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.