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Old 09-07-2008   #1
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Warning! A Storm May Be Coming!

This is an issue that has not been touched on and I think it is time to bring it to light here. I believe that this is a serious enough subject to put it on the front page. I suspect that most of the AS members here do not have enough money in banks for massive bank failures to affect them, yet if the storm of bank failures is large enough, it will eventually affect everyone. I myself discounted the problem for this entire summer because, I thought, that the FDIC could cover any bank failures that might occur. This may or may not be the case any longer. Just a few months ago, the number of projected banks on the "troubled condition" list was only about a hundred, then a few hundred, now maybe many hundreds. Also, just a few months ago, there were reassuring news stories that the FDIC had plenty of money to cover ALL the bank failures. Now experts question if that is so.

Today's front page news is that the U.S. government is taking over two mortgage giants - Fannie Mae and Freddie Mac. Those that are worried about a worst-case scenario have this to say. First of all, remember that the U.S. government itself is already deeply in debt. Many banks are on the "troubled condition" list and are themselves insolvent. The FDIC could easily become insolvent with too many bank failures. Then we have the highest unemployment rate in five years and with many citizens holding huge credit card debts, many Americans are also insolvent.

Here is what one expert has to say about the situation:
"My personal view is that the IndyMac bailout by the FDIC is the first of many to come. The FDIC does NOT have adequate capital to meet all of these bailouts. Many in the markets understand this and are selling shares in any questionable banks. I reckon this could lead to a run on some of the more vulnerable players, triggering another IndyMac-like rescue until the US government steps in and raises the FDIC capital.

The FDIC's need for capital can come from one of two places: the banks it insures or the US taxpayer. Who do you think will get stuck with the bill? My bet is on taxpayers? With the Fannie-Freddie bill to be borne by taxpayers too, this credit crisis is looking very expensive for US consumers."
http://www.creditwritedowns.com/2008...ugh-money.html

The Feds close one failed bank each Friday. This is absolutely true. Those that are watching the situation carefully strongly believe that this is the Feds' modus operandi in order to avoid a mass panic and a run on the banks such as occurred at the beginning of the Great Depression. Here is a website that watches bank failures carefully: http://bankimplode.com/ . The latest was Silver State Bank and John McCain's son was on the board of directors until July 26th. They quickly hustled him out, apparently, before the failure.

Here is another video by "Mr. Mortgage" in which he talks about the banking situation and the affect on the real estate market: http://www.youtube.com/watch?v=tMpCB9Ckk-o

Here is a video of Ben Stein at the RNC last week in which he speaks about the economy, the banking industry, and the financial sector (along with a few remarks about a certain vice presidential candidate). However, his remarks about the economy are of particular interest. http://www.cnn.com/video/#/video/pol...tein.palin.cnn

Today the government took over the two mortgage giants because, if they didn't, the entire economy could collapse like a house of cards. I'm just putting the news out there and I know what the reaction from all of you will be but just remember, I'm only the messenger.

Here is today's front page news:

U.S. seizes Fannie and Freddie

Treasury chief Paulson unveils historic government takeover of twin mortgage buyers. Top executives are out.

By David Ellis, CNNMoney.com staff writer
Last Updated: September 7, 2008: 2:24 PM EDT

http://money.cnn.com/2008/09/07/news...ion=2008090711

NEW YORK (CNNMoney.com) -- Federal officials on Sunday unveiled an extraordinary takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants and the $5 trillion in home loans they back.

The move marks Washington's most dramatic attempt yet to shore up the nation's housing market, which is suffering from record foreclosures and falling prices.

The sweeping plan, announced by Treasury Secretary Henry Paulson and James Lockhart, director of the Federal Housing Finance Agency, places the two companies into a "conservatorship" to be overseen by the Federal Housing Finance Agency. Under conservatorship, the government would temporarily run Fannie and Freddie until they are on stronger footing.

"A failure [of Fannie and Freddie] would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance," Paulson said at a press conference in Washington. "And a failure would be harmful to economic growth and job creation."

