When the government tells you the Banking system is safe do you

All of my debt is with NFCU. If they just disappear tomorrow with my money, I don’t plan on paying the debt I owe.

originally posted by: Middleoftheroad
All of my debt is with NFCU. If they just disappear tomorrow with my money, I don’t plan on paying the debt I owe.

It might not be that easy. My Brother had a problem with his bank years ago. Darn thing got shut down. He had no access to his money. He had his mortgage with the bank. And they tried to foreclose on his house because he did not send them a payment, because their bank was shut down.

It is was an ugly mess to get straightened out.

a reply to: NightSkyeB4Dawn

I've had banks close on me before and each time my accounts were transferred over to another bank. In my cases, they were transferred to the bank the had purchased my old bank.

In the US, bank deposits of up to $250,000 are insured by the FDIC and credit unions have a similar insurance, the NCUA.

Mortgages and over debts don't just go away because a bank fails, on the contrary, payments on those debts are still due as scheduled.

a reply to: JAGStorm

the dot.com bubble burst a few months ago..

instead of all roads leading to Rome they lead to the tech industry today..

a reply to: JAGStorm

Thanks for your reply.

Am getting a fuzzy memory, of a thread on here from 3 or 4 years ago, about some sort of beautiful resort inland somewhere in south-central Florida ?
For reasons unexplained : the resort was just left to fall-apart ?

If fuzzy serves : it was like on a dry peninsula, around where most folks think it's just swamps ?

Don't have to say where, if you think it should stay under the radar.

a reply to: Nothin

Florida has some beautiful springs that are absolutely amazing, very refreshing, tucked away, and not very well known about, especially by the tourists.

One of the springs even has live mermaids.

a reply to: IndieA

I’ve been to Weeki Wachee and got to see the mermaid show. It was awesome.

I had some friends in Spring Hill and one of them worked there.

a reply to: KTemplar

I haven't gotten to watch the mermaid show yet, but I did get to spend a day kayaking the spring which was a lot of fun and a bit of exercise.

a reply to: IndieA

Thanks for that.
The place looks real sweet, especially the little cruise-boat !

When fishing for mermaids : what kind of bait interests them ?

originally posted by: IndieA

originally posted by: olaru12
If you have any disposable income, it's time to invest in Military Industrial stocks. I see more and more war birds flying over my property every day getting ready for the inevitable.

Sure, if your conscience can live with supporting and profiting from war.

What is this thing you call conscience?

G.Gecko

originally posted by: Dalamax

originally posted by: IndieA

originally posted by: olaru12
If you have any disposable income, it's time to invest in Military Industrial stocks. I see more and more war birds flying over my property every day getting ready for the inevitable.

Sure, if your conscience can live with supporting and profiting from war.

What is this thing you call conscience?

G.Gecko

Conscience: an inner feeling or voice viewed as acting as a guide to the rightness or wrongness of one's behavior.

Actions have consequences, even small ones, even investments.

originally posted by: Nothin
a reply to: IndieA

Thanks for that.
The place looks real sweet, especially the little cruise-boat !

When fishing for mermaids : what kind of bait interests them ?

That's a good question.

I'm thinking that music festival tickets might be a good choice.

originally posted by: JAGStorm
Believe them?


Serious question. How safe do you feel with our banking system?

The cynic in me automatically believes the exact opposite. If they are telling us it’s safe, it much be much much worse than I imagined!
Please take this all as speculation.

If banking is safe, there is no need to say so, it is a fact, it either is or it isn’t.
Two banks have had issues, one was the 16th largest, but they were not banks that I’ve heard of in the past. I think most of us
Can gather they were doing illegal things and should be punished and the customers would get funds from insurance…but…
What I’m worried about is if we do hear about banks that are well known…

I’ve heard from numerologists and other tin hat wearers (that isn’t an insult) that Bank of America is next. I don’t know if that is true or not, but nothing would surprise me at this point.
If that happens, then we’ve got problems.

Is it already happening behind the scenes and we’re like a big Jenga game, one poke from collapse?

Biden & goons have done nothing to give confidence in our financial situation. Housing is next

a reply to: SecrettoSociety

Well the housing market is in a bubble and bubbles pop.

The bubble popping could very well lead to more affordable home values. Good for those looking to buy, but bad for those who already own homes, as no one wants the value of their home to drop.

Some people probably shouldn't of spent $400,000 on a 3br home in an average neighborhood, but that's on them, and wtf do I know anyway? Time will tell.

originally posted by: IndieA
a reply to: SecrettoSociety

Well the housing market is in a bubble and bubbles pop.

The bubble popping could very well lead to more affordable home values. Good for those looking to buy, but bad for those who already own homes, as no one wants the value of their home to drop.

Some people probably shouldn't of spent $400,000 on a 3br home in an average neighborhood, but that's on them, and wtf do I know anyway? Time will tell.

Homes & Sticks are over valued & a correction has to happen. People need chances to home a home .

a reply to: JAGStorm

“Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you, we will not stop at this. We’ll do whatever is needed,” Biden said on Monday

shock waves from the collapse of Silicon Valley Bank pounded global bank stocks further on Tuesday, with calls for calm from Biden and other policymakers doing little to reassure markets

SVB had surprised the market two days earlier by disclosing a $1.8bn after-tax loss from investment sales and that it planned to raise capital, as it scrambled to meet demands from customers who wanted to access their deposits.

The FDIC on Monday named Tim Mayopoulos, the former chief of Fannie Mae, as the chief executive officer of Silicon Valley Bank.

SVB’s failure was primarily the result of $1.8 billion in market value losses in its large U.S. Treasury bond portfolio

Just watch the 2 year treasury bond yield. It fell from 5 to 4 percent from 3/7 to 3/13. If just falling that much can trigger so much losses, the FDIC needs to takeover that bank, imagine how many banks the FDIC will have to take over if the 2 year bond yield falls back below 1% where it was for most of the 2010s.

Looks like a federal takeover of the banking system is underway… or is SVB just an isolated event?

a reply to: InachMarbank

Talk is cheap and time will tell, but I think this is an isolated event that will blow over.

Here's an interesting thought though; since these days mortgages get bundled and resold, what are the chances that a lot of people's retirement plans and pension funds are invested in their mortgages?

they would say you are looking in the wrong direction. East has always been the way you are not looking lol.

a reply to: incoserv

a reply to: IndieA

Would you rather those people paid 2x that to rent instead? As that was the cheapest home they could buy???

a reply to: chris_stibrany

I didn't say anything about home buyers or owners, nor do I blame them for anything.

People have a right to spend their money and enter into contracts as they choose.

Personally, I'm renting until homes become affordable again. It happened after 2008, so I think that there is a good chance that it will happen again. We are already seeing an increase in foreclosures.

I did what I could on my end. Besides not buying into an inflated market, and when my landlord went to raise my rent by X, I was able to negotiate the increase down to 1/2X at least. It's something.