Mother of all Bank Runs on Aug 25th?

[DamianTV]

http://www.lewrockwell.com/sardi/sardi116.html

I dont trust information on either side, or speculators, and am just too lazy to pay attention to the economy when I dont have any money to spend anyway. We do seem to be in that time frame, August to October where the stock market is historically the least stable, so to me at least, there seems to be some plausability to this. Anyone else got a take on this? Im pretty much calling it 60-75% bullshit most likely...

 

[Cowlesy]

I vote for 100% BS.

 

[FrankRep]

America is just a few days away from a possible day of reckoning. I again call attention to this day, August 25, when the Federal Deposit Insurance Corporation issues its 2nd Quarter report for 2009 on the state of health of American banks.

We'll see I guess.

 

[Cowlesy]

Now if just a small portion of American bank depositors hear that the FDIC had to tap into the US Treasury for funds, and these depositors feel their banked money is at risk and want to withdraw some of it, the mother of all bank runs could ensue. This could create the day of reckoning that many have predicted. A short banking holiday would have to be declared and who knows what happens from there – troops in the streets, issuance of new currency, martial law? Don’t think those in the Federal government haven’t made plans for such an occurrence.

Americans will hear/already know the FDIC has a $500 billion credit line with the U.S. Treasury, they'll go to sleep at night and not think twice about their money.

I'm not saying they SHOULDN'T be concerned, but it's too complicated for about 95% of the public to figure out.

 

[devil21]

I bet Guaranty customers aren't too thrilled right now. They just got shut down with NO notice, other than the swirling rumors, and therefore no opportunity to withdraw accounts. I would not be surprised if bank runs start occuring soon. The FDIC just pretty much told everyone that they will not give notice of closings anymore regardless of bank size. If the sheep catch on to this, look out.

 

[HOLLYWOOD]

I think we were asking people that had accounts @ Guaranty to post if there were any runs on the branches... Nothing, Alls quiet on the Western front.

You know all these Costs, debts, and fees the FDIC is absorbing from the Banks will eventually be passed along to all us bank depositors with higher charges for services/interests loans and lower interest on deposits.

Again, the American people loose.

 

[youngbuck]

Two Fridays ago, Bob Chapman on The Alex Jones Show said his "sources" were predicting a bank holiday this coming Monday (24th), or shortly thereafter. However, he was on Alex's show yesterday and didn't mention it, so I'm not sure how serious he thinks the possibility is.

Ron Paul, however, has said that he doesn't predict a bank holiday anytime soon. They want to keep the ponzi scheme going as long as possible, and not wake up the public.

 

[dsarver88]

???

http://www.lewrockwell.com/sardi/sardi116.html

I dont trust information on either side, or speculators, and am just too lazy to pay attention to the economy when I dont have any money to spend anyway. We do seem to be in that time frame, August to October where the stock market is historically the least stable, so to me at least, there seems to be some plausability to this. Anyone else got a take on this? Im pretty much calling it 60-75% bullshit most likely...

well, I don't want to sound mean but if anyone has money in a traditional bank now they are assuming an informed risk

having all these banks close & shit down recently is the reply to anyone who says "I had no idea" when their money gets frozen up in a bank

if you need to keep a checking/savings account, then go with a credit union...

a flawed FED and FDIC is not a concern


In the United States, as of 2005 credit unions have 86 million members, which is 43.47% of the economically active population.[42] U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations.[43]

U.S. credit unions can be chartered by either the federal government ("federal credit unions")[44] or by a state.[45] The states of Delaware, South Dakota, and Wyoming do not regulate credit unions at the state level; in those states, a credit union must obtain a federal charter to operate.[46] All federal credit unions and 95% of state-chartered credit unions have "share insurance" (deposit insurance) of at least $250,000 per member through the National Credit Union Share Insurance Fund (NCUSIF).[47][48] This deposit insurance is backed by the full faith and credit of the United States government and is administered by the National Credit Union Administration.[49] As of December 2006, the NCUSIF had a higher insurance fund capital ratio than the fund for the Federal Deposit Insurance Corporation (FDIC).[50] U.S. credit unions also typically have higher equity capital ratios than U.S. banks.[51]

 

[Gideon]

Fiat Faith

This ain't the 1920s, when "money" had to take some type of tangible form; be it silver, gold or paper with pretty designs, dead Presidents, and numerical representations.

These days >95% of transactions are electronic, and thus, there will be no "bank runs" per se.

"Money" can be literally conjured from the ether and shifted in micro-seconds from one account to the next.

So long as people pray to the Dollar Deities, they will continue faithfully believing in fiat.

Fiat money. Fiat information. Fiat faith...

 

[hamilton1049]

Two Fridays ago, Bob Chapman on The Alex Jones Show said his "sources" were predicting a bank holiday this coming Monday (24th), or shortly thereafter. However, he was on Alex's show yesterday and didn't mention it, so I'm not sure how serious he thinks the possibility is.

