Nov 26
First, my United States of Innumeracy post in which I discussed a viral email making the rounds which claimed the bailout was equal to $250K or so per person. Coincidently, a couple weeks later, Forbes publisher, Rick Karlgaard, published “Math Boneheads, Pt II”, in which he expressed similar sentiment, only he was a bit more aggressive suggesting that the difference between the illiterate and innumerate is that “most innumerates have no idea they they are math boneheads.” I’m with you, Rich.
Next was my post “Send Fuld to Jail” in which I suggested that Sarbanes-Oxley be used to confiscate Fuld’s gains among others. Forbes, in the same issue I cite above, offers the same suggestion, only they felt that applying this regulation against former CEOs of failed banks was a longshot. Can’t say I didn’t try.
Joe
(Happy Turkey Day tomorrow.)
written by JOE
\\ tags: bailout, banks, dick fuld, innumeracy, IRA, irs, Oxley, rich, Sarbanes
Jul 30
I’ve seen remarks across the blogosphere that the recent FDIC advertisements are a bad sign. I’m not convinced. I think there are many who have no idea how the FDIC protection works, what its limits are, and how to get more coverage. First, here is one of the ads they are running:
The important thing to understand is that non-retirement accounts are insured up to $100K. If you have more cash than this, you should consider splitting it up among more than one bank. In the case of a failure, you may have to wait some time to access your money, so even if you are below the limit, using 2 or 3 banks is a good idea. See the FDIC Website for more details.
Joe
written by JOE
\\ tags: banks, failure, fdic, money, Retirement, retirement account
Jul 29
They say that when the shoeshine boy starts talking about stocks it’s a time to get out of the market. Last week, David Letterman offered his Top Ten List,
Top Ten Signs You Have a Bad Bank
- Manager giggles whenever he says, “early withdrawal”
- They made $2 million loan to the Hillary Clinton campaign
- Most banks are backed by the FDIC; your bank is backed by KFC
- Bank robbers leave with a sack of IOUs — that’s how bad things are, ladies and gentlemen
- Loan officer will approve your mortgage only if you let him rub you
- ATM looks suspiciously like a Ms. Pac-Man machine
- Interest paid not in money, but in Saltines
- They promise they’ll have your money if you come back after tonight’s Keno drawing
- Instead of Andrew Jackson, their $20 bills have a picture of Tito Jackson
- Teller asks, “How may I swindle you?”
Maybe this is the sign that we’ve reached the bottom in this crisis, I hope so.
Joe
written by JOE
\\ tags: banks, david letterman, fdic, interest, loan, money, Mortgage, stocks, top ten list
