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US Bankers To US Depositors: "Don't Panic, Nothing To See Here"

Tyler Durden's picture




 

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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Tue, 03/19/2013 - 09:46 | 3346592 SafelyGraze
SafelyGraze's picture

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...

Tue, 03/19/2013 - 09:48 | 3346611 Short Memories
Short Memories's picture

"... and no insured depositor has ever lost money in a bank failure."

- Tell that to MFGlobal customers

Tue, 03/19/2013 - 09:51 | 3346637 IamtheREALmario
IamtheREALmario's picture

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.

Tue, 03/19/2013 - 09:58 | 3346682 The Juggernaut
The Juggernaut's picture

hahaha ITS ALL PERCEPTION!  With that said, put your money under the mattress for the next couple of years!!

Tue, 03/19/2013 - 10:03 | 3346713 TerminalDebt
TerminalDebt's picture

"...a financially secure banking system and the full faith and credit of the U.S."

 

 

Oh Shit, I better get my money out fast

Tue, 03/19/2013 - 10:05 | 3346728 Nothing To See Here
Nothing To See Here's picture

Hey who cought me on tape?

Tue, 03/19/2013 - 10:55 | 3347009 Leopold B. Scotch
Leopold B. Scotch's picture

Cattle?  You're being too kind when referring to the muppets.

Tue, 03/19/2013 - 13:20 | 3348061 EscapingProgress
EscapingProgress's picture

"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?

Tue, 03/19/2013 - 14:11 | 3348450 TerminalDebt
TerminalDebt's picture

Those sheep shaggers in NZ think this is great

 

http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-st...

 

Tue, 03/19/2013 - 10:09 | 3346747 SeverinSlade
SeverinSlade's picture

So the ABA wants us to believe that the FDIC could absorb trillions in losses in the event of a systemic banking collapse? Check.

Tue, 03/19/2013 - 10:14 | 3346790 johnQpublic
johnQpublic's picture

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?

Tue, 03/19/2013 - 10:55 | 3347011 kill switch
kill switch's picture

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

 

Tue, 03/19/2013 - 12:26 | 3347632 DosZap
DosZap's picture

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?.

Tue, 03/19/2013 - 10:56 | 3347021 strannick
strannick's picture

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''

Tue, 03/19/2013 - 10:14 | 3346792 s2man
s2man's picture

Sure, they could just print it.

Tue, 03/19/2013 - 11:22 | 3347189 smlbizman
smlbizman's picture

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.....

Tue, 03/19/2013 - 10:09 | 3346748 kralizec
kralizec's picture

Got that right!  If they have to say this. . .

Tue, 03/19/2013 - 09:59 | 3346690 MillionDollarBonus_
MillionDollarBonus_'s picture

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.

Tue, 03/19/2013 - 10:04 | 3346720 TerminalDebt
TerminalDebt's picture

Were you born like this or did you come into contact with a catholic priest?

Tue, 03/19/2013 - 10:07 | 3346741 Pladizow
Pladizow's picture

Careful, Tylers will delete any comment against the Catholic Church!

You can only insult Jews, Blacks and Hispanics!

Tue, 03/19/2013 - 11:06 | 3347087 onewayticket2
onewayticket2's picture

i'm new here....what about the Irish? 

too soon?

Tue, 03/19/2013 - 11:18 | 3347167 TBT or not TBT
TBT or not TBT's picture

American Indians are fair game, IMAO

Tue, 03/19/2013 - 13:56 | 3348350 TerminalDebt
TerminalDebt's picture

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?

 

Tue, 03/19/2013 - 13:54 | 3348339 daveO
daveO's picture

Yet, still no attacks on Dimon or Bernanke! 

Tue, 03/19/2013 - 10:06 | 3346727 The Juggernaut
The Juggernaut's picture

Let's just go ahead and simply levy 100% of only MillionDollarBonus_'s account

Tue, 03/19/2013 - 10:31 | 3346867 YHC-FTSE
YHC-FTSE's picture

Good idea but that 9 cents isn't going to help.

Tue, 03/19/2013 - 10:06 | 3346730 Pladizow
Pladizow's picture

Fuck that noise, it all should go to banker bonus'!

