oh lame. I don't have a Discover card. They keep on spamming me with their applications, and then finally I gave in and applied for one and they rejected me. How lame is that?
the iphone is just the latest sign post in an ongoing spiritual crisis. attacking the iphone is not really going to get us anywhere. I think the real problem lies beyond this as many of the posts here have subtly suggested. Many Americans are selfish, materialistic, greedy, and morally corrupt. These symptoms go hand in hand with the lack of self confidence and that existential dilemma of living an empty consumerist lifestyle. I see a lot of pathetic excuses for the justification of desire, greed, status, etc. its sad really. we as a nation have so much potential (power and money) but we waste it on shallow aims.
Kelja, the FDIC has always had a process for claiming uninsured funds. Basically they liquidate the bank, pay themselves, and whatever is left goes to depositors and creditors. Later on they will probably post a chart telling people what percentage of the proceeds from the sale of IndyMac goes to which people. In the case of IndyMac they are offering a 50% advance on these uninsured funds for depositors so people can withdraw 50% of their uninsured funds.
Jerry, this isn't really a bank bailout. This is a bank seizure. Basically FDIC closed it down and took all of its assets and are planning to sell it to some other more stable bank. Still, it is costing the FDIC money to do all of this and pay whatever insured deposits the bank can't pay.
I live in the biggest city in the US, and I do not have a big security system - never have had to undergo that expense that you seem to think is a requisite for city living. Nor do I sit on a cramped subway these days; in fact, I skate to work. It takes me twenty minutes rather than the 30-40 with mass transit, and I get some exercise to boot. It's sad that some people seem to be so closed-minded that they think there's a liberal conspiracy when it comes to recognizing the value of living in denser communities, that only "liberals" could suggest such an idea (I won't even go into the whole misguided notion that to have a liberal point of view, as Jesus himself did according to the Christian Bible, is somehow a bad thing). I grew up in a very small, rural town and I still spend most weekends away from the city, but I'm also smart enough to recognize that spending $60 or more to fill up my tank should be inspiring me to think about ways to consume less energy, as well as less of my paycheck each week.
To me, what it boils down to is choice. Jen's situation results directly from from the choices that she and her husband, individually and as a couple, have made. There is nothing inherently right or wrong about their choices. Whether or not any of us agree with them, or would make the same choices ourselves, is irrelevant. Everyone's situation and priorities are unique. Jen and her husband have made the choices that best supported their priorities, as they saw them. Now it seems that Jen, at least, is realizing that those choices/priorities are no longer working for her, her husband and her family. If she and her husband truly want change (as opposed to just a chance to blow off steam about it), then the best place to start is by sitting down and re-evaluating their priorities.
This means really examining their values - not just what they want for their family, but why? And what price are they willilng to pay to have that lifestyle? For example, that decision to have Dad be the sole breadwinner and Mom be a full-time (and, it appears, the only) caregiver? What are the beliefs about raising children that led to this decision? What is the true value for the children and for the parents in maintaining this lifestyle? What do the children truly gain from it - and what is the cost? Not only are there the drawbacks already mentioned (the kids never see their dad, he never sees them, his health is breaking down, he never has time or energy to play or do other tasks), there are other possible consequences as well: when Dad is home, he may be too exhausted and cranky to take on any of the parenting, or to spend "quality time" with the kids; Mom never gets a break from parenting, time to pursue her own interests and develop her own skills; the children are deprived of a positive male role model in their lives, and the balance of having both parents be active partners in parenting them. On the other hand, what might the family gain from having Dad work less and Mom work some? And what would they lose from that situation?
This is not intended as a judgment, just an example of the kind of thinking Jen and her husband need to do if they've decided they need to change their lifestyle. They may in fact decide to keep it as it is for awhile longer; but again, they can't make this decision and be happy with it until they've gone through that process.
The same goes for me, and for all of us. That's what personal responsibility means.
Morale of the story? Don't put more than 100k into any banks but rather invest them in more secured financial institutions..treasury bills, mutual funds ...this will help.
It is OK if you don't want or don't understand the need for an iPhone. You don't have to have one. That doesn't automatically make those of us who have one asses. I have a first-generation iPhone, and I am perfectly happy with it. I don't run out and buy every upgrade.
Anyway, just because you don't get it doesn't make it wrong. I hope you feel better now that you got all of this off your chest. You can resume breathing normally now.
It is depressing to see how most of these problems are taking a severe turn. I feel sorry for the teacher that invested $360,000 dollars in the IndyMac. It is just unfortunate. Is this really the second largest bank bailout in US history?
