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US Bankers To US Depositors: "Don't Panic, Nothing To See Here"
While we explained exactly why there is a possibility of a Europe-style wealth tax in the US, it appears the American Banking Association has decided to put out fires early...
While the crisis in Cyprus is a real concern for depositors in Cypriot’s banks, it has no implication for depositors in U.S. institutions. Depositors in U.S. banks are insured up to $250,000 and no insured depositor has ever lost money in a bank failure. The U.S. banking industry has rapidly returned to health with strong earnings, lower losses and significant increases in capital.
The FDIC insurance fund has over $25 billion in reserves and the banking industry – which bears all the financial costs of supporting the FDIC – pays over $12.3 billion each year to assure adequate funding.
Simply put, U.S. insured depositors are safe and their deposits are protected by a strong FDIC fund, a financially secure banking system and the full faith and credit of the U.S.
So, it seems, the basis for not worrying about US deposits is the rule of law and the deposit insurance? Remind us again what Cypriots thought they had?
Brings to mind...
Via: ABA
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no need to panic when your chief export is fiat
if yours is gold, on the other hand ..
Gold is Mali's main revenue earner as the country produces around 50 tons of gold each year. Gold currently accounts for around 20 percent of gross domestic product and about 70 percent of exports in desert nation.
http://www.bullionstreet.com/news/mali-gold-production-hit-hard-by-toura...
"... and no insured depositor has ever lost money in a bank failure."
- Tell that to MFGlobal customers
That was clearly theft by elitist parasites ... who are protected by a law that is superior to the property rights of the cattle they feast upon.
hahaha ITS ALL PERCEPTION! With that said, put your money under the mattress for the next couple of years!!
"...a financially secure banking system and the full faith and credit of the U.S."
Oh Shit, I better get my money out fast
Hey who cought me on tape?
Cattle? You're being too kind when referring to the muppets.
"Depositors in U.S. banks are insured up to $250,000 and no insured depositor has ever lost money in a bank failure."
I have myself a good chuckle whenever I read this. Gov't deposit insurance will work really well up until everybody needs it.
"...no insured depositor has ever lost money in a bank failure."
On a long enough timeline the viability of every gov't program drops to zero. The question is, of course, how close are we to the end of our current paradigm?
Those sheep shaggers in NZ think this is great
http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-st...
So the ABA wants us to believe that the FDIC could absorb trillions in losses in the event of a systemic banking collapse? Check.
The FDIC insurance fund has over $25 billion in reserves and the banking industry – which bears all the financial costs of supporting the FDIC – pays over $12.3 billion each year to assure adequate funding
25 billion in reserves
collects 12.3 billion per year
so wheres all the fucking money?
theres just two years worth of collections there
to cover what, like 14 trillion in US deposits?
Your not suggesting that more than one bank would fail at a time?? How preposterous.
I smell a /sarc/
The Kill Switch
Oh P.S. Get you fucking money out.
http://www.youtube.com/watch?v=bv-TfBXEOAc
While the crisis in Cyprus is a real concern for depositors in Cypriot’s banks, it has no implication for depositors in U.S. institutions. Depositors in U.S. banks are insured up to $250,000 and no insured depositor has ever lost money in a bank failure...
Yep, but HOW long did it take to get their deposits back?.
Fine Print: In can take up to a year.(can you afford your deposits to be locked out of your control for that long?.
Its like Greenspan said ''The Federal Reserve can absolutely insure citizens liability dollar amounts, we're just not sure what those dollars will be worth''
Sure, they could just print it.
did they stop friday bank closings? or did they stop reporting these closings to us?
and i know after watching this guy from rbc capital robert wetenhall on cnbs...i have to go out and buy a home, before they double in price and are all gone....gotta git in early...dont want to be one of the suckers that wait.....
Got that right! If they have to say this. . .
