|
Don Earl
|
 |
« Reply #15 on: July 17, 2008, 03:14:44 AM » |
|
where are you supposed to keep your retirement funds these days? that's safe, that is?
The simple and obvious solution is not to put more than $100K in the same bank. One of the things that really bugs me on this situation is the FDIC is paying depositors 50% of everything over the $100K insurance. That money comes out of our pockets, and while I don't think rich people should be cheated any more than poor people, I personally don't want to pick up the tab on giving rich people their money back, when it is over and above the deal it's guaranteed under. If someone puts $10 million in an account that's only insured to $100K, it should be their lumps, not mine, if the bank fails. I shouldn't be stuck paying the $5 windfall gift the FDIC approved on this round. Especially, with more bank failures sure to come, that means there will be less in the fund to insure everyone else's accounts. I'd REALLY like to see a list of names of those being handed this windfall. Any bets most of them are well connected politically? |
|
|
|
|
Logged
|
|
|
|
|
trudy1
|
|
« Reply #16 on: July 17, 2008, 06:37:22 AM » |
|
I would like to see a list of the banks too.
And everyone knew that anything ove 100K is not insured.
Isn't this why a long time ago, maybe the depression, that people kept money under the mattress and dug a hole in the ground and burried it? No one trusted the banks.
|
|
|
|
|
Logged
|
|
|
|
|
carolo
|
|
« Reply #17 on: July 18, 2008, 10:37:52 AM » |
|
I don't like to see us, the American taxpayers, getting stuck w/ the tab for people who have/had deposits above FDIC limits in a single bank. What's w/ that??? Makes no sense. It's like "buyer beware."
What is even worse is that lending institutions were alllowed to make very risky home loans. Zero down, for instance, was an immediate sign of trouble ahead. With no investment in a property, there was no incentive to even take care of it in some cases, and no incentive to be certain to have money put aside in case of job loss or illness or all the things that can come unbidden into our lives so that the house payments could continue. Then there was the endless refi that went on when home owners got deeper into debt and used home equity loans to pay off credit card debt as housing values inflated. As a taxpayer I don't like the idea at all that I'm now going to fund the fallout from this.
Remember when you had to save and scrape for a downpayment? Remember when it was important to have a clean credit history so you could obtain financing for your own home? Home ownership was part of the American Dream, and it used to take time, discipline and hard work to achieve this. Then somewhere along the way to all too many home ownership became "a given." During the 70's banks made some rediculous loans, w/ kickbacks to the load officer in many cases. This brought about changes in the industry. Then we slipped right back to the problems of the past as banks and S&L's merged and people started buying homes w/ no down, buying houses in multiples just for the sake of flipping them overnight. In having to bail out these institutions, it seems to amount to our having approved these practices and indeed ea individual loan ourselves. That's us, the taxpayer! What's up with that? Nothing passed my desk in the way of credit check, verification of income, appraisal on property, etc, for any of these loans. I never attended one meeting to agree to terms of loans being offered to the public. So suddenly I, the taxpayer, have become the one to fund the bailout in the end.
Will the bank officers be held responsible financially for any of this? Some are probably smiling w/ money stashed away in offshore accounts and willl never feel the pain as they sit on their yachts sipping their whatever or flying on their private jets from one of their many homes to the next for a change of scene and a few social functions before jetting away again w/ no thought to the cost of fuel. They're burning our own dollars.
|
|
|
|
|
Logged
|
|
|
|
|
trudy1
|
|
« Reply #18 on: July 18, 2008, 11:37:01 AM » |
|
I think our constitutional rights have all but dissapered. I don't want to pay for this, did anyone ask Me? I don't want to pay for a war, did anyone ask me? How can We even take care of ourselves when We are taking care of everyone's else's problems, even the worlds'?
|
|
|
|
|
Logged
|
|
|
|
|
5CatMom
|
|
« Reply #19 on: July 18, 2008, 11:44:12 AM » |
|
The last time I opened a checking account, I was given a brochure on CDARs (pronounced "cedars"). LOL, not that I had a use for it, but remembered it this morning when CDARs founder, a Mr. Blinder (I believe), was on CNBC. The gist of it is that your bank farms out your moola to participating banks (currently there are about 2200 member banks) in amounts covered by the FDIC. Since your money is divided among several banks, it's advertised as "safe". You negotiate the interest rate with your bank and you receive a statement from your bank. Mr. Blinder said that if your bank doesn't offer the service, you should ask about it. Here's a link: http://www.cdars.com/index.php5CatMom =^..^ = |
|
|
|
« Last Edit: July 19, 2008, 12:37:39 PM by 5CatMom »
|
Logged
|
"What is man without the beasts? If the beasts were gone, men would die from a great loneliness of spirit. For whatever happens to the beasts, soon happens to man. All things are connected." Chief Seattle
"We are the caretakers of our creatures . . . the peacekeepers of our planet"
|
|
|
|
3catkidneyfailure
|
|
« Reply #20 on: July 18, 2008, 05:17:36 PM » |
|
Just went through this discussion this week on FDIC bank account limits. You can have
400 accounts or 1 account with the same bank where the named account holders are all
the same person or persons (the so called "title" to the account or accounts). If the total is
over $100,000, any amount over that is not insured. Be sure you understand that. If you
don't want to change the titled holder(s) on the accounts, you have to open an account
with a different bank for amounts over $100,000. Nobody has made that very clear about
FDIC insurance, but IndyMac tells you what can happen pretty clearly if you don't pay attention.
