FDIC insurance fund headed toward insolvency this year

[nobodyknows]

Originally posted by: Skoorb

When you don't have much cash maybe the best thing to do is to keep it close? If everything does go to hell I think cash will be king.

Guns would be king, but I see your point. Chances of a housefire are less than an economical one at the moment!

I have lots of guns. The only gun I really want is a .50 caliber rifle, but do I really need it? Not really, though if I had bought one when I wanted to, it would have made for a good investment. The problem with me trying to tell myself that a gun is an "investment" is that I never sell them. I only buy them, so it may be a good investment for those who can bring themselves to sell them, but not for me.

And of course what cash I do have at home is in a fireproof lockbox that is in a fireproof/waterproof safe.

 

[StageLeft]

Originally posted by: TallBill

Originally posted by: JEDIYoda

Originally posted by: piasabird
Obamma presidency never met a tax they dont like.

Soon there will be carbon trade taxes on your Electric Bill.

Hope you like paying $100.00 extra on your electric and gas bills!

anything to blast Obama.
What is sad is people like you actually believe your garbage!

Like who?

Presumably the person he quoted in his response!

 

[Modelworks]

Originally posted by: palehorse
DOH!

Well, we already know that Obama always has his checkbook handy...

But the problem is his checks are starting to look like they are written on silly putty !

 

[chess9]

Originally posted by: Modelworks

Originally posted by: palehorse
DOH!

Well, we already know that Obama always has his checkbook handy...

But the problem is his checks are starting to look like they are written on silly putty !

LOL, more like vanishing ink!

-Robert

 

[Nemesis 1]

Is whats scary is they want us to spend. Screw that. Let China start buying American goods . Let China hugh Population buy its own products. We don't need trading partners that don't buy from US =. They have to have an inbalance. I as an American Am sick of proping up everyone else. Our leaders are suppose to Think AMERICANS FIRst . All others later when we take care of Americans.

 

[jman19]

Originally posted by: piasabird
Obamma presidency never met a tax they dont like.

Soon there will be carbon trade taxes on your Electric Bill.

Hope you like paying $100.00 extra on your electric and gas bills!

I know it's hard to stay on topic and not troll, but at least try not to make an ass of yourself.

 

[conehead433]

It's easy enough to print more money.

 

[TallBill]

Originally posted by: Skoorb

Originally posted by: TallBill

Originally posted by: JEDIYoda

Originally posted by: piasabird
Obamma presidency never met a tax they dont like.

Soon there will be carbon trade taxes on your Electric Bill.

Hope you like paying $100.00 extra on your electric and gas bills!

anything to blast Obama.
What is sad is people like you actually believe your garbage!

Like who?

Presumably the person he quoted in his response!

True, but I wonder what that constitutes?

 

[Jaskalas]

Originally posted by: Skoorb
Title: FDIC insurance fund headed toward insolvency this year

Is this news, by its very nature, going to cause a run on the banks?

BAC -1.3%
C -7.3%

Not too bad yet, although that performance is horrible compared to the rise in the market today.

 

[Fern]

Originally posted by: OrByte
Someone refresh my memory:

Didn't we increase the holdings for FDIC last year along with the levels of "insured" of individual bank deposits?

Amount went from $100 to $250K insured per deposit (IIRC, this level was temporarily and only for 2009)

Otherwise, this bull sh!t.

She wants the fees raised in case more bank failure occur. I.e., it's we may have a problem thingy. She fearmongering because the banks don't wanna pay.

I don't blame the banks anyway, particularly the smaller ones. We 1,000's of smaller banks not in trouble.

The fee increase could consume 100% of their profit. This is crap whereby safer, more conservative banks are underwriting the larger banks greedy and stupid enough to play in the riky security area.

The small, conservative, healthy banks should be forced to underwrite the bigger greedier banks.

Evenetuall it will be us, the customers of these small banks that end up paying anyway. We'll be getting screwed.

Do people now see how the Dems are paying for these bailouts while not raising our taxes?

"The rich will pay for all this" - my a$$ they will.

BTW: If you've invested in stock of your local hometown bank, well that's going down the dumper now too.

Fern

 

[Andrew1990]

Good thing I dont trust banks. I put my money in material possessions that I can use. Usually things that retain their value or even increase.

Pretty soon I am going to be buying a Rifle and some Ammunition to protect my stuff I buy.