There's a lot we can do in America now to avoid pain later. For a start we can levy every account at 3% a year and put the funds in a Federal Emergency Fund. This fund will be used to rescue banks if they are showing signs of weakness, or to inject liquidity into the economy when needed.
Were you born like this or did you come into contact with a catholic priest?
Careful, Tylers will delete any comment against the Catholic Church!
You can only insult Jews, Blacks and Hispanics!
i'm new here....what about the Irish?
too soon?
American Indians are fair game, IMAO
The ones that came from India and live in America - Tech Support Indians?
Or the ones that lived here for centuries before the pale face - Casino Indians?
Yet, still no attacks on Dimon or Bernanke!
Let's just go ahead and simply levy 100% of only MillionDollarBonus_'s account
Good idea but that 9 cents isn't going to help.
Fuck that noise, it all should go to banker bonus'!
Thanks, I'll just transfer to my own "Emergency Fund" located in C:\Documents and Settings\User\Aplication Data\Bitcoin\wallet.dat
user interface: denial of service
consult your user agreement
consult emergency provisions of the Homeland Security Act; Pub.L. 107–29
Cyber Security Enhancement Act of 2002, 2004, 2009
[edit]using windows, are you? microsoft's levy on your wallet.dat
ah, swing both ways... Windoze/Gentoo dual boot
Maybe FDIC could just invest in Facefuck shares
MDB,
Sure makes perfect sense.When we are already paying out 50% of our income in taxes of one form or another(with more to come),that we should PAY the banks to dole out our hard earned,saved funds.
Personally most folks now just keep it in the banks for saftey from theft.Now, seems we have to be concerned about another type of burglar.The ones holding our cash to keep it from being stolen.
At less than 1% return w/ a 11%+true inflation rate, we are already 10%+ in the loss column.AND WE should get taxed yet again on money already taxed?.
Don't think so.
MDB comments "For a start we can levy every account at 3% a year and put the funds in a Federal Emergency Fund. This fund will be used to rescue banks if they are showing signs of weakness, or to inject liquidity into the economy when needed."
I don't see how anyone can be this stupid - you clearly read the same stuff we do. You must then be working for the banksta's.
MDB's
sarcasm is typically so humorous that
I don't know whether a vote up or down shows appreciation.
Not one of MDB's more clever comments. I would vote down.
You can do much better MDB! (Still can't believe there commenters here taking him seriously).
Sure, why not MDB. Let's give the beast more waisted money to fund studies on how monkey's throw their shit, millions last year on that specific gubermint study, I shit you not. How about a few more lavish golf trips with Tiger Woods. Let's increase drone production so we can blow up inocent people around the globe we don't even know. They need more cash to purchase HOLLOW POINT bullets to stock pile just in case, of what? Build the list of waisted of waisted money project's, it's endless at this point.
Hell, we should all just get up an hour earlier everyday, work harder and smarter. Cut cost, be more productive because we didn't build that, all in the name to give to the collective leaches.
We should all chant, I just love my BANKER also, while we are at it!!
Pretty soon, with suggestions like this, they'll be taxing energy use, to "save the planet". The saving the banks arguments we hear now are camel noses under the tent, my friends.
You keep disappearing on us, dammit. I need a daily laugh.
"For a start we can levy every account at 3% a year and put the funds in a Federal Emergency Fund. This fund will be used to rescue banks if they are showing signs of weakness, or to inject liquidity into the economy when needed."
I almost missed this one... the silent "inflation tax". Helicopter Ben showers the banks with money causing a stealth levy to be applied. You do have a way with words... lol
"There's a lot we can do in America now to avoid pain later"
Why anyone would trust someone else, that they don't personally know, with one's hard earned dollars, in a world where corruption is an epidemic, is hard to comprehend.
Deposit one's fiat dollars in physical, precious metals.
Let's see ... banks pay 0.5% interest and inflation is about 6-10%. That is expropriation of your assets via inflation. Of course you have to pay tax on that 0.5%.
