Failing Financial Institutions

  • digitalMedia
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Post 3+ Months Ago

Does anyone else feel like we should be worried? Just a little? Maybe?

Quote:
The fast-paced changes capped a roller-coaster Wall Street weekend and threatened to stir up U.S. financial markets already reeling from woes at other major financial firms and mortgage financing titans Fannie Mae and Freddie Mac.

"This crisis is clearly deeper than anybody had imagined only a short time ago," Peter Stein, an associate editor at The Wall Street Journal in Asia, told CNN.
http://www.cnn.com/2008/US/09/15/banks. ... index.html



Quote:
September 14, 2008, 5:53 pm
The Mother of All Mondays
Posted by Tim Annett
Investors world-wide have rarely rolled out of bed to face a Monday morning quite like the one they’ll contend with this Monday.
http://blogs.wsj.com/marketbeat/2008/09 ... l-mondays/
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Post 3+ Months Ago

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Post 3+ Months Ago

It's a nightmare everywhere at the moment. How can the economy go from being so strong to collapsing like this?

Businesses all over the place are going bust every day with one being the third largest holiday orginisation in the UK. Airlines too are going bust, and i see that one of the main banks in the US is now bankrupt.

I don't have much optimism for anything right now.
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Post 3+ Months Ago

Today was the largest one day drop in the DOW since September 11, 2001 when the terrorist attacks took place on US soil. My portfolio dropped 11% today.

Quote:
Investors reacted badly to a shakeup of the financial industry that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co.


http://biz.yahoo.com/ap/080915/wall_street.html
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Post 3+ Months Ago

The Turner Diaries wrote:
As long as the government can keep the economy somehow gasping and wheezing along, the public can be conditioned to accept an outrage.


I work with this lady who is all into the conspiracy theories and stuff, and she thinks that the airlines that are going bust and raising prices and stuff is to limit the amount people travel down to driving distance. And then the high gas prices limit how much we drive, effectively detaining us against our will without us actually knowing about it. It's a good theory, but it isn't completely water tight.
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Post 3+ Months Ago

i'M Stocking up on Ammo........ just in case! lol
  • joebert
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Post 3+ Months Ago

NOW, is the time to start borrowing money. :D
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Post 3+ Months Ago

joebert wrote:
NOW, is the time to start borrowing money. :D

:lol:


Which bank was it that went bankrupt?
  • digitalMedia
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Post 3+ Months Ago

Bogey wrote:
Which bank was it that went bankrupt?


Lehman Brothers Investment Bank went bankrupt and Merrill Lynch was on the verge but got bought up by Bank o' America . This is on the heels of the government taking over Fannie Mae and Freddie Mac which was on the heels of the government bailing out Bear Stearns.

From what I understand AIG is next.
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Post 3+ Months Ago

Last I read on the situation the US started out with 5 major banks at the beginnig of 2008, and there will be only 2 at the end of the year.

It's strange seeing this, a lot of the names going under are ones I'd come to know as "Bigger than Government" in a sense while growing up.
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Post 3+ Months Ago

I'm banking with Commerce Bank... I don't think they are going bankrupt are they? I've grown to trust them :P
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Post 3+ Months Ago

My bank is called Tier One, I think they are a pretty small regional bank. I'm not sure if banking with a small bank is better or worse than banking with a big bank. Big banks have more to loose and make a bigger crater when they blow up, but small banks don't have as good of Plan B's and Plan C's and Plan D's that the big banks have.
  • digitalMedia
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Post 3+ Months Ago

I don't think you all need to worry. These were big players in the mortgage business. They failed because of poor regulatory policy from the Feds and too much zeal (a.k.a. greed) in sub-prime lending. Most banks, the ones we do our 'banking' at, are fine and still insured by the Feds.

This is a major reshuffling of the big players in finance, though, and that's why it's unnerving. You can see the effect it had on the market yesterday.

Hopefully, the remaining players will all settle down and get back to where they need to be. While Bank of America looks like it's going to come out on top of all this, at the same time they'll be acquiring a lot of bad paper, too.

For years, certain political elements have been carrying the banner of "deregulation" and "no regulation". These events are a damn good arguments against that.
  • joebert
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Post 3+ Months Ago

It's nice to see the top executives of these banks are being denied their multi-million dollar severance packages by the Government.
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Post 3+ Months Ago

Some interesting news from this side of the pond is two of the biggest banks in the UK are in talks of a merger. I can't help but think that if the talks fail then one of them is going to go bust. I am lead to think this because that's exactly what was happening with the Lehman Brothers bank.

