Posted by 101livescan on 9/7/09 9:09am
Msg #303055

Another Bank Seied by FDIC

http://www.ocala.com/article/20090907/ARTICLES/909071010/1001/NEWS01&tc=email_newsletter

The beat goes on...controlled by TBW. House of cards...

Reply by MW/VA on 9/7/09 10:59am
Msg #303060

Interesting--FDIC picking up the tab for all the greed & irresponsibility. Makes you wonder where all this money is coming from & what the astronomical toll is going to be. From your other post, it would seem that monies spent to help homeowners avoid foreclosure might have saved money in the long-run.
I don't think the banks have any interest is doing all the paperwork for something they don't see as immensely profitable for them. I can't even begin to get my mind wrapped around the magnitude of this whole mess.

Reply by Shoshana/AZ on 9/7/09 11:02am
Msg #303061

I believe that the worst is yet to come. The original problem is compounded by the fact that so many are out of work. If you are over 50 and lose your job, God help you. They just don't want to hire you!

Reply by MW/VA on 9/7/09 11:06am
Msg #303062

In the end, it appears this financial meltdown will make the Great Depression look like a hiccup.
This Labor Day we can think of the hoards of people who are unemployed. You're saying, "they just don't want to hire you!" There aren't any jobs to be hired for.

Reply by Shoshana/AZ on 9/7/09 11:12am
Msg #303065

There are some jobs out there. Age discriimination is rampant. If you're 60 (like my husband) competing against 20 and 30 year olds, forget it! My husband has been out of work for 2 years!

Reply by MW/VA on 9/7/09 11:14am
Msg #303067

Believe me, I know. I am in that age group, divorced, with major health issues. This business is the only thing that saved me so far.

Reply by Dorothy_MI on 9/7/09 2:26pm
Msg #303079

I got into this business

because of age discrimination! When you're in an interview with a 25 year old HR rep, you know you're wasting your time. I have a friend who was a production manager for two large advertising agencies in Detroit who specialized in Auto Advertising and was laid off over 25 years ago. He really knew his stuff and went on a lot of interviews, but was not offered a single position. Finally one of the HR people who interviewed him, said (His name), I'd love to hire you, you are exactly what we've been looking for, BUT word has come down from on high - NO WHITE HAIR! And this was at a time the auto companies were booming. The only way I got a job 15 years ago was as a contract employee admin at one of the Big Three. Can't even imagine what it would be like now.

Reply by NJW/FL on 9/7/09 5:01pm
Msg #303090

You said it. My husband is 51 and lost his job last October 3rd. It is unbelievable how many positions he has applied for since then and rarely makes it to the interview stage. He has excellent qualifications and attendance records. When he gets an interview, it is usually followed by a letter that tells him someone else was chosen. He is a man that went prematurely gray in his 30's and now has white hair. I am sure that doesn't help either.

Reply by jba/fl on 9/7/09 7:56pm
Msg #303097

For those over 40- and not directed to you specifically NJW

Plastic surgery. Hair color. Lose weight. Get fit. Create your own job.

Such a youth oriented society - depressing to be sure. But there are work arounds. The absolute best is creating your own job...via business of some kind. One of the biggest headaches any employer hears and hates: we always did it that way, my other company did....Doesn't matter, this is new company, this is our way.

Another thought: since the youth of the country are paying for everything now, why do they need to hire the older ones? Seldom do the youths want to hire their parents. Guess how we oldsters are equated?

These are hard truths but research will bear me out. See Clark Howard for another opinion, as this is just mine and my general musings.

FWIW - and since it is unsolicited, it's free, and we all know what free advice/thoughts is worth.

Reply by NJW/FL on 9/8/09 10:48am
Msg #303133

Re: For those over 40- and not directed to you specifically NJW

I hear you.

Reply by MikeC/NY on 9/7/09 11:23am
Msg #303070

"Interesting--FDIC picking up the tab for all the greed & irresponsibility. Makes you wonder where all this money is coming from & what the astronomical toll is going to be."

The banks all pay into a fund which is used to pay off depositors as necessary. If the fund is depleted, the FDIC can borrow money from the Treasury ,and increase the fees that the banks have to pay. If I remember correctly, the Chairperson of the FDIC reported to Congress recently that they have enough money in the fund right now and will not have to increase fees to the banks or borrow any money yet.

Reply by MW/VA on 9/7/09 11:49am
Msg #303073

Thanks for the explanation, Mike.

Reply by 101livescan on 9/7/09 12:27pm
Msg #303075

Re: Another Bank SeiZed by FDIC

Thanks for that, Mike, most people don't understand how banks, the FDIC and the Treasury all work. When those bank numbers skew is when the FDIC steps in and takes over...I've been through two bank takeovers by the FDIC in my career. can you imagine the auditing that's going on these days. There are a couple of more banks in my county that may be folding in the coming weeks.