To support the myth that you are making money on your savings, they must treat the interest as earnings.
That's the way it works in NeverNeverLand
FDIC:
And further, as we have at least 1 cent in reserve for every dollar of deposits we insure, there's nothing to worry about!
And if we happen to fail we can go to the Treasury.
And if the Treasury needs money they can go to the FED.
And circle jerk complete!
...and the FDIC can take up to two years to resolve your account problem. If you believe that waiting two years to access your "insured" money is an acceptable risk, then party on Garth!
Insured with counterfeit money. I panicked 3 years ago. My best panic ever.
Me, too. He who panics first, panics best.
I turn that fiat into physical assets as fast as possible.
+1
This is a proposed tax on the deposits in the Cypriot anks. It is NOT an issue of a bank failure which is protected by FDIC. (well, sort of protected).
So it is almost misdirection what the ABA released.
The ABA telling depositors there is nothing to worry about, is akin
to Adolf Hitler telling the Jews there is nothing to worry about.
it's not officially confirmed on the table until it is officially denied. Consider this firmly on the table.
What the US official was really saying was, "The biggest difference between the US situation and that of Europe/Cyprus is that we use different printing presses, which print different insignia's and symbols on our pieces of paper, which is why this will never happen in the US."
What the US official was really saying was, "The biggest difference between the US situation and that of Europe/Cyprus is that we use different printing presses, which print different insignia's and symbols on our pieces of paper, which is why this will never happen in the US."
Remember: "Funds deposited at an FDIC-insured institution are insured, in aggregate, up to $250,000 per depositor, per insured institution based upon account type"
Supplies are limited.....act now.
This might present a problem for some when we are all forced to bank at the one remaining institution, the Bank of Evil (JP Morgan Sachs)
Your experience may differ from the one advertised.
There's a laugh. If things were as rosy as they say, why make any statement at all?
It's really a contrarian indicator. Like a Krugman, a Bernanke, or a Cramer.
your savings are purely transitory and subject to seasonal adjustment
...but everything will be put right in October when the leaves fall from the money trees.
Precisely.......
Never underestimate the destructive power of a herd of panicked humans.
Bitcoin 55
So says the CIA. Go right ahead, go all in...
no doubt this parabolic rise will last forevah.. load up now. i will wait for the smash, er.., correction, down to $7.
Bitcoin
the digital greenfield for 21st century sheep
"Strong FDIC fund" is about as "strong" as Jamie's "fortress balance sheet."
Financially Defunct Insurance Corporation?
Fleeing Depositor's = Imminent Clusterfuck?
Insurance Fund Indicators
The Deposit Insurance Fund (DIF) increased by $2.5 billion to $25.2 billion during the third quarter. Estimated insured deposits increased by 2.3 percent. The DIF reserve ratio was 0.35 percent at September 30, 2012, up from 0.32 percent at June 30, 2012, and 0.12 percent at September 30, 2011. Twelve FDIC-insured institutions failed during the quarter.
Finally, Dude's In Charge
Please remain deposited while the printing lights are on in the bank.
The usa has a printing press, Cyprus does not.
I don't mean to hijack the thread, but does anyone have a link to the leaked Blumenthal-Clinton memos?
The ONLY outlet even mentioning them is The Smoking Gun. Where are they?
I searched it, found it mentioned here: http://www.zerohedge.com/news/2013-03-19/us-bankers-us-depositors-dont-p...
But seriously: search "Guccifer"
Salon article here: http://www.salon.com/2013/03/19/hacker_guccifer_distributes_hillary_clin...
Why would any media talk about Benghazi and ask questions about Hillary's integrity, when there is so much to talk about, such as March madness and Justin Bieber?
As if Benghazi is not just another distraction. Mountain out of a molehile to keep your attention off the bigger picture. You are being duped as much as March Madness and Justin Bieber fans.
