Looks like the FED might take over WaMu this friday, if any reader has more
than 100K on deposit
tomorrow may be the last day to move your money or lose everything over
100K. Even if you have multiple
accounts totaling more than 100K move them. When silver state bank failed
the feds combined multiple
accounts that were under a single social security number treating them as a
single account. Multiple account
holders at silver state bank were only left with 100K even though thier
multiple accounts totaled more than 100k.
It seems the FEDS like to do bank takeovers on fridays.


Federal regulators were working to help broker a deal, concerned about the
effect a failure could have on the bank insurance fund overseen by the
Federal Deposit Insurance Corp., said people who were briefed on the effort
but not authorized to speak publicly.


The Seattle-based thrift had about $143 billion in insured deposits as of
June 30, about three times the size of the insurance fund.

http://www.latimes.com/business/la-f...,1270305.story

Best Regards
Tom.

On Wed, 17 Sep 2008 22:38:59 -0700, "azotic" wrote:

Looks like the FED might take over WaMu this friday, if any reader has more
than 100K on deposit
tomorrow may be the last day to move your money or lose everything over
100K. Even if you have multiple
accounts totaling more than 100K move them. When silver state bank failed
the feds combined multiple
accounts that were under a single social security number treating them as a
single account. Multiple account
holders at silver state bank were only left with 100K even though thier
multiple accounts totaled more than 100k.



It seems the FEDS like to do bank takeovers on fridays.


Yep fridays are to be known as bank failure day.
The clanking noise in the back of your mind is the feds
printing press's running nonstop...a new twist to
the common question "Paper or Plastic?" ;-) ED





Federal regulators were working to help broker a deal, concerned about the
effect a failure could have on the bank insurance fund overseen by the
Federal Deposit Insurance Corp., said people who were briefed on the effort
but not authorized to speak publicly.


The Seattle-based thrift had about $143 billion in insured deposits as of
June 30, about three times the size of the insurance fund.

http://www.latimes.com/business/la-f...,1270305.story

Best Regards
Tom.

Yep fridays are to be known as bank failure day.
The clanking noise in the back of your mind is the feds
printing press's running nonstop...a new twist to
the common question "Paper or Plastic?" ;-) ED

This is the part that really scares me. I think we're going to get inflation
worse than the 70s. But this time around, wages won't be going up with the
inflation.

Karl

On 2008-09-18, Karl Townsend wrote:
Yep fridays are to be known as bank failure day.
The clanking noise in the back of your mind is the feds
printing press's running nonstop...a new twist to
the common question "Paper or Plastic?" ;-) ED

This is the part that really scares me. I think we're going to get inflation
worse than the 70s. But this time around, wages won't be going up with the
inflation.

I think so, too. The deficits are very difficult to reduce, and will
only be financed by inflationary means. To add to this, our debt is
denominated in our own currency, so debasing it would instantly reduce
the economic value of the debt. Very tempting.

--
Due to extreme spam originating from Google Groups, and their inattention
to spammers, I and many others block all articles originating
from Google Groups. If you want your postings to be seen by
more readers you will need to find a different means of
posting on Usenet.
http://improve-usenet.org/

Ignoramus11155 wrote:
On 2008-09-18, Karl Townsend wrote:
Yep fridays are to be known as bank failure day.
The clanking noise in the back of your mind is the feds
printing press's running nonstop...a new twist to
the common question "Paper or Plastic?" ;-) ED
This is the part that really scares me. I think we're going to get inflation
worse than the 70s. But this time around, wages won't be going up with the
inflation.

I think so, too. The deficits are very difficult to reduce, and will
only be financed by inflationary means. To add to this, our debt is
denominated in our own currency, so debasing it would instantly reduce
the economic value of the debt. Very tempting.

Of which the classic case is Germany, 1923. We all know what that led to.

On Sep 18, 3:24*pm, David R Brooks wrote:
Ignoramus11155 wrote:
I think so, too. The deficits are very difficult to reduce, and will
only be financed by inflationary means. To add to this, our debt is
denominated in our own currency, so debasing it would instantly reduce
the economic value of the debt. Very tempting.

