Run on the Banks

[Jeff7]

Originally posted by: Pathogen03
Well you havent really given a reason for WHY you want to withdraw

what does it accomplish?

He's already made the argument: Anandtech sucks. It's flawless logic.
FDIC insured? Sounds like your money's going to be just fine. Interest rates might go down a bit, that's all. That's part of why we can have a stable banking system - it's trustworthy, it's insured, and it's guaranteed by the US Government. Otherwise, every time someone said the word "recession" in idle conversation, there'd be another run on the banks, and soon people would just go back to keeping gold coins, or turnips, under their mattresses.

 

[Queasy]

Originally posted by: edro

Originally posted by: DaveSimmons
Only if you take the money and buy lots of guns and ammo.

... and canned food and lamp oil...

Don't forget the bread and milk.

 

[Duddy]

Originally posted by: BlinderBomber

Originally posted by: Duddy
Anandtech sucks.

Go post on the Ron Paul forums.

Go post on the Alchoholics Anonymous forums.

 

[Duddy]

Originally posted by: Jeff7

Originally posted by: Pathogen03
Well you havent really given a reason for WHY you want to withdraw

what does it accomplish?

He's already made the argument: Anandtech sucks. It's flawless logic.
FDIC insured? Sounds like your money's going to be just fine. Interest rates might go down a bit, that's all. That's part of why we can have a stable banking system - it's trustworthy, it's insured, and it's guaranteed by the US Government. Otherwise, every time someone said the word "recession" in idle conversation, there'd be another run on the banks, and soon people would just go back to keeping gold coins, or turnips, under their mattresses.

I heard that the insurers might pull out. That's why I asked. I don't want the FDIC to stop insuring my money. And then my bank closes and I can't get my money.

I'm not a woowoo, but I haven't exactly ever lived through an economic chrisis.

 

[JayMassive]

Originally posted by: Jeff7

Originally posted by: Pathogen03
Well you havent really given a reason for WHY you want to withdraw

what does it accomplish?

He's already made the argument: Anandtech sucks. It's flawless logic.
FDIC insured? Sounds like your money's going to be just fine. Interest rates might go down a bit, that's all. That's part of why we can have a stable banking system - it's trustworthy, it's insured, and it's guaranteed by the US Government. Otherwise, every time someone said the word "recession" in idle conversation, there'd be another run on the banks, and soon people would just go back to keeping gold coins, or turnips, under their mattresses.

Is Anandtech FDIC insured? If Anandtech sucks, and the economy sucks enough to pull his money out of banks and move to a cave or whatever, how will that work?

 

[Jeff7]

Originally posted by: Duddy
I heard that the insurers might pull out. That's why I asked. I don't want the FDIC to stop insuring my money. And then my bank closes and I can't get my money.

I'm not a woowoo, but I haven't exactly ever lived through an economic crisis.

Heard? From who? The New York Post? The National Enquirer?

The economy is cyclical, I think because people get impatient, and act too quickly. If the economy seems to be strong, people overspend, or else it starts to grow too quickly, past equilibrium. Then it slows down, and might go into a recession, to eliminate some of the extra business and money flying around. Once the economy's pared down again (though still to a level that results in net growth), it starts to gain momentum once again. Then overspending and overgrowth starts up, and the cycle is complete.
It's like blood flow resulting from a heartbeat, rather than a steady flow. The economy moves forward in a surge, then slows, then surges again, then slows. But like the bloodstream, the net movement is forward.

Originally posted by: JayMassive
Is Anandtech FDIC insured? If Anandtech sucks, and the economy sucks enough to pull his money out of banks and move to a cave or whatever, how will that work?

We're insured by NEF: National Endowment for Facetiousness. Its CEO, Rick Astley, says that he will do whatever it takes to keep the money rolling, as only Rick can do. I understand that there's some sort of partnership with Youtube involved in that.

 

[Pathogen03]

Originally posted by: Duddy

Originally posted by: Jeff7

Originally posted by: Pathogen03
Well you havent really given a reason for WHY you want to withdraw

what does it accomplish?

