So whats the solution? The fed prints more money, and everyone takes it in the ass?

queezyweezel: So whats the solution? The fed prints more money, and everyone takes it in the ass?

Pretty much.

/forget buying gold just grow some weed - it's recession proof!

My 401k has lost over 12% of its value since the beginning of 2008. And that was before today's crash-and-burn.

/Glad I wasn't planning to retire anytime soon.

The bloomberg financial site is being hit so hard their web page won't even open.

LOLOLOLOLOLOL
where are the bank regulators??

isnt there someone that watches the banks?
or is this what the right means when they want big government to get out of the way??

YAY for deregulation

$3.6 Trillion Erased^

About $3.6 trillion of market value has been erased from global stocks this week, triggered by the largest-ever bankruptcy filing by Lehman Brothers Holdings Inc., once the fourth-largest U.S. securities firm.

Hey a trillion here a trillion there - pretty soon you're talking about real money!

FTFA: If Washington Mutual were allowed to fail, they would have no protection against the money they lent to Washington Mutual.

I think I'm beginning to understand the problem.

quickdraw: $3.6 Trillion Erased^

of ~52T$
meh ......
not like that is the end of the world

Seth_The_Wide: FTFA: If Washington Mutual were allowed to fail, they would have no protection against the money they lent to Washington Mutual.

I think I'm beginning to understand the problem.

GOOD
you are a tard and you lend BILLIONS to someone who cant pay it back?
fark YOU and DIE

what were they THINKING ????
plus, why would you LEND money to a company which is traded?
why wouldnt you BUY part of the company instead
isnt that "safer"
hahahahahahahahahahahahahah

Don't worry the government will bail us out.

i'm guessing that some of that money is in amounts larger than 100,000 USD per investor, though...

I putting all my money in my beanie babies.

Oh, don't worry. AIG has the investors insured against credit default.

FWIW, the credit union system's insurance scheme (NCUSIF) is actually healthier than FDIC. But, both are insured by the "full faith and credit of the US". That is, our "printing presses", at the end of the day.

Hope your mattress is filled with something harder than Federal Reserve Notes.

This is like Atlas Shrugged in real life, but back-asswards.

So, one bank closing can wipe out the FDIC. Is this one of those strong economic fundamentals that McCain and Bush have been pitching?

SacriliciousBeerSwiller: This is like Atlas Shrugged in real life, but back-asswards.

I finished Atlas Shrugged today (first read), and it's really put things in perspective for me.

There's no Destroyer this time, the prime movers have just given up or been replaced by looters

This business will get out of control. It will get out of control and we will be lucky to live through it.

/Not obscure, not even a little bit.

So im interested to see what happens if a failure does happen and citizens who were not directly involved aren't bailed out when big banks and companies that had a hand in all of this were saved financially.

Blood in the streets.

proteus_b: i'm guessing that some of that money is in amounts larger than 100,000 USD per investor, though...

Not much. I remember seeing earlier today something like 80 or 90% of all accounts were under 100k.

/don't quote me.

Ah, found it.

click here (No pops, not that savvy)

FTL: "At the end of June, WaMu customers had 42.4 million accounts, almost all with less than the federally insured maximum of $100,000."

Okay, so "almost all"...anyone have actual hard numbers

It'll be fine. They'll just freeze deposits like they've been freezing money market funds. You can't have a bank run if you don't allow anybody to take out their money.

AmazingRuss: It'll be fine. They'll just freeze deposits like they've been freezing money market funds. You can't have a bank run if you don't allow anybody to take out their money.

They can't do that with checking accounts, but with savings accounts they can, for (I believe) up to 30 days.

AmazingRuss: It'll be fine. They'll just freeze deposits like they've been freezing money market funds. You can't have a bank run if you don't allow anybody to take out their money.



Yeah, but then you get the other type of run on the bank

jayfield1: SacriliciousBeerSwiller: This is like Atlas Shrugged in real life, but back-asswards.

I finished Atlas Shrugged today (first read), and it's really put things in perspective for me.

There's no Destroyer this time, the prime movers have just given up or been replaced by looters

Yeah, this is frighteningly reminiscent of Atlas Shrugged. And don't think it won't be kinda cool when the lights go out.

gilgamesh23: AmazingRuss: It'll be fine. They'll just freeze deposits like they've been freezing money market funds. You can't have a bank run if you don't allow anybody to take out their money.

They can't do that with checking accounts, but with savings accounts they can, for (I believe) up to 30 days.

(Quietly slides all deposits to his interest bearing checking account)

*Whistling dixie*

RandyRick: So, one bank closing can wipe out the FDIC. Is this one of those strong economic fundamentals that McCain and Bush have been pitching?

