^^ So then the FDIC is worthless?

Also its worth noting that SECU seems to be doing just fine without any congressional money.

4/9/2009 12:21:47 AM

^ Don't credit unions and bank have different rules and regulations? I thought the credit unions couldn't get into a lot of the stuff that have brought the banks so much trouble.

4/9/2009 7:33:10 PM

lol touching the queen to socialism rants

i could drink 4 gallons of this sweet nectar

4/9/2009 7:44:22 PM

^^^ That's b/c credit unions have more...wait for it...regulations.

^ I figured the queen bullshit was old news so this is a free thread.

4/9/2009 9:05:56 PM

4/9/2009 10:10:50 PM

^^ The reference to SECU was mostly pointing out the fallaciousness of declaring that had the banks that were taken over not have been taken over that people wouldn't have money in their accounts. Substitute SECU for any of the local smaller banks and the point still stands.

And if your statement was that only people with money in those particular banks (the ones under gov control) wouldn't have money, that leads right back to the question of what the hell is the point of the FDIC then.

4/9/2009 10:55:00 PM

Fine fine the FDIC insures deposits up to yada yada yada

Banks in trouble still couldnt meet debt covenants so they were hoarding cash and not making loans including short-term payroll loans. No money for payroll = no job. No job = no money.

So really I'm right.

Plus violating debt covenants means that all that debt could be called and then the whole bank shits the bed b/c they dont have enough to cover it.

4/9/2009 11:58:44 PM