MF Global
Peregrine Financial
Sentinel
US bank customer funds stolen
Fully backed by American courts and banker-bribed United States federal judges
"no insured depositor has ever lost money in a bank failure" - LMFAO, now I know that isn't true. Naked empire bitchez.
I guess it depends on what their definition of "bank" would be.
I'm wondering what the definition of losing money and bank failure are - pretty sure devaluation and in need of a bailout aren't part of it.
Yeah, it depends on what their definitions of "bank", "depositor", "insured", "safe", "protected" and "strong FDIC fund" would be.
It is a 100% true statement. Depositors lost legal tender or debased scrip.
Judge to Prostitute:
"When did you realize you were raped?"
Prostitute (wiping away tears):
"When the check bounced..."
The sheople of America will soon reach the same conclusion...
Accept no checks?
Wait.........that cash is king?
Ok, one more time. That nothing is as it appears to be?
Yes..........please ignore this list of failed US banks. All is well.
http://www.fdic.gov/bank/individual/failed/banklist.html
Come one, that is only 478 banks that have failed since 2008 or just a tiny 95 bank failures a year.
Pay no attention to the banks behind the curtain of failure. I am the great and powerful FDIC!
Ben has been taking our money through currency debasement since he started QE. The FED in general has been doing it for 100 years.
You fail the sheeple test. Please stand in that small group, off to the the side on the left there. Yes, that little one.
<aside to aide running a drone remote-op controller> :Shees, these tighter budgets from sequestration are a real PITA, ya know? Another bunch is ready when you are, they just keep trickling in...
25 billion?
JPM lost a quarter of that on one trade.
'...Depositors in U.S. banks are insured up to $250,000 and no insured depositor has ever lost money in a bank failure..."
that is a goddamned lie on both counts....the fdic could not handle a major liquidtion and there are people who waited 10-20 years to get their money from the s&l failures of the late 1980s and i believe that there are some who have yet to receive it. and you know interest was not paid.
the aba is a liars club just like the fed.
The devil is in the details. Interest owed, but not yet paid, is not "money" insured. And once a bank 'fails" it stops paying interest, thus any additional interest is never owed.....no matter how long the principal remains unpaid but owed.
They have not cheated you out of what they don't owe you in the first place. And they determine the rules by which you are "insured". You give your "informed consent" when you sign all those forms to open the account. You should read them some time. Very interesting fine print.
Very interesting fine print indeed: http://tinyurl.com/cner4my like
ABA should merge with NAR, and rename themselves "Liars Incorporated."
The problem is they're talking about bank failures what about other eventualities like special tax?
I'm more worried about a "do over". Meaning the bank did not fail, it just ceased to exist in the first place.
<OK.......let's start again from the beginning. And this time let's do it with feeling.>
what they don't say is important: no mention of IRA or 401k money. we must all share the burden (except FOO) friends of obuma
Corporal Jones 'Don't panic".
Wait until after you shat yourself,then panic.
Make DEPOSITS in banks?
FUK U BERNANK!! You'll get leprechauns flying out of your asses before I ever put a CENT within the grasp of you insane bastards hands!
At least in the US the banking system is safe and fixed.
I only worry when TPTB tell me there is no need to.
As Herr Trittin of the Green Party said in the german Morgenmagazin yesterday - with a dirty grin on his face
"Sure, sure, the deposits up to € 100.000 are guaranteed - but we are talking about national taxes and levies here"...
When the elites throw Merkel under the bus and he gets elected, short Germany
"Trust me, I'm a Banker..."
No need to worry..we can print as many dollars as we need to insure your account.
"..... , we just can't guarantee the purchasing power."
- Alan Greenspan
Question: How many isolated incidents does it take to make a catastrophe?
Answer: Just one at the tipping point. And the quicker they come on strong with their damage control, the closer we are to it.
Everyone can see the Cyprus incident isn’t just about Cyprus. It’s about central banks and central monetary policy makers testing coercive tactics and strategies in peripheral markets. The more complacent you are about it, the more likely they are to try it with your bank next.
