What is Digg?222 Comments
- richmomz, on 09/20/2008, -3/+118Well it IS Friday after all, the unofficial bank collapse announcement day.
- rowlodge, on 09/21/2008, -2/+107115 million?, thats chump change.
- fpaudon, on 09/21/2008, -8/+68I suppose our economy is really dead when losing $115 millions isn't really that big of a deal
- ColonelJessup, on 09/21/2008, -12/+71Here we go again with the digg.com economic professors............................
- odigity, on 09/20/2008, -7/+66This has nothing to do with partisan politics, except in that partisan politics exists to distract you from the fact that both parties maintain the same policies when they are in office, because they are both beholden to the same special interests.
If you want real answers, start researching the Federal Reserve and Austrian Economics. - mh732, on 09/20/2008, -40/+99The Republicans were so right about that whole trickle-down idea! Awesome.
- Sean23, on 09/20/2008, -1/+45We just passed 2002. Keep an eye on the failures here: http://www.fdic.gov/bank/individual/failed/banklis ...
- zippy757, on 09/21/2008, -0/+33Please read:
When a bank fails, it means it can't handle the demands of the depositors to withdraw their assets. It doesn't mean that the entire amount of the banks assets are gone. In means they didn't have enough cash on hand to give to all the depositors who freaked out about the market and wanted their money back. No bank keeps that amount of cash on hand.
The vast majority of depositors (something like 96+%) will get 100% of their deposits back. 100k for cash, and 250K for IRAs. For amounts above that, the average has been 72%.... It often takes however months to retrieve the funds, usually via the acquiring new bank cleans up the books.
Always split your deposits into separate accounts, including wife and kids. Each one is insured separately. There is no reason to EVER lose money in bank.
Stocks and other complex instruments,are a completely different story. - TrueXtremeIcon, on 09/21/2008, -1/+32As a native of WV (apparently where Ameribank is located, I had no idea) I can safely say:
It's West Virginia. - PeanutCheeseBar, on 09/21/2008, -25/+52Ron Paul, "told you so", etc.
- rufus3000, on 09/21/2008, -2/+26Man, why can't my student loan company go under.
- cyberdork, on 09/21/2008, -0/+24They should have an RSS feed! :-)
- kilt42, on 09/21/2008, -5/+26another one bites the dust!
- borez, on 09/21/2008, -6/+27It's called debate mate. Personally I don't think there's anything wrong with having an opinion, qualified or not.
- zippy757, on 09/21/2008, -0/+18it's not a big deal because the bank didn't lose $115M. A bank failure doesn't mean the bank 'lost' the money.
- Skooma714, on 09/21/2008, -2/+20Wisdom.
Democrats and Republicans are the same big government party unless it's an election in which case it's just like Professional Wrestling.
"Bipartisanship"? I thought you guys were supposed to be different? - aresef, on 09/21/2008, -0/+16The FDIC only protects up to $100k. It's entirely possible those people had more than that.
- zippy757, on 09/21/2008, -0/+15Because 'going under' doesn't negate your loan, it simply transfers, in full, to whomever buys your debt obligation.
- SeaweedWater, on 09/21/2008, -1/+16So Warren G is to blame?
- crackedlogic, on 09/21/2008, -4/+19...huge success?
- borez, on 09/21/2008, -2/+17@santaliqueur:
Ah ha, but now we are debating whether this is actually a debate. - inactive, on 09/21/2008, -4/+18Is it Clinton's fault yet?
I just got here... - zantos420, on 09/21/2008, -3/+17with a financial system based off debt wtf did you expect.
- santaliqueur, on 09/21/2008, -6/+20Debate? Surely you're joking. Everyone has the same doomsday scenario. If anyone differs, they are buried to the depths of hell, and called a Bush cronie or some other ridiculous thing. There's no debate here.
- Skooma714, on 09/21/2008, -4/+17Because you need a college degree to have an opinion or even an informed opinion on anything. What is with people and their deference for authority?
Economics is a pseudo-science anyway, the bastard child of statistics and sociology. - Matteos, on 09/21/2008, -0/+13Panic! at the bank
- rednip, on 09/21/2008, -1/+14I work at a financial services company (fortunately one with a lot of stability -- knocking on wood), and we all wondered openly what bad news was coming this weekend. Friday was a good rebound, but all of these failures seem to be announced over the weekends. Hopefully, that'll be all today, hopefully.
