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Problem bank list climbs to 829

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posted on Aug, 31 2010 @ 06:49 PM
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Problem bank list climbs to 829


money.cnn.com




NEW YORK (CNNMoney.com) -- The government's list of troubled banks hit its highest level since 1993 during the second quarter, although the pace of growth continued to slow, according to a government report released Tuesday.

The number of banks at risk of failing rose by 53 to 829, the Federal Deposit Insurance Corp. said in its quarterly survey of the nation's banking system. That increase marks the smallest rise since the first quarter of 2009.

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Where the banks are failing
Bank failures and foreclosures keep mounting View map
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(visit the link for the full news article)




posted on Aug, 31 2010 @ 06:49 PM
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Time to come check out to see when YOUR bank will be failing.

Not too long ago, someone had predicted an October run on the banks and a "bank holiday". This seems like a pretty strong setup or indicator that the prediction may in fact happen.

Don't forget... your bank doesn't actually hold all of your money. If only 10% of the people who bank at any given bank showed up to withdraw their money - funds that rightfully belong to THEM - the bank would have to shut the doors. There would be no money for you unless you were part of the first lucky 10%.

Don't think it can happen in the US? It has before...

money.cnn.com
(visit the link for the full news article)



posted on Aug, 31 2010 @ 07:49 PM
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Nice to be in TN. No bank failures here at all. Considering a move to KY or NC as well, looks like they're both good to go.



posted on Aug, 31 2010 @ 09:19 PM
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The thing is this... once a couple of banks fail, the panic will ensue... the run on all the banks will happen and suddenly BAM!!! No money for you!

This will damage us all when these dominoes fall! If you don't think it can happen almost overnight, look at the mortgage meltdown. You think the books were shady there?!? Just WAIT till you see how banks do their accounting!!!

We are pretty much all up a poop creek without a paddle!



posted on Aug, 31 2010 @ 10:03 PM
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As they seize more and more, the "troubled" list grows and grows. If you were to add back in the 283 banks that either were or should have been on that list the total would be 1112.

You're SO right about the accounting at these banks YPR. not to mention what they're ALLOWED to do.



posted on Aug, 31 2010 @ 10:40 PM
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The problem is this... If you think your bank has your money to give you, you are sadly mistaken.

Now, the FDIC insures your money up to 100k (and higher in some instances), but if there was even a mild run on the bank, the FDIC would be wiped out of funds IMMEDIATELY... never even coming close to paying everyone their money!

You are not safe, the bubble on the banks is about to POP!



posted on Sep, 1 2010 @ 07:43 AM
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I have had it.

I am going to my bank to withdraw all of my money today. Anyone else doing the same thing?

I am thinking fire-safe or shoebox for my cash...




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