Okay, so who wants to get rid of the FDIC?

[Le Jacquelope]

Just so you attackers and name callers can see how stupid you've been, I'll recap what I originally wrote:

And if the FDIC didn't exist, how would we help people like Debbie Ingham who had $120,000 in the bank before this Andrew McCain (adopted son of John McCain)-run bank shut down? She participated with good faith in the market, and now $20,000 of her hard earned money is gone.

Libertarians would have abolished the FDIC and Debbie Ingham would have lost all $120,000 of her money.

So what would Libertarians have for people like that?

Can someone

ANYONE

tell me where in there I was discussing the rules of how to protect your money with the FDIC, when the whole subject was whether the FDIC should continue to exist?

If the FDIC doesn't exist, then making $100,000 bank accounts here and there is kind of moot: none of it is protected.

Oh man, I can smell your brains frying now.

 

[starrkers]

Presumably, if the first $100,000 wasn't insured, Debbie wouldn't have been so stupid as to put it all in a bank where it could be lost. As it was, Debbie's deposit was (knowingly or not) premised on the first 100K being insured. We can argue whether the FDIC made sense back in 1933 (If the FDIC didn't exist, people would probably keep their money in mattresses, or demand far better oversight of their banks to ensure that this sort of thing didn't happen), but your claim that today's Libertarians advocate the immediate abrogation of the premises underlying the current system seems a little silly.

No, that's the laissez-fairy answer. The real laissez-faire answer goes like this:

A bank is a company, a poorly run company will sooner or later go titsup. And if that hits a bunch of customers who weren't quick enough to jump ship, then tough titty.

And I'm not a deregulation fanatic. I'd rather have a visible than invisible hand. The devil you know, and all that. Jus6t thought I'd set the record straight on that common mispreception of yours.

There are also private insurers that will cover your losses over the 100,000 dollar amount.

But the smart money is in diversification.

Seems like those three answers were in response to the original question to me, but I'm too stupid to comprehend what I read, aren't I?

The only one who wasn't directly on-topic was sr71plt. He wasn't rude, he just wasn't addressing the minutaie of your topic, but the general issue. And what was your response?

Okay shit for brains, if you want to get into name calling, two can play that.

Where the hell would she put her money if it wasn't going to go into a bank?

Do you realize what would happen to this economy if people didn't trust banks with their money and banks didn't have that money to invest?

Are you really flying that high without an oxygen mask?

Seems to me, you threw the first name call - or is "shit for brains" a term of endearment?

Guess what, mate? Unlike the GB, most of the folk here are intelligent, articulate and can actually read and comprehend. Screaming abuse and holding your breath till you turn blue doesn't impress them much.

 

[Le Jacquelope]

Seems like those three answers were in response to the original question to me, but I'm too stupid to comprehend what I read, aren't I?

Saucy Sage was the closest to being on topic, but then s/he was factually wrong. I can show him/her a Heritage Foundation platform that calls for abolishing the FDIC in favor of a joke-er, a private version.

I've primarily been attacked over how to work the FDIC, not how to cope entirely without it. Do you need me to show you examples?

The only one who wasn't directly on-topic was sr71plt. He wasn't rude, he just wasn't addressing the minutaie of your topic, but the general issue. And what was your response?

Seems to me, you threw the first name call - or is "shit for brains" a term of endearment?

LaJoke isn't name calling? Oh wait, it's not namecalling when it's done by someone you like. It's only name calling when it's done by someone you don't like. Sillyme.

Guess what, mate? Unlike the GB, most of the folk here are intelligent, articulate and can actually read and comprehend. Screaming abuse and holding your breath till you turn blue doesn't impress them much.

But you're more than happy to do it to me and then claim you aren't doing it... like you did above.

Don't start none, won't be none. Don't call me "LaJoke" and I won't call you shit for brains. But don't give me that "do as I say do" nonsense that you're giving me now.