 

[LegendKiller]

Pretty silly for her to say that and the OP is dead wrong. FDIC is fine for now and they just want to bolster the amount.

 

[yowolabi]

Originally posted by: Andrew1990
Good thing I dont trust banks. I put my money in material possessions that I can use. Usually things that retain their value or even increase.

Pretty soon I am going to be buying a Rifle and some Ammunition to protect my stuff I buy.

Can you please give examples of things that retain or increase their value in the case of an economic collapse?

 

[Andrew1990]

Originally posted by: yowolabi

Originally posted by: Andrew1990
Good thing I dont trust banks. I put my money in material possessions that I can use. Usually things that retain their value or even increase.

Pretty soon I am going to be buying a Rifle and some Ammunition to protect my stuff I buy.

Can you please give examples of things that retain or increase their value in the case of an economic collapse?

Well for one, my vintage motorized bike. Bought it for $300, they are going for $600 or so now a days and I can still use it to get around town using very little gas if economy breaks down. Then I also got quite a bit of clothing, although it wont retain its original value, it will still be able to be used and I see it as a good investment.

 

[dahunan]

Originally posted by: Skoorb

Originally posted by: nobodyknows

Originally posted by: JSt0rm01
I love how everybody comes in here with zingers but really no solutions. Its weak sauce. Really it is. I have no idea what the best course of action is in this shit hole and I'm surprised some of you are so sure that spending money isn't going to get us out of the shit storm. Its scary people can be so sure of themselves in times like this.

Maybe, but if you're already converted to cash I fail to see why one would leave it in the bank to get a lousy interest rate?

Where is a better interest rate without a concerning level of risk at the moment? Money market funds hardly give much of a better return.

Give your money to Madoff and other good Republicans.. they will take care of your money like they did this country the last 8 years

 

[JSt0rm]

Originally posted by: Andrew1990
Well for one, my vintage motorized bike. Bought it for $300, they are going for $600 or so now a days and I can still use it to get around town using very little gas if economy breaks down. Then I also got quite a bit of clothing, although it wont retain its original value, it will still be able to be used and I see it as a good investment.

lmao off!!! I'll take 10,000 motorized bikes please.

 

[JSt0rm]

man let me add you know investing is bad when some one suggests investing in clothing that you can sell later as used clothing

 

[yowolabi]

Originally posted by: Andrew1990

Originally posted by: yowolabi

Originally posted by: Andrew1990
Good thing I dont trust banks. I put my money in material possessions that I can use. Usually things that retain their value or even increase.

Pretty soon I am going to be buying a Rifle and some Ammunition to protect my stuff I buy.

Can you please give examples of things that retain or increase their value in the case of an economic collapse?

Well for one, my vintage motorized bike. Bought it for $300, they are going for $600 or so now a days and I can still use it to get around town using very little gas if economy breaks down. Then I also got quite a bit of clothing, although it wont retain its original value, it will still be able to be used and I see it as a good investment.

Thanks. I guess it depends on how bad things get. It seems to me that the worse thngs get, the less people care about fashion and clothing prices would only come down. Clothiing is a necessity, but anything other than cheap clothing is a luxury. The bike is pretty good as i'm sure people would love to trade in their vehicles for more fuel efficient ones.

Anyway, I asked because I honestly couldn't think of anything guaranteed to even retain it's value.

 

[Zebo]

Buy the three G's and you'll be fine Guns, Gold and Girls. Next year the printing presses start I hope you are prepared for your dollar devaluation or simply vanishing. In the meantime, CASH is where it's at. This summer I think you'll be able to buy land at homestead prices. Be prepared don't believe the hype.

 

[Socio]

FDIC's Bair warns on bank deposit insurance fund

The FDIC plan puts new charges on a battered industry while the Obama administration is seeking to pump as much as $750 billion in additional federal aid into ailing banks under its financial rescue plan. The FDIC, as a regulatory agency charged with protecting the insurance fund, acts independently from the administration.

The new emergency premium, to be collected from all federally insured institutions on Sept. 30, will be 20 cents for every $100 of their insured deposits. That compares with an average premium of 6.3 cents paid by banks and thrifts last year.

The FDIC also raised the regular insurance premiums for banks to between 12 and 16 cents for every $100 in deposits starting in April, up from a range of 12 to 14 cents.