Waiting in line for an iPhone isn’t any different than people who wait in line for concert tickets, sample sales, book signings or amusement park rides. It’s all about the excitement and anticipation, and not always about the final product. This has nothing to do with starving families waiting in line for bread or government cheese, this isn’t about “need.” People have a lot of fun doing these kinds of things, and what seems silly to me is a lot of fun for others. Apple is offering a good product at a (relatively) reasonable price. It moves the benchmark forward by a little bit. I’m glad that we live in a society where we can get excited such things.
Anything the gov does with its inherent inefficiencies has to cost the taxpayer 2 to 3 times what the private sector can do the same thing for.
Most of the 'free' booklets & pamphlets put out by the government are woefully out-of-date, poorly written and filled with inaccuracies. Besides, superior information on the same subjects exists at your local library or on the internet via simple searches using Google.
I just wish we didn't have a government that had to be all things to all people.
We are in the process of opening up a second online savings account as well. Since we have to liquidate our waterfront property, we want to be prepared in advance and not get caught even temporarily with more than the insured limit at one place. Of course, we'll rapidly be buying a new house due to flood recovery, so it won't exactly be sitting there very long. But we feel better knowing we've addressed the issue in advance.
Some good points to note here that most folks (including myself had forgottern about). With recent bank failures it is definetly worth reviewing if you are covered. I recently wrote about choosing between ING and HSBC direct savings acccounts, and as a final critera added in the FDIC insurance step. The key to remember is that since it's a person's aggregate deposits, and not their individual accounts, that are insured, any amounts over $100,000 deposited at any one bank are not covered. So even if you have 2 seperate accounts in the same bank with each totalling less than $100K, but in aggegrate more than that you could still be overly exposed to losses if your bank fails.
The best bet is to pick a reputable bank (albiet at a slightly lower APY) that has the least chance to going insolvent. Have mutiple accounts and even better choose ING or HSBC because they are foreign owned and hence are not as exposed as US based banks with their dwindling capital.
I'm one of those people who've spent hours in food lines, only to get up to the top of the line to discover that the tiny bags everyone is allowed are all gone.
Obviously, no one is going to get me in a line for a gadget. People just have too much these days, so things like these sadly become very important to them.
Hang in there -- things will get better though often it takes a while.
When I graduated from college, the country was in a recession and unemployment rates were in the double-digits (in some states); I really didn't realize the full implications -- only that I and many people I knew were having trouble finding jobs. I moved to a tiny town in order to take a position; my later-to-become husband took a low paying job after looking for work for a year. It certainly seemed that experience was in demand and there were lots of experienced people looking for jobs, making it even more difficult for me, as a recent college grad, to distinguish myself. The small town thing worked for me despite the culture shock.
Since then, I've observed what others did to get through those times: some moved to remote locations to get a job (places more experienced people tended to avoid); some returned to school to wait out the bad times; some just took whatever they job available and then moved on when times got better; a few started investing in part-time businesses. Getting any type of experience, whether or not it is a precise match to your background, is useful to moving on.
I should add that it was difficult not to associate the economic conditions with worthiness as a job candidate or an employee; there are/were many who managed to thrive but for many, it took at least a few-to-several years to find our niche.
Wow. I'm in a similar position as you Guest, but am taking it better since I don't buy into self-fulfillment through employment. But having no money can be depressing. I suggest you go to an employment agency or temp agency if you are really desperate. And, since the BA is the new HS diploma, you'll probably need to go back to school for an actual degree. The job-market is getting more competitive, so you can't expect an employer to take a risk on you. Whether additional student loans will be worth it is difficult to say. Probably not, but you're kind of trapped.
Otherwise get vocational training in a trade or join the military. (Someday I might even take my own advice)
no man, what he writes is ideas... and the iphone is just a way to reach ideas/information... and to tell you the truth, ideas are more important than a stupid tool. for the record, i own a nokia 1100
I'm like you in that I'm more impressed by people with old crap than those with the latest toys. It reminds me of high school--we would compete to see whose car was crappier. I had (and still have) more respect for people who don't use stuff as a replacement for genuine personality.
If you have more than $100K in any single institution, then you should take steps now to break it up into $100K at different institutions. It does not count, for example, to try to open up multiple accounts with different names on it (the fellow with the $360K had several names on his deposits). Worth taking the time to do this now, given this current climate.
I missed that raffle. Please let me know when the next one comes up. I would love to be Lord-High-Arbiter of Who Gets To Give Me Crap Over My Tech Purchases. I'm big into long titles.
Stabby, huh? Remind me not to go to an amusement park with you. Oh wait, I don't go to amusement parks. Because I freakin' hate standing in line!
oh lame. I don't have a Discover card. They keep on spamming me with their applications, and then finally I gave in and applied for one and they rejected me. How lame is that?
the iphone is just the latest sign post in an ongoing spiritual crisis. attacking the iphone is not really going to get us anywhere. I think the real problem lies beyond this as many of the posts here have subtly suggested. Many Americans are selfish, materialistic, greedy, and morally corrupt. These symptoms go hand in hand with the lack of self confidence and that existential dilemma of living an empty consumerist lifestyle. I see a lot of pathetic excuses for the justification of desire, greed, status, etc. its sad really. we as a nation have so much potential (power and money) but we waste it on shallow aims.
