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WillaKissing · 56-60, M
Hmmm, I never thought about what happens of your bank fails. That is something that would have to be looked into.
Musicman · 61-69, M
@WillaKissing If your bank is FDIC insured they are supposed to protect your account up to $250k.

JoyfulSilence · 51-55, M
My bank is so big, that if it failed then we'd probably plunge into a recession. Yet if it came to that I presume all similar banks would be in trouble, too, and it all would collapse. Yet the government would likely bail them all out again. They really would have no choice, since the alternative, a great depression, would be worse!

I just hope after the last time they adequately forced the big banks to set aside enough to cover a bank run.

I hear old man Potter is giving 50 cents on the dollar for your shares. Some money is better than no money! 🤪
Musicman · 61-69, M
@JoyfulSilence A lot of poultry plants across the country were burning down. One after the other. That's what caused the egg shortage and the cost of poultry to skyrocket.

The lithium batteries in the electric cars are worse on the environment then gas. Disposing of them is a serious hazard to the ozone and the earth.
JoyfulSilence · 51-55, M
@Musicman

I guess we will have to do cost benefit analyses.

At least chicken is not too expensive. I had to stop buying steak, though. Outrageously high!
Musicman · 61-69, M
@JoyfulSilence Fortunately the poultry plants are starting to come back online. Egg's are coming down along with poultry. The poultry is looking much better now than a year ago.
cherokeepatti · 61-69, F
If there are massive bank failures then there’s a chance that they won’t have the $ to cover all accounts at that insured amount. Read something about this a few years ago.
Musicman · 61-69, M
@cherokeepatti At that point the country would fail. 😥💔
1490wayb · 56-60, M
it is grossly underfunded and i have ALWAYS done my banking with local credit union
1490wayb · 56-60, M
@Musicman credit unions are insured thru the NCUA
Musicman · 61-69, M
@1490wayb So the same question applies. If your credit union fails do you think they should insure your money or will you gladly accept the loss?
1490wayb · 56-60, M
@Musicman i keep very little in savings account. it is non-profit and member owned unlike public traded banks. it is far more secure as was proven during the crisis of 2010-2012
4meAndyou · F
That is not true. They are there to ENSURE that depositors will not lose their money if their federally insured bank fails.
4meAndyou · F
@Musicman

"The FDIC does not cover all funds deposited because it is designed to protect only the insured deposits in the event of a bank failure. FDIC insurance covers deposits in the following accounts:
Checking accounts
Savings accounts
Money market deposit accounts
Certificates of deposit (CDs)



However, it does NOT cover:

Non-deposit investment products
Stocks, bonds, mutual funds, or other investments purchased through a bank
The contents of safe-deposit boxes
Investments in a bank's stock


FDIC insurance is limited to the insured deposits at an FDIC-insured bank, and it does not cover losses due to fraud and theft. The FDIC's insurance is automatic for any deposit account opened at an FDIC-insured bank, and it is backed by the full faith and credit of the United States government. "



FDIC
Understanding Deposit
Musicman · 61-69, M
@4meAndyou Exactly! I was referring to checking and savings accounts.
4meAndyou · F
@Musicman Yes. THOSE are covered completely. Along with money markets and CD's/
I despise them, if I have $10million in an account, and the bank suddenly fails, I lose $9,750,000, it's a scam.
@Musicman Firearms are constitutional, gold and silver are not.
Musicman · 61-69, M
@NativePortlander1970 So if you were told to turn in any gold or silver you had you would automatically do it? Like old silver dollars.
@Musicman If caught waith any gold or silver under FDRs mandate was a felony, most people back then were a lot more complacent than they are today.
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