Our financial institutions are failing as fast as they can, the country is on the brink economical collapse due in large part to just that. Now the Government wants to try and ream them with excessive fees to fix the FDIC which they will in turn have no choice but to pass on to the consumer who can ill afford it.

I have a better idea how about cutting out all the pork in every bill for the next 4 years, how about massive across the board cuts in government spending, how about shelving the healthcare reform until sometime in the future if and when we can actually afford it.

Then use that money to fix things like this!

 

[sactoking]

Originally posted by: JSt0rm01

Originally posted by: Andrew1990
Well for one, my vintage motorized bike. Bought it for $300, they are going for $600 or so now a days and I can still use it to get around town using very little gas if economy breaks down. Then I also got quite a bit of clothing, although it wont retain its original value, it will still be able to be used and I see it as a good investment.

lmao off!!! I'll take 10,000 motorized bikes please.

"1 art please!"

Seriously, if you're a doom-and-gloom'er (like the 'convert to cash' people) you should realize that cash won't do you a lick of good when the banks go bad. You'll either face hyperinflation which marginalizes the value of your cash, or some apocalyptic Mad Max world where cash won't matter anyway.

 

[Craig234]

These cycles tend to redistribute wealth. Some fortunes were made in the great depression by those who could buy assets cheap, that hugely appreciated later.

What worries me is that it's the most wealthy who tend to benefit each of these cycles.

People have to 'play the game' or get left behind. In the upturns, if you sit out the bubble du jour, you're sitting there with the same cash while others get far more (and if they cash out before the downturn, they come out ahead); and in the downturn they're affected as well, in many ways from less available products and services to unemployment etc.

While I don't think it was conspiratorial, as the welathy have continued to increase their wealth, years ago, I asked 'how can they get more blood from the middle class turnip?'

The answer pointed me towards the main repository of middle class wealth, their homes, but it was unclear how to extract that wealth. You can't go and take the homes.

But you can have a bubble in their value that leads many to borrow against the phony inflated value - and then when the crash comes, that borrowing is a transfer of wealth.

And that's largely what's happened - the housing crash is a middle class wealth crash, too.

And when one group's wealth plummets, the other groups' share of the smaller pie grows larger.

So I'm concerned about the net effect of this crash being yet a further rollback to the middle class gains that began with FDR.

 

[StageLeft]

Originally posted by: LegendKiller
Pretty silly for her to say that and the OP is dead wrong. FDIC is fine for now and they just want to bolster the amount.

You've convinced me. Despite no facts, I'm sure that you are more trustworthy on the solvency of the FDIC than the person who runs it.

 

[Craig234]

Originally posted by: Andrew1990

Originally posted by: yowolabi

Originally posted by: Andrew1990
Good thing I dont trust banks. I put my money in material possessions that I can use. Usually things that retain their value or even increase.

Pretty soon I am going to be buying a Rifle and some Ammunition to protect my stuff I buy.

Can you please give examples of things that retain or increase their value in the case of an economic collapse?

Well for one, my vintage motorized bike. Bought it for $300, they are going for $600 or so now a days and I can still use it to get around town using very little gas if economy breaks down. Then I also got quite a bit of clothing, although it wont retain its original value, it will still be able to be used and I see it as a good investment.

Andrew, I want to be gentle in what I say, because I think your post is kind of sad, but elicits sympathy.

One point is that I think your mistrust of banks is misguided. There might be reasons to mistrust them, there might be various crashes etc., but you appear to have a sort of broad but uninformed mistrust that 99.9% of the time does you more harm than good. That's sad to see.

A second point is that the value of your goods a you measure it is dependant on the rest of the economy. If your neighbors lose half their wealth, your $600 bike is worth $300.

However, there is one good thing I'll note in your post, that making sure you have the things you need is useful.

Similarly, I've resisted the desire to upgrade to a new home, at many times that seeming foolish, but now with virtually no mortgage and low property taxes, it has its benefits.

 

[StageLeft]

Andrew, I want to be gentle in what I say, because I think your post is kind of sad, but elicits sympathy.

I almost wept after reading just that sentence.

Things that will retain value when the economy destructs and the hellscape is littered with bodies and/or zombies:

1) Food
2) Books on topics such as medical care
3) Medical supplies including drugs with long shelf lives, bandaits, anticeptics, etc.Condoms also
4) Weapons: pistols, rifles, ammunition
5) Suvival gear: sleeping bags, heating stoves, etc.
6) Sin goods: cigarettes, booze