He's already made the argument: Anandtech sucks. It's flawless logic.
FDIC insured? Sounds like your money's going to be just fine. Interest rates might go down a bit, that's all. That's part of why we can have a stable banking system - it's trustworthy, it's insured, and it's guaranteed by the US Government. Otherwise, every time someone said the word "recession" in idle conversation, there'd be another run on the banks, and soon people would just go back to keeping gold coins, or turnips, under their mattresses.

I heard that the insurers might pull out. That's why I asked. I don't want the FDIC to stop insuring my money. And then my bank closes and I can't get my money.

I'm not a woowoo, but I haven't exactly ever lived through an economic chrisis.

the FDIC CANT un-insure banks.. in a worst case scenario the Fed can print more money on the short term before selling back to the market to reel it back in. The US Banking system is very complex, and very safe. There is no real reason to worry.

 

[Capt Caveman]

Originally posted by: Duddy

Originally posted by: Jeff7

Originally posted by: Pathogen03
Well you havent really given a reason for WHY you want to withdraw

what does it accomplish?

He's already made the argument: Anandtech sucks. It's flawless logic.
FDIC insured? Sounds like your money's going to be just fine. Interest rates might go down a bit, that's all. That's part of why we can have a stable banking system - it's trustworthy, it's insured, and it's guaranteed by the US Government. Otherwise, every time someone said the word "recession" in idle conversation, there'd be another run on the banks, and soon people would just go back to keeping gold coins, or turnips, under their mattresses.

I heard that the insurers might pull out. That's why I asked. I don't want the FDIC to stop insuring my money. And then my bank closes and I can't get my money.

I'm not a woowoo, but I haven't exactly ever lived through an economic chrisis.

The FDIC is not going to stop insuring your money.

/thread

 

[preslove]

Yes, the economy is in going into recession, but I have a foolproof investment plan that resists all recessions. The thing is, it's a secret (if it got out, everyone would do it and then it wouldn't be profitable). Paypal me a $500 deposit and I can GUARANTEE you a 20% return on your investment over the next 6 months. PM me for details.

EDIT: And you CAN'T TRUST THE GOVERNEMENT TO INSURE YOUR MONEY!!!!!11111

 

[BarneyFife]

Originally posted by: Duddy
I watched last night and today as markets around the world dropped bigtime. With all the talk about the recession starting hardcore this week, I wondering if I should bother withdrawing all my money from the bank tomorrow morning while the US markets crash?

Yup. World is going to end.

 

[coopa]

Originally posted by: Duddy

Originally posted by: Jeff7

Originally posted by: Pathogen03
Well you havent really given a reason for WHY you want to withdraw

what does it accomplish?

He's already made the argument: Anandtech sucks. It's flawless logic.
FDIC insured? Sounds like your money's going to be just fine. Interest rates might go down a bit, that's all. That's part of why we can have a stable banking system - it's trustworthy, it's insured, and it's guaranteed by the US Government. Otherwise, every time someone said the word "recession" in idle conversation, there'd be another run on the banks, and soon people would just go back to keeping gold coins, or turnips, under their mattresses.

I heard that the insurers might pull out. That's why I asked. I don't want the FDIC to stop insuring my money. And then my bank closes and I can't get my money.

I'm not a woowoo, but I haven't exactly ever lived through an economic chrisis.

Dude, I like totally see where you are coming from with this. Insurers sound pretty shady. If you check out their website, it looks pretty official though... They should make like, reseller ratings but for bank insurers.
Check this one out:

http://www.fdic.gov/

 

[Duddy]

Originally posted by: Jeff7

Originally posted by: Duddy
I heard that the insurers might pull out. That's why I asked. I don't want the FDIC to stop insuring my money. And then my bank closes and I can't get my money.

I'm not a woowoo, but I haven't exactly ever lived through an economic crisis.

Heard? From who? The New York Post? The National Enquirer?

The economy is cyclical, I think because people get impatient, and act too quickly. If the economy seems to be strong, people overspend, or else it starts to grow too quickly, past equilibrium. Then it slows down, and might go into a recession, to eliminate some of the extra business and money flying around. Once the economy's pared down again (though still to a level that results in net growth), it starts to gain momentum once again. Then overspending and overgrowth starts up, and the cycle is complete.
It's like blood flow resulting from a heartbeat, rather than a steady flow. The economy moves forward in a surge, then slows, then surges again, then slows. But like the bloodstream, the net movement is forward.

