What about the Credit Unions? I was talking to a good friend of mine this morning. She was 1/2 laughing 1/2 serious about my layoff timer. (Julian 125!) She suddenly was serious and asked "What about my credit union?". Good question.
Credit Unions, the well run step sister to the banking industry, are under a different insurance program than the FDIC. Did she get her self stuck in the subprime mess? I have only found a few articles, mostly from the August 2007 credit crunch. (Hmm.. Where are these interesting metaphors coming from? I guess I'm lonely or something.) Some journalists were savy enough to check up on them. So far, they look like they might be OK. If you guys find out something that I don't know, please let me know.
It might be a good choice to move your primary banking over to Credit Unions. (Cavet: I am not a financial advisor.)
3 comments:
I agree,credit Unions are the way to go, but you will not hear that in the media.
I be;eive at some point the assests of credit Unions will be taken over by banks. Some legislation will be passed!
Thomas Jefferson once wrote:
"If the people of the United States ever allow the banks to issue their currency, first by inflation, and then by deflation, the banks and the corporations that grow up around them will deprive the people of all property, until the children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks, and returned to the people, to whom it properly belongs."
Credit Unions had their equivalent sub-prime mess back in the 80's. They have been re-regulated and learned their lesson. As the banks will do after this mess is over. The financial world did not collapse back then and will not now. Are bad times ahead - yes. Will it last for a good long time - yes. But it is not going to be WWIII or some post nuclear world where the world is on the brink of destruction. Just that the boom times are over. Back to the 1970's America or 1990's Japan. Take your pick, not 1930's America.
Oh yea, John. You are right about this and need to speak on it loud and clear to everyone. GET OUT OF DEBT. Don't spend that gov. check coming. Use it to pay down your debt. Stop being slaves to the banks and financial institutions. A person in debt is a slave. It is time to be free. Indentured people in early America had to work for 7 years for their freedom. Look on it like that and begin the hard road to freedom. Stop spending, get a second part time job, lower your standard of living, stop investing, whatever it takes. Take every dollar you can take hold of and GET OUT OF DEBT.
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