MsStar39's tags:

My friend Jeff wrote this and  I thought that it was worth sharing:

Every Friday Night

At closing time on friday nights the FDIC moves in to take over banks who have failed due to risky bets.

These banks are warned in advance by a court order to cease and desist.

This information is not shared with the customers,or employees of the bank.

There are three ways to close a bank

1.Close the bank,and pay off depositors.

2.Take over of operations by FDIC.

3.Sell the sick bank to the highest bidder,who is quaranteed up to 80% of it's deposits by FDIC.

Last year 25 banks failed.

This year we already have 16 failed banks.

Dozens more will fail this year alone.

The FDIC expects to spend 65 billion dollars on closing failed banks over the next five years.

Allowing banking institutions to grow too large is the same as letting the other monopolies who have tried to hold the nation hostage to it's demands have their way.

Teddy Roosevelt was a trust buster for this very reason.

Too much power in the hands of too few,always leads to abuse.

Let these paper tigers fail,and replace them with smaller,easy to regulate community banks.

Keep your money in your neighborhood......fix your own potholes with local labor.

Jeff Jones

The House of jeffness.org



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Comments

  • uniquely-ironic said on Mar 24, 2009....
    In this economy it's hard to know who to trust with your money.  While I despise my bank, I did note that it is one of the few that seems to be thriving in this economy.  Probably off the misfortune of it's customers, but at least when I wake up in the morning I can be reasonably sure it will still be there.
  • Hegemone said on Mar 24, 2009....
    Yup, there's definitely been a lot of talk about keeping it under the mattress or letting it stay in the bank.  I figure, fine, I'll keep it in the bank but I just might be tempted to pull it back out at signs of significant trouble.  Its really scary not knowing where to turn ... who will be next, ya know?
  • gingersoul said on Mar 24, 2009....
    MsStar.....yes...this is the harsh reality now...
     
    Do you know of a site that shows which banks are the "safest" one to keep our money in?
  • MsStar39 said on Mar 24, 2009....
    Ginger I don't know of any site that says one is safer then the other. Jeff says to do Business with your small local bank.

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