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gorgeet, I think your money is protected by FDIC no matter who you bank with, so I see this thread angle as less than debate inspiring and more an avenue to hyping speculative fear.
Should FDIC fail, that would mean that US gov't has realized a complete failure. I doubt highly USA, or other nations intimately vested in america, would sit idly by for that to occur.
The bigger factor to concern ourselves with is runnaway inflation (stealth or otherwise). People who have structured retirement plans based on how much $$ they need to live on vs payout schedules for 401k... those are tied to stock market performance and costs of living equations.
People (or 401k managers with head in sand) not savy enough to strategically shift their investments around will have no other option but to change projected retirement dates as result IMO. It's either that or accept poverty for lifetime of work. That's not going to work for anyone.
Wild market swings mean the money relocated, and it also means opportunity. Just got to keep that in mind.
Should FDIC fail, that would mean that US gov't has realized a complete failure. I doubt highly USA, or other nations intimately vested in america, would sit idly by for that to occur.
Thats not exactly true. The FDIC actually has no relationship at all to the federal government. Its just an insurance company that banks pay into. Many people believe that the FDIC stands for the Federal government but thats only because its sold that way.
happy tex you'll have to read the terms and conditions of your FDIC policy. The cap limit is 100k backed up by full faith guarantee of USA, so the losers are the banks, investors in banks, and anyone with more than 100k in their account. That disclosure is provided by mandate of law, and if you ignored it... caveat emptor applies.
Inflation out of control on the other hand would mean your 100k returned to you by insurance has the buying power of say- 25k. Whole other loss, but a loss just the same.
happy tex you'll have to read the terms and conditions of your FDIC policy. The cap limit is 100k backed up by full faith guarantee of USA, so the losers are the banks, investors in banks, and anyone with more than 100k in their account. That disclosure is provided by mandate of law, and if you ignored it... caveat emptor applies.
Inflation out of control on the other hand would mean your 100k returned to you by insurance has the buying power of say- 25k. Whole other loss, but a loss just the same.
I'm not talking bailout of me personally but bailout of all bank customers if the FDIC cannot cover even the $100K per customer.
Me..I moved all my money last October when "the boat started taking on water". I'm spread out around several Credit Unions that have good ratings and did little to none subprime lending.
I'm not talking bailout of me personally but bailout of all bank customers if the FDIC cannot cover even the $100K per customer.
Me..I moved all my money last October when "the boat started taking on water". I'm spread out around several Credit Unions that have good ratings and did little to none subprime lending.
Putting my money in banks has become a scary prospect. How did you acquire the information about each credit union? Whenever I look into the background of my banks, it gets financially "heady" real fast and the terms become gibberish. I also got into Euros and precious metals, which have appreciated way above and beyond my dollars. I want to buy land or a house but I don't know where! I can pay cash but I want to buy where I think I'd be safe, "safe" as in away from the maddening crowds or masses of gun-toting urbanites looking for food. Any ideas where that would be? Thanks to all.
Do you invest it anywhere? Where did your parents put it? I'm looking for good ideas.
One set of my grandparents worked at a dairy [two milkings a day] and at a cannery until they got pensions. The other set milked at dairies until they were able to buy their own dairy [while driving explosive trucks during the war]. Both sets of grandparents built single family homes. The first set bought city lots with cash to build houses on. The second set built 'cabins' in a row next to their milking barn. They both took in the indigent and elderly, and they charged enough rent to cover property taxes.
My parents were both children/teens during the depression. Today they have a collection of single family rentals.
During my career, I collected apartment buildings. My career had me traveling a lot, generally 3 years at each location, then moving, so I collected a building at each location.
Upon my retirement, I sold some to consolidate my holdings, and used some of the money to buy ourselves a farm with no mortgage.
Today I really do not 'invest' anymore. I have my pension [my employer pays me a retainer check to remain 'on-call' along with a benefit package], we have rental income, and we have farm income. My last remaining apartment building pays for itself and is building equity, so my portfolio is growing.
I am focusing on developing our new farm, growing crops and livestock. I am a vendor at an Organic Farmer's Market. I sell free-range eggs, veggies, honey, and we raise our own pork and poultry.
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Where do you put it?
