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Banking Superintendent: Iowa banks probably OK

Started by CIM Network · 9 months ago

Although he thinks the United States is clearly in a recession, Iowa's Banking Superintendent, Tom Gronstal, says there’s no need to for Iowans to hit the economic panic button. ... Continue reading »

1 comment

  • daddysteve

    9 months ago

    If recent events on Wall Street are any indication, when some big-wig says not to worry then you better do just that. In which recent bankruptcy did they lie beforehand about the solvency of their institution? Hmmm... let's see. ALL of them. Mortgages didn't sink any of these companies, leverage of 30 to 1 or more on top of mortgage backed securities did. Exposure to commercial real estate is likely to affect local banks and this problem has yet to unfold. While we seem insulated from a lot of this right now , the problem is going to take a long time to sort out and you shouldn't be above the FDIC limit in any single bank. At least as long as the FDIC can hold out.
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