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U.S. Shuts Big Bank As Crisis Intensifies
Wall Street Journal ^
| July 11, 2008
| Damian Paletta and David Enrich
Posted on 07/11/2008 4:18:12 PM PDT by politicket
click here to read article
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To: ken21
Sounds to me he needs the lesson “Nathan Johnson” go from his adoptive father in “The Jerk” right before he turned him lose on the world.
81
posted on
07/11/2008 5:03:44 PM PDT
by
Woodman
("One of the most striking differences between a cat and a lie is that a cat has only nine lives." PW)
To: PugetSoundSoldier
“A bit of hyperbole... That $40 billion in 1984 would be $82.4 billion in 2007 dollars. If we survived the (in 2007 dollars) $82.4 billion bank failure in 1984, I think we can survive one that’s not even 40% of that value...”
Good point...
But, the question is: How much more is there to come?
After all that has already come...
I believe the debt the U.S. government has and the banks on shaky ground is why you will see the Dow go down to about 9000—maybe lower...
Follow the money...
To: politicket
I posted on another thread yesterday morning about the dire financial state we are in. There are far too many that are not taking this seriously. The one response I received to my post yesterday informed me that there were meds I could take to help me.
So I’m leery of saying anything more on the subject. Being ridiculed is not what I am here for.
I’ll say it one more time though. The situation is far more dangerous to Americans than the most of them realize.
But what the heck, I’m just a crazy gold bug, whose stock portfolio was up 5% today and 4% yesterday.
83
posted on
07/11/2008 5:04:33 PM PDT
by
jsh3180
To: Lonely Are The Brave
I believe the debt the U.S. government has and the banks on shaky ground is why you will see the Dow go down to about 9000 Appears that you "zero" key is stuck -- repeating
84
posted on
07/11/2008 5:07:26 PM PDT
by
steve86
(Acerbic by nature, not nurture™)
To: Lonely Are The Brave
But what happens when it becomes hyper inflation?
That is where community would need to come together to help their neighbors, since our currency would be devaluing so quickly.
Many people have suggested the purchase of real money - gold and silver - as protection against inflationary pressure. This is a great strategy if there is a buyer when you need one.
The best strategy - even though it will be laughed at by many - is prayer and repentance for our country.
To: jsh3180
Sure we poke fun, but we also get into some kind of survivable position if we can. Will it be enough? Possibly not. Don’t panic, and afterwards nobody will remember those who warned any more than those who said it is paranoia anyway.
86
posted on
07/11/2008 5:08:28 PM PDT
by
RightWhale
(I will veto each and every beer)
To: Michael Barnes
Wish I’d got the entire show,it’s a locale show here in South Alabama called Constutional America on 93.7 .Kind of doom and gloom,but we got to understand where we’re at,I reckon.Next Monday I’m going to call in and see if the dude will start posting here if it’s allowed.He does have good things to say.Could be that he was talking about branches.
87
posted on
07/11/2008 5:09:23 PM PDT
by
silentreignofheroes
(Old Dogs and Children,and Watermelon Wine.)
To: politicket
Well, that’s the question, isn’t it? We are seeing a rise in world inflation, no doubt. It appears here to stay. I can see that possibility. But I am also reading quite a few articles form some seemingly bright financial people who are posing the serious possibility that net deflation and demand destruction is going to be unstoppable. Inflation should not exist if property values fall 60%, 25% of businesses close their doors, their is wholesale slaughter with bank failures, and if unemployment soars.
Deflation is nasty but it can’t result in inflation. I’m really struggling with trying to decide where we are heading — net deflation or net inflation. But some very bright people are convinced that deflation is going to win.
To: steve86
Appears that you "zero" key is stuck -- repeating lol at the gallows humor.
We should test 9/11 lows, which will answer the questions I got about saying "7250" here a few weeks ago.
