Article

2011-04-17 Economy

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Posted by Fred 2011-04-17 00:00|| || Front Page|| [5 views ] Top

#1 Good Morning Moonbeam and all others. What a distraction. Well I don't like that word anymore "expected". That's all you hear nowadays "(FDIC) Chairman Sheila Bair, the number of failures is expected to drop through the rest of this year". Unexpected that is.

Posted by Dale 2011-04-17 05:25|| 2011-04-17 05:25|| Front Page Top

#2 Not counting the banks force out of business, not so much as investment or financial failures, but because the Feds jack up reserve levels at the same time extorting multi-year advance payments in FDIC insurance.

Posted by Procopius2k 2011-04-17 08:57|| 2011-04-17 08:57|| Front Page Top

#3 #2 Hello!; This is a weak subject for myself. I do however run into business people who pass on general information. This week I was told Banks want to loan money now. The problem is that those people who apply are overextended, bad credit risks and so on.

Posted by Dale 2011-04-17 09:21|| 2011-04-17 09:21|| Front Page Top

#4 ...And Friday, BoA - which has my checking, savings, and mortgage - 86'd their CFO and hired one of the most powerful and well connected regulatory lawyers in Washington:

http://www.cnbc.com/id/42608309

I am very seriously considering pulling my savings out TOMORROW.

Mike

Posted by Mike Kozlowski 2011-04-17 10:45|| 2011-04-17 10:45|| Front Page Top

#5 In the 20's and 30's people put money in Mason jars for good reason.

Posted by Besoeker 2011-04-17 11:05|| 2011-04-17 11:05|| Front Page Top

#6 BOA has my mortgage, Mike, but only because they bought Countrywide (who bought it from someone - it's hard to follow); I wouldn't let them or one of the other bankconglomerates near my actual money.

Can't do anything about the mortgage, but I'd definitely look around for a regional bank to move the checking and savings to. Or, if you're eligible, a credit union.

Posted by Barbara Skolaut 2011-04-17 11:22|| 2011-04-17 11:22|| Front Page Top

#7 In the 20's and 30's people put money in Mason jars for good reason.

If it were in the form of coins that were made of silver ....

Posted by gorb 2011-04-17 11:24|| 2011-04-17 11:24|| Front Page Top

#8 Gorb is correct. I have some confederate paper money and it has no value. They are still finding gold buried in Rome when their economy tanked. The problem with gold is this money is taken out of circulation.

Posted by Dale 2011-04-17 13:09|| 2011-04-17 13:09|| Front Page Top

#9 Miss Barbara -
Thank you for the advice - there is a regional here that has a great rep plus one of my wife's uncles was a VP there and until recently was a member of the board. I'll have to start physically taking the payment to the bank every month but it will be worth it to know I wont possibly end up getting only pennies on the dollar. (I know by the book FDIC fully insures every dime in there, but 1) I don't trust Washington to pay up and 2) if BoA goes under a LOT of banks are going with it, and that will spread any payout even further. I ain't takin' any chances.)

Mike

Posted by Mike Kozlowski 2011-04-17 20:16|| 2011-04-17 20:16|| Front Page Top

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