October surprise
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- robotron3k
Looks like it may come a few days early...
I'm a bit worried about my money in the bank,
my accountant says not to withdraw, because it could cause a "run on the bank" if people freak.But still, makes me wonder what would happen of this takes place....
Wilbur Ross sees about 1,000 bank closures: report
Monday September 15, 3:18 am ET(Reuters) - Wilbur Ross, founder of private equity firm WL Ross & Co LLC, expects as many as a thousand U.S. bank closures in the coming months, CNBC said on its website on Monday.
The billionaire investor, who made his fortune making investments on distressed industries, said the closures will create opportunities for investors, CNBC said, adding that he is looking at picking up smaller distressed institutions.
"I do think a lot of the regional ones will (close), just as they did in the last savings and loan crisis in the 1990s," the website quoted Ross saying.
Ross said there will be too many people willing to provide capital to the large financial companies, making them less of a bargain than smaller banks, according to the website.
- Mimio0
Wilbur Ross is awesome the guy is betting that oil will stabilize around $80-90/barrel within the next year.
- Nairn0
Might his definition of 'close' also include 'get bought out'?
- Frosty_spl0
FDIC has it protected up to 100k.
- I understand that, that's if one bank fails, what about if 1000 banks fail? who buys them???robotron3k
- FDIC Insurance is a joke if all those banks fail. Where will that money come from? You can't just print more.ifeltdave
- capsize0
this disaster is all connected and we haven't seen bottom yet in the US, in fact its just starting.
- consumer confidence wilts, then we are fuckedcapsize
- Wilts?! isn't it past that?babaganush
- corporate speculation scares are definitely trickling downPoint5
- planet010
Kent Brockman: Professor, would you say it's time for our viewers to panic?
Professor: Mmm, yes I would, Kent.- +1Amicus
- Would you say it's time for our viewers to crack each other's heads open and feast on the goo inside?
autoflavour
- designbot0
Banks only need to have 10% of the total money on hand. The whole system is really quite scary. The sub prime mortgage crisis was mostly the result of banks borrowing money to people that they should have never borrowed money to. But really, the banks don't have the money to borrow anyways. They essentially are working off credit. The government does the same thing, and the Federal Reserve prints them money out of thin air. Inevitably with more imaginary money being circulated, the economy suffers greatly and inflation goes up. It's the biggest scam of all time. They do not need to raise taxes, because you and I will be paying for everything anyway. Prices will continue to increase, and we will hear the same old speculation and bogus reasoning for this.
- not really at all how it works...johndiggity
- which part? please...do explain.
If your saying I am incorrect, tell me what "is correct".designbot
- robotron3k0
maybe this is the october surprise??
- MrOneHundred0
Haliburton will buy up the banks with all the money they made from war contracts.
- it's not HAL, it's KBR. they completed the separation earlier this year.tkmeister
- Either way...MrOneHundred
- October0
i am not amused with these surprises...
now where's my cake?
- Don’t tell me you registered that username just for this post.MrOneHundred
- yeah and instantly with 100+ postsOctober
- robco0
was hal right?
- tkmeister0
Depending on how it opens tomorrow, I might sell everything and get out of the equity market. Considering AIG just got downgraded by S&P and Moody, it's not looking very good. Pretty scary right now.
September has always been the worst trading month of the year but this September is really really bad.
- _niko0
If you look outside your windows, you might catch a glimpse of Hedge on the way down.
- robotron3k0
bumpity... I wonder if this a malarkey???
- blaster0
deposits under $100,000 are guaranteed by the FDIC/ FSLIC
- yes, you know how sound the US government is. Their word is their guarantee.robotron3k