Of which the classic case is Germany, 1923. We all know what that led to.

Stresemann & the Dawes Plan, and economic prosperity with Weimar.

Along with new U.S. loans for capital improvements (Autobahn)
and by redoing the reparations schedule kept the good times
rolling, till those US loans got called in in 1929.

Now had Wall Street not blown up then, everyone would talk
on how smart the Germans were in paying the French off with
bogus paper.

Lessen there is to borrow money from a country with a stable
economy.

**
mike
**

On Fri, 19 Sep 2008 19:11:33 -0700 (PDT), mike
wrote:
snip
Lessen there is to borrow money from a country with a stable
economy.
snip
-----------
It is well to remember that there are *NO* countries with stable
economies [or stable anything else for that matter]. What we
have *AT MOST* is some countries are little less unstable than
others....

FWIW
"put not thy trust in princes"
Psalm 146


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

On Sep 17, 10:38*pm, "azotic" wrote:
Looks like the FED might take over WaMu this friday, if any reader has more
than 100K on deposit
tomorrow may be the last day to move your money or lose everything over
100K. Even if you have multiple
accounts totaling more than 100K move them. When silver state bank failed
the feds combined multiple
accounts that were under a single social security number treating them as a
single account. Multiple account
holders at silver state bank were only left with 100K even though thier
multiple accounts totaled more than 100k.

Best Regards
Tom.

You are right. Multiple accounts for the same person are only insured
up to 100k.
However Joint Accounts are insured to 200k ( 100k per person ). And
accounts that are POD ( pay on death ) are insured up to 100k per
person also. So you can put your kid or grandkid on an account as a
beneficiary and have 200k insurance on the account. There are some
limits as to who you can put on an account as beneficiary, so do your
own verification. Do not trust your understanding of what I said.

Dan

wrote in message
...
You are right. Multiple accounts for the same person are only insured
up to 100k.
However Joint Accounts are insured to 200k ( 100k per person ). And
accounts that are POD ( pay on death ) are insured up to 100k per
person also. So you can put your kid or grandkid on an account as a
beneficiary and have 200k insurance on the account. There are some
limits as to who you can put on an account as beneficiary, so do your
own verification. Do not trust your understanding of what I said.

Dan
From FDIC website:

Joint Accounts

1.. What is a joint account?
A joint account is an account owned by two or more individuals. Federal
deposit insurance covers joint accounts owned in any manner conforming to
applicable state law, such as joint tenants with a right of survivorship,
tenants by the entirety, and tenants in common.


2.. How are joint accounts insured?
An individual's (co-owners') interest in all qualifying joint accounts are
added together and the total is insured up to the $100,000 maximum. Each
person's interest (or share) in a joint account is deemed equal. The balance
of a joint account can exceed $100,000, as long as no owner's share of joint
accounts at the same bank exceeds $100,000.



Looks like limiting accounts to 100K per bank is the safest route.


See all the loopholes and double speak regarding account insurance at:

http://www.fdic.gov/deposit/deposits...qs3.html#joint

Best Regards
Tom.

On Fri, 19 Sep 2008 23:15:21 -0500, the infamous F. George McDuffee
scrolled the following:

On Fri, 19 Sep 2008 19:11:33 -0700 (PDT), mike
wrote:
snip
Lessen there is to borrow money from a country with a stable
economy.
snip
-----------
It is well to remember that there are *NO* countries with stable
economies [or stable anything else for that matter]. What we
have *AT MOST* is some countries are little less unstable than
others....

Too true!


FWIW
"put not thy trust in princes"
Psalm 146

Them psalmers musta beed in England at the time. Surely that psalm is
about the Prince of Darkness, Lucas.


--
Once we believe in ourselves, we can risk curiosity, wonder, spontaneous
delight, or any experience that reveals the human spirit.
--e e cummings