I won't answer that question Steve. Nothing personal toward you, or anyone else. I wouldn't expect anyone to divulge how much they do or don't have publicly.

Here's a common event, Steve....

Spouse dies with $150,000-$500,000 in life insurance. (Not uncommon to have more than $100,000 of life insurance. Many people are not going to invest that money, they'll just put it into 1-2 or 3 different banks. This will protect them.

aceman--I again had this discussion with my banker just a few hrs ago. You can in fact, have more than one account at the same branch bank, under the same name. Just as long as each is under the insured cap/ account. Different account #s of course. Savings acct, checking account, money market acct. Tho I was always under the impression that hi perf MM accts fell under another entity, but was told today that they are under the auspice of FDIC. I don't know who in their right mind would have a common checking acct with $100k in it tho.

quote Originally posted by maryjane: I don't know who in their right mind would have a common checking acct with $100k in it tho.

My mother-in-law has one.
(In her right mind is debatable)

My sister has 3 that probably have $100,000 or more. Her's and one for each of my nieces after my Brother-in-law's death in Iraq.

In fact, the SGLI Life Insurance is initially set up in a simple checking account. The Death Gratuity is set up to deposit into a checking account.

I know of others that have college funds that amount to $100,000 or more these days.

If I sell my 800 acres @ $200/acre, it'll intitially go into a savings account. There's $160,000.

$100,000 is not that much these days.

no, but usually people will put the hi value assets into at least an unlinked savings acct. Leaving that much in a checking acct for very long invites problems via identity theft. I wouldn't do it.

quote Originally posted by maryjane: Too late, it passed.

Those sneaky Pete's, waiting till I was asleep, . No matter, I knew it would Monday. I guess I'll just get another beer.
What I want to know is how. What kind of public education happened in which the majority of the calls to congressmen which were negative for the Bill on Monday, persuaded people to call back in favor of the Bill ? Imagine that, we backed a 700 850 billion dollar Bill in which the details of management and operation have not even been ironed out yet, .

quote Originally posted by cliffw: What I want to know is how. What kind of public education happened in which the majority of the calls to congressmen which were negative for the Bill on Monday, persuaded people to call back in favor of the Bill ?:.

It's real simple, and very closely related to what I have been saying in my last 6-7 posts in this thread. When the house rejected the bailout plan last week, it resulted in a massive drop in the overall market. Ordinary people who have investments, in 401Ks at work, and other retirement funds, were able to see the result of that market drop in their retirement plans. They immediately saw the same thing I did, that this crisis was going to come home to roost in the retirement plans of everyday hard working Americans--not just affect the fat cats on wall street. Many called their congressman/woman. I did.

Cliff, my managed retirement plan consists of 7 funds. Each of those funds buys stocks--different stocks from different sectors. Diversification. Normally, if one sector tanks, it's ok--the others either go up, or they stay the same. (or close to it) On the day the vote failed, every single fund dropped like a rock, because every single stock within those funds dropped like a rock. Almost everyone else's did too. Most everyone who plans a retirement also has an annuity plan. I do as well, Not only did my mutual funds drop, my annuity also lost a lot of value that day. about $12k, in one afternoon. Of course, this is all losses on paper, I lost nothing unless I had chosen to bail out and take the loss. This is not just rich people, it's everyday people, neighbors, relatives--anyone who has a retirement fund with investments, and I know of very very few retirement or even pension funds that are not invested in the stock market. Insurance policy premiums are likewise invested--there's no way in hades an insurance company can cover all the claims it gets if it doesn't invest premiums so that cash reserve can grow. Look at how much you have your home insured for, and figure out how much you have paid in total in premiums. Have you paid in a total amt of monthly premiums equal to the cash value of your home's insured value? Probably not--unless you have paid on it for decades. Your insurance company is able to meet all it's claims, simply because it has invested some or most of it's customer's monthly premiums. Right now, those investments are generating next to nothing. (people also buy stock in insurance companies as well--which all went down this week. Prudential, The Hartford, etc)

[This message has been edited by maryjane (edited 10-03-2008).]

Lets just remove all the risk from investing and have the government guaranty positive returns on all investments.

I know of no one who has advocated that here in this thread Phranc.
Sarcasm noted tho.

quote Originally posted by maryjane: I know of no one who has advocated that here in this thread Phranc. Sarcasm noted tho.

Not really directed at any one in particular. And it was pure sarcasm.

Its just I keep hearing from all kinds of places that the economy needs to be safe and guarantied. The cries of not to upset the markets. The pleas to not let people who took loans they can't pay back have to live the consequences. The businesses that are just to big to fail.

