Prior to the creation of the FDIC in 1933, everyone that put money in a bank put that money at risk if the bank suffered a financial collapse. A person that put money in a bank, had no guarantee that they would be able to get the money back if the bank became bankrupt. The FDIC is a federal agency supported by our taxes that protects our money in the event a bank mis-manages its finances and collapses. Without the FDIC money in banks would not be safe, and we would be forced to hide our cash in our homes and make purchases using cash instead of checks or credit cards. The existence of this agency and its policies enables modern banking and eliminating the agency would severely cripple our economy, especially the middle class. Taxes are a necessary good in advanced societies. Societies without taxes will cease to be advanced.