|
|
|
|
|
Logged
|
|
|
|
|
Poco
|
|
« Reply #21 on: July 23, 2008, 01:16:13 AM » |
|
FDIC Chairwoman on more bank failures expected this year: http://link.brightcove.com/services/link/bcpid203719194/bclid86272812/bctid1659861039P.S. Looking at the FDIC web site, I think so far the taxpayers aren't picking up the tab on the insurance. Seems to be S.O.P. thus far and they are using the insurance pool and assets to reimburse people. It's like unemployment insurance. The big taxpayer bailout could be for Fannie and Freddie. I think it's 25 billion. Bad news! |
|
|
|
« Last Edit: July 23, 2008, 01:32:23 AM by Klondike »
|
Logged
|
"Our country is now geared to an arms economy bred in an artificially induced psychosis of war hysteria and an incessant propaganda of fear." ----General Douglas MacArthur
"American GIs are not toy soldiers to be moved around on some global game board." ----General Colin Powell
|
|
|
|
Don Earl
|
|
« Reply #22 on: July 23, 2008, 07:56:34 AM » |
|
The big taxpayer bailout could be for Fannie and Freddie. I think it's 25 billion. Bad news!
As close as I can figure, more like 20% of Fannie and Freddie's loans are potentially bad. That puts the big tax payer bail out at over $2 trillion. The real problem with that is most tax payers are in worse shape than the banks. The way these things are typically handled is with a massive devaluation of the USD. Fiat money is printed up, which isn't worth anything, and the bad debt is paid off with Monopoly money. This is basically what happened in the 30s when the dollar was devalued to the tune of 100 to 1. Up until then, a dollar was worth just shy of an ounce of gold. Today, the dollar is worth approximately 1/1000th of an ounce of gold. You may hear a lot of ANALysts talking about bank liquidity of 8% as being a good thing. What most people don't realize is that's the amount of money the bank has as a percentage of what the bank has loaned out. In other words, if you deposit $8 in savings, the bank turns around and loans $100 to someone else. If you go back to the bank to withdraw your eight dollars, the bank is broke. The bank has loaned out roughly 12 times the amount of YOUR money it was using to back the loans and real estate is only the tip of the iceburg. What about the 4 "sub prime" unsecured credit cards it has issued to Joe Deadbeat? Joe's credit is constantly reviewed by the issuing banks, and whenever Joe's cards are maxed out, they send him a flood of applications for new ones. Joe may not have a pot or a window, but his wallet is chock full of bank cards with maxed out $10,000 limits. That debt is totally unsecured by assets of any kind. If Joe defaults, there is absolutely nothing available for the bank to recover. Taking a quick look at today's news on the proposed Fannie and Freddy bailouts, Congress is in the process of writing them a blank check. The terms of that blank check are insanity squared. It starts out with the only limit being the existing cap on national debt, which is being raised to allow just shy of a trillion dollars for the bail out. Not only are Fannie and Freddy not being told to stop lending money with zero down, the bill allows them to loan money at 15% over fair market value. The homes that qualify for the bailout can be worth up to $625,000! How many American tax payers are living in 2/3rds of a million dollar homes? The national median is around $200K. What this all amounts to is charity for rich people, at the expense of the working poor. But once again, the mainstream media is keeping the public dumbed down. If the American public had even an inkling of what is taking place, there'd be a million people marching on Washington DC as we speak. |
|
|
|
|
Logged
|
|
|
|
|
Poco
|
|
« Reply #23 on: July 23, 2008, 02:07:48 PM » |
|
.......
Taking a quick look at today's news on the proposed Fannie and Freddy bailouts, Congress is in the process of writing them a blank check. The terms of that blank check are insanity squared. It starts out with the only limit being the existing cap on national debt, which is being raised to allow just shy of a trillion dollars for the bail out. Not only are Fannie and Freddy not being told to stop lending money with zero down, the bill allows them to loan money at 15% over fair market value. The homes that qualify for the bailout can be worth up to $625,000! How many American tax payers are living in 2/3rds of a million dollar homes? The national median is around $200K.