Freddie (FRE, Fortune 500) and Fannie (FNM, Fortune 500), which were created by the U.S. government, have been badly hurt in the last year by the sharp decline in home prices and the rise in mortgage delinquencies and foreclosures, racking up about $12 billion in losses.

On Sunday, officials stressed that both Fannie and Freddie will be open for business on Monday morning, although the firms will have undergone a dramatic facelift.
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Old 09-07-2008   #2
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Re: Warning! A Storm May Be Coming!

Wow... so close Madre.

As i was reading through, i thought "Wow.. maybe madre is maturing... is is possible she can go a whole post without some anti-republican comment???"

Nothing has changed about you, and anyone who believes your bullshit is a fool.
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Old 09-07-2008   #3
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Re: Warning! A Storm May Be Coming!

Demento, just shut up. This was a perfectly legitimate post and news topic; now you're just harassing her.
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Old 09-07-2008   #4
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Re: Warning! A Storm May Be Coming!

Can we start to stop it? I mean: i'm new here but it start to get anoying.. all the post against one person who most of you doesn't know from real life (at least i think most of you doesn't).


Edit: ..As foxy said.
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Old 09-07-2008   #5
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Re: Warning! A Storm May Be Coming!

Did you even read my post?

Yes, it was legitimate, and i was impressed, until she snuck the McCain's son comment in there. Pathetic, really.
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Old 09-07-2008   #6
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Re: Warning! A Storm May Be Coming!

It's fine, Demento. I actually hope you ignore the warning.

As a matter of fact, I hope you have tens of thousands of dollars in, hmmm, let's see, I know, Wachovia or WaMu. They look like real winners!

As for me, I pulled my money out.
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Old 09-07-2008   #7
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Re: Warning! A Storm May Be Coming!

So the woman likes politics...Who cares?

Anyway, I dont have money to worry about, but the outbreaks of Listeriosis in cheese and meat products here in Canada are definitely something to look out for...
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Old 09-07-2008   #8
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Re: Warning! A Storm May Be Coming!

Does Hurricane season typically last through October?
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Old 09-07-2008   #9
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Re: Warning! A Storm May Be Coming!

Its supposed to be early June to late November. Why?
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Old 09-07-2008   #10
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Re: Warning! A Storm May Be Coming!

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Originally Said by pittielynn View Post
Its supposed to be early June to late November. Why?
I know somebody who's going on a cruise for a week down there starting October 11, and one of their stops is Haiti.
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Old 09-07-2008   #11
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Re: Warning! A Storm May Be Coming!

Tell them to pack rain gear!!
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Old 09-07-2008   #12
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Re: Warning! A Storm May Be Coming!

Yeah, really. Her meathead boyfriend scheduled the trip for them two in October, probably not thinking or taken that under consideration.
February seems to be the best and safest month to take trips down that way.
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Old 09-07-2008   #13
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Re: Warning! A Storm May Be Coming!

I was going to ask you if the same situation was happening to Credit Unions, when the link "Bank Implode" opened and saw that the list for them was even longer than regular banks. DAMN. I guess we are going to have to go back to stuffing our money in our mattresses and cookie jars.

And this one is for Demento.....
Your President is still in denial that we are in a Recession....
he's right because we have just slumped into a DEPRESSION of course he's never going to be able to pronounce that.
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Old 09-07-2008   #14
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Re: Warning! A Storm May Be Coming!

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Originally Said by Demento View Post
Did you even read my post?

Yes, it was legitimate, and i was impressed, until she snuck the McCain's son comment in there. Pathetic, really.
Demento,

What is pathetic, really, is that you are so willing to blow by pertinent facts and valid points in lieu of cheap, pointless personal digs. Are you so obsessed with trashing someone that you're unable to grasp the connection between Silver State, Andrew McCain, the campaign and why any of this matters? It's also downright amusing that someone behaving so poorly as you are would pretend to judge someone else's maturity while demonstrating a lack of maturity.

I keep wanting to put you on ignore because you seem to enjoy being petty and obnoxious. I haven't though because I keep thinking no one can be like that all the time. Not holding my breath, but few things are completely beyond hope :.) Eventually you'll say something worthwhile, even if by accident.