Tue, 03/19/2013 - 10:07 | 3346740 fonestar
fonestar's picture

Thanks, I'll just transfer to my own "Emergency Fund" located in C:\Documents and Settings\User\Aplication Data\Bitcoin\wallet.dat

Tue, 03/19/2013 - 10:26 | 3346837 Gazooks
Gazooks's picture

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] 

 

Tue, 03/19/2013 - 10:37 | 3346895 Pseudo Anonym
Pseudo Anonym's picture

using windows, are you?  microsoft's levy on your wallet.dat

Tue, 03/19/2013 - 11:14 | 3347122 fonestar
fonestar's picture

ah, swing both ways... Windoze/Gentoo dual boot

Tue, 03/19/2013 - 10:21 | 3346820 azzhatter
azzhatter's picture

Maybe FDIC could just invest in Facefuck shares

Tue, 03/19/2013 - 10:24 | 3346833 DosZap
DosZap's picture

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.

Tue, 03/19/2013 - 10:55 | 3347012 Snoopy the Economist
Snoopy the Economist's picture

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.

Tue, 03/19/2013 - 11:06 | 3347082 rwe2late
rwe2late's picture

MDB's

sarcasm is typically so humorous that

I don't know whether a vote up or down shows appreciation.

Tue, 03/19/2013 - 12:28 | 3347643 IdiocracyIsAlre...
IdiocracyIsAlreadyHere's picture

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).

Tue, 03/19/2013 - 10:58 | 3347040 Teamtc321
Teamtc321's picture

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!! 

 

 

Tue, 03/19/2013 - 11:22 | 3347192 TBT or not TBT
TBT or not TBT's picture

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.

Tue, 03/19/2013 - 12:17 | 3347564 Blano
Blano's picture

You keep disappearing on us, dammit.  I need a daily laugh.

Tue, 03/19/2013 - 13:37 | 3348241 Eigleaaz
Eigleaaz's picture

"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

Tue, 03/19/2013 - 13:58 | 3348371 European American
European American's picture

"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. 

Tue, 03/19/2013 - 10:07 | 3346738 Stuck on Zero
Stuck on Zero's picture

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%.

 

 

Tue, 03/19/2013 - 10:10 | 3346759 ejmoosa
ejmoosa's picture

To support the myth that you are making money on your savings, they must treat the interest as earnings.

Tue, 03/19/2013 - 12:49 | 3347829 Vince Clortho
Vince Clortho's picture

That's the way it works in NeverNeverLand

Tue, 03/19/2013 - 10:04 | 3346646 Pladizow
Pladizow's picture

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!

Tue, 03/19/2013 - 17:23 | 3349575 Spigot
Spigot's picture

...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!

Tue, 03/19/2013 - 09:59 | 3346695 Silver Garbage Man
Silver Garbage Man's picture

Insured with counterfeit money. I panicked 3 years ago. My best panic ever.

Tue, 03/19/2013 - 10:16 | 3346801 s2man
s2man's picture

Me, too.  He who panics first, panics best.

I turn that fiat into physical assets as fast as possible.

Tue, 03/19/2013 - 11:26 | 3347231 little buddy bu...
little buddy buys the dips's picture

+1

Tue, 03/19/2013 - 10:57 | 3347032 Muddy1
Muddy1's picture

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).

Tue, 03/19/2013 - 11:28 | 3347246 TBT or not TBT
TBT or not TBT's picture

So it is almost misdirection what the ABA released.

Tue, 03/19/2013 - 09:51 | 3346638 zorba THE GREEK
zorba THE GREEK's picture

The ABA telling depositors there is nothing to worry about, is akin

to Adolf Hitler telling the Jews there is nothing to worry about.

Tue, 03/19/2013 - 10:01 | 3346702 Stuart
Stuart's picture

it's not officially confirmed on the table until it is officially denied.    Consider this firmly on the table.  

 

Tue, 03/19/2013 - 11:58 | 3347434 eclectic syncretist
eclectic syncretist's picture

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."

Tue, 03/19/2013 - 11:58 | 3347435 eclectic syncretist
eclectic syncretist's picture

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."

Tue, 03/19/2013 - 09:45 | 3346595 HelluvaEngineer
HelluvaEngineer's picture

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"

Tue, 03/19/2013 - 09:51 | 3346619 GetZeeGold
GetZeeGold's picture

 

 

Supplies are limited.....act now.

Tue, 03/19/2013 - 09:58 | 3346684 HelluvaEngineer
HelluvaEngineer's picture

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)

Tue, 03/19/2013 - 10:22 | 3346826 morning_glory
morning_glory's picture

Your experience may differ from the one advertised.

Tue, 03/19/2013 - 09:46 | 3346597 xtop23
xtop23's picture

There's a laugh. If things were as rosy as they say, why make any statement at all?

