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

Quote:

Originally Posted by oldfogey

Chickens, roost?

MotoVegas · 07-15-2008, 09:06 AM

Quote:

Originally Posted by oldfogey

Chickens, roost?

Financial capital of the world.

CBRVFR · 07-15-2008, 10:39 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, 10:51 AM

Quote:

Originally Posted by SomeStrangeGuy

I hope we don't have another wet drought.

luvtolean · 07-15-2008, 10:52 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, 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

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, 11:06 AM

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, 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

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, 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

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, 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

Quote:

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

Quote:

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...

07-14-2008, 05:35 PM	#1
ND4SPD Join Date: 12-12-2006 Location: Central SC Bike(s): '99 F4 Posts: 9,637 Images: 28	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 The Motorcycle Addict's Magazine - MCADXmag

07-14-2008, 05:43 PM	#2
luvtolean Join Date: 12-13-2006 Location: SF Bay Area, CA Bike(s): 2008 BMW GS-A Posts: 8,546	Yeah, this is going to get pretty interesting in a hurry. __________________ You got to know, you got to know, the winners say GO-GO-GO...I got no patience, so sick of complacence... -Rage Against the Machine

07-14-2008, 06:41 PM	#3
SomeStrangeGuy Former KLR owner. Join Date: 12-13-2006 Location: Debt, where else? Age: 2 Bike(s): GS Posts: 5,159 Images: 5	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, 06:42 PM	#4
ND4SPD Join Date: 12-12-2006 Location: Central SC Bike(s): '99 F4 Posts: 9,637 Images: 28	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 The Motorcycle Addict's Magazine - MCADXmag

07-14-2008, 07:05 PM	#5
SomeStrangeGuy Former KLR owner. Join Date: 12-13-2006 Location: Debt, where else? Age: 2 Bike(s): GS Posts: 5,159 Images: 5	Interesting, thanks. __________________ Come find yourself - GPS Discussion Forums Time is the ultimate currency.

07-14-2008, 11:26 PM	#6
jose_jimenez Banned Join Date: 01-05-2007 Bike(s): Hurricane Posts: 2,110	I hope we don't see another great depression.

07-14-2008, 11:43 PM	#7
SomeStrangeGuy Former KLR owner. Join Date: 12-13-2006 Location: Debt, where else? Age: 2 Bike(s): GS Posts: 5,159 Images: 5	I hope we don't have another wet drought. __________________ Come find yourself - GPS Discussion Forums Time is the ultimate currency.

07-14-2008, 11:47 PM	#8
Repeater Join Date: 12-28-2006 Location: Santa Monica, CA Age: 33 Bike(s): F4I Posts: 605	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, 07:35 AM	#9
oldfogey Senior member Join Date: 12-14-2006 Location: St Albans, UK Age: 56 Bike(s): Honda VFR800i, BSA Posts: 1,611	Chickens, roost? __________________ Blessed are the young for they shall inherit the national debt - Herbert Hoover

07-15-2008, 10:56 AM	#15
luvtolean Join Date: 12-13-2006 Location: SF Bay Area, CA Bike(s): 2008 BMW GS-A Posts: 8,546	Oil is tanking. Oil prices plunge more than $10 a barrel - Yahoo! News __________________ You got to know, you got to know, the winners say GO-GO-GO...I got no patience, so sick of complacence... -Rage Against the Machine

07-15-2008, 10:58 AM	#16
SheepOfBlue Ewe need to know braking do ewe? Join Date: 12-18-2006 Location: Huntsville, AL Age: 47 Bike(s): CBR1000RR, RC51, VT500FT Posts: 8,729	Extreme swings come just before the bubble bursts Look for $3/gallon gas by Christmas __________________ Not a crop circle creator

07-15-2008, 10:59 AM	#17
ND4SPD Join Date: 12-12-2006 Location: Central SC Bike(s): '99 F4 Posts: 9,637 Images: 28	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 The Motorcycle Addict's Magazine - MCADXmag

07-15-2008, 11:12 AM	#20
CBRVFR Age of bike+rider=76 years. Join Date: 12-13-2006 Age: 56 Bike(s): VFR SV TZ RC30-gratefully Posts: 6,369	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. __________________ Godspeed, # 20 Rich Herald, the Gentle Giant

07-15-2008, 11:19 AM	#21
oldfogey Senior member Join Date: 12-14-2006 Location: St Albans, UK Age: 56 Bike(s): Honda VFR800i, BSA Posts: 1,611	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, 12:31 PM	#22
Heavy-Dee The Murph Join Date: 12-17-2006 Age: 31 Bike(s): 2004 GSXR 600 Posts: 2,974	Economy is sucking. Time to buy....

07-15-2008, 03:43 PM	#24
BobcatSig The hype is low. Join Date: 05-28-2008 Location: Big Sky Country, MT Age: 29 Bike(s): Specialized FSR Posts: 1,320	Looks like Chicken Little is roaming the neighborhoods again: Customers furious in Day 2 of IndyMac fed takeover - Los Angeles Times

07-15-2008, 05:49 PM	#26
BobcatSig The hype is low. Join Date: 05-28-2008 Location: Big Sky Country, MT Age: 29 Bike(s): Specialized FSR Posts: 1,320	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'.

07-15-2008, 06:07 PM	#28
evl_twn CAN CRUSHER Join Date: 12-13-2006 Location: Central Illinois Age: 41 Bike(s): worm gear Posts: 2,022 Images: 6	You should never put your life's savings "eggs in one basket". You would think they would have diversified a bit more.

07-15-2008, 06:10 PM	#29
BobcatSig The hype is low. Join Date: 05-28-2008 Location: Big Sky Country, MT Age: 29 Bike(s): Specialized FSR Posts: 1,320	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.

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