Ron Paul, however, has said that he doesn't predict a bank holiday anytime soon. They want to keep the ponzi scheme going as long as possible, and not wake up the public.

This and Peter Schiff predicts no bank runs either.

 

[buffalokid777]

I vote for 100% BS.

I'm with you, Bank run not gonna Happen.

 

[buffalokid777]

We'll see I guess.

It's gonna be bad but not enough to send the American economy into a tailspin., the FDIC figures will be bad, but it is not the apocalaypse.

We need to look at these things with an open mind to know what is real and what is bull.

 

[Live_Free_Or_Die]

If enough people are converting dollar based savings accounts to commodities and people are holding on to their cash the system could approach a threshold that deepens public concern.

Use of cash is already encouraged due to vendors charging additional fees to pay with a card. There have been a lot of bank failures.

Even though the FDIC has an unlimited line of credit I can easily envision a scenario of hyperinflation.

The system is very strained. We need to keep hammering how the Federal Reserve is failing us at every opportunity. Kill this beast.

 

[Cowlesy]

I vote for 100% BS.

I win!

<now commences the ominous "well the timing might have been off BUT IT'LL STILL HAPPEN WE'RE DOOMED" comments>

 

[devil21]

I wasn't aware this was a competition Cowlesy?


(Maybe Im just catching the wrong posts or something but you seem to be kind of a vindictive asshole lately. Even basically mocking the membership here with posts like that one. Is everything ok with you? Your posts seem to have changed a lot in tone recently.)

 

[Dr.3D]

i wasn't aware this was a competition cowlesy?


(maybe im just catching the wrong posts or something but you seem to be kind of a vindictive asshole lately. Even basically mocking the membership here with posts like that one. Is everything ok with you? Your posts seem to have changed a lot in tone recently.)

lol :d

 

[Sarge]

His post changed and so did his avatar. I still like him even though, he no longer has the nice moderator listed.
Has he been sun bathing lately? New hair cut and growing a beard? Wait, he must need glasses now. Aging sure sucks.

Take a look at this gutsy Judge,

http://www.zerohedge.com/article/judge-rakoff-set-expose-every-detail-wall-streets-usage-sec-bidet

 

[Cowlesy]

I wasn't aware this was a competition Cowlesy?


(Maybe Im just catching the wrong posts or something but you seem to be kind of a vindictive asshole lately. Even basically mocking the membership here with posts like that one. Is everything ok with you? Your posts seem to have changed a lot in tone recently.)

Devil, as someone who works in financial services, I get especially peeved when someone just says "this is most likely the date" like this guy, or that Reinhardt guy who is constantly shape-shifting what he says. Whenever you hear someone say "THIS IS THE DAY", you should not believe them, because if something was that black and white that an event would occur on a given day, the event would have already occurred as market participants would have already acted. People just keep shifting their time periods for collapse....it was last fall...it was the spring, now it is this fall.

Inevitably, at some point people are going to realize this is a house of cards, but no one can forecast when it collapses. Inevitably, the people who shift their forecasts forward a few months each time will get it right, and people will celebrate their clairvoyance.

I just get my knickers in a knot when someone can just say "This is the day." That's all.

And if you want to take me to task on something, you are certainly welcome to here, but in PM's is probably a more appropriate forum --- again that is up to you.

hope this helps!

 

[devil21]

I don't see anyone on this thread claiming "This is the day". In fact, the thread title even has a "?" at the end and the OP expressly stated that he thought it was 75% bs but posted it anyway. Even the LRC link looked at it from a historical perspective including the current trend and the idea that the FDIC's report would be really ugly today. I fail to see "This is the day" in anything. Just an educated guess about possibilities.

Btw, I haven't seen a thing about the FDIC report that was supposed to be released today, which was the basis for the 8-25 date in the LRC post. Was it delayed like the WH budget report was? EDIT: Yes, the report was pushed back to Thursday. You probably should have waited until the basis of the article was proven wrong before claiming "victory".

Anyway, glad you're not having other issues.

 

[chris198]

I don't see anyone on this thread claiming "This is the day". In fact, the thread title even has a "?" at the end and the OP expressly stated that he thought it was 75% bs but posted it anyway. Even the LRC link looked at it from a historical perspective including the current trend and the idea that the FDIC's report would be really ugly today. I fail to see "This is the day" in anything. Just an educated guess about possibilities.

Btw, I haven't seen a thing about the FDIC report that was supposed to be released today, which was the basis for the 8-25 date in the LRC post. Was it delayed like the WH budget report was? EDIT: Yes, the report was pushed back to Thursday. You probably should have waited until the basis of the article was proven wrong before claiming "victory".

Anyway, glad you're not having other issues.

-points to the highlighted areas-

People jumping to conclusions, like Devil21 said, the report is not out yet. So it may happen, may not, We will see!