If there looks like a panic in bankland, the Fed will close the banks. They have the power to do so and have had it since the Great Depression. b,121b,121As for those of you with money in the banks, unless you are sitting on more than 100K, you are covered by FDIC (if you have a Credit Union, check to see if they have NCUS coverage which is also 100K).b,121b,121Remember this is per member not by account. Please consult a financial advisor or lawyer for more information.
as an addendum:b,121b,121 my "lord help us" was more referring to market stability as a whole, as opposed to the monies in WaMu. I have faith that WaMu will be fine in the long-run, as will its clients, but it's never good to see an S&L put in this position.
Quote:/font1h,121b,121Remember this is per member not by account.b,121b,121h,121
font class="post"1b,121b,121img src="/ubbthreads/images/graemlins/word3rp.gif" alt="" 21b,121b,121kinda of the funny/odd thing is that because of America's lack of savings (compared to decades prior), and the use of 401Ks and the like for retirement savings, i would suspect that the number of people over the $100K threshold in S&L's has diminished overall.b,121b,121Not that it makes the situation any better; just kinda odd.
Quote:/font1h,121b,121b,121Remember this is per member not by account. Please consult a financial advisor or lawyer for more information. b,121b,121h,121
font class="post"1b,121b,121On snap! I've got to be moving my millions then.
I remember a lot of talk about five years ago that the days of "the great depression" and "out of control markets" were over. That new new ways they regulate economics "got it all figured out." I guess not?b,121b,121I'm quite shocked by this, to be honest. I almost started to believe them.b,121b,121Perhaps its time to start thinking out of the box. The fact that millions of people have to suffer "economic depression" in cycles is absurd. It's not like "we" control these things. They're so beyond regular consumers.b,121b,121When shit like this happens I just feel so detached and with such lack of control over major things contributing to my life. And I'm not even really effected by this living in Canada (though I'm sure we'll feel the ripples).
Quote:/font1h,121b,121I remember a lot of talk about five years ago that the days of "the great depression" and "out of control markets" were over. That new new ways they regulate economics "got it all figured out." I guess not?b,121b,121I'm quite shocked by this, to be honest. I almost started to believe them.b,121b,121Perhaps its time to start thinking out of the box. The fact that millions of people have to suffer "economic depression" in cycles is absurd. It's not like "we" control these things. They're so beyond regular consumers.b,121b,121When shit like this happens I just feel so detached and with such lack of control over major things contributing to my life. And I'm not even really effected by this living in Canada (though I'm sure we'll feel the ripples). b,121b,121h,121
font class="post"1b,121b,121I feel you. It's not rocket science either.b,121b,121Don't loan money you don't have to people that can't pay it back. I mean is it really that fusking hard to understand? This country is swimming in fake money.
If you ask me, I'd rather have "inefficient" government run big industry (i.e. not direct consumer industry, but steel, coal, oil, banks, etc) than supposedly efficient private corporations that spin the economy out of control.b,121b,121I really think that inefficient stability is better than hyper efficient insecurity.
a href="http://www.spiegel.de/international/business/0,1518,578308,00.html" target="_blank"1INTERVIEW WITH EX-IMF CHIEF ECONOMIST/a1 b,121b,121SPIEGEL: What went wrong?b,121b,121Rogoff: In 2006, the financial sector accounted for a third of corporate profits in the US, although it only represents 2 or 3 percent of total gross domestic product. Goldman Sachs alone distributed $16.5 billion in bonuses to its 26,000 employees. I'm sorry, I think it's unbelievable. You can't just make money out of thin air like this, and underlaying this there were enormous risks being taken.b,121b,121SPIEGEL: What do you think willl happen now?b,121b,121Rogoff: What we're seeing is a shrinking industry -- perhaps by 20 or 25 percent and in some segments perhaps as much as 50 percent. But these finance products based on fancy rocket science and derivatives just aren't coming back, and that's very painful. The industry is not going to make the same profits in the future as it did in the past. And this isn't just about subprime and mortgage losses. Investors are starting to realize that the profit model these investment banks were running on has been trimmed.
Quote:/font1h,121b,121And I'm not even really effected by this living in Canada (though I'm sure we'll feel the ripples). b,121b,121h,121
font class="post"1b,121b,121I wouldn't be so optimistic. Anything that happens in the United States affects nearly everyone worldwide, especially Canadians. Don't forget how heavily we really on exports to the US.
Quote:/font1h,121b,121AIG may be next. The feds have denied a bail out. b,121b,121h,121
font class="post"1b,121b,121I heard that it is likely they will try selling off their Prop-casualty lines of business, probably to foreign insurance company or companies. Big domestic insurance companies want mid-size companies to absorb so the growth potential exists, big boys with pockets deep enough to buy AIG holdings more than likely would not want to bite off that much. Hard to predict exactly what happens next, but I think the bailouts are over.