To: politicket
God has lifted His hand of protection from our country. (a good read, BTW)
90
posted on
07/11/2008 5:11:15 PM PDT
by
6SJ7
To: eleni121
The CEO of this failed institution has a compensation
Totaling $42.23 mil over 5-Years
What a slacker!
Not even $10 million/yr.
Sure must have been a downer when meeting peer robber-baron CEOs!!!
91
posted on
07/11/2008 5:11:33 PM PDT
by
VOA
To: ken21
you sound like youre ready to be a guest on the art bell show.
Based on what, my FRiend?
Rather that shooting from the hip, why don't you offer some constructive critique to my points. I'll debate ideas with you, but so far you're showing yourself to be ignorant of the financial mess that this coutry is in.
To: politicket
God has lifted His hand of protection from our country. You sound like Jeremiah Wright -- whitewashed and watered down.
To: politicket
94
posted on
07/11/2008 5:13:07 PM PDT
by
VlPu
To: politicket; ken21
Rather that shooting from the hip, why don't you offer some constructive critique to my points. I'll debate ideas with you, but so far you're showing yourself to be ignorant of the financial mess that this coutry is in. You first. I asked you near the beginning of this thread to elaborate you prognostications on impending bank and "derivatives market" doom. Still haven't heard back.
To: Bobkk47
The libs told the banks that if you they didnt loan money to
sub-prime borrowers, the majority of whom were minorities,
then they were racist. So the forced them to loan the money to
people who couldnt pay it back. And thats where we are...
About two years ago, I couldn't get my co-workers here in Mid-Missouri
to believe some of the things I told them about the home-mortgage
game in Los Angeles (where I lived 1995-2005).
They couldn't believe that mortgage companies were pimping
"no need to verify your income" home loans...even the "jumbo"
loans.
Unfortunately, with the revelations of the last year...
they now say "you were telling the truth about this madness".
96
posted on
07/11/2008 5:15:29 PM PDT
by
VOA
To: politicket
97
posted on
07/11/2008 5:16:31 PM PDT
by
Chgogal
(Voting "Present" 130 times might be a sign of a smart politician. It is not a sign of a good leader.)
To: Mariner
Yeah... I’m thinking convert everything I can to cash.
98
posted on
07/11/2008 5:16:36 PM PDT
by
txhurl
To: politicket
Seriously, my family went to cash last December. We're losing money due to the devaluation of the US Dollar, but not like we would have lost if we stayed in the market. Put your cash here:
It's corrected 7% so far this year, and will do another 15% in the next 8-15 months (it's done 16% over the last 12 months). A $1500 trip to Hong Kong can do wonders for your investments, just on the exchange rates.
Get your passport, a current utility bill (original one), and get thee to Hong Kong. Go to the HSBC just two blocks from the Central ferry terminal. Then open up a foreign currency private account in HKD, USD and CNY (Chinese Renminbi). Make deposits from USD and convert them to CNY.
You get the exchange rate, but you're in an economically open locale of Hong Kong, and have world-wide access to your funds via any HSBC office (several on the West Coast, and heavy in the North East), and via Internet access to your funds (can do a 24 hour transfer to any US account). And with the debit card, you can get your funds from ANY ATM worldwide.
Seriously, it's a free 15%; the 0.75% interest you can make on CNY denominations is just extra.
Oh, and while there go spend a day or two decompressing at the Silvermine Beach Hotel... You'll feel much better!
99
posted on
07/11/2008 5:17:21 PM PDT
by
PugetSoundSoldier
(Indignation over the sting of truth is the defense of the indefensible)
To: jsh3180
So Im leery of saying anything more on the subject. Being ridiculed is not what I am here for.
There are many on this board that think this financial mess is a product of the Democrats during an election year.
What they don't talk about is the fact that Democrats govern by taxing the daylights out of the middle class and "rich", while the Republicans love to put the printing press into high gear to churn out money and devalue our currency - while talking about how they're not raising taxes.
Let's face reality...
BTW - I've been a Republican longer than a number of you have been alive.
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