netbank goes under due to mortgage defaults

I forgot I had a spare 500k in Netbank.

Easy come easy go.

I had an alert on NTBK to take the money out when it went under 6 cents. They pulled the plug early and I missed the window.
 
you have to understand why the banks failed.

excess credit lending and risk by the banks.

if it wasn't for the FDIC the depositors would have loss all their savings deposits.


Quote from Daal:

Because it was in the UK. bernanke is a specialist on the great depression which started after a few banks failed and the money supply went down. he wont let it happen again
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it's the responsibility of the FED to 'regulate' the financial system too not just bail it out.



Quote from vectors101:

you have to understand why the banks failed.

excess credit lending and risk by the banks.

if it wasn't for the FDIC the depositors would have loss all their savings deposits.
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the bank was using your money to make bets in the wall street casino!

Quote from Allen3:

As an unfortunate netbank customer I guess I would be one of them. From what I can tell now all of my money has been FDIC insured up to 100 k. I have been transferred to another bank with deposits in the billions. Do you contend that this bank is only FDIC insured up to 100 million in deposits or are you just a stupid F#*k!

What bank (unless it is the smallest village bank you can find) doesn't have over 100 million in deposits. Now if you are talking about the people who have over 100k in their accounts with a certain bank then I agree.

Still Kind of sad. A lot of people believe that their banks are safe places. Maybe all this FDIC stuff will pan out with out a hiccup. I won't believe my money is safe until I can get it to a place I designate.

Crap this sucks. The local banks suck and the internet banks suck. damn I'm going to cash and coin! maybe I can store Barrels of crude in my back yard. :mad:

JIM:confused:
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It's not uncommon in the financial world to use the suffix "M" to mean "thousand", "MM" to mean "million".
and "MMM" to mean "thousand-million" ("billion" in the US).
This can be confusing as another convention is to use "K" for "thousand" and "M" for "Million".
"$100M" could mean "100 million dollars" or "100 thousand dollars" depending on the convention being used.
 
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