Comments on: Scary Times

By: Jonathan

Jonathan — Wed, 16 Jul 2008 07:38:55 +0000

Thanks Alexis. Very valuable information in a time when it is really needed.

By: lou91940

lou91940 — Wed, 16 Jul 2008 03:24:32 +0000

We all are encouraged and cajoled to save more money whether in a bank or wall street, but when we do, some financial organizations due to bad management or another financial problem goes under and takes our savings/investment with them. Apparently we are supposed to put our money in 3,5,10 different accounts/funds and hope at least a percentage of them remain stable? I don’t blame those with the resources to do so hide their money in foreign accounts, i’d do the same if I had the resources.

By: Lynn B

Lynn B — Wed, 16 Jul 2008 02:20:42 +0000

Okay, I am confused, if you state that the SIPC “covers you for up to $500,000 dollars of which $100,000 is the maximum coverage in cash,” how would the remaining $400,000 be paid?

By: Ron in Washington State

Ron in Washington State — Tue, 15 Jul 2008 23:21:50 +0000

This is just the start ( begining last fall ) of the CRASH of 2008. Rotten loans were sold and resold, compounding the losses for every government and investor. It continues….

HONG KONG (AP) – Stock markets in Asia have taken a tumble today.

Analysts blame uncertainty over the U.S. financial system despite Washington’s efforts to help beleaguered mortgage giants Fannie May and Freddie Mac. Jitters were inflamed by reports that Japan’s top three banks hold a combined $44 billion worth of Fannie May and Freddie Mac stock.

Every major Asian index suffered a loss, fearing that U.S. woes could spill over into Asia. Hong Kong’s Hang Seng lost nearly four percent of its value and Taiwan’s benchmark dropped more than 4.5%. In Tokyo, the Nikkei (nee-kay) was down nearly two percent.

Stocks are also down in the early going in Europe.

Hong Kong financial researcher Alex Tang says investors are concerned about the possibility of a meltdown in the equities markets.

By: stephenlee

stephenlee — Tue, 15 Jul 2008 19:01:19 +0000

Great update on the health of the banks.Thanks for the info. I always thought even though FDIC insurance was for 100,000 thousand that more than those amounts would be paid in full at some point. Obviously I was wrong. Thanks again.

By: greg

greg — Tue, 15 Jul 2008 18:23:31 +0000

Too bad the FDIC is only required to have an insurance fund of $1.15 for every $100 deposited. Its currently at $1.19 per , Indy Mac is going to account something like .18 of that. Indy Mac was a relatively small bank by today’s standards. What happens when 6 more Indy Mac’s go down in a matter of a couple of weeks and the FDIC insurance fund is exausted? A Great Depression style national run on banks, and big ones like Wells, Wachovia, WaMu, and B of A. Hey, at least the value of the dollar will skyrocket.

By: chuck

chuck — Tue, 15 Jul 2008 16:15:55 +0000

I started following certain developments. First when Indymac got siezed by the FDIC regulators. Then late Sunday I read on the Drudge Report that Freddie Mac and Fannie Mae are in trouble. As of this morning thier stock is still low. Could the goverment stop gap measure rescue them? or not? Personally I would let them fail. I got to thinking further: why doesn’t gov develop a mortgage version of the FDIC to rescue banks like Freddie Mac and Fannie Mae? Ever since the shakes ups and shocks in the financial markets,I wonder if local and regional banks are now going to feel the pinch? I can’t help but wonder since uncertainty and volitily is now the norm in the marketplace…could IndyMac be the Dominio that affects other banks to come? But uncertainty makes business news interesting time to time. Especially when economist can’t say if we’re recession or not.
Still I’m paying close attention to my beat so I can report. I honestly enjoy it posting you news from time to time. Anyway mainstreet is feeling the shocks too and I’m keeping my ears open to hear or read anything about closures. But the good news on the Oil front the public has turned on the Democrats. But now it’s time for SEC to force Senator Schumer and others on captital hill to keep thier mouths shut now. All it takes is one false rumor to create business problems.