5 more banks closed july 31st
Submitted by kilroy on August 1, 2009 - 7:59am
Since the first of the year the FDIC has been closing banks. They usually do it on Friday. Yesterday they closed 5 more.
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Shouild have let them all go two years ago.
If we let all the banks go we might be better off way down the road. It would have made the great depression look like a hiccup. I know you and MM are retired, but for the rest of us, it would have been a disaster.
And just what do you think this is? And you are right, living on a small fixed income that goes down with the market is really great.
The FDIC only has so much money to pay out. Either way we would have been paying.
If you're on a fixed income, why would it go down with the market? And this isn't a dig so don't take it as that way. My dad is retired from the post office and his pension stays the same for the rest of his life.
The FDIC is funded by the member banks and when its reserves get below a prescribed level all member banks are required to increase their contributions. I believe the minimum level of reserves is 1.5 times the total of deposits (not total assets) in the member banks.
Your dad is fortunate, but does his income rise with inflation? Mine doesn't. My income is tied t the ups and downs of the stock market. I guess I used the wrong word when I said fixed. I meant I never get a raise, , but when the market tanks, my income tanks right along with it.
I don't believe he gets a cost of living allowance, I believe his is fixed as in this is what it will be for the rest of his life. What's not fixed though is his insurance, which he pays for. Even though it's still through the post office, his rates keep going up. He did have a small 401k, but he's pulled that so as far as I know there's nothing of his that fluctuates as far as pension.
I've got two gov pen, I get a little cost of living increase....
Last year it was total $89 bucks????
At least you get raises, I don't get raises at my job because it's all contract. The government figures out how much I make and that's what I make for 3 years. Unfortunately, they just did a new contract here this last month so no new raise for me nor anyway for me to make extra there.
I don't know what your profession is, but in mine our long term contracts usually included clauses to adjust wages along with the Consumer Price Index. The exception was lump sum or hard bids in which we tried to anticipate our future wages escalating over the period of the contract. The workers always got an annual boost in salary regardless.
I work as a subcontractor for the Immigration Department. The government determines what my wages including benefits come to as a dollar amount and that's what I get for the remainder of the contract. Since we just did a new contract in the last couple of weeks I won't get another raise until the new contract happens or the government decides I need more money which hasn't happened in the last 3 years.
Nothing new here
As U and I said last year in Oct. they should have let all of them crash....
Let the good companys raise up out of the ashes???
It's still a good idea.......
......mminoe?......you mean like Edsel......Studebaker?..........like how forest fires burn out undergrowth?......making way for bigger better forests.....and when MAN interferes?......he finds out that "Mother Nature" and the "river taking it's course" knew more than he did?.....like that?............when man tried to save the forest by PREVENTING forest fires?........then the undergrowth went crazy.....then when there WAS a REAL wildfire?..........it was uncontrollable and destroyed the whole damn forest................with man left scratching his head............just what's going on now by bailing everybody out........interfering with "natural selection".........setting a dangerous precedent..........I noticed California "trying IT'S luck".........like a pup at the table......maybe they should try getting rid of some of their illegals.........bust a few "pot smokers" out of jail......I don't know.......GM going down would have been a disaster.......I'll buy that........but culling out some weaker banks?.......MOX NIX..............
U think the Goberment can run GM????
Rrmerber they run the VA?????
......NO I don't think that GM was saved the RIGHT way.......I've heard about the V.A..as well as ANYTHING the goberment runs...........when I heard that GMAC was going to be loaning money to Chrysler for car loans?.....ROFL............... ha ha ha ha........that's like hiring your wife's divorce attorney...............then there are issues because of taxpayer ownership and maney needing to be repayed......oy vey.......I knew GM screwed up in the 90s when they continued to build what the public wanted with NO thought of tomorrow........like fuel prices would forever be frozen..........and I've been saying for years that paying people $ 75,000 a year on the assembly line besides 90% pay when they're changing the system might be fair to American workers but would price them out of business?..........they needed retirement plans and health care but unions drove thre cost up so much that it became ridiculous to pay $40,000 + for an engine , cab and a pickup bed.........the sad thing is that they are actually building good cars now.......exciting cars......Chrysler.....GM.........Ford........extending financing to 60 and 72 months while Americans were wearing their vehicles out quicker contributed to the problem......greed in financing drove up payoffs.....there had to be a "day of reckoning".......and it's here........payoffs have been rolled over and over.......Americans want "what they want WHEN they want it"........not save for it......pay for it when you actually HAVE the money.......I am speaking as a whole.....not to bloggers specifically......ROFL.........( dodging tomatos and bottles).........