This deserves a heads up
It's my policy to abstain completely.
These flyspecks will be merged into bigger banks with no impact on small depositers.
I am not saying there ain't big problems in financeland, but the shiny pants kids in Washington won't let Ma and Pa suffer when Podunk Trust goes under.
They'll screw ALL of us with inflation, though.
Like in ‘92 and 2004 when the pubs were the sitting presidents, MSM kept using “recession” and hyperinflation. I remember the day after the 92 elections when the Bubba & the RATS won the newspapers after months of failing economy talk wrote “the economy isn’t so bad after all.”
Ron Paul proven right
No problem, price of capitalism!
“On Wednesday, Standard & Poor’s said financial industry losses linked to mortgages may reach more than $265 billion.”
Bullish!
I love the internet!
Where else can an article discuss 50-150 banks possibly failing in a 2 year period, and half the Freepers posting are ignoring the entire topic to just vent their pet peeve with a single bank — B of A.
Communication is impossible. No wonder nobody communicates. Nobody listens — we are all so busy shooting our mouths off about what is immediately, egoistically important to us that we refuse to even listen to the main point.
Stunning.
I hope Wachovia doesn’t fail.
Nope.
The meat in President Bush’s stimulus plan (passed this week after a crybaby fit by Senate Dems) is the increase to $750k for Fannie Mae loans and FHA limits.
FHA loans were always sub-prime (typically 97% LTV - Loan to Value, which until the last 4 or 5 years were as sub-prime as you could get), just never marketed as such to save peoples’ “feelings.”
But with the raised limits from the Stimulus Package, lenders will now repackage all of their performing sub-prime loans into FHA notes.
Ding!
One easy step.
Banks are saved.
Next...
Good. I hate banks...
btt
read
PING
My prediction is that in 2010 there will be a headline stating “Experts Surprised by...”
When Gerard Cassidy talks, people ask, “Who the hell is Gerard Cassidy?”
How does this compare to bank failures in average times?
Dozens?
wow