RE:RE:RE:RE:A long slog
flamingogold wrote: I think what we just witnessed with the US banks is over, or more importantly, how the government will react to it. They just set a precedent... ie. they will protect depositors against losing their money. This was necessary to prevent further bank runs and a full on financial collapse. Critics have already come out saying this is not how capital markets are run. Maybe so, but just like Canadian housing, the US financial system is too big to fail.
back in the '90's there was a bank in the US that went belly up and the clients lost their money ...I know this because some of my family members lost money there and I immediately contacted my bank when I got back home to see if it could happen to us .It turns out that our money is protected by CDIC up to $100K ..well that bank in the R.I. area was not protected ..I'm hoping that has changed now in the U.S. because we all know that if something goes wrong down there we get to feel the pain also ...GLTA