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Old 02-27-2009, 12:51 PM
 
Location: Castle Hills
1,129 posts, read 2,284,142 times
Reputation: 605

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This was what I was fearing. Once the fund runs out your money is solely backed by the government.
Be smart and take some of your money out now before you are at the end of the line during the bank runs that are coming!

FDIC fund slips amid bank failures - UPI.com
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Old 02-27-2009, 05:40 PM
 
105 posts, read 195,134 times
Reputation: 33
Quote:
Originally Posted by ufcrules1 View Post
Yeah, I think a few of you here are missing my point. I don't trust that my money is FDIC insured. I love the US, but I don't think we are heading in the right direction. The last thing I want to happen is a major collapse of BOA & CITI, and then a major run on the banks etc. Yes, your money is FDIC insured but what does that mean exactly? The government backs your money? What happens when the government tells you it will be a few years before they can pay it back to you? Or has to come up with certain rules on how much they have to give you at a time etc.

I'm playing the worse case scenario here and I understand that. Not many thought the housing market was or could bring this county to its knees. I felt the opposite way. I knew a bubble was being created and the consequences were going to be catastrophic. Who would have ever thought they were going to take our tax dollars to bail out people who couldn't afford their homes and caused this mess in the first place? Who would have thought the dow would hit the 7's or lower? You know how devastating that is? People lost all of their retirements, IRA'S, investments, etc.

I'm going to be proactive and take out my money a little every week.

Originally Posted by ufcrules1
I love the US, but I don't think we are heading in the right direction.


Your right and you haven't seen nothing yet.

US, Germany, France, UK face junk debt status
By Päivi Munter in London
Published: March 20 2005 21:35 | Last updated: March 20 2005 21:35
FT.com / UK - US, Germany, France, UK face junk debt status
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Old 03-04-2009, 07:24 PM
 
Location: N/A
903 posts, read 571,143 times
Reputation: 207
Looking for the silver lining! Still looking.
This President and his rubber stamp gang are blindly taking us down a road that will lead to a terminal cliff. Its as if they said lets do everything opposite of the last administration and we will be loved by the people.

The love will last a short time. And everyone will blame Bush.
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Old 03-05-2009, 09:02 AM
 
1,403 posts, read 3,051,241 times
Reputation: 1303
Quote:
Originally Posted by NoOBama View Post
Looking for the silver lining! Still looking.
This President and his rubber stamp gang are blindly taking us down a road that will lead to a terminal cliff. Its as if they said lets do everything opposite of the last administration and we will be loved by the people.

The love will last a short time. And everyone will blame Bush.
Say what you want about Obama and his "rubber stamp gang" but at least they are doing something. I'm still waiting for somebody, ANYBODY to come up with an alternative strategy to what Obama and Congress are doing right now. Personally, I don't have any ideas...

Its easy to commentate from the sidelines. Little harder to come up with workable solutions...
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Old 03-05-2009, 09:55 AM
 
Location: NJ
2,111 posts, read 7,122,715 times
Reputation: 989
Quote:
Originally Posted by Donn2390 View Post
I have used BOA for years, and have no intention of withdrawing any money.
I will say, most of my assets are in ING DIRECT - Save Your Money! and https://www.emigrantdirect.com/Emigr...tWeb/index.jsp.
Both are innernet banks and you can transfer money in and out of your BOA account sitting in front of your computer.
ING is one of the oldest banks in the world, located in Holland, and are not strapped by bad loans.
All three are perfectly safe, so I keep the money spread around, but easily acessible.
I think you will find the CU's are not protected like banks are, so doen't feel to secure putting all youy money in a CU.
As far as BOA paying crap interest, that is today, it won't get any better changing banks.
ING and Emigrent do pay better interest. I keep my CD's there....
Don't worry about your bank, if it ever gets bad enough for them to take your money, then the coountry has collapsed and money will be worthless. Then it will be time to learn to speak Arabic
I have both ING and BOA. I don't keep much at BOA, but their bill payer is the best. As far as ING goes, they were bailed out last fall by the Dutch on a Sunday, one day before it was to collapse. I left a few dollars in the savings acct as I really like doing business with ING.

http://www.nytimes.com/2008/10/21/bu...1&ref=business
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Old 03-05-2009, 10:29 AM
 
Location: Castle Hills
1,129 posts, read 2,284,142 times
Reputation: 605
Quote:
Originally Posted by broadbill View Post
Say what you want about Obama and his "rubber stamp gang" but at least they are doing something. I'm still waiting for somebody, ANYBODY to come up with an alternative strategy to what Obama and Congress are doing right now. Personally, I don't have any ideas...

