And why is anyone surprised with this?
Shhhh, you’re not supposed to let this get around...
A run started on Wachovia back in October. That was at least one of the reasons that they joined with Citigroup over a weekend (which was later changed to a merge with Wells Fargo). I know one man who couldn’t get money out of Wachovia on the Thursday I think it was, before that weekend.
A top economist who predicted the banking crash says another $2.5 trillion in loses are coming, making the U.S. banking system insolvent:
“A couple of years ago, when Nouriel Roubini, New York University Professor, predicted that U.S. financial-system losses would total $1 trillion, everyone thought he was insane. He has since revised his estimate. Now he’s looking for $3.6 trillion, suggesting the banking system is ‘effectively insolvent’
“’I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,’ Roubini said at a conference in Dubai today. ‘If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis.’”
Here is Roubini again in a 1/15/09 video where he gets specific about a wide range of economic metrics and investments. Also, a Nobel prize winner on the same show says it’s not wise to disagree with Roubini since he’s been so right in the past: http://www.youtube.com/watch?v=a5102wsJY94
Not too big to fail.
Two words: Credit Union.
OMG.
He should have his tongue cut out and mounted.
He could keep it in the bottom drawer of his desk.
Whenever he openned the drawer he could see and read the inscription, "WA TAN ASS IAM"
I’m not worried, Obamamagic will save us!
I live here in Clark County, WA, and yes there was indeed a run on the Bank of Clark County. Reportedly, $28.3 Million was withdrawn over the three days prior to the FDIC arriving to seize the bank on Friday the 16th.
I can believe that these banks can go under faster than any Federal of State agency can react, especially if word leaks out that all hell is about to break loose...
maybe the market is saturated with too many banks? Maybe they should die off.
If high inflation hits.. you’d be better off spending money than saving it. It would be worth less and less each day.
...misleading headline with even more misleading editorial comment. Everyone knows about the big investment banks that already failed.
Go ahead, though. Scaring others with baseless implications that local deposit banks are failing will help to end the trade imbalance regime and clear the way for more domestic manufacturing. Bring on the panics and defaults.
Now if I can keep First Wife from finding it and investing it at one of the Casinos..
Many are to the point where they could care less about the banksters.
It’s so bad, many people are now hoping someone steals their identity, so the crooks can assume their debt.
-- Associated Press, January 21, 2009
Um...I'm pretty sure that since we now have a bunch of SOCIALISTS in charge of the Piggy Bank, they're waiting for things to tank, then will swoop in and 'Nationalize' everything they can.
Hold on to your butts! If you haven't pulled your cash out of stocks and put it into bonds or gold by now, you're pretty much screwed.
NY Senator Schumer caused the IndyMac run.
Interesting bank runs, just not the line-out-the-door type. You don’t have to actually go to the bank to pull your money anymore.
“Of the 25 banks that failed in 2008, nine toppled before regulators publicly cracked down, including IndyMac Bank and the banking operations of Wahington Mutual Inc., two of the biggest seizures in U.S. history.”
Washington Mutual didn’t fail, it fell below depository requirement becasue of media articles that caused a run on it by depositors that pulled 18 billion of deposits out in 2 weeks.
I sure am glad that we own our house and vehicles.
For all the wheelers and dealers who talk about how much money you can make by wheeling and dealing, well, if it works for them, good for them.
I can sleep at night.