GREEDY MOFO'sb,121b,121Homebuyers who bet on 5 year low interest ARM'sb,121b,121Bankers who approved loans they knew they couldn't guarantee.b,121b,121Lending Institutions who allowed it to happen.b,121b,121Bail your own asses out.b,121b,121(And please spare us the "Big bad predatory lenders that took advantage of the poor ignorant homebuyers" sob stories....it was GREED all the way around....pure and simple)b,121b,121That is all.
Quote:/font1h,121b,121b,121(And please spare us the "Big bad predatory lenders that took advantage of the poor ignorant homebuyers" sob stories....it was GREED all the way around....pure and simple) b,121b,121h,121
font class="post"1b,121b,121So all those working class families looking for home loans above their credit rating were speculators? b,121b,121I think the culpability is enough to go around but it's like when companies target people with deceptive pitches on credit cards and then, lo and behold, people get in trouble with credit. Sure, the end user owes responsibility but when you're specifically trying to pitch at low financial literacy targets, promising the moon, I think your level of responsibility is rather greater. That's why we (used to) have regulation on this sort of thing; for the safety of the greater system.
spending more than you can afford( on credit) is the American Wayb,121b,121anyone with half a wit should have been able to see that all this 'no money down, interest only, adjustable ARM, $300,000 prefab McMansion on McDonalds wages' shit would end badly
Quote:/font1h,121b,121/font1Quote:/font1h,121b,121b,121(And please spare us the "Big bad predatory lenders that took advantage of the poor ignorant homebuyers" sob stories....it was GREED all the way around....pure and simple) b,121b,121h,121
font class="post"1b,121b,121So all those working class families looking for home loans above their credit rating were speculators? b,121b,121 b,121b,121h,121font class="post"1b,121b,121I didn't say they were all speculators...b,121b,121Greed: An excessive desire to acquire or possess more than what one needs or deserves, especially with respect to material wealth.
Quote:/font1h,121b,121spending more than you can afford( on credit) is the American Wayb,121b,121anyone with half a wit should have been able to see that all this 'no money down, interest only, adjustable ARM, $300,000 prefab McMansion on McDonalds wages' shit would end badly b,121b,121h,121
font class="post"1b,121b,121This is a distortion of the American Way which is to work hard and earn what you get.....this is some pass go and get a new car/home for free greed driven BS.
Quote:/font1h,121b,121This is a distortion of the American Way which is to work hard and earn what you get.....this is some pass go and get a new car/home for free greed driven BS. b,121b,121h,121
font class="post"1b,121b,121[dolo]working hard for pennies is a suckaz game, real Americans are too ballerific for that[/dolo]
Quote:/font1h,121b,121/font1Quote:/font1h,121b,121This is a distortion of the American Way which is to work hard and earn what you get.....this is some pass go and get a new car/home for free greed driven BS. b,121b,121h,121
font class="post"1b,121b,121[dolo]working hard for pennies is a suckaz game, real Americans are too ballerific for that[/dolo] b,121b,121h,121font class="post"1b,121b,121Seriously....my first house was a $40K POS.....fixed it up, sold it for $60K 5 years later and moved up to a nicer one.....now 30 years and 3 houses later I live in a decent place.b,121b,121The younger folks I talk to today all want that "Dream House" right off the bat and lenders used that greed to sucker them in....only sympathy I have is for their kids who go from the penthouse to the outhouse because of their parent's blind greed.
HarveyCanal"a distraction from my main thesis." 13,234 Posts
/font1
Quote:/font1h,121b,121/font1Quote:/font1h,121b,121/font1Quote:/font1h,121b,121b,121(And please spare us the "Big bad predatory lenders that took advantage of the poor ignorant homebuyers" sob stories....it was GREED all the way around....pure and simple) b,121b,121h,121
font class="post"1b,121b,121So all those working class families looking for home loans above their credit rating were speculators? b,121b,121 b,121b,121h,121font class="post"1b,121b,121I didn't say they were all speculators...b,121b,121Greed: An excessive desire to acquire or possess more than what one needs or deserves, especially with respect to material wealth. b,121b,121h,121font class="post"1b,121b,121So poor hard-working, low-income families are GREEDY for thinking that they could own a home?b,121b,121Yeah, they should have just continued to throw their money away renting. Only those that DESERVE homes should own them.
HarveyCanal"a distraction from my main thesis." 13,234 Posts
/font1
Quote:/font1h,121b,121/font1Quote:/font1h,121b,121spending more than you can afford( on credit) is the American Wayb,121b,121anyone with half a wit should have been able to see that all this 'no money down, interest only, adjustable ARM, $300,000 prefab McMansion on McDonalds wages' shit would end badly b,121b,121h,121
font class="post"1b,121b,121This is a distortion of the American Way which is to work hard and earn what you get.....this is some pass go and get a new car/home for free greed driven BS. b,121b,121h,121font class="post"1b,121b,121So why even have credit at all? CASH ONLY FOR ROCK!