*************************************
As for the article itself, it merits attention and action by anyone with $ saved or invested. Even FDIC accounts are minimially secured. Depending on how this situation is handled, it could be at least as bad as the S&P and 401k ordeals. Those with no investments or saved $ will feel it elsewhere as in benefits, lost perks, higher taxes, less service for the same or higher prices and an increased cost of living in most areas. Military personnel will feel it most of all.

Anyone who is a taxpayer should be concerned, especially younger adults because these are old and accrued debts you'll be paying off longer than anyone else. What you don't pay off will be passed on to your children. If you don't have children and are single you'll be paying even more and higher taxes than usual than if you were married with children.

This is a big deal. It's also a runaway train that makes any amount of hysteria a waste of time. Taking the warning to heart is the best consumers can do.

What is preparation for something like this? Budget well now for the near and long term future. Then when you do feel the pinch it will be less like a painfully squeezing vise grip, more like a twinge.

Since Reagan popularized living off paper, inflation is the biggest bear we must continue to learn how to live with.

The S&P, 401k, Enron and other major debts are always systematically passed on to American citizens in our taxes and in the form of reduced services and representation.

Those of your generation who are paying attention will get a grip on these issues and redress them more appropriately. Or not.
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Old 09-07-2008   #15
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Re: Warning! A Storm May Be Coming!

When did i ever say a depression is non-existent? I didn't. We are absolutely in a downward spiral. I read the whole article and appreciate the warning. I use wescom credit union, they are only in southern cali. Couldn't find them on the implode site, and i dont have the time to search what name they would be under. (have to go to work)
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Old 09-07-2008   #16
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Re: Warning! A Storm May Be Coming!

This is the result of years and years and years of the government dipping into money that it has no right to to finance unconstitutional programs. It's the same as what I've said about social security for a while now. The money that is supposed to insure you if your bank fails has been put towards big government spending programs, and now it's not there. Now when banks start to fail and people start to pull out, which could well happen soon, the FDIC will not have the money that you paid to have it insured. Talk about an ethical business! So grats everyone, we've been fucked over by our government.

Smaller government, less government spending, less government programs. These are the solutions.
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Old 09-07-2008   #17
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Re: Warning! A Storm May Be Coming!

Quote:
Originally Said by Bleed Black View Post
This is the result of years and years and years of the government dipping into money that it has no right to to finance unconstitutional programs. It's the same as what I've said about social security for a while now. The money that is supposed to insure you if your bank fails has been put towards big government spending programs, and now it's not there. Now when banks start to fail and people start to pull out, which could well happen soon, the FDIC will not have the money that you paid to have it insured. Talk about an ethical business! So grats everyone, we've been fucked over by our government.

Smaller government, less government spending, less government programs. These are the solutions.
I enjoyed the "email" post by ablethevoice. perfect solution
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Old 09-07-2008   #18
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Re: Warning! A Storm May Be Coming!

Some of you may find this video by Jim Rogers of interest: http://www.youtube.com/watch?v=vWa9AfkjwoY

I'm not sure what the date of this video is but it is still fun....Ron Paul questioning Ben Bernanke: http://www.youtube.com/watch?v=8pEiL...eature=related
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Old 09-07-2008   #19
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Re: Warning! A Storm May Be Coming!

Yup. That sums it up fairly well. Rinse and repeat.

Doesn't have to be that way, but I'm wondering what it will take to turn things around or if that's possible.

Paper money for more paper tigers.
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Old 09-08-2008   #20
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Re: Warning! A Storm May Be Coming!

The government "took over" Freddy and Fannie. They were both originally part of the government and were spun off to remove their financial activity from the federal budget in the 60s. At that time, they both stopped issuing mortgages and are now mainly involved in the secondary mortgage market; meaning they buy debt that's already been issued by other banks, and then resell it as a security ("mortgage backed security," now notorious thanks to the subprime loan crisis).

Fanny and Freddie are on the verge of collapse because of irresponsible investing on their part. While they were out from under the control of the government, a conflict of interest between providing liquidity in housing markets (their original purpose) and profiteering developed. I'm of the opinion that risky investment practices by Fanny and Freddie are responsible for the current housing market crisis... But whatever. I'm just glad I'm renting.
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