Will there be a run on the banks in the next few days?

TomClash

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Mon Sep-15-08 10:29 AM
Original message

Poll question: Will there be a run on the banks in the next few days?

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billyoc

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Mon Sep-15-08 10:32 AM
Response to Original message

1. Have you seen the new TrueBlood show?

And "Terminator: The Sarah Connor Chronicles" new season has started!

:rofl:

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SammyWinstonJack

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Mon Sep-15-08 10:41 AM
Response to Original message

2. Are we suppose to take our money out of the bank and stuff it between the mattresses?

:shrug: My money is in a credit union. What little I have, that is. :silly:

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TomClash

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Mon Sep-15-08 10:42 AM
Response to Reply #2

3. I withdrew some money today

Just in case.

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pitohui

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Mon Sep-15-08 11:30 AM
Response to Reply #2

11. apparently, who knew so many people had relatives who are armed robbers?

people and communities i know who do this commonly all have one thing in common -- they've been robbed

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SammyWinstonJack

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Mon Sep-15-08 11:35 AM
Response to Reply #11

14. ...

:evilgrin:

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high density

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Mon Sep-15-08 10:42 AM
Response to Original message

4. no, because there's no reason to have a run on the banks

What good would withdrawing money do at this point?

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Virginia Dare

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Mon Sep-15-08 12:06 PM
Response to Reply #4

20. If your bank fails, it could be a few days before you can get to your money

it might shut down your ATM service and such. Your automatic bill pay service may go offline for a bit. It's always good to have at least enough cash to get you through a week just in case.

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ProdigalJunkMail

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Mon Sep-15-08 10:44 AM
Response to Original message

5. no...there won't

and if there is...the money that you take out won't be worth shit as the system will collapse.

WE ARE THE ENEMY if we go in for this panic bullshit!

sP

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MercutioATC

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Mon Sep-15-08 10:49 AM
Response to Original message

6. Why would there be? FDIC insurance makes it unnecessary.

Unless you have deposits in excess of the FDIC limits, there's nothing to be gained by withdrawing money.

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NutmegYankee

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Mon Sep-15-08 10:52 AM
Response to Reply #6

8. Bingo!

Another reason to be Proud to be a Democrat!

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soothsayer

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Mon Sep-15-08 11:21 AM
Response to Reply #6

9. except that the FDIC has very limited funds...

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MercutioATC

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Mon Sep-15-08 11:25 AM
Response to Reply #9

10. If the FDIC fails, money will be worthless anyway.

The government will assure that the FDIC remains solvent.

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SweetieD

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Mon Sep-15-08 12:00 PM
Response to Reply #10

16. Are you going to trust the gov't on that promise. Paulson has never answered whether the FDIC would

remain solvent if the # of banks people think will fail, actually do fail. For example if a 100 major banks fail in the next 6 months do you think the FDIC could guarantee those deposits. The treasury officials couldn't answer that question when it was a asked of them a few months ago.

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MercutioATC

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Mon Sep-15-08 12:14 PM
Response to Reply #16

23. They'll do whatever is necessary to keep FDIC solvent.

The stakes are too high. The government simply cannot allow the FDIC guarantee to lapse.

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Virginia Dare

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Mon Sep-15-08 12:24 PM
Response to Reply #23

25. I truly hope it never happens..

but if they've let things go too far, it may get to a point where it's simply out of their control. It may take days or weeks to get it all straightened out, and we could face a cash shortage. Irreparable damage could be done. Only time will tell.

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Virginia Dare

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Mon Sep-15-08 12:08 PM
Response to Reply #6

21. There may be at least a brief period of time when you can't get to your money though..

people are used to operating instantaneously and electronically, and that may go down for a time, it could be a problem if your bank fails.

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MercutioATC

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Mon Sep-15-08 12:13 PM
Response to Reply #21

22. That hasn't happened. Money is available.

I can understand keeping a few hundred dollars in cash just in case, but none of these bank takeovers have resulted in any difficulty accessing money.

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Virginia Dare

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Mon Sep-15-08 12:22 PM
Response to Reply #22

24. No, not yet...

Edited on Mon Sep-15-08 12:22 PM by Virginia Dare

hopefully it won't. Emergency cash is never a bad thing. I do look for at least one major banking insitution to fall.

Runs on banks don't occur due to rational thinking though, it's a herd mentality that occurs in a frenzied panic, so if people aren't prepared and bad things start happening, that's when you'll see it.

It's a difficult balancing act that the Fed has, on the one hand getting people prepared, on the other hand not putting them into a panic.

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ProdigalJunkMail

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Mon Sep-15-08 10:50 AM
Response to Original message

7. i am going to the bank

to put money IN today...my credit union is very stable...

sP

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stillcool

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Mon Sep-15-08 11:31 AM
Response to Original message

12. Don't know, don't care..

don't have enough to lose to care. The street is not such a long way from the curb.

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freestyle

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Mon Sep-15-08 11:34 AM
Response to Original message

13. No. Banks are well regulated and deposits are insured.

It is the poorly regulated institutions using financial instruments they don't understand themselves that are the problem.

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Winterblues

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Mon Sep-15-08 11:57 AM
Response to Original message

15. It is already happening but not in the way you imagine

Stocks are being sold and money is being transferred electronically out of eye sight. Lehman stock went from $60.00 a few months ago to eighteen cents today..Same thing with WaMu..

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SweetieD

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Mon Sep-15-08 12:01 PM
Response to Reply #15

17. Wamu is trading $5-$6 now. Lehman was also trading $5-$6 last week.

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Virginia Dare

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Mon Sep-15-08 12:04 PM
Response to Reply #15

19. Interesting, you could be right..

we're looking for a 1929 type of event, but of course banks and financial institutions don't operate the way they did back then.

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ColbertWatcher

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Mon Sep-15-08 12:04 PM
Response to Original message

18. No one has the gas to get to the bank to make a run on it. n/t

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dysfunctional press

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Mon Sep-15-08 12:24 PM
Response to Original message

26. these aren't generally consumer banks making the big falls, so no.

how many consumers have lehman brothers checking or savings accounts...?

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Virginia Dare

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Mon Sep-15-08 12:34 PM
Response to Reply #26

27. There are some large commercial banks on the brink though...

Wachovia for one is in a bad way.

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