News you can use (but hope you don't have to):
FDIC's official list of Failed Banks.
If anyone knows how to find out when a bank begins to experience large withdrawals (because insiders always know what is happening, they get their money out BEFORE a bank fails), this might be an important clue that a bank is about to fail. So far, the failed banks I've done business with have both been taken over by larger banks, so FDIC insurance was not a factor, but the day is coming, folks. The increased FDIC-coverage (part of TARP) expires next year, so CDs that mature beyond then, are not covered. With the Fed rate effectively lowered to 0%, the next batch of treasuries may yield less than the purchase price. Treasuries are considered a "safe place" to park your money. Methinks a cheney-man-size safe might be a better investment.
Scary times, hunh?
kind of like watching a patient slowly bleed to death...
and aren't you glad that I waited until after xmas for that image?
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4 comments:
To answer your question-- yes, I am very glad you did wait till after X mas to make that analogy.
What is interesting, is the names of the failed banks--
Superior Bank
Reliance
Freedom
Integrity
First Integrity
Here is a list of suggested future names for banks:
FBN - Fly by night
OTC- Off the cuff
Casino banking- their motto "like playing craps on a larger scale"
Ya can't take it with you anyway
Lotto Bank- takes yer chances....
Spare Change
Flusher
Oh I'm sure you & your blog visitors can come up with more names.....
Fran:
Count on you to notice the misleading names of the banks, all meant to inspire trust, but in the end, causing shakespeare's "what's in a name?" to suffer a malodorous comparison to "a rose smelling just as sweet".
LOL, truthful names .... B of A = Bandits of Assets? JPMC = just pilfering more cash? WaMu = worst administration, money unstable?
Come to Reliance Bank, where you can rely on us to file for bankruptcy!
Fran, so many banks have "community" in their name, like that lulls us into thinking they are part of or looking out for our "community" ... which we wrongly interpret to mean us depositors, when in fact it is the community of top bank officials at that particular community bank!
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