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Originally posted by Blaine91555
I was in Portland Oregon during the Savings and Loan debacle. There was a mini-panic at one institution involved. The FDIC had it open and all funds available within one day.
How Safe is My FDIC-Insured Bank Account?
by Dr. Chris Martenson | April 14, 2008
How long does the FDIC have to repay me if things go bad?
Here things get murky. We turn to Section 11 of the act and find this (emphasis mine):
(f) PAYMENT OF INSURED DEPOSITS.-- (1) IN GENERAL.--In case of the liquidation of, or other closing or winding up of the affairs of, any insured depository institution, payment of the insured deposits in such institution shall be made by the Corporation as soon as possible, subject to the provisions of subsection (g), either by cash or by making available to each depositor a transferred deposit in a new insured depository institution in the same community or in another insured depository institution in an amount equal to the insured deposit of such depositor.
That only says “as soon as possible” and sets absolutely no time limit or maximum. Taken to the extreme, it might be impossible for the FDIC to ever make depositors whole again, and this is one of dozens of such “outs” that exist in the document. Remember, this act was written in 1933 when money was gold, times were uncertain, and government lawyers were exceedingly careful to avoid locking the government into any possible financial black holes. Full Text
CHAPTER 401 > § 40102
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§ 40102. Definitions
(41) “public aircraft” means any of the following:
(A) Except with respect to an aircraft described in subparagraph (E), an aircraft used only for the United States Government, except as provided in section 40125 (b).
(B) An aircraft owned by the Government and operated by any person for purposes related to crew training, equipment development, or demonstration, except as provided in section 40125 (b).
(C) An aircraft owned and operated by the government of a State, the District of Columbia, or a territory or possession of the United States or a political subdivision of one of these governments, except as provided in section 40125 (b).
(D) An aircraft exclusively leased for at least 90 continuous days by the government of a State, the District of Columbia, or a territory or possession of the United States or a political subdivision of one of these governments, except as provided in section 40125 (b).
(E) An aircraft owned or operated by the armed forces or chartered to provide transportation to the armed forces under the conditions specified by section 40125 (c).
Originally posted by Blaine91555
Does your friend at the bank know about your job and what ATS is about? Could he have been having some fun at your expense?
Originally posted by WiseSheep
If somebody is going to sit on wealth, it should be in metal. Gold and Silver have been money since the beginning and will be until it's time to cast it out in the streets.
I certainly doubt any archaeologists have found any 5000 year old linen paper receipts backed by faith, which still are worth their face value, but a 5000 year old ounce of gold is still worth an ounce of gold..
Originally posted by Rockpuck
reply to post by Dave Rabbit
Also the time frame that I have always heard was 1-6 weeks to get your funds, I will ask around the office to see if anyone knows an exact time frame.