The UK banks in merger talks are the HBOS (Halifax Bank of Scotland) and Lloyds TSB. Both of these banks merged with other banks in the past when Halifax bought over the Bank of Scotland and Lloyds bought over the TSB bank (Trustee Savings Bank). So, this gives you an idea on how big a deal this is going to be if it goes ahead. I really hope it does as i don't think anyone wants to hear of any more banks going bust.

I'm with the Royal Bank of Scotland which i was lead to believe as being one of the biggest and strongest banks in the world, so i'm pretty confident things are going to be okay with them although at the beginning of this "Credit Crunch" there was a little bit of fear.
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Post 3+ Months Ago

Looks like AIG will be sticking around.
http://www.bloomberg.com/apps/news?pid= ... QAz6YiyRAI
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Post 3+ Months Ago

that bank merger in the UK is more or less a done deal...

http://news.bbc.co.uk/1/hi/business/7622180.stm
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Post 3+ Months Ago

Alitalia almost collapsed yesterday, we were wondering for the whole week whether we'd still have a flight back from Rome (business trip) or whether we'll have to rent bikes to the shoreline and then swim across the adriatic... obviously berlusconi did something magical though, it flew alright.

BTW is it just me, or do Fannie Mae and Freddie Mac sound like a fat couple running a bakery in a really small town somewhere down south?
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Post 3+ Months Ago

They do, I honestly had never hear of them until this implosion and I thought the news was playing some sort of weird joke.
  • grinch2171
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Post 3+ Months Ago

I had heard of Fannie because we had a loan through them a few years ago. But Freddie was a new one on me.
  • digitalMedia
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Post 3+ Months Ago

No more investment banks. I love how they're doing this stuff on Sunday nights.

Quote:
Federal regulators converted Wall Street's remaining stand-alone investment banks - Goldman Sachs and Morgan Stanley - into bank holding companies Sunday night.


http://money.cnn.com/2008/09/21/news/co ... /index.htm


Jim Cramer for President!
  • digitalMedia
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Post 3+ Months Ago

I think while the government is absolving these big corporates of their sins, they oughta just go ahead and pay off my credit cards too. I mean really, I would be so much more fiscally viable if they did that. I'm sure it would make a real impact on the economy and markets of the world.
  • grinch2171
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Post 3+ Months Ago

I'm with you on that dM.
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Post 3+ Months Ago

I've got no credit cards and only one outstanding loan, but maybe giving at least a sizeable percentage of a relief on credit card debt would help things. And another credit card deal that might help, a lot of expensive stuff says that you can make easy payments spread out over a certain amount of time instead of paying a lump sum all at once. That is just a credit card that you apply for in most cases, they should outlaw stuff like that too.

I think that all came out as rubbish, its still early in the morning.
  • joebert
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Post 3+ Months Ago

I'd rather see peoples mortgages paid than their credit cards.

Credit cards are the worst invention of all time.
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Post 3+ Months Ago

Agreed.
  • digitalMedia
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Post 3+ Months Ago

Hear! Hear!

...and $5 says I'll recieve at least 2 snail-mail-spams for pre-approved unsecured credit today. :lol:
  • joebert
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Post 3+ Months Ago

I get emails every other day from creditors thinking I'm my dad because I'm the III and he's JR. On top of the ones I get for me.

And if ou think that's bad, when I attempt to sign up for one they act like I'm trying to fraudulently apply for credit in my dead grandfathers name.
  • SB
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Post 3+ Months Ago

Go figure that one out House! :lol:
  • digitalMedia
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Post 3+ Months Ago

Washington Mutal...another one bites the dust.

On bailout legislation: Is anyone else feeling like we're on a car lot with a high pressure salesman trying to put us into a AMC Pacer for double the sticker value? I mean, I'm not even sure why we should be panicked. Everytime news commentators ask someone to explain this in English, they say something about it being complicated, they drop the word depression and then sidestep the question entirely.

After watching Mr. Bush on TV the other night...yeah...well it's Mr. Bush, afterall. Even in his own party he's the guy that farted in the elevator.

I'm glad house Republicans have slowed this legislation down. Although, the only solutions I've heard from them seem like more deregulation.
  • grinch2171
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Post 3+ Months Ago

They need to take that 700 billion and split it among all of us taxpayers. A guy I work with heard about a bunch of people requesting this at the tune of $400,000 per taxpayer. I wouldn't mind getting that check in the mail.
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