How many of youz guys are worried about your bank deposits with all the rumors going around of failing banks?
This is interesting for me because at 33, this is the first time I can remember any major problems with banks. There was something that happened in the mid to late 80's (savings and loan?) but I was much too interested in G.I. Joe, Transformers, and wondering why my little stubby pointed up around Anna Machia...
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No, but I have less than 100 grand in the bank so I'm covered by FDIC.
Should the government reach the point of not being able to guarantee the amount I have in the bank right now, the money would probably be worthless script anyway.
Should the government reach the point of not being able to guarantee the amount I have in the bank right now, the money would probably be worthless script anyway.
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Just checked my bank account >< I'm overdrawn. Too much birthday spending. 
If I had enough to not be FDIC insured (over 100k), I'd just split it up between banks. I keep my savings in a higher interest account now (ING), which is also FDIC insured.
In short, I'm unconcerned.
Nexa
In short, I'm unconcerned.
Nexa
“It has always been the prerogative of children and half-wits to point out that the emperor has no clothes. But a half-wit remains a half-wit, and the emperor remains an emperor.â€
― Neil Gaiman, The Sandman, Vol. 9: The Kindly Ones
― Neil Gaiman, The Sandman, Vol. 9: The Kindly Ones
I've decided to start my own shady fly by night "bank" in the cayman islands. Seems like that would be fairly lucrative at the moment.
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I don't think anyone who uses a major bank should be worried, we're with US Bank and have our mortgage through them as well.
I remember when we were modeling the loan, the officer said he could approve us for a lot more than what we ended up getting but he wanted to make sure we owned the house and that the house didn't own us
If only more loan officers had been so discerning.
I remember when we were modeling the loan, the officer said he could approve us for a lot more than what we ended up getting but he wanted to make sure we owned the house and that the house didn't own us
If only more loan officers had been so discerning.
Wint wrote:
If only more loan officers had been so discerning.
If only Real Estate Agents would have been so discerning too!
Ours somehow found out that we were qualified for $150k more then the house we wanted and kept trying to "upsell" us into a massive house and an even bigger mortgage payment. I hope she rots in hell.
I went to Bedford Falls to see George Bailey at Bailey Building & Loan, and he told me there's nothing to worry about. 
"I started out with nothin' and I still got most of it left" - Seasick Steve
Jophiel wrote:
No, but I have less than 100 grand in the bank so I'm covered by FDIC.
This.
Dread Lörd Kaolian wrote:
I've decided to start my own shady fly by night "bank" in the cayman islands. Seems like that would be fairly lucrative at the moment.
It's definitely time to panic. Five banks out of 8500 have failed, how could you not be worried!!
I'm sticking with keeping my cash in $100s and sewing them into the stomachs of cats. Then when I need to make a purchase, I bring the cat to the store with me. This way I know I won't be robbed on the way to the store, because I'm terrified of being mugged or carjacked because I saw a story about that on "20/20". When I get to the store, I complete my purchase by slicing the cat open and laughing manically as the poor cashier tries to count my cat blood slippery cash.
I'm sticking with keeping my cash in $100s and sewing them into the stomachs of cats. Then when I need to make a purchase, I bring the cat to the store with me. This way I know I won't be robbed on the way to the store, because I'm terrified of being mugged or carjacked because I saw a story about that on "20/20". When I get to the store, I complete my purchase by slicing the cat open and laughing manically as the poor cashier tries to count my cat blood slippery cash.
Disclaimer:
To make a long story short, I don't take any responsibility for anything I post here. It's not news, it's not truth, it's not serious. It's parody. It's satire. It's bitter. It's angsty. Your mother's a *****. You like to jack off dogs. That's right, you heard me. You like to grab that dog by the bone and rub it like a ski pole. Your dad? Gay. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.
To make a long story short, I don't take any responsibility for anything I post here. It's not news, it's not truth, it's not serious. It's parody. It's satire. It's bitter. It's angsty. Your mother's a *****. You like to jack off dogs. That's right, you heard me. You like to grab that dog by the bone and rub it like a ski pole. Your dad? Gay. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.
bubspeed wrote:
Wint wrote:
If only more loan officers had been so discerning.
If only Real Estate Agents would have been so discerning too!
Ours somehow found out that we were qualified for $150k more then the house we wanted and kept trying to "upsell" us into a massive house and an even bigger mortgage payment. I hope she rots in hell.
But you didn't do it! If you had, you would be to blame, in some part.
