bleach168 wrote:Probably embellished a bit, but we were a lot closer to collapse than most people realize. The fall of Lehman bros caused unrepairable damage throughout the financial sector. Had more major financial institutions been allowed to fail, we would be deep in a depression right now.
I disagree, I think the majority of Americans know how close to "the depression" we really where.
Curtis Pride wrote:Anyone who is stupid enough to take their money out of their savings accounts because they are afraid of the bank going out of business deserves to have their money taken and be forcibly sterilized.
The government has been providing FDIC insurance on all banks for decades. People stupid enough to rush to the bank to take their money out, certainly weren't smart enough to amass the wealth to have over the $150k FDIC insurance at the time.
If the banks all close, how does the FDIC get their money to pa back each one of us? And how long would it take before we got our money? And how would we prove/ they prove which amount is correct.
It's tough times and most americans know we dodged a bullet, most of us also know it's most likely going to be a rouch next 2 years before it turns around and that's a big IF it turns around. I have no doubt it is a ugly market that will stay like this for a while