FDIC is almost broke, 1,000 more banks set to fail...

FDIC is almost broke, 1,000 more banks set to fail...

PostBy: Black_And_Blue On: Thu Aug 27, 2009 7:03 pm

FDIC is almost broke :
http://www.cnbc.com/id/32576575/
This link is broken, either the page no longer exists or there is some other issue like a typo.


1,000 more banks set to fail : http://www.cnbc.com/id/32581463

Just wondering if anyone else is paying attention to this news.

Rest assured more money will "appear" in time to cover additional failures or possible bank runs on deposits............think about that for a moment.
Black_And_Blue
 
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: 009to090 On: Thu Aug 27, 2009 7:25 pm

Black_And_Blue wrote:Rest assured more money will "appear" in time to cover additional failures or possible bank runs on deposits.


BingO
009to090
 
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: jpete On: Thu Aug 27, 2009 8:23 pm

I've been hearing rumblings of a "bank holiday" a la FDR, circa 1929.

It just might happen. We had a state banking crisis a decade ago and it's not pretty.

I switched to a credit union and stopped my direct deposit about a year ago. I saw lots of people get behind on their bills because of the lag time canceling their direct deposits. The money was going into the account, but they couldn't get it out. At least if ONE bank is still open, you can get SOME money.
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: gaw On: Sat Aug 29, 2009 6:38 am

I hOpe my bank don't fail and leave me with change in my pocket.
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: Black_And_Blue On: Sat Sep 19, 2009 4:20 pm

FDIC chief considers tapping Treasury for funds


http://apnews.myway.com/article/20090918/D9APRU782.html
This link is broken, either the page no longer exists or there is some other issue like a typo.


Crank up the presses and add a few more zeros.

The administration wants to give more power to the Federal Reserve.

What are you, nuts?
Black_And_Blue
 
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: mozz On: Sat Sep 19, 2009 6:43 pm

Thought the FDIC insured your deposits only? What does it have to do with loans?
mozz
 
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: jeromemsn On: Sat Sep 19, 2009 7:08 pm

I tell ya what, It's a damn good thing that a Democrat was voted in as President that way President Bush still comes out smelling like a rose.
On a more serious note. So a bank goes under, who lost what? Anybody here loose anything yet? I have and never will have enough in a bank to loose anything even if they reset the losses back to $100.000.00 so let em burn. Why are we paying for a bank that couldn't make proper banking decisions. What the hell is all the tadoo about our credit score if the banks don't even bother to use it.
Well for the last 2 years we all as U.S. citizens have been paying for Mac mansions for people that couldn't afford them. Now the good news is we will also be paying for all the new Wall Marts that have been built in recent years and many many other stores.
I quit! Rant over.

Oh P.S. Thank God for Republicans, He he ha ha chuckle chuckle and all that good stuff, what a bunch of rubbish!
jeromemsn
 
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: Duengeon master On: Sat Sep 19, 2009 7:16 pm

The captain of the Titanic once said "Don't worry about the icebergs, I just ordered the last four boilers to be lit. Full speed ahead." :?
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: Black_And_Blue On: Sat Sep 19, 2009 8:04 pm

"The money powers prey upon the nation in times of peace and conspire against it in times of adversity. It is more despotic than a monarchy, more insolent than autocracy, and more selfish than bureaucracy. It denounces as public enemies, all who question its methods or throw light upon its crimes. I have two great enemies, the Southern Army in front of me and the Bankers in the rear. Of the two, the one at my rear is my greatest foe.. corporations have been enthroned and an era of corruption in high places will follow, and the money powers of the country will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed.

-Abraham Lincoln
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: Black_And_Blue On: Fri Oct 02, 2009 8:59 am

Oct. 2 (Bloomberg) -- The number of U.S. lenders that can’t collect on at least 20 percent of their loans hit an 18-year high, signaling that more bank failures and losses could slow an economic recovery.

“There are some zombie banks out there,” said Bert Ely, chief executive officer at Ely & Co., a bank consulting firm in Alexandria, Virginia. “Neither the banking industry nor the economy benefits from keeping weak banks in business.”

Ninety-five banks have failed this year at the fastest pace in almost two decades, depleting the FDIC’s insurance fund. The agency proposed on Sept. 29 that financial firms prepay three years of premiums, which would add $45 billion of reserves. The fund sank to $10.4 billion as of June 30, the lowest since 1993. It will run at a deficit starting this quarter, the agency said. http://www.bloomberg.com/apps/news?pid=20601087&sid=aXZinRhF5tlA
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: tvb On: Fri Oct 02, 2009 10:41 am

How many banks failed in the 50 years between Roosevelt's starting the regulating of banks and the deregulation of banks under Reagan?

ZERO

I wouldn't be too quick to blame the democrats for this one.
tvb
 
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: samhill On: Fri Oct 02, 2009 1:18 pm

Lets not forget the savings & loan bail-out during the first Bush, if I remember right another Bush or two were directly involved in that one.
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: jpete On: Fri Oct 02, 2009 7:19 pm

tvb wrote:How many banks failed in the 50 years between Roosevelt's starting the regulating of banks and the deregulation of banks under Reagan?

ZERO

I wouldn't be too quick to blame the democrats for this one.


So it's a GOOD thing that we just allow the Fed to print money to cover bank failures?

You know nothing.......
jpete
 
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: bear creek burnout On: Fri Oct 02, 2009 8:54 pm

The Federal Reserve
Causing Recessions Since 1913



"One of the great ironies of our time is that the Central Bank proposes its primary goal to be providing the nation with 'price stability.' Through monetary pumping the Fed has diminished the purchasing power of the dollar by over 90%, and caused some staggering boom and bust cycles.

The current fact that over 8% of American homes are in foreclosure, and that we’ve hit one of the more painful recessions in a generation is in no small part the Federal Reserves fault. Of course, if you like this sticker you probably already know that."

Take a look at this video by the Ludwig von Mises Institute for a primer on the Federal Reserve and the root of the economic problems we face.

http://www.youtube.com/watch?v=iYZM58dulPE
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Re: FDIC is almost broke, 1,000 more banks set to fail...

PostBy: jpete On: Sun Oct 04, 2009 12:48 am

tvb wrote:How many banks failed in the 50 years between Roosevelt's starting the regulating of banks and the deregulation of banks under Reagan?

ZERO

I wouldn't be too quick to blame the democrats for this one.


C'mon tvb! Please engage!How can a bank "fail" when the Fed keeps dumping money in?

Image

http://research.stlouisfed.org/fred2/gr ... d=BOGAMBNS
jpete
 
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