BANK Concerns.....Anyone??
With the two California based banks folding, does anyone feel that this is just the beginning??
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One never know these days. I/we have a large insurance settlement check on the way but I'm having concerns about putting this much money in a bank account.
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Check is worthless paper ,bank it and start pulling cash asap reserve cash in a mattress is going to be a new trend
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I will only be concerned if the FDIC exceeds the contracted $250k insurance guarantee for individual customers.
Doing so would be giving my grandchildren’s money to largely left agenda companies and individuals and whitewashing the mistakes of the bank management team.
Additionally, a political pay-out like this may also signal a deeper problem and an attempt to bury it for the next year and a half or so.
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Anyone read/hear that SVB handed out a bunch of Bonuses, just hours before closing/being forced to close?
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I only bank with S.A. local small banks.
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When Brandon and his cronies tell me not to worry, I worry.-----------------------Ray
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I keep my money in the walls.
Not to make this a political thread, but this is the perfect opportunity for a Conservative voice to step up and talk about solutions rather than decry the libs' malfunctions. <<rant off>>
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I keep all my money right where I can see it, safe and sound
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I have concerns in so much as it's going to hurt people other than me that I love, but this is just the beginning, IMO.
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If history does repeat itself, major runs on banks could set off some big trouble. I did read a headline yesterday saying that the Gov't FDIC would pay off losses to people that had more than the 250 K in their accounts. It said that the 250 limit was just a ruse.
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Don't know about FDIC today but about 10 years back I did a lot of research. From what I found there was not enough reserve to cover the first $250,000 nationwide so over $250,000 seems iffy to me. Not sure I believe what we are being told. Guess I will have to start researching again.
For Federal Credit Unions $250,000 insured by National Credit Union Share Insurance Fund (NCUSIF) They add all your share accts together and can't exceed $250,000. IRA insured separately for $250,000. As I recall Credit Union can merge with another to save their hide.---------------------------Ray
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"Not sure I believe what we are being told." Surely you jest 4205raymond. 😉
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cbxjeff: 30333267744411/comments/30333271397019
"Not sure I believe what we are being told." Surely you jest 4205raymond. 😉
Yes, Surely i jest.😀 --------------Ray
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Answer to the OP?
No.
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Instead of crypto......they shoulda invested in lead!
3 down, MORE to follow. We really ARE running out of "conspiracy" theories.....they are all coming to fruition!
Just sayin'
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Answer to the OP, I am concerned some. -----------------Ray
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It would seem that with all the problems we are having, we are moving in the direction of the 1930s. I'm not sure though if it will be the 1930s of the USA or of Germany.... we are having strong characteristics of both.
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And NO ONE knows how to survive without grocery stores or online shopping! People in the 1930s were very self sufficient and look how bad they had it. Imagine people today trying to live off the land!
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I don't worry about things beyond my control. And I usually do the wrong thing in areas I DO control.
For the last 30-some years of his life, my dad said there was going to be another depression worse than the '30s. When he had less than a week to live, he told me he regretted all the time he wasted thinking about things that never happened. Some people don't allow themselves to enjoy life due to the grave dangers facing the country. The country has had a never-ending stream of grave dangers since its inception in 1776.
To paraphrase Nathan Hale: "I regret that I have but one life to worry away for my country."
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@...: 30333267744411/comments/30333261731867
Anyone read/hear that SVB handed out a bunch of Bonuses, just hours before closing/being forced to close?
And they sold a bunch of stock a few weeks prior and they had a big banquet a few days before going under.
"We have met the enemy and they is us." Pogo
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The bonuses were at least yearly bonuses. The stock selling is MOST likely illegal because they knew the bank was failing.
BUT to be fair......Cramer on bsnbc DID promote SVB's stock a few weeks before the collapse. If I saw Cramer promote the stock, I would sell everything I had too!!!! 😁
Just sayin'
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I agree. Can't do a lot about something I can't control. Bailed out of Vangard in 08. If i had stayed in probably would be better off now. On the other hand i have a few friends that lost over 40% of their savings. I am not greedy just a survivor. I am doing ok. Thank GOD that Grandpa and Dad passed on to me the things that they learned as they lived thru the GREAT DEPRESSION. ------------------------Ray
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4205raymond: 30333267744411/comments/30333308915739
I agree. Can't do a lot about something I can't control. Bailed out of Vangard in 08. If i had stayed in probably would be better off now. On the other hand i have a few friends that lost over 40% of their savings. I am not greedy just a survivor. I am doing ok. Thank GOD that Grandpa and Dad passed on to me the things that they learned as they lived thru the GREAT DEPRESSION. ------------------------Ray
I like that perspective, @4205raymond. It will take a lot more than a couple of failed banks to break the people who have learned such great lessons from their family.
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The FDIC has only 1.27% of the total insured deposits on hand. It can't cover the SVB failure. Fractional banking was eventually going to blow up. One way or another the taxpayer is going to get hosed!
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Going to have a talk with my banker. I'm nervous.
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when you don't own anything of value, you don't have much to loose.......worst part, my pension fund won't send a check by mail, they want a routing number for direct deposti
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...no worries here...deposits are insured up to $250,000, so I split my money up between 6 banks...BTW, if anyone is looking for a bridge, I have one for sale...
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Texas1911DE: 30333267744411/comments/30333302463003
...no worries here...deposits are insured up to $250,000, so I split my money up between 6 banks...BTW, if anyone is looking for a bridge, I have one for sale...
I've heard bridge real estate is quite lucrative.
I've got a plethora of CD's. Mostly POP and easy listening!
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That is far from the first time Cramer has pushed for some company that went under. I have to wonder how he gets paid.
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