Results 1 to 5 of 5
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11-28-2007 #1
Is your bank at risk of failure? Forbes
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11-28-2007 #2
No. I do all my banking through a credit union, & they aren't part of the federal reserve. They also were never part of this sub-prime scam.
Personally, I think this whole thing is being blown all out of proportion. The country survived the last sub-prime scam in the '70s, with al the forclosures from people who couldn't make the baloon payments. We got through double digit interest rates in the late '70s & early '80s. We survived the total collapse of the savings & loan industry in the late '80s & early '90s. This too shall pass. There probably won't be any lessons learned though.
"You can pick your friends & you can pick your nose, but you can't wipe your friends off on your saddle."
~ Kinky Friedman ~
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11-28-2007 #3
yes, the system as a whole survived but there many investors (and savers) that took a bath.
If I got a dime every time I read an ad with purloined photos I could retire right now. http://www.youtube.com/watch?v=6QjS0AbRpAo Andenzi, izimvo zakho ziyaba.
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11-28-2007 #4
I think the best defense is not have more than $10 or 20K in any one financial institution.
If I got a dime every time I read an ad with purloined photos I could retire right now. http://www.youtube.com/watch?v=6QjS0AbRpAo Andenzi, izimvo zakho ziyaba.
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11-28-2007 #5
prior to the savings & loan collapse, the FDIC covered deposits up to $100,000. I believe that's been doubled. The problem with the S&Ls was that a big chunk of them were uninsured. The scam was that they claimed to be self-insured so that people would continue to deposit money into the black hole. Self-insured is doublespeak for not insured.
"You can pick your friends & you can pick your nose, but you can't wipe your friends off on your saddle."
~ Kinky Friedman ~