Bank run - Depositors bring down Dutch bank

lol I hope theres a run and it kamikazes. Then bulldoze that shithole over, I wouldn't bat an eye.

 

I closed my accounts at BAC about a year ago. The branch manager tried to convince me not to do so by saying that they were the largest bank in the US, that the government would not let them fail and that they were correcting their financial problems. There was no point arguing with him, so I took my money and deposited some of it in another local bank with a much better rating according to bankrate.com and some of it in Fidelity.

Any opinions whether SIPC is safer or less safe than FDIC insurance? I am not ready to put my money under my mattress or buried in my backyard, yet.

Someone also mentioned not keeping things in a safe deposit box. If a bank became insolvent, wouldn't depositors be allowed to remove the items from their safe deposit boxes?

 

Presumably, but "safety" deposit boxes are still not intelligent places to store your valuables.
Remember that in the Great Depression FDR seized all gold out of safety deposit boxes. All safety deposit boxes had to be opened under the presence of a government official. Any gold contained was immediately seized. Many more reasons not to trust "safety" deposit boxes:

http://www.usrarecoininvestments.com/coin_articles/safe_deposit_boxes.htm

 

That's the most vile thing I read all week. States provide some valuable services such as the prevention of a collapse of the banking system. But more often then not they're a citizens adversary. What the state of California is doing under their law of unclaimed property is strait up theft and clearly demonstrates why citizens should take some measures to protect themselves from their government.

 

Don't forget that as US shares are priced in dollars the more the dollar weakns the MORE shares foreigners can buy for the same money. DOW 75,000

 

Man, thanks for correcting my oversight!!!

But wait!!!!! I just heard on CNBC a guy YELLING that the unemployed rate just was diminished by 0.1% and it is now only 9.7%!!!!!!

DOW 85,000 !!!!

 

Boy, if that ain't a good way of putting it.

 

Sure. Under supervision of the IRS. And then you're gonna have to prove to them where you got it and whether you paid taxes on it. Poof! Mattress is looking pretty good now.

 

Do I hear Dow 95,000? Going once, going twice....

 

I am all for burning rome to the ground.

When you have people in power actively stealing, and intentionally defrauding the citizenry..well..they should get the full french revolution treatement.