 

[starrkers]

Y'know, you need to learn a few new tricks. Poking the monkey is only fun if there's a variety of responses.

http://i7.photobucket.com/albums/y286/starrcats/smilies/squashtwit.gif

 

[Le Jacquelope]

Y'know, you need to learn a few new tricks. Poking the monkey is only fun if there's a variety of responses.

You can't accuse me of being factually off the mark, so instead you come up with a lame copout like this.

Yup, I was right to put more of my time in other forums outside of Lit. I post the same thing, I get much more intelligent and mature results.

You guys even one-bomb each other's stories in secret.

You're definitely no better than the GB.

 

[sr71plt]

Yup, I was right to put more of my time in other forums outside of Lit.

Yes, you are absolutely right there. Go for it, big guy.

 

[starrkers]

Yup, I was right to put more of my time in other forums outside of Lit. I post the same thing, I get much more intelligent and mature results.

Don't let us detain you any longer.

 

[Le Jacquelope]

Don't let us entertain you any longer.

^^^^^ FYP.

I already know what your major mental malfunction is. All I need to do is speak in plain English and you'll be attacking points I never brought up in no time.

The "anyone who puts all their money in one bank is an idiot" rants would be a source of nationwide ridicule if I could convince John McCain to say it.

Obama could quit his campaign and go play basketball for the next 5 weeks.

I'm actually sending sr71plt's rants to the McCain camp to see if they pick up on it. Or, at least, if the right wing blogs do.

Sadly I doubt they'll be that stupid. Damn.

 

[starrkers]

^^^^^ FYP.

I already know what your major mental malfunction is. All I need to do is speak in plain English and you'll be attacking points I never brought up in no time.

The "anyone who puts all their money in one bank is an idiot" rants would be a source of nationwide ridicule if I could convince John McCain to say it.

Obama could quit his campaign and go play basketball for the next 5 weeks.

I'm actually sending sr71plt's rants to the McCain camp to see if they pick up on it. Or, at least, if the right wing blogs do.

Sadly I doubt they'll be that stupid. Damn.

Now who's suffering from comprehension difficulties? I said "detain" not "entertain". Look it up.

Where did I say "anyone who puts all their money in one bank is an idiot"? In the current climate, and in my country, anyone who puts all their money in any number of banks is an idiot. As far as I'm aware, there's no safety net at all here. If the bank goes titsup, you do your dough completely.

I originally came to this thread to try and get a handle on the US system. All I got was another lesson in the ignorance and inherent incivility of some denizens of the internet.

 

[sr71plt]

:I originally came to this thread to try and get a handle on the US system. All I got was another lesson in the ignorance and inherent incivility of some denizens of the internet.

*sob* And here I thought the time I spent trying to give you a rundown on the functioning of the FDIC system would help. Well, pooh.

 

[Belegon]

Quick clarification:

100,000 per DEPOSITOR per institution. If you have 50K in a checking and 75K in a savings and 100K in a CD... you're exposed to 125K of risk.

Accts. are treated by ownership. So, if those were the accounts of a married couple...and all are joint.

Jack is covered for 100K, Susie is covered 100K. 25K is at risk.

Let's address this situation by adding their daughters name as a full owner on the savings account. At that point, the savings account counts as 25K towards Jack, 25K towards Susie and 25K toward daughter Jill. As long as Jill has no other accounts with that institution, they are covered.

The issue of the type of account does not come into play until we start talking about tax-deferred retirement accounts like IRA's and 401k's. Although I left the industry in August 2007, and am not sure how this coverage of money market funds that was recently announced works.

By the way, the FDIC website example is possibly flawed. I actually laughed when I saw it. Marci's Memories would not be a same-vesting sole proprietorship, at least not in CA. In order to be a sole proprietorship without Fictitious Name Statement, it would have to have her FULL name. Therefore, Marci Smith's Memories could be a sole proprietorship. But Marci's Memories would be a separate vesting... and is therefore it's own entity.

Trusts work in a similar fashion.

Mind you, this is all from memory. I have not looked at the regs since I left the banking business last year. So things may have changed, but I don't recall seeing anything that said they had.

 

[Le Jacquelope]

Now who's suffering from comprehension difficulties? I said "detain" not "entertain". Look it up.

