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Old 09-19-2008, 05:26 AM   #1
Zarathustra
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Default No bank is safe in this alarming atmosphere

http://business.theage.com.au/busine...0917-4inu.html

No bank is safe in this alarming atmosphere


BE very, very careful. There are reports the US Federal Deposits Insurance Commission is running out of money. Chairman Sheila Blair has been forced to issue a statement. "US banks are overwhelmingly safe and sound and the Government fund used to cover insured deposits will be adequate to absorb any losses, even high losses," she says.

But Brian Bethune, US economist at consulting company Global Insight, said: "Additional failures of large banks or savings and loans companies seem likely, and that could overwhelm the FDIC's insurance fund."

Christopher Whalen, senior vice-president and managing director of Institutional Risk Analytics, said: "We've got a … retail bank run forming in this country."

On Monday, US Treasury Secretary Henry Paulson said the nation's commercial banking system "is safe and sound", and that "the American people can be very, very confident about their accounts in our banking system".

FDIC officials say 98% of US banks still meet regulators' standards for adequate capital.

Associated Press reported that the FDIC was down to $US45.2 billion ($A57 billion) - the lowest level since 2003.

Whalen then wrote that reports the FDIC was running out of cash had no basis.

His statement said: "It is essential that people realise the US Treasury will advance whatever cash is needed by FDIC to address bank failures and make good the deposit insurance guarantee. There is no issue regarding the bank insurance fund, but unfortunately most of the public do not understand this. The FDIC needs to make this clear in all of its public statements."

IRA has been constantly in contact with the FDIC and other regulators and knows more about this situation, I would suggest, than the US Government....
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Old 09-21-2008, 06:27 AM   #2
Carol
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Default Re: No bank is safe in this alarming atmosphere

I've read that credit unions are a better place to keep money these days.
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Old 09-21-2008, 06:41 AM   #3
jesterx
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Default Re: No bank is safe in this alarming atmosphere

i think that heaps of banks are going to go

its scary, I watched u tube and because of these guys I got out ages ago.

I put some of my money in swiss too which has been working out.

I think more of the big banks could go so make sure you take some money out to be safe.
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Old 09-21-2008, 06:45 AM   #4
THE eXchanger
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Default Re: No bank is safe in this alarming atmosphere

xxx

Last edited by THE eXchanger; 09-21-2009 at 04:11 AM.
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Old 09-21-2008, 06:52 AM   #5
Wildfire
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Default Re: No bank is safe in this alarming atmosphere

no one will believe this but if you ask the universe you will get that i do not lie.
A friend of mine lost 7 million dollars yes 7 bloody million dollars what an idiot! imagine what we could of done with that money we all could of started a community where we wanted. ha ha got to laugh hey!!!!!!!!!
It is actually the father of my friend he is the head of a bank. His daughter my good friend sold all her shares as i screamed at her too and lost nothing.
forgive me just had to share there are some nincomepoos in this world. don't you agree.
am trying to get this man to be advised by St Clair. He needs help and bloody fast or he will lose the rest.What a wally
love to all wildfire xxxx))) got to laugh !
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Old 09-21-2008, 07:02 AM   #6
ramallamamama
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Default Re: No bank is safe in this alarming atmosphere

Quote:
Originally Posted by Zarathustra View Post
http://business.theage.com.au/busine...0917-4inu.html

On Monday, US Treasury Secretary Henry Paulson said the nation's commercial banking system "is safe and sound", and that "the American people can be very, very confident about their accounts in our banking system".
I've pretty much come to believe the opposite of anything released from 'official' sources. Now is the time to stock up on tangibles, the four Bs.
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Old 09-21-2008, 07:09 AM   #7
jesterx
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Default Re: No bank is safe in this alarming atmosphere

Quote:
Originally Posted by ramallamamama View Post
I've pretty much come to believe the opposite of anything released from 'official' sources. Now is the time to stock up on tangibles, the four Bs.
i have information that is telling me they are panicking at the moment. These lies wont work for much longer. Then down she comes, the final shoe will indeed drop.

Normally when they say its A OK...that means that you should be panicking.

always do the opposite to what they say and you will be fine. I been doing that since the early 90' s and I have been making good dough
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