What this all amounts to is charity for rich people, at the expense of the working poor. But once again, the mainstream media is keeping the public dumbed down. If the American public had even an inkling of what is taking place, there'd be a million people marching on Washington DC as we speak.
Oh, that sounds bad! And still no accountability? I refused to buy Fannie bonds back in 2006 since I knew the loans were bad and feared the government wouldn't back them. Guess I should not have worried. It's a flim-flam government all the way now. I keep thinking of reading on a foreign financial blog over a year ago, "Americans don't know what's been done to them yet, but they will." I didn't know the dollar was devalued that much during the Depression. I was watching a Youtube video of Ron Paul and Bernanke and Bernake actually admitted that inflation was a type of taxation. But he didn't admit how bad it is openly. |
|
|
|
|
Logged
|
"Our country is now geared to an arms economy bred in an artificially induced psychosis of war hysteria and an incessant propaganda of fear." ----General Douglas MacArthur
"American GIs are not toy soldiers to be moved around on some global game board." ----General Colin Powell
|
|
|
|
Don Earl
|
|
« Reply #24 on: July 25, 2008, 11:13:07 PM » |
|
2 more banks fail with 90 on the watch list: http://news.yahoo.com/s/nm/20080726/bs_nm/banks_fdic_dcThis one cost the FDIC just under a billion dollars, with IndyMac estimated to cost between $4-$8 billion. This is out of a fund with a bit over $50 billion available to insure trillion of dollars worth of deposits. Gold is looking better every day. |
|
|
|
|
Logged
|
|
|
|
|
JJ
|
|
« Reply #25 on: July 26, 2008, 11:35:44 AM » |
|
The big taxpayer bailout could be for Fannie and Freddie. I think it's 25 billion. Bad news!
As close as I can figure, more like 20% of Fannie and Freddie's loans are potentially bad. That puts the big tax payer bail out at over $2 trillion. The real problem with that is most tax payers are in worse shape than the banks. The way these things are typically handled is with a massive devaluation of the USD. Fiat money is printed up, which isn't worth anything, and the bad debt is paid off with Monopoly money. This is basically what happened in the 30s when the dollar was devalued to the tune of 100 to 1. Up until then, a dollar was worth just shy of an ounce of gold. Today, the dollar is worth approximately 1/1000th of an ounce of gold. You may hear a lot of ANALysts talking about bank liquidity of 8% as being a good thing. What most people don't realize is that's the amount of money the bank has as a percentage of what the bank has loaned out. In other words, if you deposit $8 in savings, the bank turns around and loans $100 to someone else. If you go back to the bank to withdraw your eight dollars, the bank is broke. The bank has loaned out roughly 12 times the amount of YOUR money it was using to back the loans and real estate is only the tip of the iceburg. What about the 4 "sub prime" unsecured credit cards it has issued to Joe Deadbeat? Joe's credit is constantly reviewed by the issuing banks, and whenever Joe's cards are maxed out, they send him a flood of applications for new ones. Joe may not have a pot or a window, but his wallet is chock full of bank cards with maxed out $10,000 limits. That debt is totally unsecured by assets of any kind. If Joe defaults, there is absolutely nothing available for the bank to recover. Taking a quick look at today's news on the proposed Fannie and Freddy bailouts, Congress is in the process of writing them a blank check. The terms of that blank check are insanity squared. It starts out with the only limit being the existing cap on national debt, which is being raised to allow just shy of a trillion dollars for the bail out. Not only are Fannie and Freddy not being told to stop lending money with zero down, the bill allows them to loan money at 15% over fair market value. The homes that qualify for the bailout can be worth up to $625,000! How many American tax payers are living in 2/3rds of a million dollar homes? The national median is around $200K. What this all amounts to is charity for rich people, at the expense of the working poor. But once again, the mainstream media is keeping the public dumbed down. If the American public had even an inkling of what is taking place, there'd be a million people marching on Washington DC as we speak. Really liked the way you explained how the $8 when taken out of the bank causes the bank to have nothing to fall back on since it loaned out way more than the original $8. that was in the bank. Well since they keep right on lending from Fannie & Freddie the bleeding of the banks will continue with more and more people facing foreclosure, maxing out their credit cards, etc. and not paying any of it back-just up and walking away from it all. When all the financials wise up it will be way to late as it sure seems to be getting that way already. There is an 11 month glut of exisiting homes for sale out there and with more people being driven into poverty type living conditions who do they think will have money to even buy any of these homes. And with more facing foreclosure every day this will just add to that 11 month glut of homes for sale. |
|
|
|
|
Logged
|
'Life isn't about how to survive the storm,
But how to dance in the rain.'
|
|
|
|
