Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

What do you think it would be like if we let a major bank fail?

I hear a lot of people say to let a bank fail but I don't think people realize how bad it could be. I'm fine with letting one or more fail but I worry about others. yes, everyone's account is covered by the FDIC but how long do you think it would take for them to get their money out? Even if you have another bank take over the accounts, I don't think it would just be a weekend switch over. Can you imagine people having to go 4+ weeks with just the cash on hand or not being able to get access to their work check because their company goes through a bank that failed. So, what do you think it would be like if we let Citigroup or BofA fail and would you prefer to go through more pain now or less pain over a longer period?

Answer Question
 
smalltowngal

Asked by smalltowngal at 8:47 AM on Apr. 16, 2009 in Politics & Current Events

Level 1 (-9 Credits)
Answers (11)
  • Do you know how many banks failed in the 80's? The world didn't end. Do you even know how shit works or are you just making things up in your head?
    Anonymous

    Answer by Anonymous at 10:08 AM on Apr. 16, 2009

  • Major banks have already failed. Where have you been? LOL.
    Anonymous

    Answer by Anonymous at 10:47 AM on Apr. 16, 2009

  • Major banks have already failed. Where have you been? LOL.

    I check out the bank failures every Friday evening. I think the largest one that failed so far at 6 branches so i wouldn't call that a major bank. Yes, banks have failed nothing near the size of Citigroup or Bof A that has a lot of international business.
    smalltowngal

    Answer by smalltowngal at 10:53 AM on Apr. 16, 2009

  • Many banks some large failed in the 80s and we all survived.
    Anonymous

    Answer by Anonymous at 11:06 AM on Apr. 16, 2009

  • Many banks some large failed in the 80s and we all survived.

    The government took over the insolvent banks during the S&L scandal in the 80's, didn't it? Is that a vote for Nationalizing some of these larger banks then?
    smalltowngal

    Answer by smalltowngal at 11:14 AM on Apr. 16, 2009

  • Lots of banks have failed on their own. Businesses have failed on their own. Let them solve their own problems.
    Scorpio359

    Answer by Scorpio359 at 11:26 AM on Apr. 16, 2009

  • Fabulous!! I think they should all be deported and go mess up some other country. Bad business practices should NOT be rewarded!!!!!!!!!!!!!!! Start new banks with new rules and regulations...these banks and businesess cannot be fixed in my opinion. Let them fail...give the people back their money and get these crappy CEO's out of this country. That is all...
    LexsMami

    Answer by LexsMami at 11:37 AM on Apr. 16, 2009

  • Other banks would buy out the branches.

    Anonymous

    Answer by Anonymous at 11:43 AM on Apr. 16, 2009

  • Other banks would buy out the branches.

    I've noticed with the some of the smaller banks that have failed lately that not all the banks are being bought out by other banks. There are a couple that haven't been. If not all the smaller banks are being bought out, I doubt the large ones would be. It looks like some people that are with banks that have failed are being told they have 4 weeks to come in and close their accounts. I don't know if that would would on a national level with a large bank.
    smalltowngal

    Answer by smalltowngal at 12:00 PM on Apr. 16, 2009

  • Fabulous!! I think they should all be deported and go mess up some other country. Bad business practices should NOT be rewarded!!!!!!!!!!!!!!! Start new banks with new rules and regulations...these banks and businesess cannot be fixed in my opinion. Let them fail...give the people back their money and get these crappy CEO's out of this country. That is all...

    The only problem is they don't have our money. They loaned it out to people and now those people are paying back their loans. I don't even want to think of how much money the FDIC would have to come up with to cover everyone's accounts. It seems like no matter what we do with the banks, the tax payers will be paying. I am for shipping out some of the CEO's. :)
    smalltowngal

    Answer by smalltowngal at 12:02 PM on Apr. 16, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.