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Top Economist: Americans Should Worry About Bank Deposits if Congress Doesn't Act
- Thread starter S2007S
- Start date
Tell the average person you see that the FDIC legally has the right to NOT reimburse their 'magically insured' 100k bank deposit for 99 years and they'll stare at you blankly.
Quote from ByLoSellHi:
Tell the average person you see that the FDIC legally has the right to NOT reimburse their 'magically insured' 100k bank deposit for 99 years and they'll stare at you blankly.
Say FDIC to the average person and they'll stare at you blankly. The average person is an idiot.
It's just great to have stock777 interjecting these pithy and sagacious comments based on the assumption that if someone posts something then it, the post, represents the first time they appreciated what they had just posted. It's the same powerful logic involved in someone, say stock777, telling you to breathe, and when you've breathed, telling you that he was the one that caused you to do it.
lj
lj
Quote from S2007S:
Update: "The banking system is safe and sound," Treasury Secretary Hank Paulson declared at a mid-afternoon press conference Monday, seeking to ameliorate such concerns.
How many time are these assholes going to fool the public?? Of course they wont say they are going to fail. ie. Leh, fnm, fre all of them said they have absolutely NO problems. I remember recently a news article where FNM's ceo said they have more capital now than ever in their history. So what happened????????The banking system is not sound. If this ass Paulson says it's sound then it is not. I'm pulling my deposits out of capital one. They are next.
Quote from ByLoSellHi:
Tell the average person you see that the FDIC legally has the right to NOT reimburse their 'magically insured' 100k bank deposit for 99 years and they'll stare at you blankly.
I guess you're talking about this:
http://www.fdic.gov/consumers/consumer/news/cnspr06/leadstory.html
Misconception Number 3: If a bank fails, the FDIC could take up to 99 years to pay depositors for their insured accounts.
This is a completely false notion that many bank customers have told us they heard from someone attempting to sell them another kind of financial product.
The truth is that federal law requires the FDIC to pay the insured deposits "as soon as possible" after an insured bank fails. Historically, the FDIC pays insured deposits within a few days after a bank closes, usually the next business day. In most cases, the FDIC will provide each depositor with a new account at another insured bank. Or, if arrangements cannot be made with another institution, the FDIC will issue a check to each depositor.
Amazing how your info always seems to be wrong.
OldTrader
Quote from Scalper007:
How many time are these assholes going to fool the public?? Of course they wont say they are going to fail. ie. Leh, fnm, fre all of them said they have absolutely NO problems. I remember recently a news article where FNM's ceo said they have more capital now than ever in their history. So what happened????????The banking system is not sound. If this ass Paulson says it's sound then it is not. I'm pulling my deposits out of capital one. They are next.
What does all this have to do with FDIC and whether it pays off for amounts up to $100K? LOL. You're a complete moron.
OldTrader
Its a good time to be poor. No worries here!