Merc, we are a casualty of that loss. My husband was planning to retire to at least half time next year; not any more.
On Oct 7, 10:31 pm, "Mercury.Sailor" <[EMAIL PROTECTED]> wrote: > I did hear it wrong, It was in the last 15 months Retirement accounts > have lost two Trillion Dollars, That's great news for all those baby > Boomers who had planned on retiring in a couple of years. > > Retirement accounts have lost $2 trillion > By JULIE HIRSCHFELD DAVIS – 7 hours ago > > WASHINGTON (AP) — Americans' retirement plans have lost as much as $2 > trillion in the past 15 months, Congress' top budget analyst estimated > Tuesday. > > http://ap.google.com/article/ALeqM5iABtVuD1MG7gisbfhmW13fT37FdAD93LQUNG0 > > On Oct 7, 9:18 pm, "Mercury.Sailor" <[EMAIL PROTECTED]> wrote: > > > Well, Now its looking like the deal between Wachovia and Wells is on > > hold(Thanks to Citi!) > > > I heard that in the last month Retirement accounts have lost two > > trillion dollars, Im sure I heard it wrong and I don't have the time > > to look it up. I sure hope I heard wrong! > > > This is affecting everyone? I mean people in other countries? > > > On Oct 5, 8:13 pm, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > I am not very familiar with US regulatory systems, including the FDIC. > > > I guess that you are right, the FDIC controls the big banks as much as > > > the FDA controls Pfizer or Monsanto. I guess that it happens in most > > > countries. > > > > I guess that the Fed (and the Treasury) can controls banks closer > > > because they depend on the Fed much more, more in the short term and > > > it is related to business. Anyway, as I told, I am not familiar with > > > regulatory systems in your country. > > > > Also, I guess that your question comes about the role that the FDIC > > > can play in the Wachovia deal, whether its influence can be relevant > > > or not. A lawyer would say that it is just a legal process and > > > everything depends on the contract that Citi and Wachovia have in > > > place. In my opinion, in this sort of deals, politics plays a crucial > > > role. I cannot say which one, Citi or Wells, have a better position > > > among all parts (Fed, Treasury, FDIC, etc.), sorry. Even if the issue > > > is arranged in a court, it might change later by agreements among > > > banks and authorities. > > > > Anyway, I do not think that this deal takes too long to reach its end. > > > In my opinion rather weeks than months. Right now, the last thing that > > > the banking system needs is uncertainty. > > > > I wish that Charlotte keeps as many jobs as posible, I keep crossed my > > > fingers. > > > > Peace and best wishes. > > > > Xi > > > > On Oct 6, 12:45 am, "Mercury.Sailor" <[EMAIL PROTECTED]> wrote: > > > > > In addition to its powers of insuring bank and savings and loan > > > > deposits, the FDIC regulates the banking industry and may, after > > > > proper notice and a HEARING, discontinue its insurance coverage if a > > > > bank engages in overly risky banking practices. When this happens, the > > > > FDIC requires the bank to provide timely notice to its depositors of > > > > the termination of FDIC coverage. > > > > >http://www.enotes.com/everyday-law-encyclopedia/fdic > > > > > It sounds like the FDIC sort of acts the way the FDA in regulating > > > > buisness. > > > > > "discontinue its insurance coverage if a bank engages in overly risky > > > > banking practices" > > > > > Now why did the FDIC fail and allow banks to continue in engaging in > > > > risky loans? Was this bailout planned? > > > > > On Oct 5, 6:37 pm, "Mercury.Sailor" <[EMAIL PROTECTED]> wrote: > > > > > > FDIC Mission, Vision, and Values > > > > > > Mission > > > > > > The Federal Deposit Insurance Corporation (FDIC) is an independent > > > > > agency created by the Congress that maintains the stability and public > > > > > confidence in the nation’s financial system by insuring deposits, > > > > > examining and supervising financial institutions, and managing > > > > > receiverships. > > > > > > Vision > > > > > > The FDIC is a leader in developing and implementing sound public > > > > > policies, identifying and addressing new and existing risks in the > > > > > nation’s financial system, and effectively and efficiently carrying > > > > > out its insurance, supervisory, and receivership management > > > > > responsibilities. > > > > > > Values > > > > > > The FDIC and its employees have a long and continuing tradition of > > > > > distinguished public service. Six core values guide FDIC employees as > > > > > they strive to fulfill the Corporation’s mission and vision: > > > > > >http://www.fdic.gov/about/mission/index.html > > > > > > As FDIC chairman, Powell traveled to the Gulf Coast region in the > > > > > aftermath of the hurricanes in order to assess the damage to banks and > > > > > other financial institutions and systems. > > > > > > A native of Texas, Powell served as the president and CEO of The First > > > > > National Bank of Amarillo before being appointed to head the FDIC in > > > > > 2001. Powell also has served in various community and public service > > > > > positions, including chairman of the Board of Regents of Texas A&M > > > > > University, chairman of the Amarillo