Posted on 09/17/2008 8:21:03 PM PDT by TigerLikesRooster
Thanks. Perspective helps.
I heard today on Tom Sullivan the FDIC has already fallen below the minimum percentage of cash it is required to keep on hand. They are already going to have to borrow from the Treasury Dept. Besides WAMU there are about 80 more banks that are in trouble. How much cash can Treasury lend? They don’t have enough, and would have to sell bonds (borrow). Yikes!
Theyre charging confiscatory rates (LIBOR+850bp) for that $85B. You could probably get a better rate from Tony, Sal and Luigi, albeit they probably dont have $85 billion sitting around.
Great poem! I googled Meaning gods of the copybook headings because I didn’t know what a copybook was, and lo I came upon your link page!
Very appropos.
Great, let’s make some more bad loans.
Thank you so much for the explanation.
I am not well versed in this stuff but the news had me scared today and feeling uneasy. We are just working stiffs, I have terminal cancer and worry about what my family will do when I pass. My hubby works for the city of Fresno and I work for a company that depends heavily on Medicaid, unfortunately. I make 60% of the income.
I will pray and hope everything hangs together and that we can keep 0bama out of the White House. That would be like FDR on steroids.
bump
Word has it that banks have stopped taking any collateral from lending partners unless it’s T-BIlls. Hence, the run on the 13-week variety today. That sucker printed negative yield at one point.
The TED spread is currently at 2.99. In layman’s terms the U.S Economic Body Temperature is around 105 F.
The govt has assumed a lot of debt. How are they going to pay it off? They can raise taxes, inflate the currency or cut spending (such as Iraq and AFG). With Obama they get all 3.
My profound sympathy for your situation.
You and your family will be in my prayers.
My prayers for your family’s happiness and that you can find some comfort and peace. They will love you always. Always.
Can we write paper loaning each other a trillion dollars, declare ourselves in distress and advertise that we are seeking buyers.
Thank you. We do own a house and two cars free and clear, and we have a mortgage on another house where my son-in-law and step daughter live, but if they couldn’t make the payments on the house and worse came to worse, we could send the keys back to the lender. I guess I worry about the long term future with SSI and Medicare commitments. Heck I’m now on Medicare with end stage renal failure!
Cash for trash, shades of the savings and loan debacle!
A humble Prayer for You!
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