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OT FDIC Insured Accounts

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noncompos

Well-known Member
Piece in the local Blatt this AM on the takeover of IndyMac by the Feds said around 10,000 depositors had accounts over the FDIC insured limits.
While its hard to believe that many people were unaware of the collapsing financial industry, the piece said they were getting half of their deposits, with any more presumably subject to later decisions.
While its not a problem for me (unfortunately!) you might wish to check your own accounts, and check with any friends or relatives, especially with any that haven't been following this situation, in the mistaken belief it's simply a Wall Street problem.
 
While IndyMac was probably on shaky ground, the sudden collapse was caused by nnalert Senator Charles Schumer. Schumer released a letter to the Office of Thrift Supervision on June 26. That letter caused a $1.6-billion run on deposits. Politicians need to watch their words. I hope someone holds Chuckie accountable.
 
Even if the deposits are insured how many bailouts can the gov't afford to make? Insured by someone that is 3 Trillion$$$ in debt is pretty shakey too.Some Americans have overindulged on borrowed $$$$ and we all are going to pay the price.Congress is now passing a bill for all us taxpayers to bailout the deadbeats that bought more house than they could pay for.
 
The FDIC is supposed to insure accounts for $100,000. PERIOD. And if the government wont even insure deposit holders of bank accounts then there should be a revolt. Remember the term "safe as money in the bank" If a bank squanders a deposit holders money (even CD's) then the bank managers should be burned at the stake. I have a hard time believing that the FDIC is not solvent enough to cover this.
 
One of our local banks (Peoples Community Bank) is under Federal orders banning them from loaning more money to developers. County and city governments have pulled millions of dollars in deposits out since they would not be protected in case of bank failure.
 
The way the news said it is, they will get their 100k plus about half of monies over that.
 
The 100K limit is not the real limit, check out CDARS.com That is short for Certificate of Deposit Registry Service, all you have to do is go to a participating bank and your deposits are spread around, with a 50 million dollar guarantee. Wish I had the problem of having that kind of money, I likely will never have to worry about the 100K limit, yet alone worry about insuring my MILLIONS. DOUG
 
gung: As Doug says,I believe you can have more than one FDIC insured account as long as they're in separate institutions; I don't know if there's a limit on the absolute number of such insured accounts that one person can hold.
I also understand there's a higher FDIC (or other US Gov't Agency) limit on insured IRA accounts, but I've never checked.
BillKCG's: Schumer (who used to be the Dem's hatchet man, and maybe still is) just accelerated the inevitable with IndyMac; as things stand, with it's losses, no one could've saved it.
Trad Frmr: I wish it was just deadbeats; if you'd like a rundown on how the whole industry ran amok, from the neighborhood "mortgage originator" to the geniuses of greed on Wall Street, see F Wm Engdahl's 5-part piece on his website. There's also a concise history of our bubble on patrick.net, but I'd have to look up the entry.
Like the pilot says: "Tighten your seat belts; there may be turbulence ahead..."
 
Whose in $3 Trillion in debt?

Federal Government is at $9.5 Trillion and counting. $2 Trillion of that is the fictional Social Security Trust fund (it's an IOU the government wrote to itself).
 
I don't have the confidence in banks that many do I guess.I want my $$$$ in tangable goods that
hold their value.Keeping cash stashed away where I can get it is better than taking a chance on a bank while drawing 1% interest.
 
If the government goes broke it wont make a damn if your accounts are insured or not.FDIC was only a sham put out by the government to get people to put money in banks again after the 1930's disaster,and if they do go broke your money will end up in their hands again,insured or not!
 
nnalert own the media??? OMG, what media?? Radio is dominated 100 to 1 (if not 200 to 1) by conservative commentators. TV commentators the same. So called "balanced" programs don't have leftists and rightists, they have centrists and rightists. How long has it been since you've heard Michael or Christian Parenti? or Noam Chomski?? or even Jim Hightower??
Karl skips the country to avoid testifying as to whether the administration tried to pack Justice with atty's more loyal to the party than to justice, undermining the whole rule of Law, turning the Presidency into a Kingship, and it's buried on pge 4...somebody ownd the media, but it ain't nnalert.
 
I've been told all my life that if the FDIC insurance kicks in you'll get less than 20 cents on the dollar--for your accounts less than $100,000. Guy that quotes that last spoke it at 11 cents.
 
Too Far Gone and Dan IA: Don't mean to beat the drum for the FDIC, but local Blatt story said insured depositors could get $$ via checks, ATM's and debit cards over the weekend while Bank office(s) proper were closed, and that normal banking business would resume Monday (operated by FDIC)...
I don't recall any stories about insured depositors losing money in the Great Thrift Implosion awhile back (paid for by you and me, of course).
Let's just say "So far, so good"...
 
NONCOMPOS - You must live in a different country than I do. Conservative reporting may be slightly ahead of abundant reporting in talk radio only. TV and print is overwhelmingly abundant. bob farrell
 
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