Are we already bankrupt? Our banks, that is.

[Boilers]

Have we already crashed, and don't know it?


Days Away From Economic Chaos? by Bill Sardi

Now if just a small portion of American bank depositors hear that the FDIC had to tap into the US Treasury for funds, and these depositors feel their banked money is at risk and want to withdraw some of it, the mother of all bank runs could ensue.

 

[United]

a lot of reports have stated that we are very, very close to a bank holiday..and who knows what that will lead to.

ever see the movie countdown to looking glass?? (google video) How it starts out is freakishly similar to what we could be looking at here soon. You just never know!

 

[RCB]

Yes, I would say we are, but due to the complete tangle of finances it doesn't appear that way. The smartest thing that could have been done would have been to let the banks fail to begin with, then all these properties would have been cleared out and we could have found a bottom to the market. All hell would be breaking loose right now, but it will happen, just more like a cancer. Slowly and painfully.

 

[matthock]

Dang... if those numbers are true, that could be very, very bad. Trust in the banking system is probably at its lowest level in decades. What trust people still have is significantly from FDIC insurance, but if the article is right, FDIC doesn't have any money left to pay out.

I do have a question, though. I know some people do their best to avoid banks for most of their finances. How do they handle things like paying bills? I mean, for my apartment, I could stop by the management office and hand them a stack of cash, they might look at me funny, but there's nothing stopping me from doing it. But, say, my car payment - that's to an entirely different state, I can't just stop by the office and pay it in cash. How does one handle that stuff without checks and credit cards?

 

[nox]

mail them a money order

 

[Boilers]

My parents always had a day a week/month that they went and paid their bills. Still to this day.