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  1. #1
    YoYamma's Avatar
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    U.S. Banks in Trouble?

    Folks, a few weeks ago started a thread about the Fannie Mae/Freedy Mac bailout, now we see Lehman Bros. bankrupt and Merrill Lynch being bought...
    read these articles, watch your holdings:

    "The U.S. financial system is finding the tectonic plates underneath its foundation are shifting like they have never shifted before," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, N.J. "It's a new financial world on the verge of a complete reorganization."
    http://www.theglobeandmail.com/servl.../International

    "There is concern that some smaller banks could be in financial trouble because of the decline in value of their Fannie and Freddie shares. So here’s what really matters to you my friends: I want you to make sure that every bank you have an account with is insured by the FDIC."
    http://www.suzeorman.com/igsbase/igs...134&NewsID=160


  2. #2
    YoYamma's Avatar
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    Greenspan adds a cheerful note...

    Greenspan: Economy in 'once-in-a-century' crisis
    Greenspan told ABC's "This Week" that the situation "is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go."
    http://money.cnn.com/2008/09/14/news...ion=2008091413

  3. #3
    Site Admin MikeTrin's Avatar
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    should be very interesting today. Dow is down 267.

  4. #4
    ctriverguy's Avatar
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    you know, on another sports forum a few months ago, there was this guy..

    Every once in awhile he would post how the US banking system was so close to financial disaster and he would preach about doomsday. He didn't just rant, he would site a funky article and tell everyone to pull their money out of this market and that. But everyone still busted his balls saying it would never happen.


    I wonder how he is doing right about now...

    The gov is going to what they can to help out.. thats obvious.. but where do they draw the line, and what are they going to do to prevent this from happening again?

  5. #5
    YoYamma's Avatar
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    ctriverguy that is a good question.
    Already today we see AIG wanting help too.
    http://dealbook.blogs.nytimes.com/20...to-survive/?em
    http://www.bloomberg.com/apps/news?p...xks&refer=home

    I don't rattle easily.
    I have a feeling George Soros is behind some of this, but
    all politics aside, may blow over but this could get nasty, and all I am saying is watch your holdings friends...

  6. #6
    AWA Member 32DegH2O's Avatar
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    I've been saying on here for 2 yrs. now how the financial system in this country is on the verge of collapse. Trust me this is just the beginning. A side note...as far as FDIC insured, that only goes up to 100k so if you have more than that in an account, you would be wise to take the remainder out and put it into a different bank/s that are FDIC insured. I'm aware of a gentalman who had almost 500K in his savings account (his entire life savings and was about to retire) and his bank was one of the few recent banks that have gone bankrupt...so you guessed it, he lost almost 400K!...so much for his retirement.

  7. #7
    YoYamma's Avatar
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    That is terrible bro...
    which bank was that, and are you in the banking industry?

  8. #8
    HOSS's Avatar
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    Thumbs down

    The Federal Reserve is behind the current bankruptcy and buyout. This is going to hurt taxpayers like never before since they are already face down in the dirt. Pull out of Iraq? Too late it wont affect bottom line anymore.

    I myself am moving from current building to the one I own (smaller) around the corner. Kicking out the renter. I gotta protect my ace as much as possible. Right now its look out for yourself and screw the rest. And the economy still aint close to the bottom. I might sound crazy but, Russia is playing around again and the new cold war is going to start. Coincedence? Doubt it. Global econonomy is in trouble. Labor costs are so uneven that the global market is now realized to be a mistake. Thanks Slick Willie.

  9. #9
    AWA Member 32DegH2O's Avatar
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    Quote Originally Posted by YoYamma View Post
    That is terrible bro...
    which bank was that, and are you in the banking industry?
    Not in the banking industry...this happened to a friend of one of my relatives. It was a very small town local bank.

  10. #10

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    The FDIC is just one more federal tax, although levied on the banks, is of course passed onto us. All banks are required to pay into this insurance pool. Do you think this FDIC pool exists? The answer is no: http://seekingalpha.com/article/9512...actually-exist How protected do you think you will be when the bank failures escalate?

    The Federal Reserve and its relationship with the US Treasury is THE reason for the current economic climate, and the perfect storm on the horizon. Much like politics, people do not know how it works, which has allowed them to perpetrate this scam on the American people for nearly a century. It is simply a pyramid scheme, and can not go on forever without collapse.

    Each individual works, and gets paid dollars for each unit of work, but the Federal Reserve charges the US government interest for each dollar put in circulation. The Federal Reserve (and its super-elite international tycoon owners) gets paid for NOT producing work; they create money from nothing. The more money placed in circulation, the more inflation (more dollars chasing the same amount of goods), which not only means that each dollar you hold is automatically worth less, but also means that taxes must raised (either through new taxes, or raising existing ones) to pay for the interest on our own money that was created out of nothing. We are nearing the point that the American people can not be squeezed both ways anymore. It is convoluted, and hard to accurately describe here, but you are not taught about it in school for a reason; if more people knew how it really worked, it would not exist.

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