O
Ollie
ACCOUNT CLOSED
If we hit a full blown depression, which is a possibility.
The banks are toast.
Our country doesn't have the asset capitle to borrow enough money to pay off the FDIC accounts. Had they let the existing banking system fail (which they should have done), we could have paid off all the FDIC accounts and still saved a couple trillion dollars.
I would keep at least 3 - 6 months worth of cast on hand at this point.
If the banks go bust there will be open warfare in the streets. So many people live their lives paycheck to paycheck or strictly on credit cards. If the system goes down, those people are sunk.
All of that being said.
The small banks and local banks arn't the ones in trouble.
It's the big brokers who are in trouble. The ones who played in the stock market and were heavy into hedge funds.
Couple things you can do to insulate yourself is check out your bank.
Find out how much cash reserves they have vs account payout.
That is to say, if there was a run on the bank, could they pay out the accounts they have. If you find your bank can't pay out more than say ............ 20% or the accounts they have, find another bank.
Find out if they are in the Tarp system. If yes, find another bank.
Things like that. Insulate yourself as much as possible.
The banks are toast.
Our country doesn't have the asset capitle to borrow enough money to pay off the FDIC accounts. Had they let the existing banking system fail (which they should have done), we could have paid off all the FDIC accounts and still saved a couple trillion dollars.
I would keep at least 3 - 6 months worth of cast on hand at this point.
If the banks go bust there will be open warfare in the streets. So many people live their lives paycheck to paycheck or strictly on credit cards. If the system goes down, those people are sunk.
All of that being said.
The small banks and local banks arn't the ones in trouble.
It's the big brokers who are in trouble. The ones who played in the stock market and were heavy into hedge funds.
Couple things you can do to insulate yourself is check out your bank.
Find out how much cash reserves they have vs account payout.
That is to say, if there was a run on the bank, could they pay out the accounts they have. If you find your bank can't pay out more than say ............ 20% or the accounts they have, find another bank.
Find out if they are in the Tarp system. If yes, find another bank.
Things like that. Insulate yourself as much as possible.