10-11 figure bank may go under in the next few
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educated guess: a 5-20 billion dollar bank goes under in the next 2 weeks.
starting a domino effect. Will FDIC be able to handle this? More to come[quote=MC Lovin]educated guess: a 5-20 billion dollar bank goes under in the next 2 weeks.
starting a domino effect. Will FDIC be able to handle this?[/quote] McLovin, you're not leaving the tinfoil on your head long enough. Now, imagine you're a government honcho trying to keep your butt covered and you just found out that a major bank is going under. When the cr*p hits the fan, you're going to be standing in front of it. So, what to do?....Right, without announcing the bank failure, you arrange a buyout of the failed bank with the government giving the buyer generous terms. The press and investors are totally surprised by the news. Crisis averted and you've kept your job.....And you're welcome!MC Lovin,
Weren’t you in that movie with Julia Roberts? You look an awful lot like Mel Gibson.
Mc Lovin read the Economist article dated 1/8 & has nothing better but to do since he sold his book but to read and worry.
It’s kind of sad, actually.
LOL..FDIC has been preparing but will be overwelmed..at least they are trying to increase manpower..
http://www.fdic.gov/about/jobs/oncamp.html
3-5 job fairs per day!!! never in history!!
there are a few banks on the edge that fit the 5-20B criterea.Hmmmm… weren’t we through this before with the Savings & Loans? Just make sure you don’t have more than the insured amount in an institution.
recent quote from Broker7 regarding current recession: “economic crisis 2001-2002 times 20”.
wow. I need a bunker.I think our original poster is mistaken, Mc Lovin isn't supposed to be part of the chicken little story.
Northern Rock, UK
19% of UK lending 113 Billion pounds of loans and assets went bust yesterday. Is this a domino?on 10-10-2002, an article in USA Today quoted experts on where the Dow was headed–it was at 7286. Bill Gross said 5000. Others said lower, predicting mass pessimism and even deflation/depression. In fact, it had already bottomed out, and would have been the perfect day to buy the Dow. However: “There is always a reason not to invest”.
The day after the very bottom, the headline of the USA today money section was "No bottom in sight". If you had looked at the bottom left corner of that very page, you would have seen the bottom.on 10-10-2002, an article in USA Today quoted experts on where the Dow was headed–it was at 7286. Bill Gross said 5000. Others said lower, predicting mass pessimism and even deflation/depression. In fact, it had already bottomed out, and would have been the perfect day to buy the Dow. However: “There is always a reason not to invest”.
on 10-10-2002, an article in USA Today quoted experts on where the Dow was headed–it was at 7286. Bill Gross said 5000. Others said lower, predicting mass pessimism and even deflation/depression. In fact, it had already bottomed out, and would have been the perfect day to buy the Dow. However: “There is always a reason not to invest”.
I just read the article. Almost like the death of equities. If these aren't buying signals, I don't know what is.
It seems that everyone forgets that the markets, the life of a business, the economy, my weight are cyclical and constantly going up and down. OK, so my weight has generally gone up and stayed up, but that's another thread.
I've only been watching the markets for about 10 years now, but I can remember in most of those years someone saying the world is going to end and the markets are going to crash. Y2K, tech bubble, Iraq war, etc. Something was lurking just around the corner just waiting to pounce on an unsuspecting public. I think I tend to agree with Skrainka when he says "buy the recession". If you aren't smart enough to be adding money when the general public is scared and hiding, you probably shouldn't be investing.but remember what Broker7 said—it will be “20 times” worse this time around! The sky is falling, you must learn the code! The code, the code…aaaaaahhhhhhhh!
I won’t bore everyone by explaining the economic stats that have been manipulated by the politicians over the past decades. You can find those in my previous posts. But the facts are that, based on the way we used to measure those stats, we’re looking at 10+% CPI, 10+% unemployment, a negative real GDP for the 3rd-4th quarter in a row, an M3 money supply exceeding 15% growth, and a sharply devaluing dollar. And, to top it all off, if you apply GAAP accounting procedures to the government’s finances, we have a nearly $60 trillion dollar debt (as per the head of the GAO). Say what you want, but those are the facts.
Now, what are the implications of all this? That's a matter of opinion. You can gloss over the facts with high-minded adjectives or look for conspirators under every rock and you might be right. As for me, I've been allocating (not dumping) more assets to foreign stocks and bonds. And I will be increasing those allocations as the econ numbers deteriorate further. I stick with high quality, plain vanilla-type investments. Also, I've found that Reynolds-brand aluminum foil makes the best hats.Careful, that’s a carcinogen! MC Lovin has the answer however: live leeches, applied liberally on infected area. Then, when Armegeddon hits, it won’t seem so bad…
Doberman,
Your first two paragraphs....way over newnew's head..... He keeps typing in code...whatever that means...