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Bank stocks plunge on fresh insolvency fears
AP / Yahoo News ^ | Thursday January 15, 2009 | Stevenson Jacobs, AP Business Writer

Posted on 01/15/2009 3:02:01 PM PST by gpk9

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To: dalereed
"When I bought my first home, which I still own after 43 years, you had to put 20% down or you didn’t qualify for a loan."

DITTO!! And, 30% down on houses I planned to rent.

61 posted on 01/15/2009 9:08:40 PM PST by blam
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To: unkus
"I agree. How soon do you think it will happen?"

I don't know.
Some unforseen incident that bares the shallow depth of the JIT food distribution system in the US. If to many people run out to buy groceries at the same time (just about anywhere), the 'thinness' begins to show...I saw that here in Mobile during the Katrina fiasco.

The 2nd busiest Wal-Mart in the world (the one on I-10 in Mobile)was struggling to keep something on the shelves and I-10 looked like a parking lots for miles. Many people ran out of gas, the electricity was off in 95 degree heat and 'things' almost snapped then.
I stayed home, locked my gate and loaded my guns, LOL.

62 posted on 01/15/2009 9:20:02 PM PST by blam
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To: blam

What is JIT?
You’re right about not taking long for the stores to run out of food. Everyone should have as much food as they can on hand ... and shouldn’t advertise it.


63 posted on 01/15/2009 9:27:49 PM PST by unkus
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To: unkus
JIT= Just in time.
Meaning stores don't stock inventory but order and have product shipped as needed.
64 posted on 01/15/2009 10:19:54 PM PST by Pipe Dog
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To: dalereed
I don’t believe that bankruptcy should be allowed for anyone under any circumstances.

Let's bring back debtors' prisons. For the poor, anyway. The rich will get bailouts.

65 posted on 01/15/2009 11:22:02 PM PST by tvdog12345
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To: blam
"How long have you know [sic] that you can't get something for nothing?"

What?

How does that response have anything to do with the question?
66 posted on 01/16/2009 12:03:30 AM PST by gpk9
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To: nbhunt

Yes. The Bank of South America was doing that.


67 posted on 01/16/2009 12:05:34 AM PST by Republic of Texas (Socialism Always Fails)
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To: blam
"I stayed home, locked my gate and loaded my guns, LOL."

Hmmm.... seems I recall something about FEMA or someone confiscating guns during the aftermath of Katrina.

I highly suspect gun confiscation will begin right around the time food riots begin.

... and I can't imagine how that would be viewed as a humorous thing.
68 posted on 01/16/2009 3:30:31 AM PST by gpk9
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To: gpk9
But what if said home was purchased at an overly-inflated price in an overly inflated market, with no or extremely low down payment, and said overly-inflated market has since collapsed, and said home is now worth far less than the balance on said mortgage?

Sounds exactly like every new car purchase in the (now)USSA. No one complains about that. Whats your point. A contract is a contract.

I'm 52 and have never purchased a new car for that reason. I've always bought used.

You buy a house to live in, not as a market hedge. If that is the reason for the purchase, you just joined the commodities market with all its inherent risk.

69 posted on 01/16/2009 4:39:24 AM PST by MrPiper
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To: gpk9
“Why is it a foregone conclusion that large financial institutions cannot be allowed to go bankrupt?”

How can a institution like CITIBACK lose $160 billion in 2 years and be considered a viable business?

70 posted on 01/16/2009 4:46:13 AM PST by wolfcreek (I see miles and miles of Texas....let's keep it that way.)
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To: Moonman62
“It will help when the junk is cleaned out of the financial system, and Bernanke is the one leading the effort.”

Sorry but, that's Bull Shit.

Bernanke, Paulson and the rest of these financial geniuses, are the ones who either directly caused this mess or conveniently overlooked the coming economic failure.

You can throw in the entire industry, all of Congress and the President. They all knew.

71 posted on 01/16/2009 4:52:45 AM PST by wolfcreek (I see miles and miles of Texas....let's keep it that way.)
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To: wolfcreek
I would place the most blame on W. He's simply an arrogant, economic idiot who loves foreigners more than he loves Americans.

The Fed screwed up by inverting the yield curve and keeping it that way for a long time, but the Fed has been doing idiotic things like that for over 70 years. Bernanke also got it wrong along with Paulson when they said subprime was contained. However, I am 100% correct in saying that he is the lone leader for doing what will allow the economy to recover.

72 posted on 01/16/2009 5:45:13 AM PST by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: gpk9

I wasn’t meaning to be smart or offensive. If you read my comments that way, please accept my apology.


73 posted on 01/16/2009 7:13:45 AM PST by blam
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To: Neidermeyer

Good post. The velocity problem makes the Obama stimulus package a bad idea.


74 posted on 01/16/2009 8:26:04 AM PST by expatpat
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To: OB1kNOb

I predict it will start about March. That’s when the folks will realize how bad it really is.


75 posted on 01/16/2009 9:08:27 AM PST by griswold3 (a good story is more compelling than the search for truth)
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To: Frantzie

The strategy of forcing political change through orchestrated crisis. The “Cloward-Piven Strategy” seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse.


76 posted on 01/16/2009 9:11:38 AM PST by griswold3 (a good story is more compelling than the search for truth)
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To: griswold3

Sad but true. Who is behind it all? We know Soros is.


77 posted on 01/16/2009 9:28:01 AM PST by Frantzie
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To: gpk9

Ken Lewis - CEO wanted to make lots of loans to illegal aliens. All those mortgages now are going belly up, Pedro is driving his new pickup loaded with his flat screen TV and other loot back to Mexico. Bank of America will never collect on his truck loan and credit cards charged up to the max as he drives back to Mexico or other parts.

I thought Sarbanes Oxley was going to insure that these frauds would never occur. Stan O’Neil also did an incredible job destroying Merrill Lynch.


78 posted on 01/16/2009 9:32:53 AM PST by Frantzie
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To: gpk9

Have Ben print up a couple $100 trillion bank notes. Then banks will return to super awesome land!


79 posted on 01/16/2009 9:35:26 AM PST by mysterio
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To: griswold3
I predict it will start about March. That’s when the folks will realize how bad it really is.

I had previously heard back in December that it would really start dawning on folks how bad the financial/economic situation is around February as a host of business bankruptcies and failings started announcing, so it'll probably take until March for it to dawn on them that their money is at risk in the banks and we'll see a tide of withdrawals begin, so your prediction lines up with what I've heard.

80 posted on 01/16/2009 10:02:56 AM PST by OB1kNOb (Four days until America as we know it will irrevocably CHANGE for the worse.)
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