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Bank Closures

Discussion in 'Politics, Elections & Legislation' started by otnot, Sep 18, 2010.

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  1. otnot

    otnot Active Member

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    So I hear the economy is getting better yet there has been 125 banks fail so far this year and another 800 or so ready to fail. The main stream media never mentions that every week multiple banks are failing. Check out the FDIC web page.
     
  2. timberfaller

    timberfaller Well-Known Member

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    They don't want you to know, that way when its over only the mega banks will be in charge. Who needs the old outdated family backs any way!

    Freddie and Fannie helped so many of use ya know!
     
  3. Leo

    Leo Well-Known Member

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    With the uncertainty of banks, a person may be temped to bury his money in jars in the back yard. Except the bank has to fill out a federal form for large cash withdrawals. It is now against the law to use large amounts of your OWN cash, the IRS WILL follow up on the reports banks have to submit. Even if you get past that, all the feds have to do is issue a new currency and that makes everything you have buried in the yard valueless. All they had to do was manipulate a few laws to confiscate our 401's, our pensions and our personal property. Did you know that now they will not even sell a citizen more than $5,000 in savings bonds a year? It is like they are anticipating failing on that debt, keeping that savings also.

    Those who want to enslave you have to make you powerless. There is no one more powerless that a pennyless, hungry man with no food or shelter. I hope I am not a prophet.
     
  4. WS-1

    WS-1 Banned User Banned

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    Of course, you could liquidate everything except the bare essentials, and park the cash off-shore.
     
  5. Brian in Oregon

    Brian in Oregon Well-Known Member

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    What I don't get are all the new buildings the banks have been constructing in my town. SOMEONE in banking is making money.
     
  6. shannon391

    shannon391 Active Member

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    Many new banks sprung up all over the county during the rigged up housing boom, loaning money to anyone with a pulse. Time to thin the herd.
     
  7. KRE

    KRE TS Member

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    The bank I've had for the last 17 years was pushed via FDIC to take on failed banks from other states. Then the leadership later on had a FDIC forced change, to pickup some of those leaders that were running failed banks as well.

    Free America, went out the window in the late 50's, it's all perception now.
     
  8. Dahaub

    Dahaub Active Member

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    Brian in Oregon that has been the case around where I live for the past 40 years. It's no wonder the banking industry has been building, they get the money at the prime rate and sell it to us for up to 15 times that and if you borrow with a credit card you will pay up to 40 times the prime. I could be wrong about the price of the rate right now but I think it's 3/4 %. I know that that is the percent I was offered for a large amount of money to put in a local bank. I told the man I'd rather keep it in cash and buy shot guns and old power boats to make money with mine rather than let them make it all and me nothing. Pretty much sums up the banking industry now to say they will take your money use it and get the equalivant of 15 times what they will pay you for putting it in their banks. We have to get a better deal some way or another. Wish I had some answers. Dan
     
  9. Bisi

    Bisi TS Member

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    This has gotta be one of the reasons - Banks Repossession of Homes Sets New Record in August. All those houses the banks have to take back, can't be good for the bottom line.

    Kinda depressing isn't it? They keep telling us the recession is over and things are getting better, but yet they set a record in houses repossed just last month. Wonder whom they are trying to convince - us or themselves?

    But I like Brian in Oregon gotta wonder what's going on. I have seen all kinds of new banks pop up in our local area. Banks I never heard of, all with nice big new buildings, funny thing is I never see many vehicles parked out front, don't know how they stay in business. But I guess they aren't. I guess it is one bank goes into closure and 2 more take their place.

    Do banks even need depositers anymore?? They don't pay anything on savings or CDS. Do they just borrow the money from the Federal Reserve for almost nothing and then loan it out??? I don't know so that is why I'm asking.

    The reason I ask is my 85 year old mother lives off of interest income. A few years ago the banks would try to match what other banks were paying when it comes to CDs. Now if she asked one bank to match what another bank pays they tell her to take her money and hit the road. They don't seem to mind losing a depositer anymore.
     
