Can you smell the panic?

[BoyBrutus]

Quote from lrm21:

just wanted to update.

I've been talking with people who have been setting aside emergency cash just in case a bank holiday or freeze hits.

One friend wen to withdraw a nominal amount under 40K from small region bank in Florida. To spread around to other accounts and assets

He said it was an hour long process, bank manager got involved they did everything they could to keep the money in the bank. he wasn't even closing the account just taking some cash. They acted as if he was committing a crime or punishing the bank

He says he felt more panicked after he left then when he got there.

Why do people want to take small sums out when you have FDIC insurance?

I'm not from the US.

 

[karol88]

Quote from BoyBrutus:

Why do people want to take small sums out when you have FDIC insurance?

I'm not from the US.

because it's not like the FDIC will pay you the same day (in cash) when you need the money...

 

[BoyBrutus]

Quote from ScottD:

yeah, my thought is that I am calling Bullshit on your story.

Pauky


Registered: Oct 2008
Posts: 1



In Australia we say "telling porkies"

 

[Aaron Copland]

Quote from MiniDowTrader:

I've said it for a while now. Investors that got burned holding back in 2000-2002 will not hang around this time. Everyone I know has moved out of stocks in their retirement accounts. They held for 2 1/2 years the last time and it made them sick. This time they aren't waiting around. Buy and hold is how your grandpoppy made his retirement money. Knowing when to step aside is how to hold onto a few bucks for retirement these days.

Nice chart!

 

[lrm21]

Quote from BoyBrutus:

Why do people want to take small sums out when you have FDIC insurance?

I'm not from the US.

Because people have lost faith. They don't care about Insurance they care if there will be a bank freeze or holiday.

What do you think will happen, if the collapse accelerates and we wake up Monday where all banks are collapsing.

So far there have been no bank runs because FDIC has stepped in prior to the collapse, because we have been fortunate and skilled that the collapses are happening bit by bit.

Lets say next weekend the panic flies and People start hitting all their banks, maybe 3000 institution in 48hrs (8541 FDIC insured banks) are threatened with Insolvency. The FDIC is overwhelmed and cant step in fast enough.

The government will either allow depositors to take their money collapsing the institutions or freeze the accounts which one do you think Paulson will do.

 

[Aaron Copland]

Quote from lrm21:

Because people have lost faith. They don't care about Insurance they care if there will be a bank freeze or holiday.

What do you think will happen, if the collapse accelerates and we wake up Monday where all banks are collapsing.

So far there have been no bank runs because FDIC has stepped in prior to the collapse, because we have been fortunate and skilled that the collapses are happening bit by bit.

Lets say next weekend the panic flies and People start hitting all their banks, maybe 3000 institution in 48hrs (8541 FDIC insured banks) are threatened with Insolvency. The FDIC is overwhelmed and cant step in fast enough.

The government will either allow depositors to take their money collapsing the institutions or freeze the accounts which one do you think Paulson will do.

All he cares about is Goldman. He will take all the deposits and give them to Goldman.

This guy is not to be trusted, congress has made a bad situation worse.