Bank failure(s)

ND4SPD · 07-14-2008, 06:35 PM

IndyMac was first. This doesn't look good either: Trading Halted On National City Stock - Money News Story - WEWS Cleveland

After IndyMac's failure, which bank could be next?: Financial News - Yahoo! Finance

luvtolean · 07-14-2008, 06:43 PM

Yeah, this is going to get pretty interesting in a hurry.

SomeStrangeGuy · 07-14-2008, 07:41 PM

so what happens if you have a mortgage with a bank like you mentioned?

ND4SPD · 07-14-2008, 07:42 PM

The Fed takes it over and probably sells it to somebody else.

SomeStrangeGuy · 07-14-2008, 08:05 PM

Interesting, thanks.

jose_jimenez · 07-15-2008, 12:26 AM

I hope we don't see another great depression.

SomeStrangeGuy · 07-15-2008, 12:43 AM

I hope we don't have another wet drought.

Repeater · 07-15-2008, 12:47 AM

Seems like our monetary policy is f'ed up. We allow these crazy booms to happen then go through real hard times that usually effect the middle and lower classes the most when the top 11% just ride on through to the next wave of sticking it to the working class and build a greater divide for the rich vrs the poor.

I'm working on my resume' and posting it online just incase i'm one of the soon to be laid off.

oldfogey · 07-15-2008, 08:35 AM

Chickens, roost?

figment · 07-15-2008, 09:49 AM

Quote:

Originally Posted by oldfogey

Chickens, roost?

MotoVegas · 07-15-2008, 10:06 AM

Quote:

Originally Posted by oldfogey

Chickens, roost?

Financial capital of the world.

CBRVFR · 07-15-2008, 11:39 AM

Quote:

Originally Posted by SomeStrangeGuy

I hope we don't have another wet drought.

Rep!

Does anyone know if FDIC guarantees each separate account to 100K, or the aggregate of all accounts held by a person or business?

I may move some $ out of Nat City today...

nhfirefighter13 · 07-15-2008, 11:51 AM

Quote:

Originally Posted by SomeStrangeGuy

I hope we don't have another wet drought.

luvtolean · 07-15-2008, 11:52 AM

Quote:

Originally Posted by CBRVFR

Rep!

Does anyone know if FDIC guarantees each separate account to 100K, or the aggregate of all accounts held by a person or business?

I may move some $ out of Nat City today...

I am a gentile and no CPA, so take this FWIW.

Each acct. And it's also actually negotiable if you're over.

Several articles have said to make sure to limit each of your accounts to 100k...still, if I had that kind of cheese on the line, I'd call my bank.

I was wondering about 401k protections yesterday too, something I need to look in to.

luvtolean · 07-15-2008, 11:56 AM

Oil is tanking.

Oil prices plunge more than $10 a barrel - Yahoo! News

SheepOfBlue · 07-15-2008, 11:58 AM

Extreme swings come just before the bubble bursts

Look for $3/gallon gas by Christmas

ND4SPD · 07-15-2008, 11:59 AM

We've had it too good for too long. This probably going to hurt a lot of people for a while and probably make those that are rich even richer.

Baketech · 07-15-2008, 12:05 PM

Quote:

Originally Posted by oldfogey

Chickens, roost?

Question is, will it be a bigger egg laying than the late 80's?

Quote:

Originally Posted by MotoVegas

Financial capital of the world.

luvtolean · 07-15-2008, 12:06 PM

Quote:

Originally Posted by Baketech

Question is, will it be a bigger egg laying than the late 80's?

Now that is the $64 question isn't it.

CBRVFR · 07-15-2008, 12:12 PM

Answer - for corporations and partnerships (Abtech's favorite word) the company money is insured separately from partner or stockholder personal accounts in the bank, BUT

If a corp (under same tax #) has various accounts for different purposes: ( payroll, general, savings, CDs) those are counted as one account, so if you have more than 100K aggregate, you might want to spread the risk among a couple of banks.

Nice problem to have, I guess.

oldfogey · 07-15-2008, 12:19 PM

Don't think I'm pointing fingers at the US when I mention that systems, corporations and individuals have to accept the consequences of their actions. The UK is in at least as much trouble as the US on bank defaults, we're just 18 months behind you in our property market recession. Over-leveraged finance at the individual and system-wide level is going to take a while to work through.

