Is your bank, thrift, broker on the “X list” for the next big failures? Bank ratings & video from the guys @ Weiss Research, now owned by TheStreet.com
These are excellent resources listed below for evaluating your bank, thrift and brokerage firm. This was just made available as of Sunday, August 10th, 2008. It’s from Martin Weiss and Mike Larson, of moneyandmarkets.com and also Weiss Research which was acquired by TheStreet.com. Weiss Research is one of the few bank rating services listed on the FDIC’s site here: http://www.fdic.gov/bank/individual/bank/index.html.
I’m a subscriber to the moneyandmarkets.com email newsletter for more than a year and rank them as one of the best sources for financial and investment information especially in these dangerous times. They called the real estate and financial crisis years ago and see it getting a lot worse.
IndyMac Bank made the news recentlty as being the 2nd biggest failure in US history. It was unexpected, and may cost $8Billion to bail out. The FDIC only has about $52.8Billion in reserve and may cost taxpayers Billions driving us deeper in debt and debasing our currency and further increasing inflation. Just today news of the largest five credit unions hit by the mortgage market problems.
I also heard that even though customers with $ in IndyMac are getting cashiers checks for amounts covered under the FDIC, banks taking these checks as deposit are placing holds as long as 2 months or longer. You’re money’s stuck.
Here’s the FREE info:
1. The “X” List unveiled! Is your bank on it? 8-10-2008
1 hour video featuring Martin Weiss and Mike Larson discussing their ratings of the strongest and weakest banks, thrifts, and brokers. Also has a good Q&A with reader concerns.
2. The “X” List: The Next Big Failures (Transcript Part I) 8-11-08
Short list of weakest banks and thrifts with $25B+ in assets, including Citibank, Wachovia, Washington Mutual, HSBC Bank, SunTrust, and more. Also a short list of strongest banks.
3. PDF - Strongest and Weakest Bank and Thrifts
Lists dozens of the stongest and weakest banks and thrifts. Also lists almost 2 dozen brokerage firms by highest capital multiple as a measure of safety. This list includes Edward Jones, Bank of New York Mellon, and T. Row Price as the top three.
4. http://www.thestreetratings.com/products_bank.asp
6/20/08 list of strongest and weakest banks and thrifts, including IndyMac which failed on July 11th.
5. http://www.weissratings.com/products_bank.asp
More info on bank & thrift rating products.
I personally have the minimum to pay bills and save nothing in any bank. The whole financial system is a scam based on the fractional reserve banking scheme where money and credit are created out of thin are at a ratio of about 10:1 real dollar. A panic and it will all collapse as there’s no reserves to pay everyone. Add to that the US dollar is backed by nothing but the good faith of the US government. I prefer gold and silver, God’s money given to man for thousands of years compared to man’s creation of paper money printed at a whim a few decades ago. In the end it will confirm that we can only place our hope and trust in Christ and man and his ways are destined for failure. I know in Whom I trust. My account with Him is eternal.
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Tags: bank, bank failure, bank rating, bankruptcy, brokerage, collapse, FDIC, fractional reserve banking, IndyMac, TheStreet.com, thrift, Weiss Rating
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