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It's kind of like everything else isn't it? Big chains in stores and restaurants; cable tv, harware stores, cell phone service dwindling down to fewer providers. Now banks. All the "little guys" sqeezed out. Could get pretty depressing.
Points well taken, but I'm not sure I'd call a bank with $25bn in assets a "little guy".
Bank consolidation is hardly a new thing. And with consolidations, a lot of regional niche players are actually doing very well...not just because of service, but because many did not enter into the same kind of risky transactions as many big banks.
Banks shut down for a period of time? And FDIC fund running dry? LOL
Everyone should be joining whatever Credit Union they are elegible for and bank there. Credit Unions are non-profit and hence have lower loan rates, higher savings rates, and little to no fees. Most are in very good shape as they didn't get involved in the wall street financial mess. The service is also very good, local based, and you don't have to worry that if you sneeze, they will hit you with some new fee.
If you live in Mecklenburg, then you are automatically eligible to join the Charlotte Metro Credit Union. There are many others that are employer based, association based, etc.
It should be noted that about 10 years ago, the big banks lobbied congress to have them all shut down. They didn't like the competition.
You shouldn't be starting ill informed rumors on the internet that could fuel panic. I am concerned about a lot of things, but the FDIC running out of money and a bank holiday in Charlotte is not high on my list of worries. The Fed has shown a willingness to print as much money as is needed, and I have no doubt that the FDIC will get all the money they need to back every penny of deposits that they insure.
There is no such thing as the federal government running out of money, they just borrow whatever they need these days. In the case of the big banks they have already demonstrated the will completely strangle future generations in debt to keep the big monsters going. They would never allow all the banks to shutdown for a few days.
FDIC fund will not run dry. Printing machines people!
Well they better fire up the printing machines again tonight/this weekend because we will be seeing more bank closures!!! Also as of 11AM today I am officially 100% short in my stock portfolio. The Dow is currently 9500 and im 100% positive it will be much lower than that in a few months time
Last edited by CharlotteCharlotte; 08-21-2009 at 09:34 AM..
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