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How is this for irony. Only in America

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Paper Roses Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 09:25 AM
Original message
How is this for irony. Only in America
The government might now ask the banks to bail them out. I think I ought to take what little I have out of the CD at 1% and put it in cash into the safety deposit box. If Uncle Sam goes belly up on insurance, and my bank goes under, I have nothing.


http://www.msnbc.msn.com/id/32963393/ns/business-the_ne...
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hobbit709 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 09:29 AM
Response to Original message
1. If the bank goes under
There might be a delay before you can get at your safe deposit box.
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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 09:32 AM
Response to Original message
2. If Uncle Sam goes belly up on insurance?
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Possumpoint Donating Member (937 posts) Send PM | Profile | Ignore Tue Sep-22-09 09:41 AM
Response to Reply #2
3. Federal Deposit Insurance
FDIC
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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 10:21 AM
Response to Reply #3
7. Doh!
Thanks for the clarification.

With all the "insurance" rhetoric these days, one never knows.
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Altoid_Cyclist Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 09:50 AM
Response to Original message
4. We had a neighbor who would never tell his wife anything about their finances.
He would never spend any money to fix up their house or give her any money to spend on herself.

After he died their son was doing something in the way of repairs or remodeling in the house when he discovered that his father had hidden tens of thousands of dollars (maybe more) under floors, behind walls and anywhere else that nobody would find it. The house looks much better now!

That's a little extreme, but the way things are today, I sometimes wonder if our bank is stable and that maybe under the mattress is the way to go with our money. At least I can trust my wife.
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angryfirelord Donating Member (248 posts) Send PM | Profile | Ignore Wed Sep-23-09 09:34 PM
Response to Reply #4
11. There's one site here
that allows you to get a rating on your bank. I have no idea if it's accurate, but it may be worth looking at.

http://www.bankrate.com/rates/safe-sound/bank-ratings-s...

My only concern though with the banking sector is that interest rates are still way too low. That may come back to bite us if we start seeing some bouts of inflation.
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Altoid_Cyclist Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-24-09 09:58 AM
Response to Reply #11
12. Thanks for the link.
This is without a doubt a balancing act with interest rates that can go either way at a moments notice. Something is going to have to give with interest rates that are basically non existent. A long time ago, one of my accounting instructors taught us that the most powerful person in this country is the Federal Reserve Chairman. It's sort of scary that a few select people can decide the financial fate of the US and the world.

Well, I'm sure that they are really looking out for the commoners like me and my wife instead of big corporations and Wall Street.
:sarcasm:
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CBGLuthier Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 09:52 AM
Response to Original message
5. get small denominations
that way it will last longer as a supply of toilet paper.

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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-23-09 07:50 PM
Response to Reply #5
10. Currency lacks that soft and absorbent appeal though..n/t
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safeinOhio Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 09:58 AM
Response to Original message
6. For safety I deposited some in
the First National Fruit Jar Bank in the back yard. If things go to hell, I'm covered with the full safety of 1 foot of dirt with no overhead cost piled on top of my deposit. In my research on the safest bank to use I had to dig deep to find the least vulnerable institution. The one with the fewest toxic loans and the most competent and trust worthy CEO. That is why I have gone with First National Fruit Jar Bank.
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eridani Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-23-09 07:00 AM
Response to Reply #6
9. I use the First National Bank of Sealy Posturepedic myself n/t
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AtheistCrusader Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 02:31 PM
Response to Original message
8. If you have paper cash, in this scenario, you will still have nothing.
Well, some semi-durable uniform sized scraps of paper I guess.
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Xenotime Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-24-09 06:50 PM
Response to Original message
13. America has a failed economy anyway. So, all your money is worthless.
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notesdev Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-26-09 08:55 AM
Response to Original message
14. That's not irony, it's FRAUD. n/t
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