New Jim Lord article postedgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
For those interested, a new article titled "Electronic Run on Banks" has been posted on
JimLord.to (click on What's New)
-- Jim Lord (JimLordY2K@aol.com), October 21, 1999
Jim: Hi, by the way! Checked at 1:22 PM EST and no doc. on "electronic Bank Runs"
-- dw (firstname.lastname@example.org), October 21, 1999.
12:28 CDT: Does not appear to be there quite yet. Newest article was from Oct 7th on military preparedness....
-- Arnie Rimmer (Arnie_Rimmer@usa.net), October 21, 1999.
No article about electonic bank runs. Just pain-in-the-butt Adobe Acrobat.
-- (email@example.com), October 21, 1999.
"Are you HE?"
LOL. Still get a chuckle...
-- eubie (firstname.lastname@example.org), October 21, 1999.
Rats. I was looking forward to that article.
-- SH (squirrel @hunter.com), October 21, 1999.
What a shameless self promoter. Good on ya if you can get the Tinfoils to click through...
-- Y2K Pro (email@example.com), October 21, 1999.
Was this post a mis-step or a fake?
-- no talking please (firstname.lastname@example.org), October 21, 1999.
It's up now in pdf
-- argh (email@example.com), October 21, 1999.
where is the link ?????
-- Guns, Grub & Gold (home@the city.com), October 21, 1999.
-- (firstname.lastname@example.org), October 21, 1999.
What the hell are WEB-TV users supposed to do with that??? It is useless!!
Hey, dude, ever hear of HTML????? Gawd!
-- King of Spain (email@example.com), October 21, 1999.
Basically, he recommends transfering funds from bank accounts into brokerage accounts with check writing privileges [my note: usually $500 or more, though, minimum. A typical use would be, you use a charge card at the ATM for cash and for charging stuff, then once a month you replenish that with a check drawn on the brokerage account].
With brokerage account, the money goes into government securities. These are insured for much more than the $100,000 of the FDIC in banks....
So I don't know how applicable this is to many of us on this forum. :-) The question I have, though, is similar to that re the banks and FDIC: the banks are insured by FDIC, but you aren't. Similarly, if the broker collapses, what's the status of your funds? The funds are actually held in your name ("street name") for you at the broker -- you don't actually have the t-bills or whatever, nor any claim to the funds other than the brokerage statement of your account.
-- A (A@AisA.com), October 22, 1999.
anthrax nuclear bomb gas biological chemical warfare fertilizer Waco Oklahoma city randy weaver ATF fuel oil militia race KKK aryan bill of rights constitution gun rifle armor piercing revolution riot (add more to keep the snoops busy)
-- F_b (firstname.lastname@example.org), October 22, 1999.
Hey FB sounds like a Billy Joel song, "We didn't start the fire"
-- lindy (email@example.com), October 22, 1999.