Ultimately, the reason the loan officer, the agent, and everyone were able to do this was that these highly risky mortgages were re-packaged and sold. And people bought them - upon the tacit recommendation of credit checking agencies who stamped them with high ratings.
The 60 minuets piece on this is basically correct and I think very easy to understand.
Although there is less of it, there is still a lot of money out there which moved from the stock market to the housing market and is now into oil. My 2 cent prediction is that oil will crash and a lot of this money will run back to the stock market. If you follow it with your money, you will always be screwed.
Edited, Jul 16th 2008 11:17am by yossarian
Not to worried.I dont have over 100k in one account and anyone that has money knows better than to put all their eggs in one basket.
Boomsticker wrote:
anyone that has money knows better than to put all their eggs in one basket.
I really don't see what my breakfast habits have to do with any of my finances.
Not to worried.I dont have over 100k in one account and anyone that has money knows better than to put all their eggs in one basket.
What does this even mean? Do you really think people with $100 million have 1,000 accounts of $100,000 each in 1000 banks? They just privately insure the money. The people who get ****** when banks fail are the people who have $273,000 lump sums in cash sitting in the bank from selling their house or an insurance payout or what have you.
Disclaimer:
To make a long story short, I don't take any responsibility for anything I post here. It's not news, it's not truth, it's not serious. It's parody. It's satire. It's bitter. It's angsty. Your mother's a *****. You like to jack off dogs. That's right, you heard me. You like to grab that dog by the bone and rub it like a ski pole. Your dad? Gay. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.
To make a long story short, I don't take any responsibility for anything I post here. It's not news, it's not truth, it's not serious. It's parody. It's satire. It's bitter. It's angsty. Your mother's a *****. You like to jack off dogs. That's right, you heard me. You like to grab that dog by the bone and rub it like a ski pole. Your dad? Gay. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.
knoxsouthy wrote:
Yossarian,
In some part!?
I see you're preparing to accept that the federal govn is responsible for idiots obtaining loans they couldn't afford and should bail them out.
Quote:
But you didn't do it! If you had, you would be to blame, in some part.
In some part!?
I see you're preparing to accept that the federal govn is responsible for idiots obtaining loans they couldn't afford and should bail them out.
Alma wrote:
I lost my post
Quote:
Not to worried.I dont have over 100k in one account and anyone that has money knows better than to put all their eggs in one basket.
What does this even mean? Do you really think people with $100 million have 1,000 accounts of $100,000 each in 1000 banks? They just privately insure the money. The people who get @#%^ed when banks fail are the people who have $273,000 lump sums in cash sitting in the bank from selling their house or an insurance payout or what have you.
Whats the first thing you see when you walk up to a bank teller? One of those plaques explaining how the FDIC insures all accounts up to 100k.People can just as easley walk across the street and open another account or 2 or 3.Banks close all the time.
I had one of my banks call me up a few years ago and tell me to get everything out of my safety deposit box as they were folding.They gave me 5 days to do so.What if I was out of town on a job or on vacation? If I had all my accounts out of that bank I would have been screwed till that was all worked out.Basic common sence goes along way.
I should add that I got a call because they wanted their key back.I have no idea if the people that had money in that bank got any warning at all.
Edited, Jul 20th 2008 11:10am by Boomsticker
Banks close all the time.
Branches close all the time. Banks almost never fail. The failure rate is around .0001% You're about twice as likely to lose a leg in a lawn mowing accident as you are to lose your $100,000 deposit in a US bank.
It's just scary to people so the awareness of it ludicrously surpasses the actual risk.
Disclaimer:
To make a long story short, I don't take any responsibility for anything I post here. It's not news, it's not truth, it's not serious. It's parody. It's satire. It's bitter. It's angsty. Your mother's a *****. You like to jack off dogs. That's right, you heard me. You like to grab that dog by the bone and rub it like a ski pole. Your dad? Gay. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.
To make a long story short, I don't take any responsibility for anything I post here. It's not news, it's not truth, it's not serious. It's parody. It's satire. It's bitter. It's angsty. Your mother's a *****. You like to jack off dogs. That's right, you heard me. You like to grab that dog by the bone and rub it like a ski pole. Your dad? Gay. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.
Boomsticker wrote:
I had one of my banks call me up a few years ago and tell me to get everything out of my safety deposit box as they were folding.They gave me 5 days to do so.What if I was out of town on a job or on vacation?
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Smasharoo wrote:
It's just scary to people so the awareness of it ludicrously surpasses the actual risk.
It distracts people from the real threat: Identity Theft!!!
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