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I heard on the news that some bank got taken over by its customers yesterday. Have you ever wondered what would happen if everyone all of a sudden decided that interest rates are too low and banks are too scary and everyone just wanted their cash?
Do you think that people really understand that there is not nearly enough cash in the banks to give everyone their savings back?
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only your 1st 100k is insured
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There is not enough cash in existence. Most people don't know that. We have about 1/3 of our cash here in the US, and 2/3 is outside or borders. Actual dollars. And even that is only about 1/4 of what we would need to give everyone their actual money.
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Flumper Barflusterbutt Wrote:Yeah, and how fucking insane is that. If a person has say $2 million (which isn't all that uncommon in today's world)...... do they spread that into 20 banks so that they keep it fully insured?
Isn't it about time they updated that amount? I mean, its been $100,000 forever now.
Most people don't keep 100K in a regular bank. It is invested or in bonds and such.
It is rare to have 100K in an account for any real length of time. Interest rates are not high enough. Or you keep some overseas in countries you can trust not to just fucking take it. 'sup Panama?
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Flumper Barflusterbutt Wrote:Well, that isn't necessarily true. People invest their money based on the risk they are willing to take. Individuals do primarily keep their money in stocks and bonds rather than in CD's.
But, if you own a business, you have to keep cash money on hand in the bank. And you have to keep lots of it. My company isn't all that big, but I have to keep a ton of cash on hand. Way more than $100,000.
Yes, businesses are surely a different breed. No doubt about it. I know we are currently at risk in our position as well. We are talking right now about spreading it around, but we usually don't keep that much at risk.
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I would be willing to bet, that if you only sampled the population that HAD more than $100,000 in cash assets, that more than half of them have over $100,000 cash in a bank. Either in checking, savings, or CD's or some combination.
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Flumper Barflusterbutt Wrote:I would be willing to bet, that if you only sampled the population that HAD more than $100,000 in cash assets, that more than half of them have over $100,000 cash in a bank. Either in checking, savings, or CD's or some combination.
I would take that bet. I wonder where we can look.
I know what you're thinking now. You think we're all gay, don't you? Think we're all just a bunch of deviant lifestyle-living same-sex having motherfuckers, am I right?
