DragonGunner
Grandmaster
100% and that’s how I saw it as well. My grandparent lost back in the depression years also and never used the bank again. I don’t trust the gaurentee up to a certain amount. Sure it’s there in writing but no where in the writing does it say when you will get it…. 2 days, 30 days, 3 years….?Some of this is mathematical semantics; the news is stating that 80% number, making people think that someone with 250k in the bank won’t get their money back. Now granted, that could happen, but that’s a much bigger collapse that hasn’t happened *yet*.
What they’re not explaining is that 80% number refers to the people (ok institutions mostly) that have say, $1,250,000 in the bank and they’re going to get 250,000 back, therefore “losing 80%”. The reality is that there are depositors with many millions in the bank, and they’ll probably get 250k back, from the fdic insurance perspective.
If Joe average has 250k in the bank, the way things are working now, he’s insured.
That being said, my grandmothers family had “all their money” in the bank at Rosston in the 30’s, the bank folded and the money she was going to use to attend Purdue was gone. She still found a way to go that fall as scheduled, not sure how.
Smarts, perseverance, grit will separate those with a will to thrive in hard times.