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by Johnpertzborn from St. Louis

Last Post 2 days Ago


HOW SECURE IS THE FDIC?
Sep 25, 2008 | 8:58 AM
Category: News
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the Federal Insurance created as a result of the great depression is not a bottomless Pit of wealth.   The FDIC has a secret list of 117 thousand banks that could fail.  The Fed will not release the list for fear of a run on banks. 

Besides 700 billion Bailout...The FDIC may need 400 Billion to insure your money.

 

How much longer can it continue?

 

 

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Member Comments Total Comments: 13
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mr_wildflower read my blog view my photos
Sep 25, 2008 | 10:12 AM

It may go a thousand years then it may happen tomorrow........ But it's gonna happen someday..
shoutitout read my blog
Sep 25, 2008 | 10:47 AM

Hey John - get the government to collect on the billions of dollars that it loaned to other countries, Principle & Interest, and we can resolve this crisis here at home!! We wouldn't have to print money to solve our own problem and devalue the dollar even more. And yes, I believe that there are a lot of banks out there tetering on the brink of failure. And by the way, we are in a recession. Politicians won't say that "R" word officially.
b8kedbeans read my blog
Sep 25, 2008 | 12:06 PM

how about self insure by hiding your money under a mattras
Mommy2 read my blog view my photos
Sep 25, 2008 | 12:13 PM

How about going to a CREDIT UNION as you see they are not falling and YES your money is insurned
SikUvTheRite read my blog
Sep 25, 2008 | 12:24 PM

The FDIC is as secure as we the people want it to be.

It is a safety net arm of the government, and our government is of the people, for the people - remember that? Oh, maybe not for the last seven years (and a few more back in the Reagan/Bush era of privatized government of the few), but that's the concept anyway. And we have a chance to return to that concept.

First way to save money would be to end Bush's family war for oil. Second, save the $700 BILLION and don't bail out the rich twits folding up - let them go under, and who cares? If some average folks have investments with these leeches, and they lose it, oh well - let that be a lesson about free enterprise. Your stinking 401K investment in stocks is NOT guaranteed income - never was, isn't supposed to be. So those who did invest this way, lost. Get over it.

Now we get to banks that hold almost all our money. If they fail, where did the deposits go? Probably to more investing! We, as a government, need to be more militant about getting our money back when these institutions fail - the money went SOMEWHERE, it didn't just evaporate. Go get it. Did some go to some rich real estate development? Sell it and pay off the bank customers. Is the money invested in some big corporation? Sell the stock and pay back the bank customers.

The problem is all these problems revolve around the rich and greedy playing games with our money, hard-earned money that is the livlihood of the working-class but is just another toy for the wealthy to play with. It's time to take away their toys.

Oh, I admit, the A
SikUvTheRite read my blog
Sep 25, 2008 | 12:25 PM

Oh, I admit, the American people haven't been so good recently about electing folks who will truly represent their interests, and as a result have allowed our lives to be hijacked by those who, in spite of already being born fabulously wealthy, for some reason just have to have even more (i.e. Bush - himself a good metaphor for these kind of people).

But if we get our priorities straight someday, we can elect people who will look out for those who elected them, and will ensure our government takes care of average people first, then if any is left, THEN and ONLY THEN come in to rescue the wealthy from their failures.

Let's just say this current fiasco proves that the FDIC is just as secure as large private enterprise. My favorite example is how often we hear about the coming insolvency of Social Security. Sure, if we LET it happen. But what of private pension plans, promised to millions (though declining) of Americans? Will THEY be able to pay? Of course not! As long as 10-12 years ago, I read plenty of news about how GM and IBM etc. were NOT going to be able to afford their pension costs in the near future. Hmmm - funny you don't hear as much about that - coming from news media owned by the rich, of course!

So, if and when the FDIC again becomes a part of a government that actually represents most of us, it is as secure as anything else.
shoutitout read my blog
Sep 25, 2008 | 12:25 PM

Credit Unions are not shielded from this mess. They are effected just as much!
asmerelda read my blog view my photos
Sep 25, 2008 | 4:20 PM

I don't have any money now. On disability so will that go broke????????
b8kedbeans read my blog
Sep 25, 2008 | 4:25 PM

ebbb ruf ruf look under my bedding
b8kedbeans read my blog
Sep 25, 2008 | 4:28 PM

if i recalled right each depositor is insured up to a certain amount not each accouint. someone else chime in on this what is correct or not.
mancillas read my blog
Sep 25, 2008 | 11:32 PM

What a blog! Quick everyone! Run for your lives!!! Take your money out of your bank and bury it in your backyard!

WOW! That will help our economy!!!

Nice one!
stltater
Sep 26, 2008 | 9:02 AM

Credit Unions are MUCH less affected because they have not gotten involved in the subprime mortgage business like the big banks and mortgage bankers have.

You can go to FDIC.gov or NCUA.gov and both have pages where you can get an idea about the amount of insurance your funds have.

Insurance in these funds are based upon the ownership of the account and therefore the $100,000 is a misnomer because you can have much more depending on the name or names on an account.
Johnpertzborn read my blog view my photos
Sep 30, 2008 | 9:01 AM

WASHINGTON (AP) - Democratic presidential candidate Barack Obama says Congress should not start from scratch as lawmakers consider their next move in putting together an economic rescue plan.

Instead, Obama says lawmakers should build on the bill that the House rejected Monday.

One addition Obama is proposing calls for raising the amount of federal deposit insurance for bank accounts from $100,000 to $250,000. Obama says such a move would be a boost for small businesses and would make the U.S. banking system more secure as well as restore public confidence in the nation's financial system.

In a statement issued early Tuesday, Obama said further inaction on a rescue plan would be catastrophic for the economy and for American families.
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Johnpertzborn

Anchor Fox 2 News St. Louis. STATUS:Married CHILDREN:1 1/2 PET: Dog, some fish and a bunch of crazy deer invading from Town & Country On St. Louis TV since March 1986-?

Member Since: 9/13/2006


 

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