Originally posted by: JayMassive
Is Anandtech FDIC insured? If Anandtech sucks, and the economy sucks enough to pull his money out of banks and move to a cave or whatever, how will that work?

We're insured by NEF: National Endowment for Facetiousness. Its CEO, Rick Astley, says that he will do whatever it takes to keep the money rolling, as only Rick can do. I understand that there's some sort of partnership with Youtube involved in that.

Thank you for the awesome answer. I learned from it. I'm only 21, people here expect me to know everything.

 

[Squisher]

Originally posted by: Duddy
Anandtech sucks.

We're all the product of pot smoking parents.

 

[manowar821]

Originally posted by: Squisher

Originally posted by: Duddy
Anandtech sucks.

We're all the product of pot smoking parents.

Actually, those are the nice ones...

 

[LegendKiller]

A run on the banks? ROFL. What is this? 1929?

 

[BoomerD]

Now seriously...how bad do you really think this would hurt the bank? I'm sure my 39 cents wouldn't matter one bit if I took it out tomorrow...

 

[Captante]

Originally posted by: Duddy
Duddy sucks.

Fixed.

 

[Special K]

I seriously LOL'd at this thread. Thanks for the laugh OP :thumbsup:

 

[Rubycon]

Run on the banks?

How about Run to the banks?

Chicken little causes these kinds of things to happen.

 

[AnonymouseUser]

You are 6 months too late, Duddy. The money has already been withdrawn.

 

[Alistar7]

Originally posted by: FoBoT

Originally posted by: Duddy
With all the talk about the recession starting hardcore this week, ...

that demonstrates a fundamental misunderstanding, "recessions" don't start on a certain day or week, they are macro events, they start over a period of months

besides, taking US dollars out of the bank is meaningless, they are just as worthless in your pocket as in the bank, so withdrawing cash in a panic would be silly


now buying some guns/ammo with your debit or credit card, that i can see as a good move


<note to self, stop at the new Bass Pro Shop tonight and buy a gun/ammo>

Are you telling me the O/P does not have the hook up for recession proof pants??????? We are all doomed.....

 

[Jhill]

I heard a rumor that Bush will Declare Marshal Law at 8pm Eastern tonight.

 

[Rubycon]

Originally posted by: Jhill
I heard a rumor that Bush will Declare Marshal Law at 8pm Eastern tonight.

No electric guitars after 0100 UTC?

:laugh:

 

[Fern]

Originally posted by: Duddy

Originally posted by: Jeff7

Originally posted by: Pathogen03
Well you havent really given a reason for WHY you want to withdraw

what does it accomplish?

He's already made the argument: Anandtech sucks. It's flawless logic.
FDIC insured? Sounds like your money's going to be just fine. Interest rates might go down a bit, that's all. That's part of why we can have a stable banking system - it's trustworthy, it's insured, and it's guaranteed by the US Government. Otherwise, every time someone said the word "recession" in idle conversation, there'd be another run on the banks, and soon people would just go back to keeping gold coins, or turnips, under their mattresses.

I heard that the insurers might pull out. That's why I asked. I don't want the FDIC to stop insuring my money. And then my bank closes and I can't get my money.

I'm not a woowoo, but I haven't exactly ever lived through an economic chrisis.

Oookay. I believe we have a case of confusion here.

If it's your uncle that mentioned this to you I can only assume he's been listening Kramer (semi bald screaming investment guy on TV).

Kramer was talking about insurers being in trouble. But it's not the fed (FDIC) it's private insurers in the secondary markets. Those insuring banks from their losses on CDOs (bonds backed by low quality home mortgages). Apparently these insurers aren't liquid enough to cover the banks if the CDOs prove worthless (CDOs are Collateralized Debt Obligations FYI)

Don't worry about it.

Fern

 

[Special K]

Originally posted by: Rubycon

Originally posted by: Jhill
I heard a rumor that Bush will Declare Marshal Law at 8pm Eastern tonight.

No electric guitars after 0100 UTC?

:laugh:

lol