At the stock market level, US bank shares have the biggest short position ever, so you can assume the bad news is no surprise.

Heavy-Dee · 07-15-2008, 01:31 PM

Economy is sucking. Time to buy....

bzwyatt · 07-15-2008, 02:32 PM

Quote:

Originally Posted by Heavy-Dee

Economy is sucking. Time to buy....

Yeah, I think I'll be buying a house in the next couple years... without spending $400k.

BobcatSig · 07-15-2008, 04:43 PM

Looks like Chicken Little is roaming the neighborhoods again:

Customers furious in Day 2 of IndyMac fed takeover - Los Angeles Times

luvtolean · 07-15-2008, 05:31 PM

Quote:

Originally Posted by BobcatSig

Looks like Chicken Little is roaming the neighborhoods again:

Customers furious in Day 2 of IndyMac fed takeover - Los Angeles Times

Chicken little?

If for some reason I had half a million dollars in 3 accounts at a failed bank, I'd definitely be in line. That's minimally two hundred thousand bucks at risk.

BobcatSig · 07-15-2008, 06:49 PM

Perhaps you missed the sarcasm in my post. I could lay it on thicker for you, if you'd like.

And I highly doubt that the Government would let the Great Depression start like it did the last time. They were quite quick to prop up IndyMac, and the the to other 'Macs'.

07-14-2008, 06:35 PM	#1
ND4SPD I'm BATMAN!!! Join Date: 12-12-2006 Bike(s): Trek Posts: 8,416 Images: 25	Bank failure(s) IndyMac was first. This doesn't look good either: Trading Halted On National City Stock - Money News Story - WEWS Cleveland After IndyMac's failure, which bank could be next?: Financial News - Yahoo! Finance __________________ "This is your life - are you who you want to be?" Learn all you need to know about Mac OS X "Chuck Norris can slam a revolving door"

07-14-2008, 06:43 PM	#2
luvtolean Join Date: 12-13-2006 Location: SF Bay Area, CA Bike(s): 2008 BMW GS-A Posts: 6,733	Yeah, this is going to get pretty interesting in a hurry. __________________ The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries. - Winston Churchill

07-14-2008, 07:41 PM	#3
SomeStrangeGuy BMW Snob in Training Join Date: 12-13-2006 Location: Debt, where else? Bike(s): GS / KLR Posts: 4,062	so what happens if you have a mortgage with a bank like you mentioned? __________________ Come find yourself - GPS Discussion Forums Time is the ultimate currency.

07-14-2008, 07:42 PM	#4
ND4SPD I'm BATMAN!!! Join Date: 12-12-2006 Bike(s): Trek Posts: 8,416 Images: 25	The Fed takes it over and probably sells it to somebody else. __________________ "This is your life - are you who you want to be?" Learn all you need to know about Mac OS X "Chuck Norris can slam a revolving door"

07-14-2008, 08:05 PM	#5
SomeStrangeGuy BMW Snob in Training Join Date: 12-13-2006 Location: Debt, where else? Bike(s): GS / KLR Posts: 4,062	Interesting, thanks. __________________ Come find yourself - GPS Discussion Forums Time is the ultimate currency.

07-15-2008, 12:26 AM	#6
jose_jimenez Jonah for prez! Join Date: 01-05-2007 Bike(s): Hurricane Posts: 2,101	I hope we don't see another great depression.

07-15-2008, 12:43 AM	#7
SomeStrangeGuy BMW Snob in Training Join Date: 12-13-2006 Location: Debt, where else? Bike(s): GS / KLR Posts: 4,062	I hope we don't have another wet drought. __________________ Come find yourself - GPS Discussion Forums Time is the ultimate currency.

07-15-2008, 12:47 AM	#8
Repeater Join Date: 12-28-2006 Age: 33 Bike(s): F4I Posts: 530	Seems like our monetary policy is f'ed up. We allow these crazy booms to happen then go through real hard times that usually effect the middle and lower classes the most when the top 11% just ride on through to the next wave of sticking it to the working class and build a greater divide for the rich vrs the poor. I'm working on my resume' and posting it online just incase i'm one of the soon to be laid off. __________________ NASMR - National Association for Stock Motorcycle Racing . Really doesn't roll off your tongue the same does it?

