Posted on 03/04/2009 11:45:13 AM PST by txmissy
X comes later in the equation. We already saw what happened after Katrina. Coming at some point to the major Democratic urban centers in America.
Baghdad Bob, is that you? LOL
The FDIC is upside down to the tune of $1-2T if the big 4 banks go belly up. There's no way the federal government can raise that much money with new Treasury sales (in order to back the FDIC).
So the question becomes: would the Fed take a chance to print that much new money? It would have some serious inflationary consequences.
Right now, many people think we'd merely have a 1 week/month 'bank holiday' where .gov "promises" people they will eventually have their money when the banks re-open. Hussein's plan all along has been to kick the can down the road to buy some more time in the hope that things get better.
Things aren't getting better, and that's even before something like "save more, spend less" becomes a political mass movement amongst conservatives to really put the squeeze on the Kenyan.
mark post 17
I admit I had my Irish up, and was louder than a lady should be. I caught the eyes of a lot of worried looking bank employees looking at me when I walked out of his office. I hope they were scared too.
I drove to the bank, and asked for my $$ in cash. The teller said she couldn't do that.
I asked why..and she said she didn't have that amount of cash. She said she would have to give me a check. I explained what I was doing...and needed the cash. She again said...she didn't have that amount...and then slipped out..that the only place they had that amount was in the vault. Of course I jumped on that...and said well then open the vault and get it! She said she couldn't do that....then slipped again..and said the only one who could do that was the bank manager. I of course...: ) say...well, go get them.
Anyway....long story short..it was like pulling teeth, but they finally gave me the cash...and I have never banked with BOA again because of that incident...and another one..But that's a whole other story....lol
I wonder if nuclear Iran is Persian for Al Qaeda?
Once I got over the shock that they didn't have it to give to me, I got mad. I admit it, I didn't use my manners. I was an unhappy camper and the whole place knew it before I left.
When they called to tell me they had the money 4 days later, they suggested I hire THEIR security team to escort me off their premises, and I would be REQUIRED to sign a form stating that I was aware that the bank's security ended at their door. I didn't know they even had a security team!!
This is a small town in rural Va. While we have a small assortment of local thieves, this ain't exactly NYC. I thanked them for their concern and informed them that I had my own “security team” (DH & Pals) to escort me from their premises. Then I was told that bank policy did not allow for weapons to be anywhere on their premises except for “certified banking & security personnel”. I almost popped off that DH was a cop, (he's not), but I was able to control my mouth for a change and let it go.
I just wanted what was mine, and they made me jump through hoops to get it. I don't appreciate it, and will never put another dime in their bank. It's not like this was a tiny little local bank either. SunTrust, and they didn't have 83k to pay out at one time. Truly frightening.
Thank you for that detailed and excellent reply! So we (the average Joes and Janes) should spend less money and consume less, thereby allowing the economy to contract, which in turn will starve the government of tax revenue.
Count me in! I need to save more and spend less anyway.
And here's the beauty of the entire exercise: people are already saving more & spending less out of their own self interest.
In fact, I think I saw mention of Oprah advising her viewers to stop eating out as much. If libs had any brains, they'd be encouraging everyone to get a new, bigger loan and resume buying. That would jump start the economy and get the taxpaying serfs (um, that would be us) back to paying for their mortgages, food stamps, etc.
What 'save more, spend less' does is provide a positive focus on events. Since we're all doing it anyway, why not think about it as achieving something? Like reducing funding to the very agents of our oppression.
Ok - another question. If I have my savings in a money market account, I am not helping to feed the beast, am I?
Just try to go to your bank and take out $250k in CASH, see what happens!!
No, it’s invested in commercial paper. But you might want to check and see if it’s FDIC insured. If not, you might consider putting into a CD. Lower %, but at least you protect the principle.
It will overdraw my account for one thing. :-)
:-)
Thanks for the laugh.
I have a question. Say my only debt was with my bank and the payments are automatically withdrawn each month from my checking account. If the bank falters and my checking / savings is frozen and FDIC can’t cover it, what happens to the loan payments?
We know of some people who lost money at IndyMac as they had deposits over $100k (before the FDIC limit was raised to $250k). One person lost part of her deceased husband's life insurance money, another part of her son's policy (he was KIA in Iraq).
It's just a good idea to spread things around.
Thanks. Luckily I do have my money spread out in different areas. I understand that the bank would still want to be paid for the loan, I just wasn’t sure whether they would have a leg to stand on in regards to payment of that loan if they lost my money held in an account at their bank.
>>where good citizens have been more pissed off
>>at our leaders? I doubt it.
I concur. But, per Orwell, it’s likely that revolt is part of the design.
So rather than go down that path - I believe we should consider influencing Obama via his own children; and I don’t mean that in any threatening way.
I mean it’s reasonable to assume that Obama wishes to be seen as a moral man in the eyes of his children - and we should find ways to challenge him to be truly moral and meet their expectations.
Yes, I am certain the Obama Administration will print all the money necessary to cover FDIC insured accounts that fail, be that one trillion dollars or five trillion. They will print. Yes. Count on it.
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