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The House passes the rescue plan or bailout bill today and President Bush swiftly signed it into law. It not only provides up to $700 billion to buy up toxic assets, but temporarily raises the limit on FDIC insurance to $250,000 per person per institution.
Read →And we thought banking was boring. Citi today shot back and threatened a lawsuit to block Wells Fargo from stealing Wachovia.
Read →In a surprise move, Wachovia scrapped its deal with Citi and agreed to be acquired by Wells Fargo. Wells not only agreed to buy the whole bank, but raised its offer price and did the deal without any government assistance.
Read →People are selling instinctively now and not on principles or valuations. Apple and Google can prevent this.
Read →I like Joe Biden. I think he is real, but I couldn't believe what he said in the first half of yesterday's debate.
Read →Even if the government passes its $700 billion rescue plan, as it's likely to do, that won't be enough to prevent a pretty deep recession.
Read →Berkshire Hathaway gets another great deal, but not so great for General Electric shareholders
Read →I've seen a lot of ads on tv recently for Bank of America's "risk free CD" so I decided to give it a look. Here's what I found.
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Newest Version of Bailout Bill May Raise FDIC Insurance Limits to $250,000
The version of the bailout bill that the Senate is scheduled to vote on tomorrow raises the FDIC insurance limit from $100,000 to $250,000 for one year.
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When People Start Running on the Bank, Virtually Every Bank is an Inch from Zero
Even the banks that saw this coming months ago couldn't prepare for this.
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Looks Like Something Other than a Financial Crisis to Me
I don't invest in bank stocks and I don't think that I ever will. But, this market fall is taking my portfolio to its knees.
Read →Dime Direct, the online division of Dime Savings Bank of Williamsburgh is offering a 6 month CD with a 5% APY when opened with a checking account.
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Bailout Denied - Significant Consequences Likely
Our Congress has cut off their nose to spite their faces, and now a depression is imminent.
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Capitalism Will Survive - Bailout or No Bailout
It may seem like the capitalist economic model is falling apart but this is just a natural part of the ebb and flow of an economic system. It may be a painful part but that's the nature of capitalism.
Read →On Friday, the FDIC made a significant change to the way that FDIC insurance is extended on revocable trusts. The change makes it easier to add beneficiaries and simplifies the process. It also means that the FDIC has significantly expanded what it will insure.
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