CNN says More Bank Failures Coming
 

Click on the front page of www.cnn.com.

Economists are saying more bank failures are coming. European banks are failing. The global ecomomy is teetering.

We are moving past the potential for recession. I believe we are already in the beginnings of an economic depression. This is going to get much, much worse.

In my area of the country, car dealerships are closing left and right. Grocers are closing. Inflation is through the roof, particularly on groceries.

There is the potential that we may be entering an age of centralized global banking.

Scary stuff.

Re: CNN says More Bank Failures Coming
 

I was reading an article on a financial forum, and this article predicted another big drop in the market next week. It also predicts some political upheaval as in attack before the upcoming election. This article recommended that everyone have at least 6 months of cash available for the year ahead. I agree we are in fearful times, but we know who hold tomorrow and our hope is not in this world.

Re: CNN says More Bank Failures Coming
 

http://www.cnn.com/2008/US/10/05/sha....ap/index.html

Here's a quote from the cnn.com article:

The darkening clouds already have some depositors pondering a question that always seems to crop up in financial panics despite deposit insurance: Could it possibly make more sense to stash cash in a mattress than in a bank account?

"It sounds like a joke," said business owner Mauricoa Quintero as he recently paused outside a Wachovia Bank branch in Miami. But it sounds safer than the turmoil out there right now."

Not as many banks are likely to fail as in the S&L crisis, largely because there are about 8,000 fewer today than there were in 1988.

Re: CNN says More Bank Failures Coming
 

Pestilence!

Famine!

Cats and dogs!

Strong gusts of wind!

As Charlie Brown often said.... ARRRGGGHHHHHHHHH!!!



(I swear. The end MAY be near, but one of the big reasons I have been barely posting is the sadistic glee that so many people have wallowing in this stuff.)

Re: CNN says More Bank Failures Coming
 

:lol

Re: CNN says More Bank Failures Coming
 

Hmmm...where I am I have yet to see a dealership close, bank or grocery store.

Re: CNN says More Bank Failures Coming
 

The fear mongering just makes it worse. The more people fear the more they sell off stocks and take money out of banks....then guess what happens?

Re: CNN says More Bank Failures Coming
 

:whistle There was a farmer had a dog and BINGO!!!! ...was his name-o...:whistle

Re: CNN says More Bank Failures Coming
 

We will probably never know what the big players are doing, but I do find it interesting that Wachovia's newly found silver lining is the extent of private depositors. Apparently commerical paper as a source of capital is considered a non-option for the immeidate future (24 months?).

Does Jim Crammer hold any credibility in your mind? If so, he indicated this morning that any money you may need in the next FIVE years should NOT be in the stock market (commerical paper equities). For a guy who makes his living based on the signficance of stock trading, I find his comments to be
noteworthy.

Fear is very limited in its production of thoughtful actions, but it does serve to alert us to the possibility of dramatic change. If we think we can go from 6 Trillion in national debt in '03 to 10.3 trillion in national debt in 08, and not be witnessing a new financial paridigm that will replace the dollar in every international exchange, we are powerfully niaive. All this while we enter into a decade long Japan-esk inflationary hangover where our purchasing ability is reduced to life's staples (hopefully!).

If the US taxpayer is now nothing more than a backstop to supply extra time needed by the stakeholders in the Federal Reserve to move and jetison, welcome to the new day where we all can be in debtor's prison together in support of the profit-takers who benefitted during the run-up.

Hey, good things will come from this, but they will not come wrapped in creature comfort and convenience. In addition, each of us will be able to see what we have been trusting in...while we still have breath in our bodies.

Re: CNN says More Bank Failures Coming
 

What makes me mad, is I think many of us little guys have seen this coming down the pike for years and said "It's not a matter of if, it is a matter of when." And have been powerless to do anything about it. I have sometimes wondered if it isn't intentional. I mean, 10 TRILLION dollars?? I was worried when it was three. And it's been business as usual for so long.

Re: CNN says More Bank Failures Coming
 

Any comments on this clip?

Five Misconceptions About the National Debt

http://www.youtube.com/watch?v=YabLqJ0RwPQ

Re: CNN says More Bank Failures Coming
 

I agree.

We need to be careful to maintain proper perspective regarding this stuff.

Pessimism for pessimism's sake is not productive or edifying to anyone.

Re: CNN says More Bank Failures Coming
 

I don't think most here are looking at the economic crisis with a sadistic glee. Maybe some are figuring it will bring the end of the world and the antichrist or something. I think most are just looking at the facts. The facts are pretty pessimistic right now. I think calling attention to it and what we can do about it is positive.