Kelja, the FDIC has always had a process for claiming uninsured funds. Basically they liquidate the bank, pay themselves, and whatever is left goes to depositors and creditors. Later on they will probably post a chart telling people what percentage of the proceeds from the sale of IndyMac goes to which people. In the case of IndyMac they are offering a 50% advance on these uninsured funds for depositors so people can withdraw 50% of their uninsured funds.
See this link for the priority of payments after the FDIC disposes of the bank: http://www.fdic.gov/bank/individual/failed/IndyMac.html#Priority
FDIC insures deposits of up to 100K combined for any single bank.
How come in the IndyMac case, reports are coming out the FDIC is saying it will cover more?
????
Jerry, this isn't really a bank bailout. This is a bank seizure. Basically FDIC closed it down and took all of its assets and are planning to sell it to some other more stable bank. Still, it is costing the FDIC money to do all of this and pay whatever insured deposits the bank can't pay.
I live in the biggest city in the US, and I do not have a big security system - never have had to undergo that expense that you seem to think is a requisite for city living. Nor do I sit on a cramped subway these days; in fact, I skate to work. It takes me twenty minutes rather than the 30-40 with mass transit, and I get some exercise to boot. It's sad that some people seem to be so closed-minded that they think there's a liberal conspiracy when it comes to recognizing the value of living in denser communities, that only "liberals" could suggest such an idea (I won't even go into the whole misguided notion that to have a liberal point of view, as Jesus himself did according to the Christian Bible, is somehow a bad thing). I grew up in a very small, rural town and I still spend most weekends away from the city, but I'm also smart enough to recognize that spending $60 or more to fill up my tank should be inspiring me to think about ways to consume less energy, as well as less of my paycheck each week.
Man i would have spent it. If only i got the payment. :(
To me, what it boils down to is choice. Jen's situation results directly from from the choices that she and her husband, individually and as a couple, have made. There is nothing inherently right or wrong about their choices. Whether or not any of us agree with them, or would make the same choices ourselves, is irrelevant. Everyone's situation and priorities are unique. Jen and her husband have made the choices that best supported their priorities, as they saw them. Now it seems that Jen, at least, is realizing that those choices/priorities are no longer working for her, her husband and her family. If she and her husband truly want change (as opposed to just a chance to blow off steam about it), then the best place to start is by sitting down and re-evaluating their priorities.
This means really examining their values - not just what they want for their family, but why? And what price are they willilng to pay to have that lifestyle? For example, that decision to have Dad be the sole breadwinner and Mom be a full-time (and, it appears, the only) caregiver? What are the beliefs about raising children that led to this decision? What is the true value for the children and for the parents in maintaining this lifestyle? What do the children truly gain from it - and what is the cost? Not only are there the drawbacks already mentioned (the kids never see their dad, he never sees them, his health is breaking down, he never has time or energy to play or do other tasks), there are other possible consequences as well: when Dad is home, he may be too exhausted and cranky to take on any of the parenting, or to spend "quality time" with the kids; Mom never gets a break from parenting, time to pursue her own interests and develop her own skills; the children are deprived of a positive male role model in their lives, and the balance of having both parents be active partners in parenting them. On the other hand, what might the family gain from having Dad work less and Mom work some? And what would they lose from that situation?
This is not intended as a judgment, just an example of the kind of thinking Jen and her husband need to do if they've decided they need to change their lifestyle. They may in fact decide to keep it as it is for awhile longer; but again, they can't make this decision and be happy with it until they've gone through that process.
The same goes for me, and for all of us. That's what personal responsibility means.
Morale of the story? Don't put more than 100k into any banks but rather invest them in more secured financial institutions..treasury bills, mutual funds ...this will help.
Cheers!
It is OK if you don't want or don't understand the need for an iPhone. You don't have to have one. That doesn't automatically make those of us who have one asses. I have a first-generation iPhone, and I am perfectly happy with it. I don't run out and buy every upgrade.
Anyway, just because you don't get it doesn't make it wrong. I hope you feel better now that you got all of this off your chest. You can resume breathing normally now.
It is depressing to see how most of these problems are taking a severe turn. I feel sorry for the teacher that invested $360,000 dollars in the IndyMac. It is just unfortunate. Is this really the second largest bank bailout in US history?