Tue, 03/19/2013 - 09:47 | 3346609 Dr. Richard Head
Dr. Richard Head's picture

It's really a contrarian indicator.  Like a Krugman, a Bernanke, or a Cramer.

Tue, 03/19/2013 - 10:17 | 3346804 johnQpublic
johnQpublic's picture

your savings are purely transitory and subject to seasonal adjustment

Tue, 03/19/2013 - 15:22 | 3348982 TheFourthStooge-ing
TheFourthStooge-ing's picture

...but everything will be put right in October when the leaves fall from the money trees.

Tue, 03/19/2013 - 09:49 | 3346631 Croesus
Croesus's picture

Precisely.......

 

Tue, 03/19/2013 - 10:45 | 3346937 ZeroPoint
ZeroPoint's picture

Never underestimate the destructive power of a herd of panicked humans.

 

 

Tue, 03/19/2013 - 09:46 | 3346599 fiftybagger
fiftybagger's picture

Bitcoin 55

Tue, 03/19/2013 - 09:48 | 3346617 LawsofPhysics
LawsofPhysics's picture

So says the CIA.  Go right ahead, go all in...

Tue, 03/19/2013 - 10:40 | 3346908 Pseudo Anonym
Pseudo Anonym's picture

no doubt this parabolic rise will last forevah..  load up now.  i will wait for the smash, er.., correction, down to $7.

Tue, 03/19/2013 - 10:53 | 3346997 prains
prains's picture

Bitcoin

 

 

 

the digital greenfield for 21st century sheep

Tue, 03/19/2013 - 09:46 | 3346601 Cursive
Cursive's picture

"Strong FDIC fund" is about as "strong" as Jamie's "fortress balance sheet."

Tue, 03/19/2013 - 10:06 | 3346691 krispkritter
krispkritter's picture

 

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.

 

Tue, 03/19/2013 - 10:10 | 3346758 toys for tits
toys for tits's picture

 

Finally, Dude's In Charge

Tue, 03/19/2013 - 09:46 | 3346602 Dr. Richard Head
Dr. Richard Head's picture

Please remain deposited while the printing lights are on in the bank. 

Tue, 03/19/2013 - 09:46 | 3346603 buzzsaw99
buzzsaw99's picture

The usa has a printing press, Cyprus does not.

Tue, 03/19/2013 - 09:47 | 3346604 TheProphet
TheProphet's picture

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?

Tue, 03/19/2013 - 10:09 | 3346719 ebworthen
ebworthen's picture

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...

Tue, 03/19/2013 - 10:13 | 3346785 Nothing To See Here
Nothing To See Here's picture

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?

Tue, 03/19/2013 - 12:32 | 3347687 IdiocracyIsAlre...
IdiocracyIsAlreadyHere's picture

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.

Tue, 03/19/2013 - 09:47 | 3346606 bank guy in Brussels
bank guy in Brussels's picture

MF Global

Peregrine Financial

Sentinel

US bank customer funds stolen

Fully backed by American courts and banker-bribed United States federal judges

Tue, 03/19/2013 - 09:47 | 3346607 LawsofPhysics
LawsofPhysics's picture

"no insured depositor has ever lost money in a bank failure" - LMFAO, now I know that isn't true.  Naked empire bitchez.

Tue, 03/19/2013 - 09:48 | 3346615 Dr. Richard Head
Dr. Richard Head's picture

I guess it depends on what their definition of "bank" would be.

Tue, 03/19/2013 - 09:58 | 3346685 thisandthat
thisandthat's picture

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.

Tue, 03/19/2013 - 10:26 | 3346841 Anasteus
Anasteus's picture

Yeah, it depends on what their definitions of "bank", "depositor", "insured", "safe", "protected" and "strong FDIC fund" would be.

Tue, 03/19/2013 - 12:06 | 3347477 indio007
indio007's picture

It is a 100% true statement. Depositors lost legal tender or debased scrip.

Tue, 03/19/2013 - 09:47 | 3346610 The Proletariat
The Proletariat's picture

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...

 

Tue, 03/19/2013 - 10:07 | 3346739 Cognitive Dissonance
Cognitive Dissonance's picture

Accept no checks?

Wait.........that cash is king?

Ok, one more time. That nothing is as it appears to be?

Tue, 03/19/2013 - 09:48 | 3346618 Cognitive Dissonance
Cognitive Dissonance's picture

Yes..........please ignore this list of failed US banks. All is well.

http://www.fdic.gov/bank/individual/failed/banklist.html

Tue, 03/19/2013 - 10:01 | 3346706 Dr. Richard Head
Dr. Richard Head's picture

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!

