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Old 07-14-2008, 08:27 PM
 
655 posts, read 758,004 times
Reputation: 240

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Report out today stated as many as 150 banks will likely fail over the next 12-18 months. This is getting serious. Some of the banks that made the list were big players. If the banks on the list do all indeed fail, FDIC won't be able to pickup the entire tab. Then we are in very serious trouble. Once this happens, there will be a huge run on all the banks and stuffing mattresses will be back in style. We are not far away at all from this scenario. I'm actually attempting to come up with a plan to move my cash.
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Old 07-14-2008, 08:32 PM
 
Location: Great State of Texas
86,068 posts, read 74,761,325 times
Reputation: 27602
Quote:
Originally Posted by travelmate38 View Post
Report out today stated as many as 150 banks will likely fail over the next 12-18 months. This is getting serious. Some of the banks that made the list were big players. If the banks on the list do all indeed fail, FDIC won't be able to pickup the entire tab. Then we are in very serious trouble. Once this happens, there will be a huge run on all the banks and stuffing mattresses will be back in style. We are not far away at all from this scenario. I'm actually attempting to come up with a plan to move my cash.
The thing is where do you move it where you can access it ?

And if everything does come crashing down..what good is that cash ? It will be worthless..if the banks fail and the government fails to make good the entire house of cards comes crashing down. Remember we have nothing backing up our dollar..it's fiat currency.
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Old 07-15-2008, 06:34 AM
 
26,662 posts, read 40,645,423 times
Reputation: 14770
My bank manager told me that since we have a beneficiery on our account, you are insured higher by the FDIC...I hope it is true! i'm not sure what and who to trust, since the banks are affraid that the clients will walk away. If you read how much money was taken out by clients of Indy, in the days prior...very smart, too bad others might lose a lot of money.
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Old 07-15-2008, 06:43 AM
 
Location: Asheville
7,544 posts, read 6,280,104 times
Reputation: 6873
With all of the negative speculation about Wachovia, I was surprised to see a three rating. It does make one questing the validity of the ratings.
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Old 07-15-2008, 11:07 AM
 
Location: Tucson
42,835 posts, read 80,635,706 times
Reputation: 22814
Quote:
Originally Posted by travelmate38 View Post
Bank Ratings

With Indy mac failing, it is wake up time folks. The most amazing part of this story is that despite it being obvious for months this bank would fail, over 10,000 of their customers had above the $100,000 FDIC insured amount in their accounts. Those people are screwed. Above is the link to the national site that will provide quarterly financials to most all banks and credit unions nation wide. It provides a simple star rating system and is recognized as being highly accurate. I suggest checking your bank's ratings. Notice that Indy Mac had a ZERO star rating since March!!!!!! Yet all these people kept above $100,000 on deposit? Crazy, stuff.

Oh, and be sure and tell us your bank and how they rated after you look it up. Anything below 3 stars I would suggest keeping a close eye on. Anything below two stars, I would suggest banking elsewhere, quickly!
I was looking into this site last year and still don't get it... B of A is a national bank. Why would it be listed under different states with different ratings here and how do you know which of these banks your accounts are with?

Can anybody shed any light on that?
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Old 07-15-2008, 11:12 AM
 
Location: Tucson
42,835 posts, read 80,635,706 times
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Quote:
Originally Posted by forest beekeeper View Post
Who is saying that the FDIC is fully funded?
It only takes a few entries in the computer systems to "fund" it. Doesn't even require expensive printing of worthless bills anymore. Then we'll collectively pay for it by hardly being able to make ends meet.
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Old 07-15-2008, 11:37 AM
 
Location: Forests of Maine
31,522 posts, read 51,123,777 times
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Quote:
Originally Posted by sierraAZ View Post
It only takes a few entries in the computer systems to "fund" it. Doesn't even require expensive printing of worthless bills anymore.
I thought that funding FDIC was something that congress must debate and vote on.


Quote:
... Then we'll collectively pay for it by hardly being able to make ends meet.
Who is collectively doing what?

Is a smoke / mist / fog view perhaps tax-payers pay for it.

Many of us don't pay income taxes [including myself] so 'we' are not paying for it.
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Old 07-15-2008, 12:35 PM
 
Location: Tucson
42,835 posts, read 80,635,706 times
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Quote:
Originally Posted by forest beekeeper View Post
I thought that funding FDIC was something that congress must debate and vote on.
LOL, and who do you think sneaked the FED on you to begin with?!
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Old 07-15-2008, 01:07 PM
 
Location: Tampa Bay
1,020 posts, read 3,112,510 times
Reputation: 444
I turned the TV on this morning and one of the first things I hear is new anchors telling people not to pull their money out of banks. Then the other day I seen some dudes quotes where he said we aren't in a recession because we haven't experienced negative growth. He went on to say its all a mental recession. SABOTAGE.
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Old 07-15-2008, 03:33 PM
 
Location: Durham, NC
1,232 posts, read 3,508,983 times
Reputation: 604
Quote:
Originally Posted by sierraAZ View Post
I was looking into this site last year and still don't get it... B of A is a national bank. Why would it be listed under different states with different ratings here and how do you know which of these banks your accounts are with?

Can anybody shed any light on that?
I'm interested in this answer as well. I know that if BofA asks a user which state they opened their account, so there are definite regional differences. I just don't know what they are just yet.

Quote:
Originally Posted by the_pines View Post
I turned the TV on this morning and one of the first things I hear is new anchors telling people not to pull their money out of banks. Then the other day I seen some dudes quotes where he said we aren't in a recession because we haven't experienced negative growth. He went on to say its all a mental recession. SABOTAGE.
Considering this day of age where the media can be quite influential and accessible by many different means, watering down what could be a real recessionary situation might be a way for our public officials to quell a real panic and keep people under control. Can't say, if this is true, that I would condone this tactic over the truth. But it would seem to make sense considering how the public would start pulling funds out of banks, investments, etc. if a real threatening story existed providing that a water downed truth is being waxed in the media.

An official recession or mentally fabricated one, I'm certainly not mentally fabricating my dwindling 401k or pocketbook. We're feeling it and it hurts!
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