignorant_ to the other ways it is insured, great, educate me, but don't be a dick about it.

When someone tried to educate you, you responded with:

"Functionally it is declared the same in all the googling that I've done, but in practice, are they? I don't know, and personally, I don't really want to find out."

Do you see how maybe that's a bit FUD?

Re: Credit Unions

#63

Post by kerkeslager » Mon, Mar 13, 2023, 6:44 PM UTC

latchkey wrote: post #45

Apocryphon wrote: post #43

Earlier quoted context omitted.

> I don't really want to find out Why use this sort of language? > What I said was true, it isn't FDIC insured. But it is a banal truth, because they are simply insured by a different agency. > I don't know anything about NCUA and I don't care to learn So you were motivated by apathy and content in ignorance, rather than trying to scare people, with your language. Still a bad choice because it shows that you're not s…

I've already learned about the subject from the other helpful comments that didn't dig into what I was saying. Now, you're the 3rd person to come quote my statements, instead of being helpful. Geez, what is wrong with you?

If multiple people are coming out of the woodwork to quote your statements, perhaps consider that they aren't the ones in the wrong.

Re: Credit Unions

#64

Post by dhosek » Mon, Mar 13, 2023, 7:12 PM UTC

toast0 wrote: post #27

dhosek wrote: post #25

Earlier quoted context omitted.

You’re assuming rationality on the part of depositors. I remember there being a run on a local savings and loan in the town where I grew up when I was in my 20s. I knew a few people who had money in CDs, well below the insurance amount, who took the early withdrawal penalties to take their money out of the S&L even though they were insured and their was no chance of any loss if they just held tight. Sort of like all…

I mean, if people run, the bank or credit union will fail. But people are fundamentally lazy and there's not much of a difference between getting your money on thursday and the next monday, so there's less urgency. People are also fundamentally panicy too, so I agree there's still a risk. Stock market 'circuit breakers' that halt trading when the stock moves too fast seem to be pretty helpful. Maybe banks need someth…

Edwards: Why the big secret? People are smart. They can handle it.

Kay: A person is smart. People are dumb, panicky dangerous animals and you know it. Fifteen hundred years ago everybody knew the Earth was the center of the universe. Five hundred years ago, everybody knew the Earth was flat, and fifteen minutes ago, you knew that humans were alone on this planet. Imagine what you'll know tomorrow.