Re: CNN says More Bank Failures Coming
 

I agree.
But the original post didnt do that. I think to some of us here, it seemed somewhat fatalistic, without suggesting any particular positive action for people to take.

Re: CNN says More Bank Failures Coming
 

James 1.2, "My brethren, count it all joy..."

Re: CNN says More Bank Failures Coming
 

somebody wake me up when we start to approach the 1000 number. thats how many failed in the 1980s. we arent there yet.


someone call me when unemployment break 9% thats what happened at the end of the carter blow out. we arent there yet

look people, things are looking like we are going to hit at least 2 quarters of negative growth (that is a recessioin). but that doesnt mean we are headed for depression.

it looks like 3rd quarter will be a negative quarter. guess what? that means we have 1 negative quarter thus far this year. This thing is going to shake out.

just remember to blame your friendly neighborhood democrat in congress for this mess.

Re: CNN says More Bank Failures Coming
 

I don't understand when people say "This is going to happen" and "That is going to happen". This is like a hurricane. We need to batten down the hatches and assess what to do in our personal situations. Nobody can say with assurety "This is going to shake out". It may or it may not. We may have a depression or we may not. But we can't stick our heads in the sand and say "This won't affect me" because I think it is going to affect everybody either in large ways or small.

Re: CNN says More Bank Failures Coming
 

Nobody said it wasnt going to affect us. It obviously is already affecting us. (see the 700 billion dollars we just spent).

But people are suggesting this is the end of America. This is going to be worse than the great depression.

First of all, there are vastly more controls in place that didnt exist in 1930. Our economy is vastly more diverse than the economy of 1930.

We are likely going to see a recession. It just might be the worse recession to hit since the 1970s. It also just might be a 2 quarter recession that requires a readjustment in the banking sector and we find ourselves all in a better position by summer of next year.

That doesnt mean that as individuals some of us might very well lose a job, maybe some will lose houses.

But I think i am on safe ground saying that America isnt going to be bulldozed next thursday nor are we headed to a period of 25% unemployment. Economic cycles happen every single time we get to this point, someone starts screaming about it being the "big one" then it doesnt pan out and so it will be the next one.

well, I really believe those that are saying this is the big one, will be saying the next one is going to be the big one.

they just might be saying that constantly for the next 100 years. Or not.

We are all eventually going to be ok. it may take time, somebody may have to take a job they dont like. Somebody might have to lose a home and start all over, but even with that, we will be ok.

Re: CNN says More Bank Failures Coming
 

FDR's words still ring true.

All we have to fear is fear itself.

Re: CNN says More Bank Failures Coming
 

Your points are basically valid. But some people need to consider what they need to do about these things and I think it's good that it is getting some attention. It may help some people who otherwise have their heads in the sand to open their eyes and take some steps now, before they lose their house or job or whatever. Some will get hit regardless. You are right, we will adjust, even if it is a depression, we will adjust just like they did in the 30's.

Re: CNN says More Bank Failures Coming
 

Your point that this may be getting some folk focused is a good one....


but honestly the fact of the matter is, the thing a person ought to be doing in good times is exactly the same as what we ought to be doing now.

eliminate debt
have a savings plan for emergencies
live in your means


anyone who is doing those things all the time will be fine. anyone who isnt is asking for trouble even in good times.

Re: CNN says More Bank Failures Coming
 

good advice ferd, tough to take but good advice, simple is the man who succeeds from the turmoil, and conservative, lol

Re: CNN says More Bank Failures Coming
 

I will say there is one thing about this that scares me.

I honestly dont know if the folk who are alive today have the kind of stuff it takes to survive what they did in the 1930's.

I fear we may be soft.

Re: CNN says More Bank Failures Coming
 

That's what scares me. I really don't know. Also, people are maxed out. You are right though that people should be doing the right things in lean times and good as well. I'm not sure people know how to tighten up.

Re: CNN says More Bank Failures Coming
 

Ferd,
I completely agree with the basis for your comments.
The added component for me in this particular mix (my present ponderings) is the unlikelihood that there will continue to be buyers of dollars (via T-Bills) at this prevailing interest rate.

If we are watching the first actions related to the exodus from dollar-denominated transactions, is there any international reason to protect the dollar's value? Without that self-serving interest among a global marketplace, is continued devaluation of our currency just the necessary 'morning-after' for a debtor nation?

