Posted by Are Your Bank Deposits FDIC Insured?
With all the recent bank closures, and all the news of depositors losing their deposits and investments, some are not insured by the FDIC… will it ever end? It will, according to Bill Bartmann, but by then up to another 1,000 banks may have to go under. Gulp!
But pay close attention, there are simple steps you can take to protect your money and also to profit from this impending banking doomsday scenario.
First and foremost, try to find out if your bank is on the sick list. All banks need to publish quarterly reports but it may be tough to decifer banking liquidity just by persusing the typically cryptic reports alone. A layman’s way is to see if the banks are constantly promoting the sun, moon and sky in a desperate attempt to get more depositors and deposits. Do your homework.
Second, always make sure your deposits are below the FDIC threshold of $250,000 per account type. Split them if you have more than that, to ensure all your capital is insured. Remember that interest due is not covered.
Third, then are you ready to profit from it? You can. But first read about what Bill Bartmann has to tell you about this banking industry problems and how you can profit from it. He’s the numero uno when it comes to making a legitimate profit from this situation and he’s the one and only recognized expert in this business. He once built a $3.5B business from it-yes, he’s a super entrepreneur. Here’s the article printed in it’s entirety below from Private Bank.
If the FDIC were to headline an announcement tomorrow that Bank Failures will reach 1,000 by 2010, what would happen to the world’s financial system?
Bill-Bartmann-in-Toronto
As America struggles to mend its banking industry, the focus seem to be only on the biggest 100. What of the other smaller 8,300? Yes, the US has 8,400 banks (that’s down from 12,000+ in the mid 1980’s) many of which are not profitable.
84 banks have already failed to date. Bill Bartmann, maintains on Fox that up to 1,000 banks may be lost by the year 2010. Speculation? Or Stunning fact?
Banks, private and public are by law obligated to publish quarterly financial reports. This second quarter reports indicate 28% are unprofitable. 90 % of these unprofitable banks were also unprofitable over the 1 quarter of the year. More troubling is that 75% of that 28% had 3 consecutive unprofitable quarters. That’s unusually poor performance and very troubling.
Bill cites a number of valid reasons for such failures:
- Growing unemployment: less employment mean people buy fewer things which means stores close and banks lose their commercial mortgages and loans.
- Credit card charge offs are at 10.5% now: the highest rate of defaulted credit card debts being charged off now.
- The Commercial real estate bubble is starting to deflate. Most of these will be in the smaller towns and cities.
- There are not enough healthy banks to bail out the bad ones now.
- Most smaller commercial properties are held or have loans from the smaller banks. These are the ones most at risk.
- the FDIC for the second time is running out of money. Therefore, don’t expect any more bailouts.
Watch Bill Bartmann on Fox Business.
Bill Bartmann on Countdown to the Closing Bell with Host Liz … – Click here for more blooper videos
“Banks should not be bailed out the way they have been with the large banks recently.” ” They should let bad debts be lost and save the good ones”…
Tip…the FDIC insures your deposits up to $250k per account. Therefore, if you have more money than that in 1 account, please split them until you are just below that FDIC threshold. That way, you will remain insured. Current protection is better than no protection.
Why doesn’t the FDIC warn the public? Well, if they did, it would mean a very downward looking report and that does not serve the FDIC’s agenda very well if the whole world were to really feel the pressure to downgrade all US financial holdings. Now, imagine what a cascade of failures would occur?
Can you profit from this?
Yes, Bill Bartmann is also the acknowledged expert at buying debts and recollecting them at huge discounts. In fact, he built a multi-dollar empire with 3,900 employees. The US Government will actually help fund you to buy off bad loans from banks for pennies on the dollar. That, if you know how, becomes your meal ticket. Bill is willing to show you how. To find out more, CLICK HERE.
