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Old 03-05-2009, 04:01 PM
 
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FDIC warns US bank deposit insurance fund could tank (http://news.yahoo.com/s/afp/20090305/pl_afp/financeeconomyusbankinggovernment - broken link)

Time to stuff the mattress people? A cliche' no more!
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Old 03-05-2009, 04:04 PM
 
Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 33,375,671 times
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Bad. Bad, bad, bad, bad, bad. It may actually be time to start investing in ammunition over and above any other commodity.
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Old 03-05-2009, 04:06 PM
 
Location: Olympus Mons, Mars
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if the FDIC is insolvent they do get money from the Treasury but yes, it may alarm people and there could be a bank run. Hopefully, if the FDIC becomes insolvent it is handled transparently and quickly.
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Old 03-05-2009, 04:14 PM
 
Location: Castle Hills
1,129 posts, read 2,286,445 times
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Take a chunk of your money out now before the "run on the bank" happens. Be smart.. don't wait until the last minute thinking its not possible.

Also, remember the FDIC can pay you back "when they feel like it". You better believe that.
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Old 03-05-2009, 04:35 PM
 
16,438 posts, read 18,535,302 times
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Quote:
Originally Posted by jimboburnsy View Post
Bad. Bad, bad, bad, bad, bad. It may actually be time to start investing in ammunition over and above any other commodity.
If you can find any...
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Old 03-05-2009, 04:41 PM
 
3,219 posts, read 5,658,113 times
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Quote:
Originally Posted by Bideshi View Post
If you can find any...
If one can't find any maybe it would be time to make your own bows and arrows.

Last edited by njguy; 03-05-2009 at 04:59 PM..
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Old 03-05-2009, 04:49 PM
 
Location: On the East Coast
51,672 posts, read 12,661,651 times
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This is not good news.
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Old 03-05-2009, 05:26 PM
 
11,586 posts, read 17,530,612 times
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You miss the intent of the warning - it wasn't to depositors to tell them to stuff matresses, it was to banks who have to pay the "insurance premiums". FDIC will be covered by the U.S. treasury if nothing else. It's no worse news then the other innumberable bail outs that are needed.

The bad thing is, however, people will misinterpret this warning, like the OP has done, and see it as a reason to make a run on the banks. Self fulfilling prophecies.
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Old 03-05-2009, 05:27 PM
 
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And it's no surprise.
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Old 03-05-2009, 05:29 PM
 
3,720 posts, read 4,444,781 times
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Quote:
Originally Posted by Dd714 View Post
You miss the intent of the warning - it wasn't to depositors to tell them to stuff matresses, it was to banks who have to pay the "insurance premiums". FDIC will be covered by the U.S. treasury if nothing else.

The bad thing is, however, people will misinterpret this warning, like the OP has done, and see it as a reason to make a run on the banks. Self fulfilling prophecies.
Before they do that I'd hope they would check out the safety rating(s) of their banking institution(s).
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