"Mad Mike" <mconron@yahoo.com> wrote in message
news:264a4a4c-bb48-49b2-a833-15c897c93302@26g2000hsk.googlegroups.com...
On Jul 15, 9:43 am, "The Old Bloke" <gra...@microsft.com> wrote:
> I went to one of Aus largest banks today to deposit $50,000. I was turned
> away because I didn't have an appointment to deposit money!
>
> No wonder banks are struggling
Hey....maybe the bank official was doing you a favor. Sort of a
"special signal" to not make the deposit since it was planing on
closing the next day...woo,woo,woo!!
============
Hi MM, and others,
My wife and I are retired and our sole income is from our savings. With the
turmoil in banking around the world and the plunging shares (I think you
call them stocks), I am getting a little wobbly. The Aus Gov has just
passed a law guaranteeing "up" to $20,000 per depositor should a bank
default. Whooppie. That would put a hole in my retirement!
So we have started spreading our cash holdings through a few different banks
till the world's financial crisis runs its course.
I have been watching the Fannie Mae debacle. (Fannie is a very rude word in
Aus, being a name of female genitals lol We piss ourselves with laughter
when we hear people talking about their fanny bags!). If I understand
correctly, the housing assets are now worth $300B less than the outstanding
loans.(for the *two* banks involved). In Aus, banks are not required to
release such financial detail. The scale will be smaller, but I am sure the
same thing is happening here. Our 5 biggest banks have seen their share
value halve in recent months. One has gone from $35 to $6 (Babcock)
Ominously, the bulk of the money that Aussie banks lend, is in fact sourced
from the USA, who source it from the Arabs (our petrol money!), the
Japanese, Chinese, etc. If these latter countries turn off the money tap
....
Regards
Doug
Vernon Balbert
Dallas