Quote:/font1h,121b,121/font1Quote:/font1h,121b,121/font1Quote:/font1h,121b,121b,121(And please spare us the "Big bad predatory lenders that took advantage of the poor ignorant homebuyers" sob stories....it was GREED all the way around....pure and simple) b,121b,121h,121
font class="post"1b,121b,121So all those working class families looking for home loans above their credit rating were speculators? b,121b,121 b,121b,121h,121font class="post"1b,121b,121I didn't say they were all speculators...b,121b,121Greed: An excessive desire to acquire or possess more than what one needs or deserves, especially with respect to material wealth. b,121b,121h,121font class="post"1b,121b,121Bingo! If you were going to sum this whole thing up in one sentence, that was it.
Quote:/font1h,121b,121/font1Quote:/font1h,121b,121/font1Quote:/font1h,121b,121/font1Quote:/font1h,121b,121b,121(And please spare us the "Big bad predatory lenders that took advantage of the poor ignorant homebuyers" sob stories....it was GREED all the way around....pure and simple) b,121b,121h,121
font class="post"1b,121b,121So all those working class families looking for home loans above their credit rating were speculators? b,121b,121 b,121b,121h,121font class="post"1b,121b,121I didn't say they were all speculators...b,121b,121Greed: An excessive desire to acquire or possess more than what one needs or deserves, especially with respect to material wealth. b,121b,121h,121font class="post"1b,121b,121So poor hard-working, low-income families are GREEDY for thinking that they could own a home?b,121b,121Yeah, they should have just continued to throw their money away renting. Only those that DESERVE homes should own them. b,121b,121h,121font class="post"1b,121b,121There is a difference between owning your own home, and saddling yourself with outragous debt to own a home you clearly can't afford.b,121b,121In any event, the greed of which rock speaks doesn't just apply to the hard-working family who bit off too much. It applies just as much to the people who sold them into the loans in the first place. And then further up the chain and so on and so forth.b,121b,121Basically what you could refer to as a culture of greed.
Quote:/font1h,121b,121/font1Quote:/font1h,121b,121/font1Quote:/font1h,121b,121/font1Quote:/font1h,121b,121b,121(And please spare us the "Big bad predatory lenders that took advantage of the poor ignorant homebuyers" sob stories....it was GREED all the way around....pure and simple) b,121b,121h,121
font class="post"1b,121b,121So all those working class families looking for home loans above their credit rating were speculators? b,121b,121 b,121b,121h,121font class="post"1b,121b,121I didn't say they were all speculators...b,121b,121Greed: An excessive desire to acquire or possess more than what one needs or deserves, especially with respect to material wealth. b,121b,121h,121font class="post"1b,121b,121So poor hard-working, low-income families are GREEDY for thinking that they could own a home?b,121b,121Yeah, they should have just continued to throw their money away renting. Only those that DESERVE homes should own them. b,121b,121h,121font class="post"1b,121b,121No, they are greedy for taking a loan that they knew they wouldn't be able to afford in 5 years with their current income. Betting on the come that they're income will grow so they can buy an expensive house they can't afford, rather than that less expensive one that they could continue to afford with their current income.b,121b,121And guess what, some people can't afford to buy a house...it has nothing to do with whether or not they "deserve" it.
HarveyCanal"a distraction from my main thesis." 13,234 Posts
/font1
Quote:/font1h,121b,121/font1Quote:/font1h,121b,121/font1Quote:/font1h,121b,121/font1Quote:/font1h,121b,121b,121(And please spare us the "Big bad predatory lenders that took advantage of the poor ignorant homebuyers" sob stories....it was GREED all the way around....pure and simple) b,121b,121h,121
font class="post"1b,121b,121So all those working class families looking for home loans above their credit rating were speculators? b,121b,121 b,121b,121h,121font class="post"1b,121b,121I didn't say they were all speculators...b,121b,121Greed: An excessive desire to acquire or possess more than what one needs or deserves, especially with respect to material wealth. b,121b,121h,121font class="post"1b,121b,121Bingo! If you were going to sum this whole thing up in one sentence, that was it. b,121b,121h,121font class="post"1b,121b,121The demand...which has been there forever...isn't the problem. It's that the credit game is a pyramid scheme where: why not dole out fabricated paper loans that you can then sell for cash? b,121b,121You fools trying to blame homebuyers are merely TROLLS.
Quote:/font1h,121b,121/font1Quote:/font1h,121b,121/font1Quote:/font1h,121b,121spending more than you can afford( on credit) is the American Wayb,121b,121anyone with half a wit should have been able to see that all this 'no money down, interest only, adjustable ARM, $300,000 prefab McMansion on McDonalds wages' shit would end badly b,121b,121h,121
font class="post"1b,121b,121This is a distortion of the American Way which is to work hard and earn what you get.....this is some pass go and get a new car/home for free greed driven BS. b,121b,121h,121font class="post"1b,121b,121So why even have credit at all? CASH ONLY FOR ROCK! b,121b,121h,121font class="post"1b,121b,121Dude...a Credit Card is not a winning Lotto Ticket!
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