Its easy to commentate from the sidelines. Little harder to come up with workable solutions...
I'm with you that nobody has put out a good strategy. I don't think we really know how to fix this situation we are in to be honest.

This last bailout was a disaster though. They passed a 1200 page bailout without even reading it? They were supposed to put it out for 24hrs+ to give everyone a chance to read it but they didn't do that either.

$13 a week on my paycheck? Are you for real? There are several things I disagree about in the bailout.

I'm 100% a republican but I will back Obama for as long as I can and I want him to succeed. Calling for his failure like Rush did is sad. He was voted in and Its our job to back our President and our Country.
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Old 03-05-2009, 12:00 PM
 
Location: Charlotte, NC
2,193 posts, read 4,447,602 times
Reputation: 1072
Quote:
Originally Posted by broadbill View Post
Say what you want about Obama and his "rubber stamp gang" but at least they are doing something. I'm still waiting for somebody, ANYBODY to come up with an alternative strategy to what Obama and Congress are doing right now. Personally, I don't have any ideas...

Its easy to commentate from the sidelines. Little harder to come up with workable solutions...
I disagree, there are people who have solutions, it's just obama and govgo won't implement them.

Ron Paul and Dennis Kucinich have good ideas. On this board, people have good ideas also, but those ideas actually benefit the people of the country so it won't happen.

Last edited by sheenie2000; 03-05-2009 at 12:14 PM..
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Old 03-05-2009, 12:10 PM
 
Location: Charlotte, NC
2,193 posts, read 4,447,602 times
Reputation: 1072
You are probably wondering what the ideas are.
1) Monetary reform (if you search for posts by gwynedd1, she/he has good ideas)

To sum up the idea it's as follows:
a) The government finances itself
b) Convert fed notes to treasury notes and go to full reserve system
c) When the system would need liquidity, just give tax credits, if the money gets inflationary just tax it back in

2) Or if we don't do a complete monetary overheaul, just take 1 Trillion dollars and divide it by each household and we'll get 10K each back. Or just take the 4 trillion plan that obama has and give every household 40K. That will stimulate the economy.
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Old 03-05-2009, 01:52 PM
 
Location: Castle Hills
1,129 posts, read 2,284,142 times
Reputation: 605
Quote:
Originally Posted by sheenie2000 View Post
you are probably wondering what the ideas are.
1) monetary reform (if you search for posts by gwynedd1, she/he has good ideas)

to sum up the idea it's as follows:
A) the government finances itself
b) convert fed notes to treasury notes and go to full reserve system
c) when the system would need liquidity, just give tax credits, if the money gets inflationary just tax it back in

2) or if we don't do a complete monetary overheaul, just take 1 trillion dollars and divide it by each household and we'll get 10k each back. Or just take the 4 trillion plan that obama has and give every household 40k. That will stimulate the economy.
+1
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Old 03-05-2009, 02:34 PM
 
1,403 posts, read 3,051,241 times
Reputation: 1303
Quote:
Originally Posted by sheenie2000 View Post
You are probably wondering what the ideas are.
1) Monetary reform (if you search for posts by gwynedd1, she/he has good ideas)

To sum up the idea it's as follows:
a) The government finances itself
b) Convert fed notes to treasury notes and go to full reserve system
c) When the system would need liquidity, just give tax credits, if the money gets inflationary just tax it back in

2) Or if we don't do a complete monetary overheaul, just take 1 Trillion dollars and divide it by each household and we'll get 10K each back. Or just take the 4 trillion plan that obama has and give every household 40K. That will stimulate the economy.
I don't really disagree with any of the ideas, but total overhaul right now (IF you could implement it) would cause more confusion and chaos and might actually bring the whole house down. You need to shore up the foundation before rebuilding the house, so to speak.

As to #2) giving $ back to taxpayers hasn't be effective in stimulating the economy, at least at the scale that has been done to date. I would guess that 10K per household wouldn't do squat-people would pay off debt. Maybe 40K would do it, who knows.
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