You said detain. I fixed it. The accurate word is 'entertain'. You cannot do anything but entertain me at this point.

Where did I say "anyone who puts all their money in one bank is an idiot"?

I didn't say YOU said it. The comment came from sr71plt. And if he were to convince John McCain to say it, McCain's candidacy would die. It would be a game ending gaffe. But not here, nosiree. The fact that his comment - and his namecalling - got by the likes of a moral arbiter like you - says things have gone wrong here and this forum lack the intelligence to talk down to the GB. But hey, I feared as much back when Bostonfictionwriter brought all those one-bombings to light.

In the current climate, and in my country, anyone who puts all their money in any number of banks is an idiot. As far as I'm aware, there's no safety net at all here. If the bank goes titsup, you do your dough completely.

I originally came to this thread to try and get a handle on the US system. All I got was another lesson in the ignorance and inherent incivility of some denizens of the internet.

And you become part of the incivility by making excuses for sr71plt's bad behavior.

It really doesn't matter much any more. The fact that you say "In the current climate, and in my country, anyone who puts all their money in any number of banks is an idiot" says you're immature. You'd lay the blame on the depositors and not the people running the banks into the ground.

 

[starrkers]

*sob* And here I thought the time I spent trying to give you a rundown on the functioning of the FDIC system would help. Well, pooh.

So you did, sr. I did read that and thought I'd thanked you for your efforts, but I guess it got lost in the wreckage somewhere.

 

[Le Jacquelope]

So you did, sr. I did read that and thought I'd thanked you for your efforts, but I guess it got lost in the wreckage somewhere.

It got lost in the utter wreckage of his kook rant:

"although anyone who would put more than $100,000 in a single bank these days has the brain of a watermellon"

At that point he lost all credibility.

Like I said, I would love for him to convince McCain to say this in public. It's a career ender. Comments like that would even get a banking CEO shitcanned if it got out.

 

[starrkers]

How is commonsense a career ender?

Seriously, wouldn't someone with more than $100,000 at their disposal be better served to invest it in a secure form than in a standard, unsecure bank account? Is there any particular need to have that much money as a liquid asset?

 

[sr71plt]

So you did, sr. I did read that and thought I'd thanked you for your efforts, but I guess it got lost in the wreckage somewhere.

Yeah, I caught that--thought you might have changed your mind.

Lest anyone should think I've changed my mind about this, though, I'll repeat it:


Anyone who would put more than $100,000 in a single U.S. bank these days has the brain of a watermellon.

 

[Zeb_Carter]

It is not stupid to put more than $100,000 in a single account and you know it. You're just spouting this nonsense to be a troll. Furthermore you would not ever say this to anyone's face, coward. You never have spouted this garbage to someone's face who has that much money in the bank.

You would not dare walk up to someone like Debbie Ingham and say "Well if you're stupid enough to put more than $100,000 in a single account for more than a short period of time, you deserve what you get. Exactly, $100,000." You know better. I know you know better. ...

You don't know me at all. And everyone I know who has more than $100,000 to put in a bank doesn't keep all their eggs in one basket. But if they did I would be kind enough to point out their error.

I have and will continue to point out the errors of the human condition...that the government is not the answer to all the ills that befall you in your life.

As of right now, if you are too stupid to read the rules and regulation on FDIC, that's not my fault, nor the fault of any government agency.

As for people who can put $600,000 or more cash in a bank, well I'm quite sure that arrangements could be made so that if they do go out of business your (ass)ets are covered by some type of insurance that they happily pay for. And let's not forget with that kind of money in their vault I'm pretty sure they would be paying a much higher interest rate than passbook savings get.

 

[Le Jacquelope]

You don't know me at all. And everyone I know who has more than $100,000 to put in a bank doesn't keep all their eggs in one basket. But if they did I would be kind enough to point out their error.

By this comment I know enough about you. I know that you don't get out much.

You would be unlearned of this ignorance you spew in a hurry, if you did.

The error is NEVER with the depositor, when the bank loses their money. The error is with the BANK. Nobody is STUPID for wanting to put their money in one easy to manage place.

