MSNBC

[fdicuninsured32]

I was watching MSNBC today because I was trying to get some information on the Democratic National Convention. They cut away to their girl at the stock exchange desk and she started talking about how another 17 banks have been put on the FDIC's watch list and may go under before years end. Her reply was that this is nothing compared to the 80's S&L closures. So that we should stop predicting doom and gloom.

My immeditae thought was how completely calas and insensitive that comment was. It was not news worthy. Nor was it even commentary worthy.

Billions of dollars have been lost. 23% of the FDIC reserve is gone. The sky may not be falling, but it is getting dangerously close to the ground.

[fast2008]

I agree with you fdicuninsured32. It's that same mentality telling people when the economy is bad that we should all go out there and spend a lot of money at the department stores so the economy will rise again.

That's wonderful and all, but what happens when you as an individual run out of money (who is going to protect you then).

See my latest post on the U.S. Banks going out of business thread on the Offshore Company section. We are at #9 right now. We will eventually need to post this topic in this section as well.

[protectmyassets]

excellent post and this type of reporting ticks me off. I know we don't want our country to go into panic mode and take all their money out of banks and start buying gold, but we should also warn people how to protect themselves and not become sitting ducks!

Aug 27, 2008 18:33:10 GMT -5 fdicuninsured32 said:

I was watching MSNBC today because I was trying to get some information on the Democratic National Convention. They cut away to their girl at the stock exchange desk and she started talking about how another 17 banks have been put on the FDIC's watch list and may go under before years end. Her reply was that this is nothing compared to the 80's S&L closures. So that we should stop predicting doom and gloom.

My immeditae thought was how completely calas and insensitive that comment was. It was not news worthy. Nor was it even commentary worthy.

Billions of dollars have been lost. 23% of the FDIC reserve is gone. The sky may not be falling, but it is getting dangerously close to the ground.

[hardinvesting]

I looked at several posts before signing up and this is just one of the posts that got me amped up.

Hello everyone

[numbercruncher]

what's that animal that sticks it's head in a hole when danger approaches? lets all copy that and bury our heads in the sand, then like magic everything will be alright!

[pennypincher]

Another reason why you should always do your research and don't trust the media. I can't tell you how many times I watch something on one of those cable news channels and they are often so far out of touch with real people living in a real world. Which hi-level executive or gov't official is having these cronnies pump out certain propaganda?

[liabilitygame2009]

I prefer to read People magazine for investment advice, its the equivalent to watching MSNBC.

[92redskins]

In all honesty it's nice to hear a counter point to the liberal media and their constant attack of the current administration. It doesn't look like her comment was anything more than internal dialogue that slipped out. It was hardly offensive. Calm down FDIC.

[skepticfinances]

I don't care who's in charge of our country, democrats or republicans, i just expect our banks to be run properly. If my bank collapses, I don't want to wait a long time to be reimbursed for MY MONEY.



In some strange way, there is a little good that comes out of a bad situation like this. At least it's a wake up call and a warning to take some action to protect ourselves.

[92redskins]

Wow you must have had more than $100K in the bank. That's a lot of Angry Faces there. Scary!

[skepticfinances]

Aug 28, 2008 17:54:43 GMT -5 92redskins said:

Wow you must have had more than $100K in the bank. That's a lot of Angry Faces there. Scary!

no, less money than that but spread to a few different banks. I did this for several reasons:

1. For convenience to access money at different locations including work, home and wife.

2. Never keep all my money in one location - just primal fear

3. FDIC protection of up to 100k in a bank (but I am reading this could take time to get your money back, possibly years and that is a scary fact, so spreading it to several banks was my reasoning).

and yeah i got some scary faces and in case you are wondering, i disagree with your point about the liberal media.

[fast2008]

For those that think this was just Indymac bank and it's no big deal, think again and don't say this board didn't warn you to diversify by putting some of your money into a Swiss or Swedish bank account.

#10 U.S. Bank just collapsed today (that makes 5 since Indymac Bank)

Integrity Bank, Alpharetta, GA