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...Socialism and the banking system?

With Bank of America being pretty much nationally run now, should I look at putting my money in another bank?

Update:

I realize that FDIC supposedly has our money backed up to $250,000.... but where is all their money coming from? I don't see how a bankrupt government can protect a bankrupt banking system.

7 Answers

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  • Kay
    Lv 5
    1 decade ago
    Favorite Answer

    Even if they weren't nationally run, I would still not put my money with them.

    They are the least customer service bank there could possibly be.

    I find that the smaller banks are much better to their customers & you usually get better rates & services too.

    Good luck.

  • 1 decade ago

    You only have to worry if you have more than $250,000 in the bank.

    Amounts below that are federally insured by the FDIC. You won't lose a dime.

    Although republicans call that socialism.

    I call that good government.

    You ask where does the money for the FDIC come from? In most times, it's simply premimums paid by banks into the FDIC fund. Only when it's under great strain have additional appropriations money been given to FDIC to help cover losses. Normally, it's just each bank paying in.

  • Anonymous
    1 decade ago

    Take any money you have and buy bullion metals (gold, silver, platinum).... Because if over the next 2-4 years, this country keeps getting run like is has been for the last 2 months, let alone the last 16 years, a milllion US dollars probably won't buy you a decent meal let alone a house.

  • Anonymous
    1 decade ago

    No! All the banks will be run by the G20 committee in the very near future. So it will not help. Boy Blunder did that on his give away america tour.

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  • 1 decade ago

    Personally I think you should base your financial decisions on financial reasoning not political dogma especially since all banks are federally guaranteed to at least some degree.... but hey it's your money go put it one that's partly owned by China or some other foreign institution if you prefer... you won't find many that aren't to at least some degree.

  • Anonymous
    1 decade ago

    Hmm, there is this new bank that is pure capitalist bank; it is called Give Away International. I have put my money there. They say it is very safe.

  • Anonymous
    1 decade ago

    Dig a hole and save your money there

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