Look like Emmigrant Bank is going down!

Quote from GTS:

As long as the government can print money the FDIC will never be broke.

"FDIC deposit insurance is backed by the full faith and credit of the United States government" = gov't will backstop them
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correct but the dollars u l get back might be worthless.because of inflation.
 
Quote from GTS:

As long as the government can print money the FDIC will never be broke.

"FDIC deposit insurance is backed by the full faith and credit of the United States government" = gov't will backstop them
More...

Which means while you wait to recover your funds as FDIC is receiving printed money to take over the failed bank, there will be rapid inflation.

Did you ever think about why it took so long for FDIC to take over Colonial?
 
Quote from Anaconda:

You're an ignorant fool.
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Sure smartass. Invest in hollow mattresses darth...

anaconda may be grumpy but he trades and invests in gold. not hollow mattresses.
 
Quote from GTS:

As long as the government can print money the FDIC will never be broke.

"FDIC deposit insurance is backed by the full faith and credit of the United States government" = gov't will backstop them
More...

I agree. For that reason, I have kept my $$$ in the US. I had considered Canada, much safer, but for now staying put.

That said the $$$ we get back with be worth less if that happens.

Frankly, I don't trust the ECB much more. They have a world of debt to GDP last time I checked.

Can you really trust any banker, esp. after what has happened recently?:D

I guess it's like the say. 'I would (for now ) rather deal with the devil I know than the one I don't'.
 
Quote from zdreg:

Quote from Anaconda:

You're an ignorant fool.
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Sure smartass. Invest in hollow mattresses darth...

anaconda may be grumpy but he trades and invests in gold. not hollow mattresses.
More...

I play with gold & silver bullion, but that is not my primary activity. I do so to keep growing my bullion stake. It's just rotating inventory when I catch good deals.

I also do keep a lot of cash around. I rarely keep anything significant in the bank. I'm not the type to rely on the government to take care of me. Obviously Darth falls in the other category, hence his blind trust.
 
no, it is not a matter of blind trust - just being practical. If $ loses value, it will lose value no matter if it is in "financially solid" bank, "financially shaky" bank, in mattress or whatever. I do believe a bunch of paper money is guaranteed to be returned to you if your bank fails - that's that. If you do not believe in $ and want to keep a substantial portion / all of your $ in gold or whatever, that is fine. Each with his own hedge. BUT, you will not lose your (paper) money because xyz bank went down - that's all.
 
Quote from DarthSidious:

no, it is not a matter of blind trust - just being practical. If $ loses value, it will lose value no matter if it is in "financially solid" bank, "financially shaky" bank, in mattress or whatever. I do believe a bunch of paper money is guaranteed to be returned to you if your bank fails - that's that. If you do not believe in $ and want to keep a substantial portion / all of your $ in gold or whatever, that is fine. Each with his own hedge. BUT, you will not lose your (paper) money because xyz bank went down - that's all.
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If the ATM & CC networks get shut down because banks won't process payments and need a special holiday, will you still think you're being practical? Trust in FDIC = trust in the US government = being blind.

You can laugh all you want, but it is pretty obvious that the banking system is insolvent with the government authorizing trillions of dollars to backstop them.

Regardless, Cash is King and I like being as liquid as possible.
 
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