There is no way I have enough time in my life to fully understand how the banking system works to judge their worth. And I suspect those in power prefer that the masses don't have that understanding either.
Sure I could do that. That's how I ended up with a Honda Civic. I can also ask my friends if they like Bank Of America or CitiBank or whatever; but to truly understand the health of a bank... I'd need a degree or something.
> They're not profitable because of the existence of fdic insurance.
Even without FDIC insurance a bank with 100% fractional reserve couldn't be profitable (or even operate), unless accounts had negative interest rates, as it couldn't loan money out from deposits to earn revenue.
I barely understand how my Honda Civic works.