Chamber of Commerce, member of > > > > > the City of Amarillo Housing Board and member of the boards of High > > > > > Plains Baptist Hospital and the Harrington Regional Medical Center. > > > > > > Powell is a longtime friend and political supporter of President > > > > > Bush. > > > > > >http://www.pbs.org/newshour/updates/powell_11-01-05.html > > > > > > The FDIC employs approximately 8,000 people throughout the country. > > > > > The headquarters are in Washington, D.C., but regional offices exist > > > > > in Atlanta, Boston, Chicago, Dallas, Kansas City, Memphis, New York > > > > > City, and San Francisco. In addition, field examiners, whose job is to > > > > > conduct on-site inspections of banks, have field offices in 80 more > > > > > locations throughout the country. > > > > > > The FDIC has JURISDICTION over banks in the 50 states, the District of > > > > > Columbia, Guam, Puerto Rico, and the Virgin Islands. It regulates > > > > > banks, enforcing rules such as the Equal Credit Opportunity Act that > > > > > prohibits certain forms of DISCRIMINATION in lending, and inspects > > > > > banks to be sure they are operating profitably and legally. > > > > > >http://www.enotes.com/everyday-law-encyclopedia/fdic > > > > > > On Oct 5, 5:30 pm, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > > > > To be honest, about FDIC, I just know its mission, to grant that > > > > > > savers receive their money back in case of banruptcy until its top > > > > > > limit, if I do not recall wrong it is $100,000 but they want to rise > > > > > > it up to $500,000. I do not think that FDIC can control banks too > > > > > > much > > > > > > in USA, it uses to be a job of central banks. > > > > > > > As far as I know Wachovia has the same problems that most US banks > > > > > > right now, not more, not less. It is sad because when leading > > > > > > companies in a sector do something wrong, is difficult for smaller > > > > > > companies not to do the same, because they could not compete with > > > > > > the > > > > > > large ones. But when the time to pay for the wrongdoings come, the > > > > > > large ones can survive easier than the smaller ones. > > > > > > > In my opinion, this is a terrible crisis that more or less will have > > > > > > negative influence on everybody around the world. More for some > > > > > > people > > > > > > than for others. More for the same people who always lose during > > > > > > crisis. > > > > > > > Thank you for sharing that the company your SIL works for is not > > > > > > having any problems, Because they did not make bad loans. I really > > > > > > hope that they got ready for the bad times ahead during the good > > > > > > ones > > > > > > as much as posible. Let us hope that most people are ready to face > > > > > > it. > > > > > > > Peace and best wishes. > > > > > > > Xi > > > > > > > On Oct 5, 9:47 pm, "Mercury.Sailor" <[EMAIL PROTECTED]> wrote: > > > > > > > > Well, That does NOT sound very good to me. > > > > > > > > I think everyone in my city has been taking sleeping pills this > > > > > > > past > > > > > > > week, > > > > > > > Because we depend so much on Wachovia for jobs! > > > > > > > > How much do you know about the FDIC? I read that Bush did appoint > > > > > > > the > > > > > > > head of the FDIC in 2006. How much control does the FDIC have > > > > > > > over banks? Are they partially at fault for not doing something > > > > > > > sooner? > > > > > > > > I was at my brothers house last night, I was chatting with my > > > > > > > SIL (She works as a product mgr. for a National Mortgage Lender) > > > > > > > After talking with her, I guess I am going to put some blame on > > > > > > > the > > > > > > > lawyers. When a new home-buyers purchases a new home, They > > > > > > > hire a lawyer because of all that mumble jumble paper work. That > > > > > > > attorney is supposed to be in the best interest of the client. > > > > > > > Even > > > > > > > though my SIL is very involved in the mortgage industry she still > > > > > > > doesn't > > > > > > > understand all of the aspects of it... Its like when she and > > > > > > > brother > > > > > > > bought thier first home, They had no idea what papers were being > > > > > > > shifted across the table. It is the same with all first time home > > > > > > > buyers, Thats > > > > > > > why we hire attorneys! The company my SIL works for is not having > > > > > > > any problems, Because they did NOT make bad loans. > > > > > > > > So, Now I blame the greedy predatory loan sharks and the attorneys > > > > > > > that were hired by the homebuyers and the FDIC! > > > > > > > > On Oct 5, 12:31 pm, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > > > > > > Troubled times for the banking system. It seems to me that they > > > > > > > > are > > > > > > > > creating two or three superbanks, or super financial > > > > > > > > institutions and > > > > > > > > wipping out the rest, except regional and niche groups. > > > > > > > > > Than you very much for your post Mercury. It is extremely > > > > > > > > valuable > > > > > > > > information. > > > > > > > > > Peace > > ... > > read more » --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. 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