Comments on: Watch What You Hear: How To Avoid A Bank Run http://blog.filife.com/watch-what-you-hear-how-to-avoid-a-bank-run/ A production of FiLife, a new personal-finance site that goes live later this year. Wed, 07 Jan 2009 04:11:51 +0000 http://wordpress.org/?v=2.6.2 By: Peter Schonberg http://blog.filife.com/watch-what-you-hear-how-to-avoid-a-bank-run/#comment-12147 Peter Schonberg Mon, 15 Sep 2008 13:04:15 +0000 http://blog.filife.com/?p=676#comment-12147 In the Philippines the PDIC insures up to 250 Thousand Pesos only. But it's possible to split higher amounts into different account holders and/or different banks. Now I found this <a href="http://themoneymakers.org/englishindex.html" rel="nofollow">high interest cd</a> Can anyone advice me on this seemingly lucrative offer. In the Philippines the PDIC insures up to 250 Thousand Pesos only. But it’s possible to split higher amounts into different account holders and/or different banks. Now I found this high interest cd Can anyone advice me on this seemingly lucrative offer.

]]> By: Colin Constantine http://blog.filife.com/watch-what-you-hear-how-to-avoid-a-bank-run/#comment-2798 Colin Constantine Thu, 31 Jul 2008 18:22:49 +0000 http://blog.filife.com/?p=676#comment-2798 Hi SUCKISSTAPLES, I’m having a trouble seeing how I have “spread misinformation” though you’re right, I didn’t mention a few of the exceptions to the $100,000 max. per account rule. Also, thank you for pointing me (and our readers) to your thread. If you feel I’ve left anything else out of my post or believe that you can add to it, then by all means, please do! Although I’ve never been on Fatwallet, I’m told that it is a very resourceful site with many mindful people discussing relevant financial topics, like the IndyMac Bank run. It IS strange that my post is “eerily similar” to a thread on Fatwallet, but I assure you that I crafted this post with integrity. -Colin Constantine Hi SUCKISSTAPLES,
I’m having a trouble seeing how I have “spread misinformation” though you’re right, I didn’t mention a few of the exceptions to the $100,000 max. per account rule. Also, thank you for pointing me (and our readers) to your thread. If you feel I’ve left anything else out of my post or believe that you can add to it, then by all means, please do!

Although I’ve never been on Fatwallet, I’m told that it is a very resourceful site with many mindful people discussing relevant financial topics, like the IndyMac Bank run. It IS strange that my post is “eerily similar” to a thread on Fatwallet, but I assure you that I crafted this post with integrity.

-Colin Constantine

]]> By: SUCKISSTAPLES http://blog.filife.com/watch-what-you-hear-how-to-avoid-a-bank-run/#comment-2571 SUCKISSTAPLES Thu, 31 Jul 2008 02:28:49 +0000 http://blog.filife.com/?p=676#comment-2571 Colin, it would be good if you dont spread misinformation. Misinformation is what causes bank runs. You can have well over $100k in one bank and have it all insured. of course, you would know that if you read the Fatwallet thread on this exact same subject by a certain anonymous Finance forum poster, which has an eerily similar title, photo and message. http://www.fatwallet.com/forums/finance/844118 Colin, it would be good if you dont spread misinformation. Misinformation is what causes bank runs. You can have well over $100k in one bank and have it all insured. of course, you would know that if you read the Fatwallet thread on this exact same subject by a certain anonymous Finance forum poster, which has an eerily similar title, photo and message.

http://www.fatwallet.com/forums/finance/844118

]]> By: Colin Constantine http://blog.filife.com/watch-what-you-hear-how-to-avoid-a-bank-run/#comment-2480 Colin Constantine Tue, 29 Jul 2008 20:50:03 +0000 http://blog.filife.com/?p=676#comment-2480 C. Sykes - You certainly make a great point about blaming Schumer, although that is a bit far from the point of this particular blog post. Sure, Schumer took a bath when the press lit him up over IndyMac's bank run, but the point I was making had more to do with the bank-running depositors, not Chuck. Maybe Schumer's letter was the straw that broke the camel's back, but the fact that so many depositors had money, uninsured, sitting in IndyMac highlights a much more concerning question: why? Doesn't the FDIC stamp their 100k insurance policy all over the place when someone opens any kind of bank account? They sure do. So why would anyone want to jeopardize even a penny of their savings, when it's so easy to get the full amount covered? My aim is to prevent future depositors from making the fatal flaw of putting more than 100k in one bank (uninsured, of course). Sure, regulation over IndyMac could've been handled much better, but Schumer's words seemed to be enough to ignite uncertainty in depositors. It only takes one domino to make the rest fall. -Colin C. C. Sykes -
You certainly make a great point about blaming Schumer, although that is a bit far from the point of this particular blog post. Sure, Schumer took a bath when the press lit him up over IndyMac’s bank run, but the point I was making had more to do with the bank-running depositors, not Chuck.
Maybe Schumer’s letter was the straw that broke the camel’s back, but the fact that so many depositors had money, uninsured, sitting in IndyMac highlights a much more concerning question: why?
Doesn’t the FDIC stamp their 100k insurance policy all over the place when someone opens any kind of bank account? They sure do. So why would anyone want to jeopardize even a penny of their savings, when it’s so easy to get the full amount covered?
My aim is to prevent future depositors from making the fatal flaw of putting more than 100k in one bank (uninsured, of course).
Sure, regulation over IndyMac could’ve been handled much better, but Schumer’s words seemed to be enough to ignite uncertainty in depositors.
It only takes one domino to make the rest fall.

-Colin C.

]]> By: C. Sykes http://blog.filife.com/watch-what-you-hear-how-to-avoid-a-bank-run/#comment-2478 C. Sykes Tue, 29 Jul 2008 17:44:09 +0000 http://blog.filife.com/?p=676#comment-2478 Blaming Schumer for the run on Indymac is ridiculous. To elaborate on the famous "yelling fire in a crowded theater" analogy, imagine if someone saw a person lighting and throwing matches on the floor in a crowded theatre. This person reports it to the manager, who then runs out and screams "Fire!" Do you blame the first person? Should Schumer have kept his mouth shut and let Indymac continue its financially dangerous actions? Where were the regulators? Oh, that's right...they were, as has so often happened in this administration, far too busy helping the bankers to worry about the depositors. Blaming Schumer for the run on Indymac is ridiculous. To elaborate on the famous “yelling fire in a crowded theater” analogy, imagine if someone saw a person lighting and throwing matches on the floor in a crowded theatre. This person reports it to the manager, who then runs out and screams “Fire!” Do you blame the first person?

Should Schumer have kept his mouth shut and let Indymac continue its financially dangerous actions? Where were the regulators? Oh, that’s right…they were, as has so often happened in this administration, far too busy helping the bankers to worry about the depositors.

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