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travelingfool
Joined: 10 Mar 2008
Location: Parents' basement
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 Posted: Thu Sep 25, 2008 11:45 pm Post subject: Marooned in Korea |
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The news from back home just keeps getting better and better. Today my beloved bank was shut down by the government. They say that things will be business as usual. I will find out soon enough when I try to use an ATM. Luckily I am poor and have nowhere near the $100,000 FDIC limit.
Does anyone else ever wonder what we have to go back to? Even though I am less than fond of Korea, at least here I have a roof over my head, health insurance, and a steady income with the ability to save a little. The proposed bailout plan in the US is insane. I think the US is SOL and in many ways so are we.
What are you guys planning on doing long term, especially the over 30 crowd? How will things in the US affect things here in SK? |
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mnhnhyouh
Joined: 21 Nov 2006
Location: The Middle Kingdom
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| Posted: Fri Sep 26, 2008 12:07 am Post subject: Re: Marooned in Korea |
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| travelingfool wrote: |
What are you guys planning on doing long term, especially the over 30 crowd? How will things in the US affect things here in SK? |
I am from Australia....
I plan to keep moving countries.
h |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Sep 26, 2008 12:41 am Post subject: |
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My piece of the beach is bought and paid for (in 2 different countries) so I am not too worried about the meltdown.
The investments are taking a bit of a beating but again, widely diversified so not too much worry in the long run. I don't need to worry about the short term or trying to stay liquid.
I am certainly glad that in the current credit crunch that I do not have to worry about mortgages or refinancing.
Those are are in a liquid position will be able to take advantage of this when the dust settles. It'll certainly be a buyers market.
Those who are in hock up to their necks (or worse) may be looking for a tall building or a bridge before it all ends (ala 1929).
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seoulteacher
Joined: 18 Nov 2005
Location: Seoul
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| Posted: Fri Sep 26, 2008 1:42 am Post subject: Re: Marooned in Korea |
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| travelingfool wrote: |
...Does anyone else ever wonder what we have to go back to?
...The proposed bailout plan in the US is insane. I think the US is SOL and in many ways so are we.
What are you guys planning on doing long term, especially the over 30 crowd? How will things in the US affect things here in SK? |
And what of this possibility: The US financial crisis leads to a US recession which leads to a worldwide recession, including a recession in ROK.
(And might 'recession' be substituted by 'depression'?).
Does anyone worry that some ESL teaching jobs may then be on the line? ie. that there may be job cuts in ROK? And if that happens, might there simultaneously be no jobs to go back to at home (USA, Canada, etc)? |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Fri Sep 26, 2008 2:17 am Post subject: |
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| Does anyone worry that some ESL teaching jobs may then be on the line? ie. that there may be job cuts in ROK? |
This is a legitimate concern. In the months following the economic collapse of '97 here, parents had to pull their kids out of hakwons because they simply didn't have enough money to pay the tuition. Lots and lots of mom & pop hakwons closed shop. There were reports from Daegu of them burning waygookins for fuel...
Probably if you are working for a public school, you have nothing to worry about if things get bad here. |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Fri Sep 26, 2008 2:32 am Post subject: |
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Yes, this is indeed a legitimate concern as FDIC does not have enough money to actually insure all the deposits in existence. It's only theoretical that FDIC covers all deposits, because it's designed for single mismanaged banks; not a total system failure. I seen this economy collapse coming since 2001 as we're not producing much of anything other than debt and derivatives. Most people, especially those with money, just ignored it and acted optimistic when it was all wrong what they're doing and they knew it. When we need that FDIC, it's not going to be there, because when the banks crash, most, if not all will be forced to follow suit. People will go back to the farm and just go anywhere they can where there's a free place to stay such as with relatives who have some land since most will go broke and default on debt.
I'm in the over 30 crowd and haven't a clue if we have a snowballs chance in hell to keep building savings, a chance at debt free home ownership, the wealth to pay off student loans, and have adequate employment/career opportunities.
OP, which bank is shut down by Uncle Sam?
We have seen a few bank failures recently, but the market is holding out in high hopes of a miracle. Them irresponsible executives and out government mislead us and will continue to do so until the end of this. |
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wylies99
Joined: 13 May 2006
Location: I'm one cool cat!
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| Posted: Fri Sep 26, 2008 2:46 am Post subject: |
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| Yes, this is indeed a legitimate concern as FDIC does not have enough money to actually insure all the deposits in existence. |
They've never had that much money. In fact, deposits are only covered up to $50,000, and that's only for savings accounts. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Sep 26, 2008 2:59 am Post subject: |
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Washington Mutual was the latest and largest to fold up.
WaMu becomes biggest bank to fail in US history
Link here |
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Join Me
Joined: 14 Jan 2008
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| Posted: Fri Sep 26, 2008 3:02 am Post subject: |
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| sojourner1 wrote: |
Yes, this is indeed a legitimate concern as FDIC does not have enough money to actually insure all the deposits in existence. It's only theoretical that FDIC covers all deposits, because it's designed for single mismanaged banks; not a total system failure. I seen this economy collapse coming since 2001 as we're not producing much of anything other than debt and derivatives. Most people, especially those with money, just ignored it and acted optimistic when it was all wrong what they're doing and they knew it. When we need that FDIC, it's not going to be there, because when the banks crash, most, if not all will be forced to follow suit. People will go back to the farm and just go anywhere they can where there's a free place to stay such as with relatives who have some land since most will go broke and default on debt.
I'm in the over 30 crowd and haven't a clue if we have a snowballs chance in hell to keep building savings, a chance at debt free home ownership, the wealth to pay off student loans, and have adequate employment/career opportunities.
OP, which bank is shut down by Uncle Sam?
We have seen a few bank failures recently, but the market is holding out in high hopes of a miracle. Them irresponsible executives and out government mislead us and will continue to do so until the end of this. |
Washington Mutual
When I lived in California, these guys would lend money to anyone for a home. In my past life I used to partner up with bank lending officers and we would cross sell our products to each other's business clients. All Washington Mutual cared about was lending for mortgages for homes and they essentially had no business clients so they weren't even worth dropping my card off at. Guess they should have diversified their lending a bit. 
Last edited by Join Me on Fri Sep 26, 2008 3:15 am; edited 1 time in total |
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