nostradamus wrote:Let’s not

[OC Burns]

[quote=nostradamus]Let’s not panic people. Read the FDIC info about Indymac. It explains what to do if you had an account there, a good preview of what can happen if you bank at Wamu (like I do) or any of the others at risk.

Also check out this handy FDIC calculator which tells you if you’re covered or not. Read the instructions here then click on “go to calculator”.

In summary:

• You’re covered up to $250k on IRA accounts
• You’ve covered up to $100k for all your regular (savings, checking, cd) accounts combined
• You’re covered at those amounts per bank
• Naming beneficiaries on any retirement account DOES NOT INCREASE FDIC coverage
• Simply naming beneficiaries on REGULAR accounts does NOT necessarily increase your coverage! It must be a POD (payable on death) account or a trust. This must be specified in the account name!

Read it all here

[/quote]

The FDIC has $52 Billion.

They insure $4.2 Trillion.

Sure…don’t worry, people….yet.

What happens when the FDIC can’t cover losses?

Monetize it? Hello, hyperinflation!!!!!!!!!!!!!!!!

Panic, people. Now. And never forget the two rules of investing:

1. Don’t panic
2. If you are going to panic, be first.