Brings us to 126. Always happens late Friday. Rarely hear anything about it on Monday.
Inconvenient bad news. Thats why.
Make that 128
a 3rd in Georgia and 1 in Ohio in late breaking news.
Its no surprise. With the way the markets were today holding out till the very last minute is to be expected. Wonder how the markets will respond on Monday.
On a related note (I guess), I’ve been looking at houses east of Atlanta.
Five words:
Nice.New.Houses.Dirt.Cheap
I’m in rural New England and I can get almost twice the house in GA for the same money as I could get up here.
I guess it is actually 130 now, with AmBank added to the list. The FDIC picks up over $3 billion in a single Friday afternoon.
Even worse, we haven’t even started the commercial defaults yet. That is the other shoe that I am concerned about dropping very soon.
[quote]JEATON wrote:
I guess it is actually 130 now, with AmBank added to the list. The FDIC picks up over $3 billion in a single Friday afternoon.
Even worse, we haven’t even started the commercial defaults yet. That is the other shoe that I am concerned about dropping very soon. [/quote]
I would hate to have been the people who invested in dollars today come monday. Theres no ignoring 4 bank failures.
This is just the aftershock tremors crumbling. They were basically just hollow shells that collapsed late. It’s to be expected.
[quote]JEATON wrote:
I guess it is actually 130 now, with AmBank added to the list. The FDIC picks up over $3 billion in a single Friday afternoon.
Even worse, we haven’t even started the commercial defaults yet. That is the other shoe that I am concerned about dropping very soon. [/quote]
Not trying to sound alarmist here guys, but the FDIC is probably insolvent at this point and banks are shutting their doors. I’ve heard of other people having trouble getting their money out.
Might be a good time to go withdraw $20k or so and put it in a safe.
[quote]PRCalDude wrote:
[quote]JEATON wrote:
I guess it is actually 130 now, with AmBank added to the list. The FDIC picks up over $3 billion in a single Friday afternoon.
Even worse, we haven’t even started the commercial defaults yet. That is the other shoe that I am concerned about dropping very soon. [/quote]
Not trying to sound alarmist here guys, but the FDIC is probably insolvent at this point and banks are shutting their doors. I’ve heard of other people having trouble getting their money out.
Might be a good time to go withdraw $20k or so and put it in a safe. [/quote]
If crap like this happens large scale, money will be worthless paper.
[quote]Gregus wrote:
[quote]PRCalDude wrote:
[quote]JEATON wrote:
I guess it is actually 130 now, with AmBank added to the list. The FDIC picks up over $3 billion in a single Friday afternoon.
Even worse, we haven’t even started the commercial defaults yet. That is the other shoe that I am concerned about dropping very soon. [/quote]
Not trying to sound alarmist here guys, but the FDIC is probably insolvent at this point and banks are shutting their doors. I’ve heard of other people having trouble getting their money out.
Might be a good time to go withdraw $20k or so and put it in a safe. [/quote]
If crap like this happens large scale, money will be worthless paper. [/quote]
Actually, I believe it would be just the opposite. As I have said before, the spot light has been on the U.S. for the last two years. People here assume we are as bad as it gets. I believe we will find our otherwise before too long. I am still predicting ultimately that we will have another deflationary depression. Call me crazy, but you can print all the money you want and load up the banks. What you can’t do is force people to borrow. Small and medium size business is not going to make the investments for growth with all the unknowns out there. It is not only the total amount of money in the system, it is the total amount of money circulating in the system.
Want to hear real crazy? I think it is time to short gold and go long the U.S. dollar.
Keep in mind, I am not predicting the “end of days.” We will get through this, but I think it will be more like five years and a lot of hard lessons learned. We are a strong and resilient people. Unfortunately, I think we will have to relearn this the hard way.
[quote]JEATON wrote:
Actually, I believe it would be just the opposite. As I have said before, the spot light has been on the U.S. for the last two years. People here assume we are as bad as it gets. I believe we will find our otherwise before too long. I am still predicting ultimately that we will have another deflationary depression. Call me crazy, but you can print all the money you want and load up the banks. What you can’t do is force people to borrow. Small and medium size business is not going to make the investments for growth with all the unknowns out there. It is not only the total amount of money in the system, it is the total amount of money circulating in the system.
Want to hear real crazy? I think it is time to short gold and go long the U.S. dollar.
Keep in mind, I am not predicting the “end of days.” We will get through this, but I think it will be more like five years and a lot of hard lessons learned. We are a strong and resilient people. Unfortunately, I think we will have to relearn this the hard way.
[/quote]
Or the bigger banks will start to go under, in which Helicopter Ben will try and inflate his way out. Thus collapsing the dollar.
[quote]John S. wrote:
Or the bigger banks will start to go under, in which Helicopter Ben will try and inflate his way out. Thus collapsing the dollar.
[/quote]
I’m with JEATON. GD1 started with banks going under and a massive currency contraction and deflation. The Fed “prints” money by giving it to the banks electronically. What happens if they have no banks to give it to?
Also, by now we’ve all seen the graphs of the enormous sums the banks have on hand. But banks keep collapsing. If they’ve gotten enough money from the Fed to put us into inflation, why do they keep collapsing?
The things the Fed cannot control is whether or not the banks actually lend the money they’ve been given and the demand for credit.
Right now, there’s no demand for credit like there was before and the banks aren’t lending. The banks are too terrified by the bad paper on their balance sheets.
