Bank failure(s)

**ND4SPD** · 07-14-2008 05:35 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 05:43 PM

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

**SomeStrangeGuy** · 07-14-2008 06:41 PM

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

**ND4SPD** · 07-14-2008 06:42 PM

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

**SomeStrangeGuy** · 07-14-2008 07:05 PM

Interesting, thanks.

**jose_jimenez** · 07-14-2008 11:26 PM

I hope we don't see another great depression.

**SomeStrangeGuy** · 07-14-2008 11:43 PM

I hope we don't have another wet drought.

**Repeater** · 07-14-2008 11:47 PM

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 07:35 AM

Chickens, roost?

**figment** · 07-15-2008 08:49 AM

Originally Posted by oldfogey

Chickens, roost?

**MotoVegas** · 07-15-2008 09:06 AM

Originally Posted by oldfogey

Chickens, roost?

Financial capital of the world.

**CBRVFR** · 07-15-2008 10:39 AM

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 10:51 AM

Originally Posted by SomeStrangeGuy

I hope we don't have another wet drought.

**luvtolean** · 07-15-2008 10:52 AM

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 10:56 AM

Oil is tanking.

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

**SheepOfBlue** · 07-15-2008 10:58 AM

Extreme swings come just before the bubble bursts

Look for $3/gallon gas by Christmas

**ND4SPD** · 07-15-2008 10:59 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 11:05 AM

Originally Posted by oldfogey

Chickens, roost?

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

Originally Posted by MotoVegas

Financial capital of the world.

**luvtolean** · 07-15-2008 11:06 AM

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 11:12 AM

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 11:19 AM

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 12:31 PM

Economy is sucking. Time to buy....

**bzwyatt** · 07-15-2008 01:32 PM

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 03:43 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 04:31 PM

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 05:49 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'.

**luvtolean** · 07-15-2008 06:00 PM

Originally Posted by BobcatSig

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'.

I don't think I did...do you think these are "chicken littles" in line, or do you think they're people justifiably worried about their life savings?

**evl_twn** · 07-15-2008 06:07 PM

You should never put your life's savings "eggs in one basket". You would think they would have diversified a bit more.

**BobcatSig** · 07-15-2008 06:10 PM

They aren't chicken littles. They are buying into the hysteria. Can you imagine the chaos that would ensue in any bank took a dump like they did when the Great Depression was upon us?

I didn't think so. We live in different times now. Call me naive but I think the powers that be have learned that lesson.

**luvtolean** · 07-15-2008 06:27 PM

Originally Posted by BobcatSig

They aren't chicken littles. They are buying into the hysteria. Can you imagine the chaos that would ensue in any bank took a dump like they did when the Great Depression was upon us?

I didn't think so. We live in different times now. Call me naive but I think the powers that be have learned that lesson.

What lesson?

It's pretty easy to link the current situation to the last Savings and Loan debacle, and the government response then. The Moral hazard - Wikipedia, the free encyclopedia they created with bailouts last time, and the revamp of bankruptcy laws by Bush, has lead us to here. So did we learn not to bail people out this time?

Call me jaded, but I trust the government to do nothing but fuck me out of more of my money, which mark my words, is exactly what is going to happen. There's an election to be bought with my money; both of the candidates, especially Obama and his wealth redistribution scams, are counting on this.

And I'd be in line...

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