Well to be fair, there have been more than one banks closing and when the largest of anything goes under, it tends to be bad. Just because their assets are insured are worth that, doesn't mean the FDIC will actually pay that amount. The FDIC only had to chip in a few billion from my understanding when IndyMac went under even though the total assets insured there were 39 billion. We have to see if WaMu finds a buyer or if the FDIC has to handle it.

came here for Wonderful Life references, leaving disappointed

/merry christmas movie houuuuuse

Daedalus27: RandyRick: So, one bank closing can wipe out the FDIC. Is this one of those strong economic fundamentals that McCain and Bush have been pitching?

Well to be fair, there have been more than one banks closing and when the largest of anything goes under, it tends to be bad. Just because their assets are insured are worth that, doesn't mean the FDIC will actually pay that amount. The FDIC only had to chip in a few billion from my understanding when IndyMac went under even though the total assets insured there were 39 billion. We have to see if WaMu finds a buyer or if the FDIC has to handle it.

I've heard from a friend who got it from his neighbors cousins donkey, that technically the fed only HAS to cover deposits for pennies on the dollar. Anyone know anything about that?

Theological Farker: This business will get out of control. It will get out of control and we our 401ks will be lucky to live through it.

/Not obscure, not even a little bit.

Mad_Radhu: Theological Farker: This business will get out of control. It will get out of control and we our 401ks will be lucky to live through it.

/Not obscure, not even a little bit.

In all seriousness, my retirement is guaranteed by my STATE government, as is the offsprings college fund. I'm NOT a financial expert by any stretch. So, someone tell me...how do all of these FED bailouts end up affecting state programs?

Quick someone, blame Clinton. That will solve everything.

Theological Farker: Daedalus27:

I've heard from a friend who got it from his neighbors cousins donkey, that technically the fed only HAS to cover deposits for pennies on the dollar. Anyone know anything about that?

Your friend is correct. The FDIC only covers deposits for 100 pennies on the dollar. So if you have $10,000 in a bank, you may get back no more than 1 million pennies.

2chris2: Theological Farker: Daedalus27:

I've heard from a friend who got it from his neighbors cousins donkey, that technically the fed only HAS to cover deposits for pennies on the dollar. Anyone know anything about that?

Your friend is correct. The FDIC only covers deposits for 100 pennies on the dollar. So if you have $10,000 in a bank, you may get back no more than 1 million pennies.

Alright smartass. But how much is that metric?

Theological Farker: Daedalus27: RandyRick: So, one bank closing can wipe out the FDIC. Is this one of those strong economic fundamentals that McCain and Bush have been pitching?

Well to be fair, there have been more than one banks closing and when the largest of anything goes under, it tends to be bad. Just because their assets are insured are worth that, doesn't mean the FDIC will actually pay that amount. The FDIC only had to chip in a few billion from my understanding when IndyMac went under even though the total assets insured there were 39 billion. We have to see if WaMu finds a buyer or if the FDIC has to handle it.

I've heard from a friend who got it from his neighbors cousins donkey, that technically the fed only HAS to cover deposits for pennies on the dollar. Anyone know anything about that?

Technically, they can rape your wife. They have the guns and the power, and not enough people have the balls to say no.

quickdraw: $3.6 Trillion Erased^

About $3.6 trillion of market value has been erased from global stocks this week, triggered by the largest-ever bankruptcy filing by Lehman Brothers Holdings Inc., once the fourth-largest U.S. securities firm.

Hey a trillion here a trillion there - pretty soon you're talking about real money!

Quadrillions. Quadrillions are "real money"!
Start talking quadrillions and I'll be worried.

YixilTesiphon: Theological Farker: Daedalus27: RandyRick: So, one bank closing can wipe out the FDIC. Is this one of those strong economic fundamentals that McCain and Bush have been pitching?

Well to be fair, there have been more than one banks closing and when the largest of anything goes under, it tends to be bad. Just because their assets are insured are worth that, doesn't mean the FDIC will actually pay that amount. The FDIC only had to chip in a few billion from my understanding when IndyMac went under even though the total assets insured there were 39 billion. We have to see if WaMu finds a buyer or if the FDIC has to handle it.

I've heard from a friend who got it from his neighbors cousins donkey, that technically the fed only HAS to cover deposits for pennies on the dollar. Anyone know anything about that?

Technically, they can rape your wife. They have the guns and the power, and not enough people have the balls to say no.

Prima nocht, eh? Yeah, that worked out well.

/ITG mode on

Owns guns. If ANYONE kicks my door down, I'm either going out in a body bag or apologizing to some widows for their husbands being power hungry asshats.

