Sounds like a good Idea. I was thinking about that one. A credit union wouldn't be subject to the mess if emergency gov't measures were put in place? Were there credit unions in Cyprus who never even closed its doors during that week?
I don't know about Cypress in particular, but in terms of the US credit unions are usually insured by a different entity (NCUA), and generally offer more conservative loans to their members. Not to mention they're smaller, and usually regional.
And they have no derivative exposure, as they are privately held by members of the Credit Union (depositors).
Did I say "tax" or did you ? I did a search not that many weeks ago on ET for what I am talking about and was stunned not to find any posts addressing this. Of all web sites, too ! I suspect many do know with what I speak, and I am going to find them and join that conspiracy of quiet. We don't want to start a bank run of ET posters, do we ? ..... and we certainly don't want to open the flood gates bigger of expatriates http://www.elitetrader.com/vb/showthread.php?s=&postid=3765427#post3765427 ....until I close me real estate transaction on my home in S. America. I intend to be far away.... http://www.elitetrader.com/vb/showthread.php?s=&postid=3703299#post3703299 ....and high as possible http://www.elitetrader.com/vb/showthread.php?s=&postid=3701707#post3701707 http://www.elitetrader.com/vb/showthread.php?s=&postid=3711240#post3711240 ....shhhhh..... You are left to your own devices until then.
it would be plain dumb luck if they did not get the same haircut as other financial institution if there is reason to think otherwise someone please post.
1. The executive branch and half the Senate will not reduce spending, you are right. It wants to do the opposite. And FAST ! ..... Get your decoder ring: more 'revenues" (how deep are your pockets ?) and more "investments" into the 26th best education in the world and into picking winners in the private sector. All done efficently, mind you. "Shovel ready jobs" was already used, and it knows it can't go with that one again. 2. At least half the people do "want their government cheese" which is why point #1 is the way it is." 3. To "claim they [including suckers of government tits included in point 2] want spending reduced and taxes to not go up" need clarification. A. Half are ok for continued spending and for taxes to go up on themselves within reason, because the country has moved that far left due to promises from demogogues, liers, and hippy generation professors that have them sold on the nanny state. (Now tell me again why Europe's banks are undercapitalized and it has PIIGS countries.) B. Of the next half, half of them want spending to be reduced as long as they themselves are not affected; and as long as taxes go up on the "rich" [capitalists, job creators, etc.] that already pay most of taxes and not for themselves to have to pay. C. This #3 point is cause for point #1 also. I am concerned about--and the use of a label--"confiscation schemes." But it is manifestly evident in the last 4 years with respect to our money, (1) there is acceleration of government invasion of privacy, e.g., overseas banks forced to report U.S. citizens' deposits, (2) erosion of our personal independence and wealth with what it takes from and returns to us, (3) its insane "printing" of money that is/will drags the strength of the dollar, (4) and implementation of currency controls with respect to erecting impedence of how much and where we can take our money. It's an accelerating slippery slope, not unlike bites to the ankle always nipping at quality of life the last 15 years and into the near and intermediate future. At some point this frog slowing its swim in the continually heating water won't be able to jump from the pot just before it heats to a boil should we remain on this presently projected path. Then there is the demographics not enough attention is directed to that all by itself is potentially implosive- causing, but that is a different subject. I'm going surfing (link in second post...labeled "surfer boy with trader"). http://www.elitetrader.com/vb/showthread.php?s=&postid=3712161#post3712161
My understanding is that Credit unions were also in some jeopardy in connection with the financial crash, because the large majority of them had all invested in some derivative instrument marketed by one of the banks in order to get higher interest income, which swung around in value.