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http://finance.yahoo.com/tech-ticke...y-About-Bank-Deposits-if-Congress-Doesn't-Act
Kind of a scary thought, even if it isn't likely...
Kind of a scary thought, even if it isn't likely...
GF said:I know just a small handful of people who keep more than $100,000 in their bank account.
Bank deposits are safe
whitebark said:And here is a test for you. If you have a large amount deposited in your account ask for it all at once in cash. They won't give it you in cash. They don't have that much cash on hand - they never do. Fractional reserve lending is what is behind much of the current economic troubles. No bank has enough enough money to pay out all accounts on record in a short period of time. If there is a run on the banks with everyone asking for their money people will quickly realize what a mess our financial systems really are in.
SpareDomains said:
I disagree. The accounts that have less than 100Gs may be insured, but it doesn't necessarily follow that you'll get your money reimbursed quickly. If the crisis is big enough, then it could take years for depositors to get their money back. In the meantime, there goes your house, car, and life as you know it. No kidding.GF said:I know just a small handful of people who keep more than $100,000 in their bank account.Bank deposits are safe
labrocca said:I laugh at people calling this a crisis. It's all about consumer confidence. I am no richer or poorer than I was 2 years ago...or heck..10 years ago. I live better today than I ever have. I can buy my groceries, go out to dinners, see movies, buy my gas, and everything else that are luxuries in American life that other nations don't have.
labrocca said:I could care less if banks fail. I barely keep money in them anyways.
It's that widespread? I wonder how much money my mattress can hold. On a somewhat related note, I bet the guy who bought gold.biz last year for $3,000 is feeling pretty good right now.kev said:went down to the Bank of Scotland today to withdraw every penny i own after the bank was about to go bust and luckily was bought over by Lloyds. Although, I have half of my money in an investment scheme that the bank runs...not had any word about this so i could have lost a helluva lot of money :td:
It's the thousands of regular employees of the bank everyone should feel sorry for. I know many people who work for the BOS who are about to loose their jobs.
whitebark said:You don't FEEL poorer but you are. America has added upwards of another trillion to their debt - you all have to pay that back with interest due. And this isn't over yet. American consumer debt is nearing $2 trillion - there is not much left to borrow and spend.
When the world's bankers have to convene with central banks like the Bank of Canada extending money to keep the American economy from flushing with the bath water - that IS a crisis.