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Nickelless
Administrator
USA
5580 Posts |
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Market Harmony
1000+ Penny Miser Member
USA
1274 Posts |
 Posted - 08/15/2009 : 09:19:42
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quote:
Originally posted by Nickelless
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The last sentence caught my eye: "The failure of Colonial is expected to cost the deposit insurance fund an estimated $2.8 billion."
Correct me if I'm wrong, but doesn't the FDIC's insurance fund only have about $10 billion left after this bank's insolvency? What kind of bank run will we see when the fund is finally depleted?
Multiple sources (though the reliability of which may be in question) are expecting a bank holiday sometime between Aug 26 and Oct. Speculating that this has to do with the FDIC basically saying that they are broke  |
goto the new and improved realcent: http://realcent.org |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 08/15/2009 : 10:55:10
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They should have left the cap at $100k.. they would have gotten off a lot cheaper.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 08/15/2009 : 11:33:55
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BB&T, my source bank for coins, is a regional bank in Virginia and NC. They have been in acquisition mode for awhile and are probably drooling over getting the Colonial Bank 346 bank branches in the Florida, Alabama, Georgia and Nevada regions. Colonial Bank has $25 billion in assets and $20 billion in deposits. BB&T will be taking all of the deposits and $22 billion in the assets. The FDIC exposure will only be $3 Billion in non-performing assets.
Investors liked the acquisition as BB&T stock went up 10% on Friday. |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 08/15/2009 : 11:44:02
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BB&T is where I get my boxes of halves from and boxes ( if I want them ) They are in SC too
I saw the news when I was banking online this morning.
They have been good to me...at least the head tellers anyways.
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You don't have to be the BEST you just have to be.......SLICK
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Copper Catcher
Administrator
USA
2092 Posts |
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redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 08/15/2009 : 23:46:49
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quote:
Originally posted by Copper Catcher
I hate to burst your bubble but..... the FDIC Insurance Fund - It Doesn't Actually Exist!
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Exactly...!!!
It's just like the highway fuel tax,it all goes into the general fund,which they spend anyway they want. Then we get to pay for our roads and bridges with more taxes.
Not to mention the Social Security fund they raided...
But let me ask this.
Can they really ever go broke when they produce money out of thin air ?
With money (fiat) not backed by anything, where is the line drawn ?
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Robarons
Penny Hoarding Member
USA
522 Posts |
Posted - 08/16/2009 : 00:16:30
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I think the line that would have to be drawn won't be drawn at all, they would have to run out of ink first! As long as there is paper to print things on they will continue to print more and more currency. I do not think the Governemnt is going to say 'Game over guys, are money is worth nothing' any time soon. They will continue to print until we can heat our house with the stuff (energy crisis solved)
Same with the FDIC, they aren't going to pop up and say' yeah you know those insured deposits? their not any more' and poof goes Billions of deposits (cue deflation). They will be backed by more and more useless paper. |
Robber Baron= Robarons |
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Largest bank failure so far this year
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