[nostradamus]

It seems to look at the financial statements of the banks, which is all anyone can do.

According to the tool, wamu is pretty much f’d.

The two other banks I use are good.

[nostradamus]

It seems to look at the financial statements of the banks, which is all anyone can do.

According to the tool, wamu is pretty much f’d.

The two other banks I use are good.

[nostradamus]

It seems to look at the financial statements of the banks, which is all anyone can do.

According to the tool, wamu is pretty much f’d.

The two other banks I use are good.

[nostradamus]

I’m going with Raybyrnes on this one. Look at the major news headlines:

CBS

Shoring Up Fannie Mae And Freddie Mac
Mortgage Giants Falter, Fed Plans For The Worst

CNN
Feds plan to rescue Fanny/Freddie

I’m not sure if Fanny and Freddie will be up or down. The fact that they need a bailout should bring them down. But part of the bailout plan is the fed buying up their shares, which would drive them up… So I’m not touching those two.

[nostradamus]

I’m going with Raybyrnes on this one. Look at the major news headlines:

CBS

Shoring Up Fannie Mae And Freddie Mac
Mortgage Giants Falter, Fed Plans For The Worst

CNN
Feds plan to rescue Fanny/Freddie

I’m not sure if Fanny and Freddie will be up or down. The fact that they need a bailout should bring them down. But part of the bailout plan is the fed buying up their shares, which would drive them up… So I’m not touching those two.

[nostradamus]

I’m going with Raybyrnes on this one. Look at the major news headlines:

CBS

Shoring Up Fannie Mae And Freddie Mac
Mortgage Giants Falter, Fed Plans For The Worst

CNN
Feds plan to rescue Fanny/Freddie

I’m not sure if Fanny and Freddie will be up or down. The fact that they need a bailout should bring them down. But part of the bailout plan is the fed buying up their shares, which would drive them up… So I’m not touching those two.

[nostradamus]

I’m going with Raybyrnes on this one. Look at the major news headlines:

CBS

Shoring Up Fannie Mae And Freddie Mac
Mortgage Giants Falter, Fed Plans For The Worst

CNN
Feds plan to rescue Fanny/Freddie

I’m not sure if Fanny and Freddie will be up or down. The fact that they need a bailout should bring them down. But part of the bailout plan is the fed buying up their shares, which would drive them up… So I’m not touching those two.

[nostradamus]

I’m going with Raybyrnes on this one. Look at the major news headlines:

CBS

Shoring Up Fannie Mae And Freddie Mac
Mortgage Giants Falter, Fed Plans For The Worst

CNN
Feds plan to rescue Fanny/Freddie

I’m not sure if Fanny and Freddie will be up or down. The fact that they need a bailout should bring them down. But part of the bailout plan is the fed buying up their shares, which would drive them up… So I’m not touching those two.

[nostradamus]

[quote=OC Burns]

The FDIC has $52 Billion.

They insure $4.2 Trillion.

[/quote]

You are correct, according to this wsj article, and that would be a very scary situation. If the FDIC can’t cover the bank failures then I’m almost certain the reaction would be monetization. In which case your dollars will be about as useless as if they had been lost anyway.

If this situation makes you panic then I would consider getting into a bank which is fdic or ncua insured but which doesn’t have a lot of exposure to the mortgage meltdown. Of course, when the FDIC needs more money they’ll raise the rates they charge banks for insurance, so all banks will suffer (and undoubtedly pass the cost on to the consumer).

If there’s a run on the banks, all bets are off.

Disclaimer: I am not in the banking industry. I just read a lot and I am very interested in what’s happening to my money. I’m not trying to give advice, just trying to get feedback on things I’m considering doing for myself.

[nostradamus]

[quote=OC Burns]

The FDIC has $52 Billion.

They insure $4.2 Trillion.

[/quote]

You are correct, according to this wsj article, and that would be a very scary situation. If the FDIC can’t cover the bank failures then I’m almost certain the reaction would be monetization. In which case your dollars will be about as useless as if they had been lost anyway.

If this situation makes you panic then I would consider getting into a bank which is fdic or ncua insured but which doesn’t have a lot of exposure to the mortgage meltdown. Of course, when the FDIC needs more money they’ll raise the rates they charge banks for insurance, so all banks will suffer (and undoubtedly pass the cost on to the consumer).

If there’s a run on the banks, all bets are off.

Disclaimer: I am not in the banking industry. I just read a lot and I am very interested in what’s happening to my money. I’m not trying to give advice, just trying to get feedback on things I’m considering doing for myself.

[nostradamus]

[quote=OC Burns]

The FDIC has $52 Billion.

They insure $4.2 Trillion.

[/quote]

You are correct, according to this wsj article, and that would be a very scary situation. If the FDIC can’t cover the bank failures then I’m almost certain the reaction would be monetization. In which case your dollars will be about as useless as if they had been lost anyway.

If this situation makes you panic then I would consider getting into a bank which is fdic or ncua insured but which doesn’t have a lot of exposure to the mortgage meltdown. Of course, when the FDIC needs more money they’ll raise the rates they charge banks for insurance, so all banks will suffer (and undoubtedly pass the cost on to the consumer).

If there’s a run on the banks, all bets are off.

Disclaimer: I am not in the banking industry. I just read a lot and I am very interested in what’s happening to my money. I’m not trying to give advice, just trying to get feedback on things I’m considering doing for myself.

[nostradamus]

[quote=OC Burns]

The FDIC has $52 Billion.

They insure $4.2 Trillion.

[/quote]

You are correct, according to this wsj article, and that would be a very scary situation. If the FDIC can’t cover the bank failures then I’m almost certain the reaction would be monetization. In which case your dollars will be about as useless as if they had been lost anyway.

If this situation makes you panic then I would consider getting into a bank which is fdic or ncua insured but which doesn’t have a lot of exposure to the mortgage meltdown. Of course, when the FDIC needs more money they’ll raise the rates they charge banks for insurance, so all banks will suffer (and undoubtedly pass the cost on to the consumer).

If there’s a run on the banks, all bets are off.

Disclaimer: I am not in the banking industry. I just read a lot and I am very interested in what’s happening to my money. I’m not trying to give advice, just trying to get feedback on things I’m considering doing for myself.

[nostradamus]

[quote=OC Burns]

The FDIC has $52 Billion.

They insure $4.2 Trillion.

[/quote]

You are correct, according to this wsj article, and that would be a very scary situation. If the FDIC can’t cover the bank failures then I’m almost certain the reaction would be monetization. In which case your dollars will be about as useless as if they had been lost anyway.

If this situation makes you panic then I would consider getting into a bank which is fdic or ncua insured but which doesn’t have a lot of exposure to the mortgage meltdown. Of course, when the FDIC needs more money they’ll raise the rates they charge banks for insurance, so all banks will suffer (and undoubtedly pass the cost on to the consumer).

If there’s a run on the banks, all bets are off.

Disclaimer: I am not in the banking industry. I just read a lot and I am very interested in what’s happening to my money. I’m not trying to give advice, just trying to get feedback on things I’m considering doing for myself.

[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

[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

[Author]

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