Originally Posted by Orchidflower
Want2retire posted a nice article about 1,000 regional banks possibly closing, but I cannot get the link to work.
I am sorry that the link didn't work for you! It works for me. Here
is the thread you started on 1,000 banks closing. Would you like for me to combine that thread and this one?
When you first mentioned 1,000 banks closing in your post beginning your thread about 1,000 banks closing, but did not have a link, I wondered where you got that idea. I did a search and finally found that link from CNBC related to what you were saying. That is the "nice article" as you so kindly described it. I don't normally watch CNBC or read their articles, personally, as I consider them to be an entertainment channel, not a source of financial information.
The article wasn't really based on any analysis - - just on what one CEO (Wilbur Ross) thinks. Typical CNBC. My question of him would start with, "Where is your basis for making that statement? Where is your proof? Where did you get the number "1,000" from?" I thought it was somewhat alarmist.
Naturally we should keep an eye on every part of our financial system right now, including banks, brokerages, and all the rest. It seems to me that if a lot of banks fail, as a result we are going to have to pay more taxes to raise the funds available to the FDIC.
As Brewer says, stay below the FDIC limits and you will be fine. Well, except for the extra taxes we will all be paying!