07-15-2008, 08:35 AM	#9
oldfogey Senior member Join Date: 12-14-2006 Location: St Albans, UK Age: 56 Bike(s): Honda VFR800i, BSA Posts: 1,250	Chickens, roost? __________________ Blessed are the young for they shall inherit the national debt - Herbert Hoover

07-15-2008, 11:56 AM	#15
luvtolean Join Date: 12-13-2006 Location: SF Bay Area, CA Bike(s): 2008 BMW GS-A Posts: 6,733	Oil is tanking. Oil prices plunge more than $10 a barrel - Yahoo! News __________________ The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries. - Winston Churchill

07-15-2008, 11:58 AM	#16
SheepOfBlue Your tax dollars at work Join Date: 12-18-2006 Location: Huntsville, AL Age: 46 Bike(s): CBR1000RR, RC51, VT500FT Posts: 6,867	Extreme swings come just before the bubble bursts Look for $3/gallon gas by Christmas __________________ When the past is allowed to fade to nothing then only chaos is left.

07-15-2008, 11:59 AM	#17
ND4SPD I'm BATMAN!!! Join Date: 12-12-2006 Bike(s): Trek Posts: 8,416 Images: 25	We've had it too good for too long. This probably going to hurt a lot of people for a while and probably make those that are rich even richer. __________________ "This is your life - are you who you want to be?" Learn all you need to know about Mac OS X "Chuck Norris can slam a revolving door"

07-15-2008, 12:12 PM	#20
CBRVFR Godspeed, #20 Join Date: 12-13-2006 Age: 56 Bike(s): VFR750 SV650 TZ250 Posts: 5,260	Answer - for corporations and partnerships (Abtech's favorite word) the company money is insured separately from partner or stockholder personal accounts in the bank, BUT If a corp (under same tax #) has various accounts for different purposes: ( payroll, general, savings, CDs) those are counted as one account, so if you have more than 100K aggregate, you might want to spread the risk among a couple of banks. Nice problem to have, I guess. __________________ "...the TV also never took away the screwdriver and shoved it up the repairman's ass." Our own Mr.2nd Amendment, explaining the difference. Perfectly. Rich Herald, the Gentle Giant

07-15-2008, 12:19 PM	#21
oldfogey Senior member Join Date: 12-14-2006 Location: St Albans, UK Age: 56 Bike(s): Honda VFR800i, BSA Posts: 1,250	Don't think I'm pointing fingers at the US when I mention that systems, corporations and individuals have to accept the consequences of their actions. The UK is in at least as much trouble as the US on bank defaults, we're just 18 months behind you in our property market recession. Over-leveraged finance at the individual and system-wide level is going to take a while to work through. At the stock market level, US bank shares have the biggest short position ever, so you can assume the bad news is no surprise. __________________ Blessed are the young for they shall inherit the national debt - Herbert Hoover

07-15-2008, 01:31 PM	#22
Heavy-Dee The Murph Join Date: 12-17-2006 Age: 31 Bike(s): 2004 GSXR 600 Posts: 2,778	Economy is sucking. Time to buy.... __________________

07-15-2008, 04:43 PM	#24
BobcatSig Supplier of one-liners and pithy comments Join Date: 05-28-2008 Location: Tragic City, MT Age: 28 Bike(s): CBR 929rr Repsol Posts: 773	Looks like Chicken Little is roaming the neighborhoods again: Customers furious in Day 2 of IndyMac fed takeover - Los Angeles Times

07-15-2008, 06:49 PM	#26
BobcatSig Supplier of one-liners and pithy comments Join Date: 05-28-2008 Location: Tragic City, MT Age: 28 Bike(s): CBR 929rr Repsol Posts: 773	Perhaps you missed the sarcasm in my post. I could lay it on thicker for you, if you'd like. And I highly doubt that the Government would let the Great Depression start like it did the last time. They were quite quick to prop up IndyMac, and the the to other 'Macs'.