The ORIGINAL gathering place for a merry band of Three Percenters. (As denounced by Bill Clinton on CNN!)
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The money you place into the bank on most common types of account is no longer your money it becomes literally a credit device to the bank, a loan if you will.Hence they are able to balk on payments, think about that.
your savings acct is an unsecured loan to the bank. because it is unsecured, your acct is last in line should the bank go belly up. And the FDIC has very little actual $ to cover savings acct losses if there is a bank run or a couple (maybe only 1) of the big 3 banks fail.JMB
The FDIC is obligated to pay back every dollar lost by a depositor in an insured account up to a statutory limit. But there is no guarantee that those dollars will be worth anything at that point. Remember when gasoline was $0.22 per gallon?
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