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2 More Banks in Trouble

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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as "all the chickens come home to roost" from the excesses of the global boom, with contagion spreading across Europe and emerging markets.
Remember 2 years ago when economists pooh poohed the idea that falling house prices would create "contagion" in other markets? Remember when those same fat heads argued that we couldn't have an energy crisis like 1973 because we were more energy efficient and oil wasn't a big part of our economy??? like we didn't have every interstate in the nation bumper to bumper with big trucks? Like no one thought what would happen to food and every other item we ship from coast to coast? Even the transportation of gasoline itself is hit hard. My local supplier now charges $20 to deliver diesel to my farm tank. And my local lumber company is now charging $20 per load to haul material out of the city limits. My trash hauler raised rates $5 a month.
Economists are very stupid to not see the impact of falling house prices and rising oil prices.. stupid really stupid.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
So what does a modest depositer do if their bank's stock is crashing?

My relative has a checking account at Fifth Third for his monthly transactions, mostly bill payments. If the bank actually fails will he have to wait for FDIC to make sure he has access to his funds or will there be no interuption? He doesn't stand to lose a lot but even a brief freeze could make him late on his bills.

Should he consider keeping most of his cash out and only leaving enough in to cover his checks on a daily basis?

Switching to another bank seems fruitless if one can't tell who is sound and who isn't.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
^^^
Since it's early in the game -not many banks going under yet- the FDIC transition should be fairly quick & painless - other than getting new checks made.
But.. why let the FDIC choose his bank? How about swapping account to a credit union?
 
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