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There are those who despise Democrats because they are "Socialist"! Will U withdraw money if your bank fails?

"By MARCY GORDON, AP Business Writer Marcy Gordon, Ap Business Writer – 38 mins ago WASHINGTON – Real estate lender Colonial BancGroup Inc. has been shut down by federal officials in the biggest U.S. bank failure this year. The Federal Deposit Insurance Corp., which was appointed receiver of the Montgomery, Ala.-based Colonial and its about $25 billion in assets, said the failed bank's 346 branches in Alabama, Florida, Georgia, Nevada and Texas will reopen at the normal times starting on Saturday as offices of Winston-Salem, N.C.-based BB&T. The FDIC has approved the sale of Colonial's $20 billion in deposits and about $22 billion of its assets to BB&T Corp. Regulators also closed four other banks: Community Bank of Arizona, based in Phoenix; Union Bank, based in Gilbert, Ariz.; Community Bank of Nevada, based in Las Vegas; and Dwelling House Savings and Loan Association, located in Pittsburgh. The closures boosted to 77 the number of federally insured banks that have failed in 2009. The agency established a temporary government bank for Community Bank of Nevada to give depositors about 30 days to open accounts at other financial institutions. The failed bank had assets of $1.52 billion and deposits of $1.38 billion as of June 30. Community Bank of Arizona had assets of $158.5 million and deposits of $143.8 million as of June 30, while Union Bank had assets of $124 million and deposits of $112 million as of June 12. The FDIC said that MidFirst Bank, based in Oklahoma City, has agreed to assume all the deposits and $125.5 million of the assets of Community Bank of Arizona, as well as about $24 million of the deposits and $11 million of the assets of Union Bank. The FDIC will retain the rest for eventual sale." All of you have safe money if your bank fails thanks to Democrats and FDR! I suspect none of you will use this socialistic program to save your money from mismanaged banks and leave it in the bank. Won't you? The FDIC is a "socialistic" program! Actually most get socialism confused with this country's Mantra: "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed" No where in the declaration does it mention corrupt business and their usurpers of the US Constitution who are our largest group receiving welfare and the largest welfare frauds! It says "The people" and business is not "the People"! No one I know is a socialist, however some programs perhaps could be considered that, like the FDIC. Of course NO Republican would ever pass such a thing, but they will all be lining up at banks tomorrow getting their money thanks to Democrats!

Public Comments

1. Do most Americans have banking accounts anymore? Or are their accounts dwindling due to the lack of employment and their high-end lifestyle?
2. Americans are known world-wide for their poor education. One indication of it is their lack of knowledge of the definition of words such as "socialism." Sometimes I don't really care. If they want to act so arrogant all the time, meanwhile supporting the continued invasion of Iraq, then just let their economy fail, let them get sick and not afford health care.
3. one and all should withdraw their money and see how powerful the banks are not,.. we need a true communist government and should throw capitalism into the garbage,.. capitalism is basically keeping americans indentured servants,.. do a word study on the 'mortgage',.. i e a e,.. avatar of the unification,..
4. you never stated why the banks failed? and you also give too much credit to fdr and other libs that think they know what's best for people instead of letting people decide their own fate. how large would one's retirement portfolio be if there wasn't a social security fund? if bureaucrats were taken out of the medical system, how much would the cost go down? if banks had to answer to their account holders instead of government employees, how would they invest? don't thank the government for restricting how you could live if they weren't in the way.
5. The basic truth is the world is too complicated for an individual to understand. A block diagram of how our financial system works would either be too simple to have meaning, or a fractal. For me, I don't even attempt to understand the machinations of government or financial institutions. I make sure I can provide a useful service to companies that I think provide useful services to the community. I am reasonably diligent in my work. I have most of my money in a checking account, and pay off my credit card every month. The remainder I invest in stocks that cover the spectrum of public businesses (actually, in Municipals). I keep $1,000, 2 Kruggerands, and a Glock in the drawer next to my bed. As for politics and the government and bureaucracy in general, I wish them all well, and avoid them whenever I can. .
6. I'm all for capitalism. But we've never had that since we've always been controlled by offshore banks. If we were to return to the Constitution and have sound money printed by Congress and not a private bank (Federal Reserve), there might be a chance. But to answer the question, I'd rather not have banks. Especially when they run on fractional reserve banking. If they set to a 1:1 ratio, then yeah, I'd be down for banks again.