I'm hoping its Cyprus, the smallest of countries, that brings us to the tipping point.
One thin mint, sir?
I'm sure those deposits are save...in nominal terms.
Fact is - this is not a story. The markets don't care, the MSM don't care, and the people of Cyprus don't care (remember that "riot" yesterday). Move on and BTFD.
huh
only 25 BLN USD in reserves at FDIC ?
gulps...
I liquidated my savings the other day. I left my checking account since you know reality is well reality and electric company doesn't take gold for payment. The question is where to store it now or how to invest? What I save and what I invest I try not to cross those streams something these big banks should be doing.
I thought about withdrawling all but a dollar of my savings, putting the money in a postal money order and informing my home insurance carrier.
I have my money in a credit union.
They will be coming for the 401k soon!
There is no way they will NOT take a bite out of your ass.
ONE ONLY PUTS OUT A FIRE WHEN THERE IS A FIRE. THERE IS A FIRE HERE TO BE PUT OUT.
THE COMMENTS INDICATE THAT THERE IS A RUN ON DEPOSITS NOW IN THE UNITED STATES AND BY EXTENSION EUROPE.
THE RUN ON DEPOSITS HAVE BEGUN, AND FOR EVERY DOLLAR OF LOST DEPOSIT THERE HAS TO BE AN UNWIND OF $30 - $50 DOLLARS BY THE BANKS.
KEEP YOUR EYE ON THE RELATIVE STRENGTH OF THE UNSTRONG.
Please back that up with some shred of proof.
Well, the guy two posts above said he liquidated his savings account the other day.
Good enough for me.
Makes you wonder whats going on behind the curtain.
Going to clear out personal accounts today,don't know what to do with the business accounts yet,
the memoory of 2008 is still fresh when everybody just stopped paying.
Going to clear out personal accounts today,don't know what to do with the business accounts yet,
No, not unless your in a huge bank, because they will not have the cash to give you.
You will have to request the funds and wait a few days.(after the interogation) as to why do you want to do this?.
Keep Calm and Bend Over
ABA is ignoring the legal issue: by calling the stability levy a 'tax,' it does not trigger deposit insurance.
Last year the Supreme Court decided, in regard to Obamacare, that as long as it's a 'tax,' the government can force you to pay, or grab your money.
$250,000 of deposit insurance is useless and irrelevant if the government makes a legal end run around it with a 'tax.'
And THEY ALREADY SET THE LEGAL PRECEDENT with the Obamacare ruling.
John Roberts, bItCHeZ. He and four other eunuchs in black robes and kneepads sold our asses down da river.
Exactly.
BINGO.
"And...it's gone!"
Probability is that Roberts was blackmailed. For him to cave on this issue was astounding. McCrystal and Patreaus resigned..... Roberts decided to stay and call it a "tax". At least he left open the legislative opportunity to vote the "tax" down.
>and no insured depositor has ever lost money in a bank failure.<
Remember when the mortgage problems started back in 2005? The Bernanke said- "We've never had a decline in house prices on a nationwide basis." Only an idiot would dare use the word "never".
http://www.youtube.com/watch?v=9QpD64GUoXw Starts around 1:00 minute
We won't monetize the debt.
I wont come in your mouth.
Always ends the same.
pods
I don't mean to hijack the thread, but does anyone have a link to the leaked Blumenthal-Clinton memos?
The ONLY outlet even mentioning them is The Smoking Gun. Where are they?
I replied to your identical query above, linked to a Salon article and gave you a tip.
And, tell us again how the old GM bondholders fared under the "rule of law"?
FDIC is a strong fund?
hah
Ask Sheila Bair about that.
I called my bank yesterday and the person on the other end of the line pretended not to know about it.
So, I explained what was going on in Cyprus in detail; I could tell I wasn't the first call of the day.