As a person who has no debt nor defaulted on any through good money management and personal responsibility that owns a company that's still small enough to fail with out a hand out from the government to prop me up and has lost a significant amount of investments in the last 6 months its starting to ruffle my feathers. All I see is punishing those who do it right and rewarding those who don't.

quote Originally posted by Phranc: Not really directed at any one in particular. And it was pure sarcasm. Its just I keep hearing from all kinds of places that the economy needs to be safe and guarantied. The cries of not to upset the markets. The pleas to not let people who took loans they can't pay back have to live the consequences. The businesses that are just to big to fail. As a person who has no debt nor defaulted on any through good money management and personal responsibility that owns a company that's still small enough to fail with out a hand out from the government to prop me up and has lost a significant amount of investments in the last 6 months its starting to ruffle my feathers. All I see is punishing those who do it right and rewarding those who don't.

Understood. I've never defaulted on anything either. The problem is the punishing of those who have done nothing wrong--like you. I could care less what happens to those who gave or took the stupid subprimes. My concern is all those who did everything right, who worked hard, saved a few bucks each week thru the years and now have it invested or in accounts. Like it or not, in this modern world, most of us are somehow financially connected to those fat cats and subprime borrowers and they are liable to take us all down with them to at least a small extent.

Note to self: My economics professor was right. Inflation can be a ***** , but deflation is even worse.

Thanks for having patience with me Don. As I said, I am just a dumb joe. I do pay attention to what is going on around me and participate to the best of my ability, but really, I just toil away in my own little world in the grand scheme of things. Also, my apologies for not recognizing my use of buzz words, heh. I did not even realize that I did as I was not trying to put spin or sell anything, not even my thoughts that the chips should fall as they may, which I still feel is what should have happened. In fact, I still believe that they will. By the way, I am rested now and did go back through this thread and did read your cites.
Me thinks that this bill will delay the inevitable. That it will give the big guys time to regroup and safeguard their losses. As far as loosening up credit, it has already been said by lawmakers that it will take a while, if it works at all.

quote Originally posted by cliffw: What kind of public education happened in which the majority of the calls to congressmen which were negative for the Bill on Monday, persuaded people to call back in favor of the Bill ?

quote Originally posted by maryjane: It's real simple, and very closely related to what I have been saying in my last 6-7 posts in this thread. When the house rejected the bailout plan last week, it resulted in a massive drop in the overall market. Ordinary people who have investments, in 401Ks at work, and other retirement funds, were able to see the result of that market drop in their retirement plans. They immediately saw the same thing I did, that this crisis was going to come home to roost in the retirement plans of everyday hard working Americans--not just affect the fat cats on wall street. Many called their congressman/woman. I did.

I am a dumb joe but even I saw that coming. Not even understanding how. (You remember my thread asking how stocks drop when sold as someone had to buy for a sale to take place.) My question is this. How on earth can someone have faith or trust in the stock market now ? I believe I see further drops ahead. Sure, there are gonna be some companies which have a solid stock but, who in their right mind would put money into Wachovia, Wa-Mu, AIG, or any of the other culprits in this home ownership driven bubble ? How did this bail out renew faith in the ones that failed ? Ok, maybe the fatcats are calmed but, are the everyday people ? We had a housing bubble and I also believe a stock market bubble. Nothing lasts forever.

quote Originally posted by maryjane: Cliff, my managed retirement plan consists of ....

My managed retirement plans I guess are similar. I am not wanting to see this country fail, but, I am liking the prospect of a guaranteed smaller gain from my bank with a FDIC backed guarantee of availability. I do have to wonder though, if they will be symbolic dollars. As they might have to print more and they would not be of equal value. Now there would be a guarantee which would instill confidence. Funds availability, adjusted for inflation.

quote Originally posted by maryjane: Your insurance company is able to meet all it's claims, simply because it has invested some or most of it's customer's monthly premiums. Right now, those investments are generating next to nothing. (people also buy stock in insurance companies as well--which all went down this week. Prudential, The Hartford, etc)

Hmm...in a regular scenario, I believe that people put more into insurance than they draw back out in claims. A price well worth the security that they get. This is how I believe that an insurance company meets it's claims. I can see the need to do something with the excess money that insurance companies get and investment is attractive. After all, they are in business to make money just as a gambling hall is. You will have your catastrophe scenario but hey, insurance companies are among the richest in the nation. They don't lose much money.

