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Paulson: Banks are safe

Published:

Last Edited: July 21, 2008, 8:00 pm

AP: Monday, July 21, 2008

WASHINGTON - Treasury Secretary Henry Paulson sought to reassure an anxious public Sunday that the banking system is sound, while also bracing people for more troubled times ahead.

"I think it's going to be months that we're working our way through this period - clearly months," he said.

Paulson said the number of troubled banks will increase as they struggle to cope with big losses on bad mortgages.

"Of course, the list is going to grow longer given the stresses we have in the marketplace, given the housing correction. But again, it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation," he said in broadcast interviews.

Paulson used appearances on the Sunday talk shows to tell people that deposits up to $100,000 are fully insured. He said no one has lost a single penny on an insured deposit in the 75 years that the Federal Deposit Insurance Corporation has operated.


Sure, Paulie, sure. I detect (W)ords of (M)assive (D)eception.

"With enough insider information and a million dollars, you can go broke in a year."  - Warren Buffett

Here's a list of ganks... er... banks that maybe didn't make the newz(sic) where you live. http://ml-implode.com/

Of course, if you don't have a mortgage, none of this could possibly affect you, right? Wink

Entry #135

Comments

1.
justxploringComment by justxploring - July 21, 2008, 8:26 pm
Well, since you & I aren't on the same page, the only thing I can say is "wait & see." The Savings & Loan Crisis was much worse.   Do you know anyone who has lost money because a bank failed? True that an increase in stock doesn't mean a bank is stable, but I wish I had purchased more shares last week. My bank went from 42 cts a share to over $2 in one week. (that's over 400%) Citigroup soared 20% in only 4 days!   Good thing I didn't have everything tied up in gold sitting in my closet.
2.
time*treatComment by time*treat - July 21, 2008, 9:14 pm
Citigroup "soared" ... back to the price it was one month ago, but whatever works for you... :-/
3.
justxploringComment by justxploring - July 21, 2008, 10:13 pm
That wasn't my point. I should have stopped at "wait & see." Good luck!
4.
ThinkComment by Think - July 21, 2008, 10:41 pm
"Paulson used appearances on the Sunday talk shows to tell people that deposits up to $100,000 are fully insured. He said no one has lost a single penny on an insured deposit in the 75 years that the Federal Deposit Insurance Corporation has operated."

Did he mean to say "no one has lost a single penny *YET* ???

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