  10. Quack Shot

    Quack Shot Active Member

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    Bank? What's a Bank? Is that something like a Duckbilled Platypus?
     
  11. wireguy

    wireguy TS Member

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    I don't understand the won't sell more than 5m a year savings bonds thing. I would think the gov't would rather have you invest your money in THEM than anything else in the world - which I suspect is one reason they are looking at making buying gold very difficult and expensive. They don't want you parking your money in gold when you could be loaning it to them, so what's up with the savings bond limits?
     
  12. halfmile

    halfmile Well-Known Member

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    But, Bisi, the Anointed one says the recovery is under way!!!

    Just a little slow right now is all, don't you see?

    Every Wednesday the foreclosure notices are printed per Wis. law, it has been 5 pages since last year, and 4 for the year before that.

    When it gets to 2 or 3 just about everyone whould be living in their car.

    Physical gold and Silver are good bets, but don't get taken in by "coin issue" foolishness.

    they are beginning to go on another tear, possibly to gold $2K/oz. (scoffers, remember I predicted the housing crash 10 months in advance)

    HM

    HM
     
  13. daddiooo

    daddiooo TS Supporters TS Supporters

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    Just today the government announced that the recession was offically over last June. Who'da thunk it??

    Unemployment @ 15% (and rising)

    Housing sales down 33% over the previous month

    Home foreclosures up 25% over the previous month

    Jobs lost last month 54,000 + 114,000 census workers laid off.



    Sorta' makes you think the White House had a finger in that don't it? They can spin anything to look good if they need it.
     
  14. cubancigar2000

    cubancigar2000 Well-Known Member

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    Bury your cash??? Why? it is almost worthless or will be - buy gold and bury it
     
  15. wireguy

    wireguy TS Member

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  16. midalake

    midalake Well-Known Member

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    Here is one point not to overlook. The FDIC has stated more than once that bank closures will continue until 2014!!!!!Can you spell D-o-u-b-l-e D-i-p!!!


    GS
     
  17. Shooting Sailor

    Shooting Sailor Well-Known Member

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    This is what happens when government relinquishes control of the monetary system to the banks, then orders those same banks to make loans to unqualified people, for purely political reasons.
    The banks invent ways to create money(derivatives, etc.)which have no real basis for earning, being a manufactured system to enrich the bankers, not the depositors whose money is being played with.
    The NINJA loans (No Income, No Job or Assets)were ordered by the Clinton administration in order to buy votes from the underclass who normally would never in a million years be able to afford a house. The chickens came home to roost on that one, and now the American economy is going to be paying the price for generations to come. There is another large bubble of mortgages coming due in 2011-2012, which is apparently going to at least equal, if not outdo the last lot.
    If you look to the north, Canada has not had a bank failure since before the Depression of the Thirties, and has the strongest banking system in the developed world right now. This is due to the laws governing banking, the fact that these laws prohibit government from making idiotic moves like Clinton did with the NINJA loans, and the Bank of Canada being at least at arms length from the politicians. Several banks did get caught up in the American mortgage meltdown, mostly due to the insane profits they were told they could make, but were not put under, because of laws limiting their foreign holdings and liabilities.
    Perhaps it is time you told your politicians that Obama's international bank tax isn't the way to go, rather they should look at our banking system to see what works. They should wrest control of the monetary system back from the banks, and put it back in the hands of government, through an impartial overseer, for the betterment of the whole country, not just the select few bankers who get rich no matter what. There will be a lot of pain for quite some time, no matter what happens, but it is better to start now than hold off, hoping that the same banks that put you in this position, will magically turn around and get you out.
    That is my rant for the night, now it is time to sign off and go have a beer and read my book.
     
  18. otnot

    otnot Active Member

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    The count is now 136 banks closed with another 829 in financial trouble.
     
  19. otnot

    otnot Active Member

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    Since I started this thread on Sept 18th, 27 more banks have failed this year bringing the total to 157.
     
  20. slic lee

    slic lee Active Member

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    WAIT you havnt seen anything yet, the next few weeks should be very interesting, news about banks and govt tie ins, who gave who from where. All that TARP money, where it really went and by who.
     
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