Big banks still hold FDIC captive

tvsterling at 15:18 2009-08-22 said:

If the big four are 'Too Big to Fail' they need to be split up. Only the unreasonable & illegal control they have over government is preventing this necessary step from happening. Permalink

MortgageDrummer at 04:57 2009-08-23 said:

I keep telling everyone to save your cash!

Get a big safe that is bolted to your floor and is fire proof!

Now, go down to your bank and take out every bit of cash you can out of all your accounts regardless of penalty. . .

Only leave enough to pay electric , phone, and basic living (only basic living) !!!

If everyone got in line right now at the same time . .

what do you think would happen???

does everybody you get it "NOW?????"

I'm just trying to help you guys before it's to late! FDIC is broke!

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Anniecan at 04:14 2009-08-25 said:

Very close. However, if you don't have all your eggs in one basket, it really doesn't matter. Remember, when FDIC goes in to do a bailout, the bank is still semi liquid.

As consumers, we are wise to have our money in a number of depository institutions, and to have substantially less than $100,000 in any one account and, in these times, in any one institution. FDIC's chief has been saying that she will probably have to go to the Hill and ask for more money because of the number of bank failures. However, I'm reminded of the S&L failures of the 80's that were in great part caused by the regulators, just as a number of the bank failures now appear to be caused by the regulators.

Rather than complete panic, the best thing to do is to pay off everybody you owe, get really conservative, spend very little, and wait. Permalink