Chris Ann...

We went through the S&L debacle and now this...as history repeats itself. I wish that we had learned from our mistakes!

Richard:  I don't think I was paying much attention during the S&L debacle.  Oh what a difference time makes in our priorities.  I think I'm finally an adult!

I don't know that your bank would tell you, though your insured $100 K is only covered slightly.  The "Federal Reserve" (neither federal and has no reserve) is only obligated to pay 8 cents on each dollar in the first year and has 5 years to pay the balance.  If you're keeping money in a bank for a rainy day, buy some precious metals, excellent hedge against this created inflation.    

JD:  I'm invested in oil, coal and real estate funds.  Can't seem to see the precious metal value, though I know it works for a lot of people.  Perhaps it's the corny commercials on tv that seem to take away credibility. 

I did not Rick Sanchez was still with CNN. He used to tell the news on local south florida station for years. Did you say he is doing news at 1:00am?

Kathy:  Yeah.  I think it was a rerun from the 10pm hour.  I'm not a big fan of Rick Sanchez.  All the more when I read about how he got off for drunk driving and killing someone.  I guess it pays to have friends in high places.

Over 10000 depositors in IndyMac were not insured.  A loss of over 1.5 billion to those depositors.  They had deposits over 100K and beyond the FDIC insured limits.  What the press has not told you, is that many of these accounts were business accounts for cash flow.  Mom and pop business, perhaps rental accounts, churches....they are wiped out!  This is beyond scary, and the American public does not understand the severity of this.  Sure you were insured if you had 5K in an account, but what if you had 5 Million and employed50 people?  You're wiped out, 50 employees are on the street, and there is no place in this country you can borrow more money!  That is not good news.

Jim:  That makes my stomach turn.  I'm actually putting a blurb in this month's newsletter pointing to the FDIC's website about wht they DO insure.  I think everyone needs to know.