Tue, 03/19/2013 - 09:48 | 3346620 Hedgetard55
Hedgetard55's picture

Ben has been taking our money through currency debasement since he started QE. The FED in general has been doing it for 100 years.

Tue, 03/19/2013 - 10:17 | 3346802 SWCroaker
SWCroaker's picture

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...

Tue, 03/19/2013 - 09:49 | 3346622 fonzannoon
fonzannoon's picture

25 billion? 

JPM lost a quarter of that on one trade.

 

Tue, 03/19/2013 - 09:49 | 3346624 tony bonn
tony bonn's picture

'...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.

Tue, 03/19/2013 - 10:05 | 3346693 Cognitive Dissonance
Cognitive Dissonance's picture

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.

Tue, 03/19/2013 - 10:47 | 3346935 Pseudo Anonym
Pseudo Anonym's picture

Very interesting fine print indeed: http://tinyurl.com/cner4my  like

...“depositors” “are” aware of what is done with their money since interest is paid on it. In actuality what they are saying is that such customers are “deemed” to have constructive knowledge of the fact that their money is lent out, since they “ought to” know...

Tue, 03/19/2013 - 10:01 | 3346705 machineh
machineh's picture

ABA should merge with NAR, and rename themselves "Liars Incorporated."

Tue, 03/19/2013 - 10:04 | 3346717 Eally Ucked
Eally Ucked's picture

The problem is they're talking about bank failures what about other eventualities like special tax?

Tue, 03/19/2013 - 10:27 | 3346846 Cognitive Dissonance
Cognitive Dissonance's picture

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.>

Tue, 03/19/2013 - 10:29 | 3346857 overmedicatedun...
overmedicatedundersexed's picture

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

Tue, 03/19/2013 - 09:49 | 3346625 Winston Churchill
Winston Churchill's picture

Corporal Jones 'Don't panic".

Wait until after you shat yourself,then panic.

Tue, 03/19/2013 - 09:49 | 3346626 SheepDog-One
SheepDog-One's picture

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!

Tue, 03/19/2013 - 09:51 | 3346627 Anasteus
Anasteus's picture

At least in the US the banking system is safe and fixed.

Tue, 03/19/2013 - 09:50 | 3346632 Whoa Dammit
Whoa Dammit's picture

I only worry when TPTB tell me there is no need to.

Tue, 03/19/2013 - 09:50 | 3346634 gratefultraveller
gratefultraveller's picture

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"...

 

Tue, 03/19/2013 - 09:55 | 3346663 magpie
magpie's picture

When the elites throw Merkel under the bus and he gets elected, short Germany

Tue, 03/19/2013 - 09:50 | 3346635 Son of Loki
Son of Loki's picture

"Trust me, I'm a Banker..."

Tue, 03/19/2013 - 09:51 | 3346639 Dr. Engali
Dr. Engali's picture

No need to worry..we can print as many dollars as we need to insure your account.

Tue, 03/19/2013 - 10:03 | 3346715 xtop23
xtop23's picture

"..... , we just can't guarantee the purchasing power."

- Alan Greenspan

Tue, 03/19/2013 - 09:51 | 3346641 Downtoolong
Downtoolong's picture

While the crisis in Cyprus is a real concern for depositors in Cypriot’s banks.

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.

Tue, 03/19/2013 - 10:28 | 3346853 astoriajoe
astoriajoe's picture

I'm hoping its Cyprus, the smallest of countries, that brings us to the tipping point.

One thin mint, sir?

Tue, 03/19/2013 - 09:51 | 3346643 timbo_em
timbo_em's picture

I'm sure those deposits are save...in nominal terms.

Tue, 03/19/2013 - 09:52 | 3346649 HulkHogan
HulkHogan's picture

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.

 

Tue, 03/19/2013 - 09:52 | 3346650 frenchie
frenchie's picture

huh

only 25 BLN USD in reserves at FDIC ?

gulps...

Tue, 03/19/2013 - 09:53 | 3346656 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

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.

Tue, 03/19/2013 - 10:43 | 3346924 helping_friendl...
helping_friendly_book's picture

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.

Tue, 03/19/2013 - 09:53 | 3346659 doggis
doggis's picture

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. 

Tue, 03/19/2013 - 09:59 | 3346692 fonzannoon
fonzannoon's picture

Please back that up with some shred of proof.