They knew EXACTLY what I was upset about, but feigned ignorance.
Now I'm worried.
Stop listening to CNBC, stop listening to analysts and talking heads, just get your gold and your silver while you still can, and then lose them in a boating accident along with your guns, because this will not end well.
I just had another one yesterday. Tragic.
In other less selfserving news;
In the US, depositors have actually been put in a worse position than Cyprus deposit-holders, at least if they are at the big banks that play in the derivatives casino. The regulators have turned a blind eye as banks use their depositaries to fund derivatives exposures. And as bad as that is, the depositors, unlike their Cypriot confreres, aren’t even senior creditors.
Read more at http://www.nakedcapitalism.com/2013/03/when-you-werent-looking-democrat-bank-stooges-launch-bills-to-permit-bailouts-deregulate-derivatives.html#MWkz0MxBlKbofyRf.99You haven't been paying attention.TBTJ have been moving those derivative exposures out of
the holding companies onto the books of the retail arms for the last 18 months.
This law just ratifies the de facto situation.Makes no difference,they cannot be baled out anymore,
not even the FdRes can print enough to do it.
Most Americam "savers" don't have two dimes to rub together.
Too funny.
Sorry, cherry was popped. Ain't getting it back.
pods
Quick, begin the rehymenization!!!
When $250,000 buys a candybar, the FDIC will "pay" everyone exactly what they're owed. No reason to shear depositors.
I bet they have already had a lot of withdraws.
Many may take their Money out and ask questions later.
Home prices have never declined markedly in america
No chance we will ever be downgraded from aaa
Germany's gold is safe at the NY Fed
I usually dont do this on the first night
Housing is fairly valued, on average. I'm expecting it to become slightly undervalued in the next year or so, but your point is valid; housing prices always go up, because the value of the dollar goes down. Look at rents, as a comparision: they go in a constant 40 degree slope upward.
"Can we get a repost of Kyle Bass presentation of Japanese Bond web site. = " Dont Worry"
Um... The Cypriot banks aren't yet failing. The government is stealing^H^H^H^H^H^H^H^H appropriating^H^H^H^H^H^H^H^H^H^H taxing the people first before that happens.
It's not going to happen in the UK or US, because both can print lots of money. But that's the only reason.
Note to ZH, the strikeout function doesn't work on the editor.
Oh, I am calm alright, got my cash converted into physical silver already.
Better to keep money under matress than trust this group.
Did anyone ever think they were trying to get people to take their money out of the banks and spend it to get the economy going? I mean they can just print the money and give it to you when you take it out.
You will get everything coming to you, it just won't buy anything. Well, maybe a pack of gum, but you know what I mean--decreased purchasing power. Inflation steals your money without it ever leaving your bank account. Kind of like all the gold in Ft. Knox is there, it just doesn't belong to the US.
I don’t agree with Ann Barnhardt’s
http://www.zerohedge.com/news/entire-system-has-been-utterly-destroyed-mf-global-collapse-presenting-first-mf-global-casualty
characterization of Obama
politically, but I agree all branches of government should
without exception at any time affirm what Ryanair CEO Michael O’Leary
said
http://video.cnbc.com/gallery/?play=1&video=3000154604
(toward the end)
of the “tax” on Cyprus deposits: it’s stealing
customers’ money.
The Fed/Treasury should be protecting depositors,
not bank holding cos., which can be operated in any
manner of new bankruptcy class so as to protect the
former and confine the folly to the perp’s.
The Executive should also stop supporting
illusions suggesting everyone’s involuntary
purchase of the banks’ bubble assets and the
deliberate inflating of asset prices generally
in support of that is working.
ever, by executive you mean obuma right? why not just say it..my guess it's too painful to think your mullatto cypher could be a puppet of bad men.
There are 53% of the USA population that would love to "take" others people money...that is their party...the Democrats...its all out there in the open....I think quite a few of them if they could would take it all...so everyone is "equal"...