INDYMAC bank guy is on TV right now telling us not to panic our money is safe

[NNN0LHI]

STAY CALM EVERYBODY!!!!!!

Don

[flvegan]

1. Well, as long as each account holder has

less than $100k in an/each account, technically, the money is safe.

[Paula Sims]

2. Actually, that's 100k per SSN per bank

So if you have 100k and then 200k with your spouse, you're only insured up to 100K, not 200k. Most people don't know that. So IF anyone has such levels of money, you're best to keep it in different banks (not branches) and just keep track of where. Then again, I'm beginning to believe in the wheelbarrow/mattress approach, and I AM in "the industry".

[flvegan]

8. No kidding?

I thought you could have multiple CDs exceeding that amount at one bank. Thanks, that's good to know. Well, not that I have several hundred grand to put away, but you know, in case.

[enid602]

3. FDIC

Is Indymac FDIC insured? I always thought of it as being just a mortgage lender.

[ret5hd]

7. here:

http://www.fdic.gov/bank/individual/failed/IndyMac.html

[no_hypocrisy]

4. Whatever . . . .

[Ichingcarpenter]

5. IndyMac collapse wiped out 10% of the FDIC insurance fund.

Here’s a scary thought. According to the Wall Street Journal and CNN, the failure of IndyMac, the second largest federally insured financial institution ever to fail, will cost FDIC approximately 10% of its insurance fund.

http://online.wsj.com/article/SB121581435073947103.html...
http://money.cnn.com/2008/07/12/news/companies/indymac_...



FDIC is the backstop, the guarantee to depositors at banks that there will not be a repeat of the Great Depression, when bank runs wiped out banks and depositors alike.

Keep an eye on the amount of damage the FDIC takes per bank loss. Keep a tally.

Right now, the FDIC is out somewhere between $4 billion and $8 billion due to IndyMac. This is out of its insurance fund of $53 billion.

If the FDIC’s insurance fund drops below $10 billion watch out.

[NNN0LHI]

15. I did not know anything about that

Thanks for posting it. Might deserve its own thread?

Don

[Vinca]

6. Are you people whining again? It's all in your heads. nt

[elehhhhna]

9. Spetember 2001: EPA says air at twin towers rescue site is perfectly safe & clean.

[elehhhhna]

10. 2001-2008: USDA bans mad-cow testing, claims "mad cow disease doesn't exist in the US"

[elehhhhna]

11. Bush, 2001: "We'll get OBL, dead or alive!"

[elehhhhna]

12. also see; "...yellow cake, from Niger..."

[elehhhhna]

13. cripes, i could go on for days

[TheWatcher]

14. Oh Well, I suppose I can stop worrying now.

:eyes:

[roamer65]

16. Relax. The Federal Reserve can create an UNLIMITED supply of dollars.

:evilgrin:

...and it soon will.

WE ALL will pay for the IndyMac failure out of our salaries and savings through dollar devaluation.

[NNN0LHI]

17. I wonder if we are going to outsource the printing of new money to North Korea?

I have read they are experts.

Don

[roamer65]

18. Sure, why not.

Outsourcing is all the RAGE nowadays.

Hey, that's not Franklin on the $100. It's Kim Jong Crazy!!!

[jwirr]

19. So now they have taken care of the problem in our heads - what are

they going to do about our pocketbooks?

[Fuzz]

20. Nothing to see here. Move along.