quote Originally posted by cliffw: Thanks for having patience with me Don. As I said, I am just a dumb joe. I do pay attention to what is going on around me and participate to the best of my ability, but really, I just toil away in my own little world in the grand scheme of things. Also, my apologies for not recognizing my use of buzz words, heh. I did not even realize that I did as I was not trying to put spin or sell anything, not even my thoughts that the chips should fall as they may, which I still feel is what should have happened. In fact, I still believe that they will. By the way, I am rested now and did go back through this thread and did read your cites. Me thinks that this bill will delay the inevitable. That it will give the big guys time to regroup and safeguard their losses. As far as loosening up credit, it has already been said by lawmakers that it will take a while, if it works at all. Hmm...in a regular scenario, I believe that people put more into insurance than they draw back out in claims. A price well worth the security that they get. This is how I believe that an insurance company meets it's claims. I can see the need to do something with the excess money that insurance companies get and investment is attractive. After all, they are in business to make money just as a gambling hall is. You will have your catastrophe scenario but hey, insurance companies are among the richest in the nation. They don't lose much money.

a. Like I said. Take your monthly home owner's policy-multiply X 12=yearly cost. How many years have you owned the house? Multiply that times your yearly insurance cost=how much you have in the policy today. Figure out what the replacement or insured value of your home is.Is it larger or smaller than what you have paid in? If it is smaller than what you have paid in, and your house became a loss this week, the ins co lost on your policy. My brother for example, has paid in exactly 4 monthly payment for his home owners/wind storm insurance. He has already submitted his claim=for well over $120K. Did the insurance company make or lose on him? Multiply that times thousands--Ike/Gustav. Insurance companies do indeed lose money if they don't invest those premiums, and after hurricane Andrew, some went belly up, simply because of the huge #s of claims in Fla and La.
Generally, yes, most individuals do pay in more than ever collect in cliams, but all it takes is one disaster to wipe out an insurance company.

The latest job loss report came out yesterday I believe=approx 159,000 non-farm jobs lost. That is a lot of lost income and productivity. Big name store will soon be laying off, if they haven't already. That's a lot of income tax the fed govt lost.

quote Employers cut 159,000 jobs in September, more than twice as many as in August or July, the Labor Department reported. It was the biggest monthly decline since 2003, when the economy was still losing jobs in the wake of the 2001 recession. Forecasters had been expecting a loss of about 100,000 jobs in September.

Go ahead, tell me it isn't affecting everyday Americans.
Why do people invest--even in a declining market? Because investing is a long term thing. It takes years/decades for investment to grow. We want to leave our children something, we want to retire without working in our 70s and 80s. If I just put my $ in a bank, and died, each of my 4 children would get very little. Unless a person is relying on SS to retire on, they almost have to invest.

[This message has been edited by maryjane (edited 10-04-2008).]

quote Originally posted by maryjane: Go ahead, tell me it isn't affecting everyday Americans.

quote Originally posted by maryjane: [i]AP Financial crisis moves from Wall St. to the mall Thursday October 2, 6:00 pm ET By Anne D'Innocenzio, AP Business Writer As the financial crisis takes hold, already discounted prices in stores are going even lower

Manufactured goods across the board are now cheaper, from autos to you name it. As well as in the service industry, from hotels to you name it. There is also talk the the Federal Reserve will likely cut the interest rates.
Just a notation on my part.
I still think that all this credit which is purported to not be given, will be given to responsible borrowers. People with extra money want it to earn money.

quote Originally posted by cliffw: Just for chits and grins, here is a thought provoking question. How far would 850 billion dollars go to freezing everyone's IRA gains, letting them withdraw them with no early penalty, and reinvest them ?

Why? Have you joined the 'ME' generation?
And, you have an IRA with gains?? If so, and that is very unlikely since about March 08, why on earth would you want to withdraw from it and reinvest it?

Reinvest Where? Slim pickins just about everywhere right now.

[This message has been edited by maryjane (edited 10-04-2008).]

quote Originally posted by maryjane: Why? Have you joined the 'ME' generation? And, you have an IRA with gains?? If so, and that is very unlikely since about March 08, why on earth would you want to withdraw from it and reinvest it? Reinvest Where? Slim pickins just about everywhere right now.

Me Generation ???
Slim pickings ? Out of the ashes, the Pheonix will rise.
My IRA, my wife's, not a clue. We were trusting souls. We also trust in God. I 'aint scared, just very pissed.
Were, being the opporative word(sp, posting in the dark). I see that you still have trust, or, is that just hope ?
I see the blockade of the American spirit being able to take advantage of this situation.

The "Me Generation", ?

Never heard of it.
Would that be all those fat cats, the people that took out loans they could not afford, the politicians, those that say "woe is me, I am a sheeple ? The same ones that still want to follow the sheep herder ?