Just out of curiosity... what happens when a bank goes bankrupt (assuming it is not bailed out)? Do the people who have cash in that bank lose it, or is it reimbursed up to the $250K federal insurance amount? And, what about debts you have with that bank?
I'm asking because there might be a domino effect. If one big bank goes down, it could affect a lot of other banks where many people moved their money to when they left WF or BoA. So, the above questions are in general for any bank.
You will lose everything sadly. And when one bank is in trouble there will be a knock on affect. This is much, much greater than the Lehman Bros collapse. The gov. is insolvent and can’t bail out the big banks even if they tried.
Just out of curiosity... what happens when a bank goes bankrupt (assuming it is not bailed out)? Do the people who have cash in that bank lose it, or is it reimbursed up to the $250K federal insurance amount? And, what about debts you have with that bank?
I'm asking because there might be a domino effect. If one big bank goes down, it could affect a lot of other banks where many people moved their money to when they left WF or BoA. So, the above questions are in general for any bank.
You will lose everything sadly. And when one bank is in trouble there will be a knock on affect. This is much, much greater than the Lehman Bros collapse. The gov. is insolvent and can’t bail out the big banks even if they tried.
And they might issue you worthless stock in the bank. Heard this on some podcast. Your money is not safe in the bank. Never has been.
Gold, silver, platinum, cows, chickens(going up now), alchohol, etc.
Guns/ammo is where true value is stored.
Building materials and used cars of guns aren’t allowed in your country.