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InvisibleIcelander
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What would the chances be?
    #9772977 - 02/10/09 06:24 PM (12 years, 24 days ago)

If many banks failed at once, the govt passing out IOU's for your money just like the California State Government has done with tax refunds?


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With much wisdom comes much sorrow,
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Invisiblememes
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Re: What would the chances be? [Re: Icelander]
    #9773265 - 02/10/09 07:13 PM (12 years, 24 days ago)

They already do.  Every bank account is insured up to $100,000 by the FDIC.


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Invisiblememes
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Re: What would the chances be? [Re: memes]
    #9773270 - 02/10/09 07:14 PM (12 years, 24 days ago)

But, you wont' have to worry about that - because the US gov't won't let multiple banks fail at once.  They'll either broker a deal so that the banks can merge, or they'll continue lending millions of dollars via the various Federal Reserve monetary policy instruments that have been in effect since last year.

edit:  Just saw your handle is "icelander" - I don't know how they do things in Iceland, or any other country.  But if your in the US - don't worry about it.


Edited by memes (02/10/09 07:15 PM)


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OfflineLearyfanS
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Re: What would the chances be? [Re: memes]
    #9773337 - 02/10/09 07:23 PM (12 years, 24 days ago)

Yeah, banks should be a pretty good investment.  But then again, I'm new at this.  I already have Bank Of America stock and I'm thinking of investing in Citicorp or something pretty soon.












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Invisiblememes
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Re: What would the chances be? [Re: Learyfan]
    #9773893 - 02/10/09 09:05 PM (12 years, 24 days ago)

I don't know anything about investments - that'd be something to talk to Geokills about.... but i do know the government won't let multiple banks fail simultaneously (what this particular thread is about).


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OfflineGrok
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Re: What would the chances be? [Re: memes]
    #9777937 - 02/11/09 02:22 PM (12 years, 23 days ago)

The key difference between the Fed and California is that the latter is not permitted to run red-hot printing presses :wink:


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General Interest >> Money Matters

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