Blown Mortgage - Latest Comments in Why you should be worried about deposits even if they’re FDIC insured

Re: Why you should be worried about deposits even if they’re FDIC insured

Sue — Sun, 20 Jul 2008 22:50:22 -0000

I'm concerned that many more banks will go under and there will not be sufficient funds to cover losses. Here in Des Moines, IA. we've had a small bank offer good rates on CD's with bank officers stating that you are insured even over the $100K, if you include an IRA .

Re: Why you should be worried about deposits even if they’re FDIC insured

Don — Sun, 20 Jul 2008 17:32:45 -0000

Got it, thanks Anthony.....

Re: Why you should be worried about deposits even if they’re FDIC insured

acitrano — Thu, 17 Jul 2008 23:40:01 -0000

O'course by not getting it I meant they may not get their money. But I hear ya, Don.

Re: Why you should be worried about deposits even if they’re FDIC insured

Don — Thu, 17 Jul 2008 17:20:05 -0000

Anthony, I get it more than you know. Most of my friends are out of work.

I "got it" when these loans were coming across my desk 6 years ago thank you.

Re: Why you should be worried about deposits even if they’re FDIC insured

morganb — Thu, 17 Jul 2008 15:00:12 -0000

jb - exactly. collecting has never been a problem. administering
seems to be another matter all together.

Re: Why you should be worried about deposits even if they’re FDIC insured

jbflory — Thu, 17 Jul 2008 14:56:10 -0000

Well put well said, Eric! I stand corrected. The government is very efficient at taking your money away from you.

Re: Why you should be worried about deposits even if they’re FDIC insured

morganb — Thu, 17 Jul 2008 14:28:08 -0000

ticket ninjas - i love it. so true too!

Re: Why you should be worried about deposits even if they’re FDIC insured

Eric Ogunbase — Thu, 17 Jul 2008 14:25:39 -0000

The government runs the IRS and the Divisions of Parking Enforcement VERY efficiently. Of course those are money collecting arms. But think about it...those meter maids are like ticket ninjas. You don't see them, but you know they were there.

Re: Why you should be worried about deposits even if they’re FDIC insured

jbflory — Thu, 17 Jul 2008 11:43:33 -0000

I think we have to accept a couple of very simple facts:

1. Government cannot run anything efficiently - period. I defy you to show me one instance where it's happened.
2. There's no value in expressing surprise or shock when they don't and in fact it's counterproductive to any sort of progress.

Peter appears only to be stirring the hornet's nest on this one and instead of decrying the deplorable 'customer service' of the federal government (an oxymoron if I ever heard one), he should be encouraging those who don't NEED their money to relax and let the system work. Fomenting unrest amongst an already skittish depositor base is irresponsible at best.

Re: Why you should be worried about deposits even if they’re FDIC insured

Aaron Fischer — Thu, 17 Jul 2008 09:53:47 -0000

Its just like the DMV, when has the government ever dealt with any thing efficiently. Especial in the last 8ish years?

Re: Why you should be worried about deposits even if they’re FDIC insured

Don — Thu, 17 Jul 2008 03:18:29 -0000

The link worked for me. Thanks Anthony. I love your reply on your blog. I really doubt that the average American realizes what dire straits we are in. Everything seem undercapitalized. We may be lucky and barely avert disaster.

On the other hand.......yes, I'm beginning to sense what my grandparents felt after the Crash of '29.

Re: Why you should be worried about deposits even if they’re FDIC insured

acitrano — Thu, 17 Jul 2008 03:15:21 -0000

Links no workie?

Re: Why you should be worried about deposits even if they’re FDIC insured

morganb — Thu, 17 Jul 2008 02:46:11 -0000

great point Anthony. The FDIC is woefully under-capitalized. what's
your blog anthony? please share it with us!

Re: Why you should be worried about deposits even if they’re FDIC insured

acitrano — Thu, 17 Jul 2008 02:40:53 -0000

And in my opinion you may not necessarily get it at all. I wrote about this a few days ago - the FDIC may spend a full 15% of their cash on this one bailout, and there are many more to come:

http://www.cosmictap.com/fdic-fright/