100 banks will be shut down this week, is this a start of another depression

I am a little nervous about all the banks closing, and although I had not started a discussion about it, it has definitely been on my mind alot lately.. not just the bank thing itself, but the thought of another depression... I mean it seems more and more inevitable each and every day... And I also think that it is horrible for people to lose some of their money when the banks closed.... I do not keep much in a bank account, the rising prices of gas and groceries makes sure of that these days, but it still makes me nervous to see our country headed down this path... I hope, for all of our sakes, that things take a turn for the better soon!

Your posts keep saying 10,000, that is wrong. You are insured up to 100,000. That is a very big difference. Many people have 10 grand, many fewer have 100 grand sitting in the bank. The FDIC insures that much money for each individual in the bank, they wouldn't be in business without this insurance.

Do you have any links for this? I haven't heard anything about that many shutting down, just the stuff with that bank in California that the Feds took over. I was told today that over 10 grand is .50 cents on the dollar not .25. --- not like I'll ever have that much to think about anyhow LOL.

I dont know what it is the beginning of but all I see are grim times ahead, in a time where I was just getting our family finances on an even keel and starting to see some spare money I am now wondering how long before I am back in cack again. If there is a worry that banks are going to start shutting, my worry is that it will cause people to panic and start withdrawing money, which you cannot blame them for. But this will just cause things to worsen, my biggest fear is that I will end up losing my savings, not a lot granted, but my savings all the same. It is a nightmare.

First let me say that its quite refreshing to read or discuss something in the real world. (Granted most of the details are not correct) but thats the purpose of the discussion right? Well for the truth about 90 banks have been marked as "failing" and may be in more trouble than the rest. As for the amount that is insured by the FDIC, its all deposits up to 100k. If your deposits with the bank are up to that amount you will get your money. For everything after that amount its "up to 50%" which will take months or years to get back. However most people with funds over that are usually "money smart" and don't have all of their assets sitting in the bank and is/was aware of this coming. Their portfolio's are much more diverse than that. So these people are aware of the state of the economy and don't necessarily wait to see whats gonna be on the evening news. As for a depression I think it feels that way to the average lay person. But I don't think that the economy at its current state supports that. Its not being talked about on mylot because most of the people here are here for social topics mostly.

I think this is a potentially scary situation, but I like to think it won't end up like it did in the 20's. I don't think we're headed that way, but what do I know? I could be terribly wrong and we could be living out of suitcases and eating off rations. I'd like to think that our government has come a long way since then and have ways to prevent this from happening!

I believe we are already in a recesssion and headed for a depression..All you have to do is look around you..Gas is up and going up daily..Groceries are sky high and going up as we speak...The salary is the same ,its not going up..By the time people go to work and back home the gas they spend takes a lot of that days salary...Plus businesses every where is being broken into,and thieft has always been around but it is worse than ever..People are actually stealing the copper from a/c units from churches to sell for the copper...People use to be afraid to steal from a church but not anymore,they are desperate.There has been several churches been robbed here just lately...Yes i do believe we are headed for a depression..The only thing that could help would be a big change fast,and then it would take a lot of time just to be even..The truck drivers are threatening to go on strick because they cannot afford the gas,its up to $5.00 a gallon.It takes $ 1,000 or more to fill one of those big rigs....

Things are much much different than they were in 1929. The economy is alot stronger and there are safeguards in place to protect against a total economic collapse. I'm not saying it's not going to be rough, but America in particular has become a wasteful, throwaway society and needs to learn a little belt tightening. From where do you think these problems with the banks come? From banks making risky, irresponsible loans to people who had no business taking them out. That's bad money management and a 1st year college student could tell you you don't borrow more than you can afford and you don't lend money to people who can't afford to pay it back, and yet that's exactly what these banks did.

What I heard on the news was that there were 90 more banks in trouble, but none had yet been taken over by the government. I also heard quite a few officials say that we must not have a run on our banks trying to get our money out. A run on the banks could cause some horrible problems with our economy. I also heard an economist just a few hours ago who said that there are always banks in trouble, we just don't hear about them. He said at any time in our country, there are always about 50-100 banks that they're watching.

good day.. I hope not, if the united states get a hiccup, my country will have pneumonia. I hope things would work out for America and the depression would ease up.

Whether we will have another depression or not, we must prepare ourselves so that we wil not end up in poverty. Need to lead a frugal life and cut down on unnecessary expenses. It will be hard on those who are already poor. We need to take action and not let the economy control our lives.

Hopefully another Great Depression can be avoided. The stock market is still up so theres hope. And I'm sure america has learned from its mistakes and disasters. There will be steps taken to avoid this, maybe this is a step being taken... I doubt it but just to be safe you should with draw most of your money from the bank and put it in your cellar or something. If another depression starts you gotta have some money.