Archive for July, 2008
Friday, July 18th, 2008
Why You Should Take At Least $5,000 Out of Your Bank Now!
It’s getting ugly out there. Wachovia Securities is under going some sort of raid/investigation, WAMU’s stock is in the gutter, the SEC is halting short trading on over a dozen bank stocks and IndyMac customers have been waiting 3+ days to get access to their money. Do you want to take your chances that you [...]
3 Comments » - Posted in The Fed by RichSlick
Thursday, July 17th, 2008
To Understand Inflation, Convert Your Pay To Gallons of Gas/Year
It’s astounding that some people still don’t understand the effects of inflation so to illustrate a point, I came up with this table to show the effect of inflation and erosion of purchasing power despite any salary increases an average person might have received over the past few years. In the table, we’ll assume you [...]
2 Comments » - Posted in The Fed by RichSlick
Thursday, July 17th, 2008
FDIC Only Insures $43,216 and Dropping – Wake Up People
Last year, I wrote this post outlining how FDIC only insures $44,530 but now it’s a year later and the FDIC insurance coverage has now dropped to $43,216 and next August the coverage will drop to $41,940 so it’s time for you people to wake up and smell the inflation. Actually, the FDIC coverage will [...]
1 Comment » - Posted in Financial Safety,The Fed by RichSlick
Tuesday, July 15th, 2008
This Is Why I Don’t EVER Buy Individual Stocks Any More
In trying to figure out where to move my money, I did some charts on a few major banks: Washington Mutual, Wachovia, Bank of America and Wells Fargo and take a look at this two year chart…. (Click Image To See Nightmare) Due diligence, historical dividend, recommendations, ratings, Sarbanes Oxley, research and analysis, investment advice [...]
2 Comments » - Posted in Financial Safety,Observations by RichSlick
Monday, July 14th, 2008
Light Posts This Week – Moving Money Around
Won’t be posting too much this week as the whole banking system is completely on the verge of collapsing. I’m moving money around all this week and it is a slow and painful process. Moving to treasuries, real estate and brokers AWAY from bank deposits. I’ll post a follow up later in the week if [...]
5 Comments » - Posted in Financial Safety,Watch Out by RichSlick
Saturday, July 12th, 2008
For The Last Time: FDIC, Freddie and Fannie Are NOT Guaranteed by the US Government!
I don’t know why PF Bloggers and others in the media continually perpetuate that FDIC, Freddie and Fannie are guaranteed or backed by the government. There is no law anywhere on the books that make this a true statement. While I’m at it, Social Security isn’t guaranteed by the US government either. The US government [...]
4 Comments » - Posted in The Fed by RichSlick
Friday, July 11th, 2008
IndyMac Fails!
Oh my god! Doom and Gloom! Armageddon has been foreclosed on! Remember this gem? FDIC Information for IndyMac Bank, F.S.B., Pasadena, CA On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All non-brokered insured deposit accounts [...]
No Comments » - Posted in Watch Out by RichSlick
Friday, July 11th, 2008
The Government Bail Out Lottery
I have an innovative idea for all these government bail out programs calling it the Government Bail Out Lottery. Airlines, Auto Manufacturers, Bankers, Home Builders, Investment Brokers, et al. can simply pay $100 every day in the hopes of winning $100 billion in tax payer funded lottery. Each year, the government will pay out $100 [...]
No Comments » - Posted in Watch Out by RichSlick
Thursday, July 10th, 2008
What happens to Israel if the USD Collapses?
Perhaps that Iranian crackpot has a point when he says they’ll be no war with the US or Israel. If the economic conditions in the US continue to worsen to the point of either a depression or USD collapse, what exactly would happen to Israel? After watching Ted Koppel’s People’s Republic, I’m inclined to believe [...]
2 Comments » - Posted in The Fed by RichSlick
Tuesday, July 8th, 2008
Federal Reserve Becoming Cash America For Wall Street
My jaw literally dropped when I read this headline, “Fed eyes extending emergency loans for Wall Street” and the first thought that went into my head is that the Federal Reserve has now become a Cash America / Mr. Payroll shop – how pathetic. I hope that at least the Fed is charging 400% interest [...]