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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (347562)	8/20/2007 2:28:54 PM
From: tejek	Respond to of 1573458

As it happens, Countrywide’s customers were overreacting. True, the bank is owned by Countrywide Financial, the nation’s largest mortgage lender — and mortgage lenders are in big trouble these days. But bank deposits up to $100,000 are protected by the Federal Deposit Insurance Corporation. Old-fashioned bank runs just don’t make sense these days. Like I said last week, the feds had to act. Like the article says, there shouldn't have been a run on CFC but there was. Why? I think trust these days is a rare commodity in these disunited states........trust that one's accounts are covered by the FDIC, trust that the FDIC has the money to cover when necessary; trust that the American gov't won't implode in the next year. Plus, there is so much conflicting info........for an example, its been reported that WA Mutual, which is the largest S and L in the country and based in Seattle, is in trouble. And yet, they reported a very good quarter in July and have repeatedly said that everything is fine. Who is telling the truth? I know longer have a clue. So when you don't know what to trust, you do a run on your local bank as dramatic as that is. Welcome to the 21st century!