I say this because I am needing to consider if virtual numbers.....representing federal reserve notes...sitting in a back account....should not be converted to something REAL....metals or land.

thoughts?

Re: CNN says More Bank Failures Coming
 

ferd hit the nail on the head, people today are not tough enough, they are whiny and wanting all the time, even when they dont have the cabbage, what a shame, a dose of humility might help us, dt

Re: CNN says More Bank Failures Coming
 

Will do my friend... will do.

Yesterday the market fell below 10,000. I will wake you up when the market number and the price of an ounce of gold meet at around 5000

Re: CNN says More Bank Failures Coming
 

A dose of humility will help us... a dose of wisdom would have gone a long way as well.

Re: CNN says More Bank Failures Coming
 

no doubt my brother, no doubt, god help us, dt:friend

Re: CNN says More Bank Failures Coming
 

Indeed DT...

Although a message has been rolling through my mind for a few months now that revolves around this basic thought...

I think, more often than we realize, God's help comes in the form of the wisdom contained in His word rather than in miraculous rescue. He does do the miraculous but He also keeps us from the need of the miraculous of we will but heed His word in our everyday lives.

Walking His way is a way of peace. But too often we expect peace to be delivered to our location which is located a distance off of God's desired path.

Re: CNN says More Bank Failures Coming
 

that sounds good, you should preach that for sure, dt

Re: CNN says More Bank Failures Coming
 

if that happens and I can still afford to feed my family i will buy you a very cheep lunch... provided any of us could afford a very cheep lunch!

Re: CNN says More Bank Failures Coming
 

I have chickens now... and another dozen in the incubator right now... just come over and we'll barbecue. I also have a garden... so I should have the sides covered as well.

I am thinking about planting a Camelia Seninsis plant (the plant where all tea comes from) and I already have Stevia growing (sweeter than sugar with no calories)...

So... just come on over and we will see if we can pull a meal together. You get to help pluck the chicken though. :)

Re: CNN says More Bank Failures Coming
 

My brother I envy you... as much as one can have godly (?) envy....


i would trade this city life in a heartbeat if i could... I grew up on a farm and we raised pretty much everything we ate until i was probably 13 or older, with the exception of things like spices and flour.

We raised sheep and pigs and chickens, traded seep for beef and raised all our veggies and canned everything.

I would go back to that in a heartbeat.

Re: CNN says More Bank Failures Coming
 

Yes sir... we are certainly blessed. Telecommuting opens doors not otherwise open in this day and age and, for that, I am unspeakably thankful.

We are simply loving our new place. We have about 3 acres (although 2 are still wooded right now). There is a peace in country living that simply cannot be duplicated.

We are still easing into the lifestyle. The only livestock we have right now are chickens but we hope to get some sheep Lots of hard work... but, somehow, it always seems to leave you feeling good at the end of the day.

I just finished my chicken pen... here are some pics. This is just where they sleep and lay eggs. I let them out in the mornings to free roam and they put themselves to bed each night and I shut the door for them.

http://i46.photobucket.com/albums/f1...hickenPen2.jpg
http://i46.photobucket.com/albums/f1...hickenPen4.jpg

Okay... sorry... I hijacked the thread....

We now return you to the thread already in progress. :)

Re: CNN says More Bank Failures Coming
 

You did a great job!!!!!

We used to have a chicken pen at a previous home. My husband had a rooster that we were afraid of. I told him the first time it even ran at one of our children, I would shoot it. He finally had to put it down for being so aggressive, which they usually are. I love yard eggs.

Re: CNN says More Bank Failures Coming
 

there's a lot of godly living that this post challenges us/me to consider.
thanks for sharing the message here.

Re: CNN says More Bank Failures Coming
 

It's one of those ..we can't change it things >>>>>

No unusual closings here....
I agree with the money wisdom given. Have a savings account. Live within your means. Don't buy it if you can't afford it. We don't need to have it all.
I understand that some families are struggling...but gas prices here are almost to $3 for the ethanol blend. As for groceries...buy the house brand; don't eat out; use coupons.

I have the means to live fancier than I do...but why?
I've always been cheap (lol) but I chuckle now when I see news articles and magazine advice columns teaching us how to live on a budget.

I'd say my "thriftiness" was genetic, but my dad was really bad with money.
As a child we hated to answer the phone for fear it was a bill collector.

Re: CNN says More Bank Failures Coming
 

Thanks for the trip down memory lane!

Re: CNN says More Bank Failures Coming
 

i remember that too, well headed back to the chicken pen soon if the market doesnt pick up, lol