“FDIC insurance is irresponsible, but it means I don’t have to care about the quality of the banks I give money to”

You have to have a command of the English language or you’re just nowhere. I mean like … say you get out of college or whatever … you’re gonna go into business, you’re gonna open a bank just for an example.You’ve got to give it the right name. It’s gotta be something big and strong like “Security First Trust and Federal Reserve. “And you have to name a bank that because nobody’s gonna put their money in “Fred’s Bank.” “Hi,I’m Fred,I have a bank. You got $1500? … ahhh, I’ll put it here … in my white suit … ” Steve Martin -Philosophy

so Fred’s Bank is OK as long as it is insured by the FDIC?