Saturday, July 12, 2008

This doesn't sound good

One of the nations larger banks has just failed. Had to dig to find info on this one. Indymac is now under FDIC protection. So keep your eyes peeled out there I'm sure more are to follow in the coming months / years.

The sky IS falling

As I may have mentioned before FDIC only covers the first $100,000 of deposits. If you should be lucky enough to have more than that in a bank your SOL. The other thing is that 100K is for all deposits no matter how many banks you deal with. The last issue is that FDIC can hold out on paying for weeks or months.


GJG said...

your right the SKY IS FALLING, WE ALL ARE GONNA DIE!!! Film at eleven, now back to our regular programming-----(some rerun of some no name program with the ever popular no name actors giving us yet another repeat of teenage angst).
If I had a buck for everytime the news media forcaste a doomsday scenario------oh well, here we go again!!(its the summer silly season for news---aliens will be sighted anyday now)

Wayne said...

I see this as a great time to buy some stocks in these companies while they are dirt cheap. Of course the risk is great, they need to do a big turn-around. But picking the right one may pay off big time!

Scary really is the backbone of the economy to some degree...