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I checked my credit union - 5 stars
I checked the local, mid-sized bank my wife works at 4 stars.
Bank of America - 3 1/2 stars
Citibank - 3 1/2 stars
I'm concerned about the legitimacy of this rating system since BOA and Citi (especially) are repeatedly being talked about for capitalization problems. There stocks reflect the lack of confidence in their financial positions. The 4 star bank my wife works at has lost 65% of its stock value just in the past 9 months yet it sports a 4 star.
If these companies are as good as they are rated why is everybody dumping their stock like they are in GOOB mode?
BTW, Lehman Bros is sporting a 3 1/2 star rating yet many people are concerned that it might not be around on Monday.
Just what makes everybody so USA sure that the federal gov't can back the FDIC ? Because they say so ?
The own the means of production of money. They can print their way out of this and destroy our dollar even more. If they defaulted on the FDIC promise to insure up to $100,000, you could expect lynch mobs to form (which wouldn't necessarily be a bad thing). It's time to trade your paper for real money.
I knew IndyMac was hurting badly about six months ago and I hoped that because they were hurting bad, they would give me a good rate on a mortgage... NOPE... their rates were higher than most of the lenders out there... oh well, they are bankrupt now... I see that a lot of you have 5 star banks, I am envious, my credit union is only 4 stars (Boeing Employees Credit Union) but I love them...
This is the reason for the saying "don't put all your eggs in one basket". Having more than $100k sitting in one bank is asking for trouble in any economy.
And yeah, there would be quite the riot if FDIC couldn't make good on money. Can you say "instant recession"?
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