How is this for irony. Only in America

Paper Roses

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Tue Sep-22-09 08:25 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_new_york_times

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hobbit709

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Tue Sep-22-09 08:29 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

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Tue Sep-22-09 08:32 AM
Response to Original message

2. If Uncle Sam goes belly up on insurance?

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Possumpoint

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Tue Sep-22-09 08:41 AM
Response to Reply #2

3. Federal Deposit Insurance

FDIC

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liberal N proud

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Tue Sep-22-09 09:21 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

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Tue Sep-22-09 08:50 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

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Wed Sep-23-09 08:34 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-search.aspx

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

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Thu Sep-24-09 08:58 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

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Tue Sep-22-09 08:52 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

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Wed Sep-23-09 06:50 PM
Response to Reply #5

10. Currency lacks that soft and absorbent appeal though..n/t

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safeinOhio

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Tue Sep-22-09 08:58 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

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Wed Sep-23-09 06:00 AM
Response to Reply #6

9. I use the First National Bank of Sealy Posturepedic myself n/t

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AtheistCrusader

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Tue Sep-22-09 01:31 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

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Thu Sep-24-09 05:50 PM
Response to Original message

13. America has a failed economy anyway. So, all your money is worthless.

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notesdev

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Sat Sep-26-09 07:55 AM
Response to Original message

14. That's not irony, it's FRAUD. n/t

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