Waiting in line for an iPhone isn’t any different than people who wait in line for concert tickets, sample sales, book signings or amusement park rides. It’s all about the excitement and anticipation, and not always about the final product. This has nothing to do with starving families waiting in line for bread or government cheese, this isn’t about “need.” People have a lot of fun doing these kinds of things, and what seems silly to me is a lot of fun for others. Apple is offering a good product at a (relatively) reasonable price. It moves the benchmark forward by a little bit. I’m glad that we live in a society where we can get excited such things.
Anything the gov does with its inherent inefficiencies has to cost the taxpayer 2 to 3 times what the private sector can do the same thing for.
Most of the 'free' booklets & pamphlets put out by the government are woefully out-of-date, poorly written and filled with inaccuracies. Besides, superior information on the same subjects exists at your local library or on the internet via simple searches using Google.
I just wish we didn't have a government that had to be all things to all people.
(sigh)
We are in the process of opening up a second online savings account as well. Since we have to liquidate our waterfront property, we want to be prepared in advance and not get caught even temporarily with more than the insured limit at one place. Of course, we'll rapidly be buying a new house due to flood recovery, so it won't exactly be sitting there very long. But we feel better knowing we've addressed the issue in advance.
Some good points to note here that most folks (including myself had forgottern about). With recent bank failures it is definetly worth reviewing if you are covered. I recently wrote about choosing between ING and HSBC direct savings acccounts, and as a final critera added in the FDIC insurance step. The key to remember is that since it's a person's aggregate deposits, and not their individual accounts, that are insured, any amounts over $100,000 deposited at any one bank are not covered. So even if you have 2 seperate accounts in the same bank with each totalling less than $100K, but in aggegrate more than that you could still be overly exposed to losses if your bank fails.
The best bet is to pick a reputable bank (albiet at a slightly lower APY) that has the least chance to going insolvent. Have mutiple accounts and even better choose ING or HSBC because they are foreign owned and hence are not as exposed as US based banks with their dwindling capital.
I'm one of those people who've spent hours in food lines, only to get up to the top of the line to discover that the tiny bags everyone is allowed are all gone.
Obviously, no one is going to get me in a line for a gadget. People just have too much these days, so things like these sadly become very important to them.
Hang in there -- things will get better though often it takes a while.
When I graduated from college, the country was in a recession and unemployment rates were in the double-digits (in some states); I really didn't realize the full implications -- only that I and many people I knew were having trouble finding jobs. I moved to a tiny town in order to take a position; my later-to-become husband took a low paying job after looking for work for a year. It certainly seemed that experience was in demand and there were lots of experienced people looking for jobs, making it even more difficult for me, as a recent college grad, to distinguish myself. The small town thing worked for me despite the culture shock.
Since then, I've observed what others did to get through those times: some moved to remote locations to get a job (places more experienced people tended to avoid); some returned to school to wait out the bad times; some just took whatever they job available and then moved on when times got better; a few started investing in part-time businesses. Getting any type of experience, whether or not it is a precise match to your background, is useful to moving on.
I should add that it was difficult not to associate the economic conditions with worthiness as a job candidate or an employee; there are/were many who managed to thrive but for many, it took at least a few-to-several years to find our niche.
Wow. I'm in a similar position as you Guest, but am taking it better since I don't buy into self-fulfillment through employment. But having no money can be depressing. I suggest you go to an employment agency or temp agency if you are really desperate. And, since the BA is the new HS diploma, you'll probably need to go back to school for an actual degree. The job-market is getting more competitive, so you can't expect an employer to take a risk on you. Whether additional student loans will be worth it is difficult to say. Probably not, but you're kind of trapped.
Otherwise get vocational training in a trade or join the military. (Someday I might even take my own advice)
YUP; THEY NEED LIVES!!!!!!!!
PS: my post above was a reply to post#11
no man, what he writes is ideas... and the iphone is just a way to reach ideas/information... and to tell you the truth, ideas are more important than a stupid tool. for the record, i own a nokia 1100
I'm like you in that I'm more impressed by people with old crap than those with the latest toys. It reminds me of high school--we would compete to see whose car was crappier. I had (and still have) more respect for people who don't use stuff as a replacement for genuine personality.
If you have more than $100K in any single institution, then you should take steps now to break it up into $100K at different institutions. It does not count, for example, to try to open up multiple accounts with different names on it (the fellow with the $360K had several names on his deposits). Worth taking the time to do this now, given this current climate.
psst...Philip...Social Security payments can also be taken for student loans in default.
I missed that raffle. Please let me know when the next one comes up. I would love to be Lord-High-Arbiter of Who Gets To Give Me Crap Over My Tech Purchases. I'm big into long titles.
Stabby, huh? Remind me not to go to an amusement park with you. Oh wait, I don't go to amusement parks. Because I freakin' hate standing in line!