Everyone knows that. You know that, too. So does Starrkers, sr71plt and the rest of you. Spare me your bullshit.

See you at the political front lines. Oh wait, I never encounter an idiot like you on the street or in the finance community. You'd be fired for saying this shit in person. FIRED.

The only time I will ever encounter you, aside from online, is when I stop to volunteer at Loaves for Fishes.

 

[Le Jacquelope]

You know, if the economy gets any worse, those of you brave enough to say people were stupid for putting > $100,000 in one account, will be the second bunch to be put to the wall and shot.

The first ones will be the banking execs who caused this disaster.

That's part of why I am hoping for an economic collapse.

That's when We the People will make short work of people like sr71plt and the garbage he spews online now, won't be heard any more.

The people out there are getting tired of your bullshit. I'd watch my mouth if I were you. No shitting here. I honestly won't get a chance to put a foot up your ass. Someone else is 100% guaranteed to get you first.

Sleep tight. Keep yer ammo dry.

 

[starrkers]

You said detain. I fixed it. The accurate word is 'entertain'. You cannot do anything but entertain me at this point.

Let me rephrase it for you, seeing as you obviously don't understand: "Don't let me keep you from your intelligent and mature forums."

You know, if the economy gets any worse, those of you brave enough to say people were stupid for putting > $100,000 in one account, will be the second bunch to be put to the wall and shot.

The first ones will be the banking execs who caused this disaster.

That's part of why I am hoping for an economic collapse.

That's when We the People will make short work of people like sr71plt and the garbage he spews online now, won't be heard any more.

The people out there are getting tired of your bullshit. I'd watch my mouth if I were you. No shitting here. I honestly won't get a chance to put a foot up your ass. Someone else is 100% guaranteed to get you first.

Sleep tight. Keep yer ammo dry.

You really are an idiot masquerading as a smart man. I get it.

 

[Le Jacquelope]

Today, 02:10 AM
Remove user from ignore list
starrkers
This message is hidden because starrkers is on your ignore list.

Okayyyy, now that that troll is silenced...

sr71plt you know full well as I do that you're screeching because your fantasy age of cowboy yeehaw rugged bullshit is over and done with.

The Government is stepping in more to protect Joe Citizen and you hate it.

I'm going to tell you ahead of time what's gonna happen when I return home from my trip here in San Francisco.

I'm going to pose as you and post your comments word for word in finance forums where they're discussing the Silver State Bank's shutdown and show you what people think of your idiocy.

You are by far the stupidest person on all of Literotica. By far.

 

[Le Jacquelope]

http://www.examiner.com/r-2269500~How_Silver_State_Bank_s_Closing_Affected_One_Valley_Woman.html

"9:13 AM MST on Tue., Sep. 30, 2008

sr71plt said:
Sounds like some folks around here can't get their heads around a sum like $100,000. All you do is put money in multiple bank accounts. You can just open up another account in the same bank, if you're lazy, although anyone who would put more than $100,000 in a single bank these days has the brain of a watermellon."

LOL let's see how long it is before that gets zapped for being inappropriate.

A good indicator of how people would deal with your bullshit in real life.

 

[Selena_Kitt]

You know, if the economy gets any worse, those of you brave enough to say people were stupid for putting > $100,000 in one account, will be the second bunch to be put to the wall and shot.

The first ones will be the banking execs who caused this disaster.

That's part of why I am hoping for an economic collapse.

And the chicken littles will have long before been shot by a local militia while running around yelling about the sky falling.

Just because they were so damned annoying.

 

[sr71plt]

What a surprise!

CNN about three minutes in a special segment on protecting your money:

Bottom line: if you have more than $100,000 to bank in the current banking atmosphere, be smart and spread it over several banks.

(snigger)

 

[Safe_Bet]

What a surprise!

CNN about three minutes in a special segment on protecting your money:

Bottom line: if you have more than $100,000 to bank in the current banking atmosphere, be smart and spread it over several banks.

(snigger)

LOVE the new sig!