Tue, 03/19/2013 - 10:31 | 3346863 astoriajoe
astoriajoe's picture

Well, the guy two posts above said he liquidated his savings account the other day.

Good enough for me.

Tue, 03/19/2013 - 10:00 | 3346699 Winston Churchill
Winston Churchill's picture

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.

Tue, 03/19/2013 - 10:45 | 3346938 DosZap
DosZap's picture

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?.

Tue, 03/19/2013 - 09:54 | 3346660 thisandthat
thisandthat's picture

Keep Calm and Bend Over

Tue, 03/19/2013 - 09:58 | 3346668 machineh
machineh's picture

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.

Tue, 03/19/2013 - 10:00 | 3346696 ebworthen
ebworthen's picture

Exactly.

BINGO.

"And...it's gone!"

Tue, 03/19/2013 - 14:08 | 3348424 Clowns on Acid
Clowns on Acid's picture

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.

Tue, 03/19/2013 - 10:01 | 3346670 sodbuster
sodbuster's picture

 >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

Tue, 03/19/2013 - 10:10 | 3346763 pods
pods's picture

We won't monetize the debt.

I wont come in your mouth.

Always ends the same.

pods

Tue, 03/19/2013 - 09:57 | 3346672 TheProphet
TheProphet's picture

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?

Tue, 03/19/2013 - 10:11 | 3346773 ebworthen
ebworthen's picture

I replied to your identical query above, linked to a Salon article and gave you a tip.

Tue, 03/19/2013 - 09:57 | 3346673 Whatta
Whatta's picture

And, tell us again how the old GM bondholders fared under the "rule of law"?

Tue, 03/19/2013 - 09:57 | 3346676 digalert
digalert's picture

FDIC is a strong fund?

hah

Ask Sheila Bair about that.

Tue, 03/19/2013 - 09:57 | 3346677 ebworthen
ebworthen's picture

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.

Tue, 03/19/2013 - 09:58 | 3346681 firstdivision
firstdivision's picture

Now I'm worried.

Tue, 03/19/2013 - 09:58 | 3346687 agent default
agent default's picture

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.

Tue, 03/19/2013 - 09:59 | 3346694 Marley
Marley's picture

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.99
Tue, 03/19/2013 - 10:08 | 3346742 Winston Churchill
Winston Churchill's picture

You 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.

Tue, 03/19/2013 - 10:01 | 3346701 yabyum
yabyum's picture

Most Americam "savers" don't have two dimes to rub together.

Tue, 03/19/2013 - 10:01 | 3346703 pods
pods's picture

Too funny.

Sorry, cherry was popped.  Ain't getting it back.

pods

Tue, 03/19/2013 - 10:04 | 3346716 forwardho
forwardho's picture

Quick, begin the rehymenization!!!

Tue, 03/19/2013 - 10:04 | 3346718 edifice
edifice's picture

When $250,000 buys a candybar, the FDIC will "pay" everyone exactly what they're owed.  No reason to shear depositors.

Tue, 03/19/2013 - 10:04 | 3346722 Waterfallsparkles
Waterfallsparkles's picture

I bet they have already had a lot of withdraws. 

Many may take their Money out and ask questions later.

Tue, 03/19/2013 - 10:05 | 3346724 larry david
larry david's picture

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

 

 

Tue, 03/19/2013 - 12:50 | 3347836 edifice
edifice's picture

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.

Tue, 03/19/2013 - 10:05 | 3346725 They Tried to S...
They Tried to Steal My Gold's picture

"Can we get a repost of Kyle Bass presentation of Japanese Bond web site. = " Dont Worry"

Tue, 03/19/2013 - 10:07 | 3346729 css1971
css1971's picture

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.

Tue, 03/19/2013 - 10:06 | 3346732 Hannibal
Hannibal's picture

Oh, I am calm alright, got my cash converted into physical silver already.

Tue, 03/19/2013 - 10:06 | 3346733 MFLTucson
MFLTucson's picture

Better to keep money under matress than trust this group.

Tue, 03/19/2013 - 10:06 | 3346734 BurningFuld
BurningFuld's picture

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.

Tue, 03/19/2013 - 10:06 | 3346735 aerojet
aerojet's picture

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.

Tue, 03/19/2013 - 10:09 | 3346744 evernewecon
evernewecon's picture

 

 

 

 

 

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.


 


 

 

Tue, 03/19/2013 - 10:35 | 3346885 overmedicatedun...
overmedicatedundersexed's picture

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.

Tue, 03/19/2013 - 10:09 | 3346749 youngman
youngman's picture

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"...

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