U.S. takes over 2 credit unions

money.cnn.com...
This seems like very big news to me. Nationalizing the credit unions to prevent the 'next collapse'. Does anyone have more information on this?!

reply to post by Avarus


Yes is plenty of information in the last post in this thread,

www.abovetopsecret.com...' they has been debating that same issue.

Thanks Marg, I try to keep up with that thread. It just moves so fast, it becomes quite easy to miss things. If something like this happens, we should really be giving it it's own thread. I'm very excited to see major news stations picking up on things like this.

It's 9PM EST on a Friday and things seem to be moving faster than ever! What's going on?!

I just found out about the take over just now after been in the thread I am talking about, very serious business going on, I will not be surprised that by tomorrow more news will be given headlines.

I will try to keep on top of it.

I had always thought that once the Credit Unions begin to fail it will be a sign that we are committed to a depression.... The question now is with the Fed's 1.2 Trillion dollar injection this week, will they purposefully spur hyperinflation...

man this sucks!

[edit on 20-3-2009 by Maxmars]

reply to post by Maxmars


There was a thread a few weeks back about where to put money. Everyone thought Credit Unions were safe. I did some research last fall to see if the CU's were connected to the Fed. Res. Bank.

They are the same as Banks. There are a few left in the country that run CU's like they used to be. Lend out only against deposits, and no CUNA insurance. But, for the most part there is really no difference anymore.

CUNA insurance is the same as FDIC, same fund. CU's also do leverage lending (making money out of thin air, backed by the Fed. Res. Bank) which the Fed Res is backed by the ownership of the American People.