If Bernanke wants to hyperinflate, he’s going to have to drop money on us from the sky like your picture shows. Right now, all we’re seeing is destruction of currency through bank failures, credit contractions, and the like.
[quote]PRCalDude wrote:
I’m with JEATON. GD1 started with banks going under and a massive currency contraction and deflation. The Fed “prints” money by giving it to the banks electronically. What happens if they have no banks to give it to?
Also, by now we’ve all seen the graphs of the enormous sums the banks have on hand. But banks keep collapsing. If they’ve gotten enough money from the Fed to put us into inflation, why do they keep collapsing?
The things the Fed cannot control is whether or not the banks actually lend the money they’ve been given and the demand for credit.
Right now, there’s no demand for credit like there was before and the banks aren’t lending. The banks are too terrified by the bad paper on their balance sheets.
If Bernanke wants to hyperinflate, he’s going to have to drop money on us from the sky like your picture shows. Right now, all we’re seeing is destruction of currency through bank failures, credit contractions, and the like.
[/quote]
He doesn’t have to control it. When the big banks and you are right Bernanke already dropped money from the sky into the banks. When they start to get hit they will release the money anyway possible. They will just spend all the money to keep themselves afloat. Saying they are going to ride it out or whatever lie they will give the public. That’s the worst thing about the money the banks have. Unlike in the great depression the government has nothing stopping it from printing the money to keep the banks afloat.
After bailing these banks out you really think they won’t do it again? What are we going to do to stop them? Vote in the other party that will do the exact same thing?
http://www.fdic.gov/bank/individual/failed/banklist.html
States are also close to bankruptcy – they instituted mandated spending programs and signed union contracts that ASSUME relatively good times would continue forever.
Nope.
130? Is that all? Do any of your realize that there over 9,000 bank failures during the great depression? What happened after that? The economy recovered and we were fine. I really wish some of you would take your finger off the panic button. This is a long recession and nothing more.
[quote]JEATON wrote:
[quote]Gregus wrote:
[quote]PRCalDude wrote:
[quote]JEATON wrote:
I guess it is actually 130 now, with AmBank added to the list. The FDIC picks up over $3 billion in a single Friday afternoon.
Even worse, we haven’t even started the commercial defaults yet. That is the other shoe that I am concerned about dropping very soon. [/quote]
Not trying to sound alarmist here guys, but the FDIC is probably insolvent at this point and banks are shutting their doors. I’ve heard of other people having trouble getting their money out.
Might be a good time to go withdraw $20k or so and put it in a safe. [/quote]
If crap like this happens large scale, money will be worthless paper. [/quote]
Actually, I believe it would be just the opposite. As I have said before, the spot light has been on the U.S. for the last two years. People here assume we are as bad as it gets. I believe we will find our otherwise before too long. I am still predicting ultimately that we will have another deflationary depression. Call me crazy, but you can print all the money you want and load up the banks. What you can’t do is force people to borrow. Small and medium size business is not going to make the investments for growth with all the unknowns out there. It is not only the total amount of money in the system, it is the total amount of money circulating in the system.
Want to hear real crazy? I think it is time to short gold and go long the U.S. dollar.
Keep in mind, I am not predicting the “end of days.” We will get through this, but I think it will be more like five years and a lot of hard lessons learned. We are a strong and resilient people. Unfortunately, I think we will have to relearn this the hard way.
[/quote]
I definitely see a slow 5 year recovery also. But little by little every month it gets just a teeny teeny bit better. The businesses that will last and thrive are the ones who will have the confidence to borrow and position themselves for the upswings to follow after recovery, barring any natural disasters.
[quote]ZEB wrote:
130? Is that all? Do any of your realize that there over 9,000 bank failures during the great depression? What happened after that? The economy recovered and we were fine. I really wish some of you would take your finger off the panic button. This is a long recession and nothing more.[/quote]
In the 1930’s we did not have the banking structure that we have today. Banks were rather autonomous, small, local. How many of those type banks do you think it would take to equal one AmBank, with over $2billion and I would guess approximately 100 locations. How many mom and pop banks would it have had to be to make up one Indy Mac? 500? 1000?
Again, I am not predicting “the end of days.” I do, however, believe that the powers that be are grossly understating the real problems we are facing.
[quote]JEATON wrote:
I am not predicting “the end of days.” I do, however, believe that the powers that be are grossly understating the real problems we are facing. [/quote]
I think they are estimating it spot on. Do you think guys like Warren Buffett would be buying into the stock market if we were on the verge of total collapse? I bought in when he did, the market was around 7000 and I’ve made a bundle and also have had a good laugh on the doomsday predictions.
I like Glenn Beck I think he’s entertaining and over all a good conservative voice, but when it comes to the economy who would you rather side with Glenn Beck or Warren Buffett?
[quote]JEATON wrote:
[quote]ZEB wrote:
130? Is that all? Do any of your realize that there over 9,000 bank failures during the great depression? What happened after that? The economy recovered and we were fine. I really wish some of you would take your finger off the panic button. This is a long recession and nothing more.[/quote]
In the 1930’s we did not have the banking structure that we have today. Banks were rather autonomous, small, local. How many of those type banks do you think it would take to equal one AmBank, with over $2billion and I would guess approximately 100 locations. How many mom and pop banks would it have had to be to make up one Indy Mac? 500? 1000?
[/quote]
Yeah, I think you’ve got to look at the total failure under the curve, not just the amount of banks closing.