- martinezmic, on 09/21/2008, -0/+12and another one gone and another one gone...
- odinfire, on 09/21/2008, -5/+17I knew that this would somehow become a political issue right from the start.
Way to go there chief. Hmm... wonder who you are gonna vote for? - edwinjose, on 09/21/2008, -3/+14Its OK. The fundamentals of your economy is strong. LOL! (Sorry. I stole that line from someone.)
- lolupissed, on 09/21/2008, -3/+12Just because he believes in creationism doesn't make him a moron when it comes to the economy. Glad that you judge people based on one of there beliefs. Have fun in life, tool.
- kelmaster1, on 09/21/2008, -0/+90.05% of the Fannie Mae bailout.
- Spuy767, on 09/21/2008, -2/+11That's a little ***** bank. The community bank that holds my business account has over 400 Million in assets. This is not exceptionally big news.
- Balath, on 09/21/2008, -0/+8Khast, something tells me you never played Portal. If you did, you completely missed the humor.
- TSK05, on 09/21/2008, -0/+8Grab your towel!
- Caliente, on 09/21/2008, -2/+11meh. 115 million? I'm not excited. Lehman Bros --> 600 billion? Now that got me going.
- santaliqueur, on 09/21/2008, -1/+9No need to panic? HOLY ***** EVERYBODY PANIC
- djasshat, on 09/21/2008, -0/+7Couldn't find anything on that after a search, albeit a short one. Could I get a source on that?
- Latimer, on 09/21/2008, -6/+14Guys... these types of banks fail all the time. This is very standard stuff. No big deal.
- rowlodge, on 09/21/2008, -0/+7mines salliemae , wouldn't change anything,they'd just sell it to someone else.
- darkciti2, on 09/21/2008, -0/+7Regulators !!!!
Mount up ! - danconia, on 09/21/2008, -1/+8Let me spell this out for everybody because apparently a lot of people here aren't getting it. These crashes are the result of government regulation. The banking industry is perhaps the most regulated industry in our economy and you guys just think it's coincidence that it's the one that is constantly causing the most problems?! Here's the main issue: when the government puts people/politicians/bureaucrats in the position to regulated the industry what do you think immediately happens?! THEY GET LOBBIED BY THESE BIG CORPORATIONS!! The regulators get legally bribed to put these corporations in front/ahead of the interest of the American people. That's why you see a situation where these big companies are getting bailed out while every small business owner who goes bankrupt is left with nothing but dirt.
The reason the government is bailing out these companies has NOTHING to do with the loans they gave out to people. That is just coincidence and an excuse for them to save their close buddies who have been giving them campaign contributions and all types of goodies. They say it's for the American people just so that we'll support it.
This is not about Republicans or Democrats. Both sides are extremely prone to lobbyists because they realize they can make literally hundreds of thousands of dollars more per year than they would otherwise. They have no incentive to represent the American people on most issues except the rare times when the American citizens actually crack down (last time I remember this happening was with the immigration reform stuff). - mactackle52, on 09/21/2008, -0/+7Earl, wtf man? Do you really think that's what he meant?
- shaunw, on 09/21/2008, -0/+6Pioneer [Bank] speakers bumpin as I smoke on a...
- phatfiend, on 09/21/2008, -3/+9115 million is nothing, this bank was teeny.
- Bkaufman, on 09/21/2008, -0/+6Democrats and Republicans are both at fault. The democrats do not represent change. They are just as corrupt, just as influenced by lobbyists, and just as stupid as the Republicans. On every real issue (hint: abortion is not a real issue) McCain and Obama are firmly in agreement.
- oldgal, on 09/21/2008, -0/+6They always try to do it on Friday after closing so they have time to recast the settlement of all the accounts to the stand-in bank (and a few other things) and still open the doors the next banking day, which would be Monday.
- AutoTom, on 09/21/2008, -5/+11Congrats everyone, if we keep trying we'll be sure to hit 15 by the end of the year!
keep positive! - 808ethan, on 09/21/2008, -0/+6Im not worried about anyone that has more than $100,000
I'm worried about people with $500 and lots of debt. -
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