The reason the banking world is so terrified of an economic collapse...

[Kablooie]

Is not because it will destroy the country.
It's because most of them would lose their obscene fortunes and have to join the 99%.

It's not you and me that will primarily suffer.
It's the super rich hegemonists that will collapse.

Of course there will be chaos and many of us average folk will be affected, but our overlords will be affected more.

Allowing the banks to fail may be the very thing that we are protesting about.

[Electric Monk]

1. Yeah, but we're winning the mine shaft war

[ixion]

2. I just posted something similar

they ONLY reason they still have their fortunes is because the 99% bailed them out.

[YellowRubberDuckie]

3. We'll be fine.

They won't.
Period. And they know it. We have learned to survive with next to nothing. And I will tell you right now, if I have to choose between feeding my family and paying my credit card payment, I'm going to feed my family. at this point, screw my credit. I won't lose my house, I will not starve, and I won't lose my Jeep for Citibank.
Duckie

[formercia]

4. It's a lot easier to adapt to being poor

if you're already there.

Fucking Parasites.

[IndyPragmatist]

5. I disagree, the common people will be hurt the most

The wealthy have very diversified portfolios that include much of their wealth in cash, metals, and various other stocks/bonds. If the banking system collapses, yes, the majority of the wealth will be lost from those people, but they will still hold the majority of the wealth.

FDIC cannot cover a major economic collapse. It was only designed to cover collapses of individual banks and small things like that. A total economic collapse will leave the majority of our nation with little to nothing (much worse than it is now).

The farmer who can't get credit to buy seed each spring will be severely affected. He will no longer have the resources available to do his job.

Small businesses will not have the ability to buy new goods for stores or pay their employees.

If there is a banking collapse, the people who will be in the best shape are those that have a large amount of wealth in things that will survive a collapse. I'm talking about gold and silver here. The price of that will skyrocket (even more than it has lately, probably to over 3-4k) and there will be a large transfer of wealth between the people that only use cash as a store of wealth and those that use metals.