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  #1  
Old 10-05-2008, 08:25 PM
Franc Tireur Franc Tireur is offline
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U.S. bank failures

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

We did not touch the bottom yet.
 
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Old 10-05-2008, 10:07 PM
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Cryxellis Cryxellis is offline
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That was really unexpected, or maybe I'm just not aware of the news about
what really happened to America's economic crisis. I was wondering how
the government can ease the countries problem.
 
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Old 10-05-2008, 10:16 PM
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The way it looks to me is the industry is cleaning itself up. There is going to be turmoil during a period like that. But with companies like Bank of America, smaller banks that have actually done business the right way and JP Morgan inc. and the like, mix that with a little FDIC over sight and boom you have a self adjusting economy and system.

Did you expect that there was going to be a bail out bill and everything was going to go back to 2002 numbers over night?

If people don't panic and start keeping their money under their mattress, and the above mentioned combination holds true and doesn't get stupid everything will be fine, we may be less a few banks but very few, if anyone will have lost their deposited funds or investments, and the banking industry will be stronger and wiser.
 
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Old 10-05-2008, 11:26 PM
Franc Tireur Franc Tireur is offline
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I did not expect that everything was going back so quickly, but I can see a lot of things frozen. Consummers lost a lot of confidence in the system and as you may know this is the engine of our economy.

We will see if the consummers pass the Christmas shopping test.
 
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Old 10-05-2008, 11:41 PM
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I wouldn't levy the whole of the economy on what retail stores report as earnings. Keep in mind they are reporting earnings compared to previous years that were not election years. Not to mention they have a vested interest in keeping earning reports low.

I do suspect that after the election, either way it goes there will be some consumer confidence reestablished. The election year is infamous for killing consumer confidence, this year even worst than usual as the Dem's are putting it all on the economy to ensure their victory this year. Mix that with the fannie freddie screw up and here we are.
 
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Old 10-06-2008, 10:12 AM
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I still don't understand how the market dropped that hard that fast. Maybe another Government scheme to profit from? I know giving $700 billion doesn't sound like much of a profit but honestly think about it.

Why would they do this if there wasn't some secret handshake going on back stage where they would profit big from this? It's our government after all!
 
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Old 10-06-2008, 12:59 PM
jonathangalt jonathangalt is offline
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Quote:
Originally Posted by cashgators View Post
I still don't understand how the market dropped that hard that fast. Maybe another Government scheme to profit from? I know giving $700 billion doesn't sound like much of a profit but honestly think about it.

Why would they do this if there wasn't some secret handshake going on back stage where they would profit big from this? It's our government after all!
the market crashed because there it is still hard for companies to access credit, even though bailout passed. no conspiracy going on here.
 
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Old 10-06-2008, 01:48 PM
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Quote:
Originally Posted by cashgators View Post
I still don't understand how the market dropped that hard that fast. Maybe another Government scheme to profit from? I know giving $700 billion doesn't sound like much of a profit but honestly think about it.

Why would they do this if there wasn't some secret handshake going on back stage where they would profit big from this? It's our government after all!
You are partially right. If you look at the records, over the last few years Obama has received $126,000 directly from Fannie Mae, Chris Dodd has received and immense amount of money. As have a number of other government representatives. There were two flows of funding coming from those companies to fund congressman and senators, one was from employees, an understandable source. The other was directly from the company.

What has actually happened is, as I understand it, first off there was a push for mortgage companies such as fannie mae to finance people that could not afford the purchases in the name of social equality. This bad paper was then turned into mortgage backed stock funds, these funds were purchased at a dollar amount that was higher than the actual value as the mortgage company even knowing this as bad debt was selling it as good debt. The books were cooked this way so that the executives could meet goals that would entitle them to their bonuses. The person in control of Fannie when this practice was noticed and stopped and was fined half of the 90 million dollars he was paid, was in charge of finding Obama's vice precident nominee. The payoffs as they are from Fannie Mae to people like Chris Dodd and Obama was to encourage these people not to look to closely at their book keeping practices. This caused the oversight procedures that were in place not to be enforced. The Republicans are at fault because this problem has actually been building for some time and when the Republicans were in control of the house they did nothing to fix it. And as the problem grew even more grave they were no longer in a position to be able to actually do anything about it. It's also been proposed, and this may not be way off base either, that the Democrats actually timed the way this came to play out to have it happen just before the election to bolster their candidates chances. It is common knowledge that bad economy is good democrat candidates.
 
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Old 10-16-2008, 01:12 PM
xceedbd xceedbd is offline
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they are not ready for that !
 
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