/ITG mode off

FWIW, not ALL in the LE community support that kind of carp.

I'm putting my money somewhere I know it's safe.

rosebud_the_sled: Quick someone, blame Clinton. That will solve everything.

Well, it CAN'T be Bush's fault.

YixilTesiphon:
Yeah, this is frighteningly reminiscent of Atlas Shrugged. And don't think it won't be kinda cool when the lights go out.

Senate Majority Leader Harry Reid: "No one knows what to do"

Who is John Galt?

/I see you're engineering
//I'm doing civil at UF

jayfield1: YixilTesiphon:
Yeah, this is frighteningly reminiscent of Atlas Shrugged. And don't think it won't be kinda cool when the lights go out.

Senate Majority Leader Harry Reid: "No one knows what to do"

Who is John Galt?

/I see you're engineering
//I'm doing civil at UF

Must be a freshman if you think Ayn Rand had anything intelligent to say about anything.

/Go Gators!

Theological Farker: In all seriousness, my retirement is guaranteed by my STATE government, as is the offsprings college fund. I'm NOT a financial expert by any stretch. So, someone tell me...how do all of these FED bailouts end up affecting state programs?

I would imagine that if your state government has its books in order that these things should be fine. The main concern would be a tumble in the value of dollars. This has already happened to some extent, but it's not close to being catastrophic.

What's kind of retirement fund do you have? What is the college fund? Different types of accounts are handled differently.

My dad and I were talking about the recent (and, well, build up to) of the crash of the market. He said I'll be just like his grandparents, depression survivors, when this is through. He was joking but I think there is more than a little truth to that. It'll be one heck of a ride though!

gilgamesh23: Theological Farker: In all seriousness, my retirement is guaranteed by my STATE government, as is the offsprings college fund. I'm NOT a financial expert by any stretch. So, someone tell me...how do all of these FED bailouts end up affecting state programs?

I would imagine that if your state government has its books in order that these things should be fine. The main concern would be a tumble in the value of dollars. This has already happened to some extent, but it's not close to being catastrophic.

What's kind of retirement fund do you have? What is the college fund? Different types of accounts are handled differently.

Florida has two separate state retirement funds...a fun where you get to pick the investment mix and are vested after one year, but nothing is guaranteed, or a fund where the state (or contractor, whatever) handles the investing, and you're not vested until 6 years, but you get a guaranteed benefit regardless of investment performance.

As for the college fund, its the Florida Prepaid plan, literally prepay todays tuition rates and in 20 years your kid goes to school free (well, sorta) which is guaranteed by the state if the fund fails.

Get out of the cities. Don't come here.

Hmm. Do we see a massive bank run tomorrow?

gilgamesh23: Theological Farker: In all seriousness, my retirement is guaranteed by my STATE government, as is the offsprings college fund. I'm NOT a financial expert by any stretch. So, someone tell me...how do all of these FED bailouts end up affecting state programs?

I would imagine that if your state government has its books in order that these things should be fine. The main concern would be a tumble in the value of dollars. This has already happened to some extent, but it's not close to being catastrophic.

What's kind of retirement fund do you have? What is the college fund? Different types of accounts are handled differently.



No No NO you guys dont understand, if we go bust so goes the currency.

you better buy gold fools.

KeatingFive:

Must be a freshman if you think Ayn Rand had anything intelligent to say about anything.

Why?

Theological Farker: Florida has two separate state retirement funds...a fun where you get to pick the investment mix and are vested after one year, but nothing is guaranteed, or a fund where the state (or contractor, whatever) handles the investing, and you're not vested until 6 years, but you get a guaranteed benefit regardless of investment performance.

For the first, the answer is obvious. For the second, however, it depends on how well you trust the Florida government's promise to pay in the future. There's good news here, though: the plan is currently well-funded, and although it took a hit from the Lehmann Bros. and AIG trouble, it continues to look strong for the future (source: www.rol.frs.state.fl.us/forms/letter.pdf -- you can trust the government, right?) The retirement fund is actually running a surplus at the moment.

As for the college fund, its the Florida Prepaid plan, literally prepay todays tuition rates and in 20 years your kid goes to school free (well, sorta) which is guaranteed by the state if the fund fails.

Again it comes down to "how much do you trust the state of Florida?". The good news here is that government is filled with elected officials and elected officials that want to keep their jobs don't let things like college funds fail. They'd have a mutiny on their hands. Barring a tremendous spike in college costs, you should be fine here too.

Hey midway USA has 12 gauge buckshot on sale. Good for hunting, good for riots. Just sayin.