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blphnx asked in News & EventsCurrent Events · 1 decade ago

Is American in trouble? Are bank deposits for once at risk? ?

Can you believe this?

What does this mean?

"Once in century kind of phenomenon!" "This is the financial storm of the century!"

"Congress must recapitalize FDIC immediately!"

"1 trillion at risk, FDIC can only cover $50 billion!"

That''s just some of the headlines that can be said about our present situation.

Check this out from NASDAQ (coincidently, not part of this topic, but I realized when watching this clip that I walked right past the window in the background of this video just a few days ago).

What are your thoughts on this, should we be worried?

http://finance.yahoo.com/tech-ticker/article/56994...

Update:

Thanks for the answers...

This is another one I just came across... it's a problem around the world now...

"Asian stock markets tumble after Wall Street falls" http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/wo...

Update 2:

*

Again, thank you all for your answers. Everyone seems to agree this is a huge problem for our country, and it's being felt around the world, kinda scary.

I just posted a new question on this based on more information which has come out since yesterday...

"CRASH? Do you agree with Forbes? That the United States facing perhaps the worst financial crisis since 1933?"

http://answers.yahoo.com/question/index?qid=200809...

11 Answers

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  • RE
    Lv 7
    1 decade ago
    Favorite Answer

    What part of catastrophe do you not understand?

  • Anonymous
    5 years ago

    So would you agree or disagree that the economy is the MOST IMPORTANT issue in our country NOW? You must be kidding because the bad American financial situation seen from outside (Europe) is getting REALLY serious. Lehman's bankruptcy must be the largest failure of an investment bank since I don't even know, it was founded in 1850, not yesterday, and now it doesn't count a cent. (Even worst than during 9/11) I mean how can you explain that lots of banks are filed for bankruptcy? So this is not a small sign of what's going on over there... I guess Capitalism time is getting over. Sub-prime mortgage crisis is a huge proof of a bad government and bad financial policies; I mean people who were in charged of checking or taking control on what was going on, where were they? I am not saying that economy is not getting better and I don't think it would happen soon, because Yes people Economy or in other words MONEY makes the world goes that you like it or not! Besides I think American Supremacy is in danger, and the beginning of this was 9/11, I haven't seen a superpower being more vulnerable. They wanted to destroy the financial symbols (Twin Towers)? well now American Economy is being attacked too. So when you vote ''REMEMBER to take the right decision'' whatever it is!

  • 1 decade ago

    What will happen will happen. Don't fear. If you pull your money out of the bank, you will contribute to the problem.

    Do you remember reading about Germans, after the war, were pushing Wheel borrows full of money? I think our financial institutions along with the government has devalued our currency to worthlessness.

    Nothing you can do to keep your currency safe. Don't worry. Things will be different.

    Stop to think..If all of the money in the world disappeared, do you think you will starve or be homeless? Nobody will have 1/3 or more of Americans living on the streets without shelter. It would cause major riots or a civil war. So, it won't happen. The only thing that will happen is you will not be living the living standard you have now. We have lots of food, and lots of homes.

    It would be better for all of us to be hit with a hard depression than to be squeezed out a little at a time. Who in the heck would tell you to get out of your home if 1/3 of us are unemployed and can't pay for the home. Nobody will be able to afford the home, any home, because the currency will have no value. So hope for a quick collapse if you are falling behind in your payments. You will either be working for the government or some bank on easy payment terms, they will go easy on you as long as you work. There will be jobs. Not the jobs sitting on your rear, that will be the elites place, after they are thrown out.

  • ?
    Lv 6
    1 decade ago

    Need to worry but how to worry when worry don't clear up your worries.

    The news is good to Obama, there need a great change in the financial control of US and as said there will be more to come by.....it is now only the 3rd one. The Govt will not be able to support the situation, cannot afford it or the whole country will go broke........with the HURRY hurricanes, one after another and more to come ......the relief & restructuring undone and cannot do, no commitment from the TOP...........the unemployment & moving out of companies , HOW? What to do? Maybe don't know ........&&& don't learn from OTHERS in the World, because Big Brother Standard. Now can learn from China, the good friend.

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  • 1 decade ago

    It is like Conspiracy to bring America to it's knees !

    and all the Hangers on with it.....meaning other Countrys

    financial systems...spinning of from it.

    There was an Australian Prime Minister that not too

    long ago said (about a certain government) quote People

    you will find that the safest place for your Money is to

    be taken out of the bank and Put it Under Your Bed !

  • 1 decade ago

    Yes, you should be worried.

    If you have over $100,000 all in one bank divide it up now. Even putting some of it in a different bank or pulling it out altogether.

    But what you REALLY need to worry about is the state of the economy. If people can't get car loans (which is starting to happen) or credit card companies can no longer offer credit we're in a big heap of trouble. Well, we're already in a big heap of trouble but those are signs it's going to get a lot worse before it gets any better.

    Focus on your necessities. Spend less, save more, keep it simple. Live beneath your means.

  • I am very worried. I drive around my home town and stores, businesses are closed down. More and more homes are bank owned and empty. I have many friends in financial dire straights.

    I am thankful. I have no credit card debt and no loans out there. I pay in cash if I need something. If I don't have the money, I don't need it.

  • 1 decade ago

    Australia is ok at the moment. I heard about it one the news. Apparently we've moved closer to China, and away from the USA in terms of trading. That's why we weren't hit as hard as we could have been.

    Source(s): I'm from Australia
  • banking info has only been at risk since the introduction of internet banking. EVERYTHING you do on-line is at risk! the internet has NEVER been risk free. hackers have been around from the beginning, & they will be around as long as there is an internet.

    have-a-loving-day!

    Source(s): my source is a thing called "common sense".
  • 1 decade ago

    Curious , I live just fine without a credit card ... or a car loan . Our very strong economy has survived worse , It will survive this .

  • Anonymous
    1 decade ago

    oh ya its time to stock up on goods and invest in gold its going to get really ungly in the next year... its going to get a lot worse before it gets better

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