Banks- (insurance) take a nose dive

[dkinley]

Just read an interesting article.

It seems that if the US government lets the banks fail and re-imburses all of the depositor's money, it will only cost $100 billion.

Won't go anywhere of course. No special interest groups are backing it.

I heard the one in Senate has all sorts of spending tied to it. Something for some sort of health care and stuff that was in other bills shoved into this one. One part is lower some tax on wooden arrow shafts specifically for kid's toys. Almost like a big omnibus bill.

So the actual bailout might be 100B but with all the other stuff thrown in there the total might be 700B. I've called my reps and asked them not to sign it. Don't call it a bailout bill if it is going to include all this other junk spending in it.

-dK

 

[Jacob Mathai]

These days all the stock market actions can be summed into 2 categories:

Short selling and short covering.

 

[ColinEssex]

This whole world economic crisis was brought on by the USA, big banks in Europe going down having to be bailed out by their respective governments, Iceland is nearly bankrupt.

Therefore, the USA should be forced to pay for the bail outs - why should I be stung via tax increases to pay for greedy USA money mismanagement? Let the rich Yanks pay for it.

I can tell you there is alot of American hatred in Europe right now, especially from Germany. (source BBC radio news)
America was already the most hated country on the planet, now it's secured that title with it's sub-prime mortgages fiasco causing monetry meltdown worldwide.

On a brighter note, the dollar is virtually worthless, so we can get bloody good deals on the exchange rate. Not that anyone in their right mind would want to visit the USA right now.

Col

 

[Rich]

Not that anyone in their right mind would want to visit the USA right now.

Col

I wonder if airline tickets to the US should carry a government health warning like fags

 

[redneckgeek]

On a brighter note, the dollar is virtually worthless, so we can get bloody good deals on the exchange rate. Not that anyone in their right mind would want to visit the USA right now.

Col

Oh, it's not anywhere near as bad as it's going to be. About a year from now REAL inflation will start to kick in, thanks to the bailout. Then the dollar will really be worthless.

 

[Rich]

Oh, it's not anywhere near as bad as it's going to be. About a year from now REAL inflation will start to kick in, thanks to the bailout. Then the dollar will really be worthless.

The "bailouts" aren't working so why not just take all our money out and let them stew

 

[statsman]

I think everybody is thinking: "The Great Depression", whether that could happen or not. My parents and grandparents had stories of doom and gloom regarding the depression. If they were true (which I have no reason to believe otherwise), it is something we don't want. I believe one of the great songs of that era was "Brother, Can You Spare a Dime?".

There will be a major difference between this Depression and the one they had in the 1930's.
In the 30's there were plenty of goods and services available, the problem was no one had any money.

In the one we're headed for, everyone will have lots of money (unemployment insurance, welfare) but there won't be any goods or services available as the companies that make or supply them will have gone out of business.

Oh yes, and as the unemployment rolls grow and grow, inflation will become widespread as the various governments print more and more money to cover the payments.

 

[statsman]

This whole world economic crisis was brought on by the USA, big banks in Europe going down having to be bailed out by their respective governments, Iceland is nearly bankrupt.

Therefore, the USA should be forced to pay for the bail outs - why should I be stung via tax increases to pay for greedy USA money mismanagement? Let the rich Yanks pay for it.

I can tell you there is alot of American hatred in Europe right now, especially from Germany. (source BBC radio news)
America was already the most hated country on the planet, now it's secured that title with it's sub-prime mortgages fiasco causing monetry meltdown worldwide.

On a brighter note, the dollar is virtually worthless, so we can get bloody good deals on the exchange rate. Not that anyone in their right mind would want to visit the USA right now.

Col

NOW would be a great time for you to visit the US Colin.
Try Texas, I'm sure they'll love your attitude.

 

[GaryPanic]

This whole world economic crisis was brought on by the USA, big banks in Europe going down having to be bailed out by their respective governments, Iceland is nearly bankrupt.

Therefore, the USA should be forced to pay for the bail outs - why should I be stung via tax increases to pay for greedy USA money mismanagement? Let the rich Yanks pay for it.

I can tell you there is alot of American hatred in Europe right now, especially from Germany. (source BBC radio news)
America was already the most hated country on the planet, now it's secured that title with it's sub-prime mortgages fiasco causing monetry meltdown worldwide.

Col

This is the problem - Capitalism is all well and good - but it does need some rules - if you allow chaos to reign the chaos is what you get ...

This one is down to the Selling of sub prime morgages short term profits form real estate morgage brokers -now they are being laid off - Bank should of know what debt were being sold .. Euroepan Banks should of been more alert to the problem - -- this is going to get real messy

Ireland could be in trouble too much money in the banks

 

[ColinEssex]

NOW would be a great time for you to visit the US Colin.
Try Texas, I'm sure they'll love your attitude.

Texas? Hmmm, the oil rich state, full of J.R.Ewing types who care for nothing other than building on their own wealth. Texas, where people with the money bribe the police to get a smooth ride.

I'd rather go to Georgia and ask them why they don't vote Democrat, or ask them what their stand is on racial equality (obviously one would need to explain what that is first).

Col

 

[Joe8915]

Texas? Hmmm, the oil rich state, full of J.R.Ewing types who care for nothing other than building on their own wealth. Texas, where people with the money bribe the police to get a smooth ride.

I'd rather go to Georgia and ask them why they don't vote Democrat, or ask them what their stand is on racial equality (obviously one would need to explain what that is first).

Col

Nah......I think he should go vist Louisiana, and meet some of those cajun people. They would show him a great time.

 

[ColinEssex]

Nah......I think he should go vist Louisiana, and meet some of those cajun people. They would show him a great time.

Louisiana? Hmmm, floods hurricanes, destruction, - I think not. They said on TV the other day that Louisiana is the poorest part (and most forgotten) of the USA, even Bush couldn't be bothered with it after Katrina - yet when the big fires were in California, he was there like a shot.

Ah, that'll be because California is full of rich white people - silly me.

Col

 

[Rabbie]

The "bailouts" aren't working so why not just take all our money out and let them stew

I am sure the banks will really suffer when I move my overdaft elsewhere

 

[Rich]

I am sure the banks will really suffer when I move my overdaft elsewhere

Just convert it to the equity in your home

 

[Rich]

Ah, that'll be because California is full of rich white people - silly me.

Col

It's not silly Col, makes perfect sense to me

 

[Vassago]

Just convert it to the equity in your home

That's awesome.

 

[Vassago]

Louisiana? Hmmm, floods hurricanes, destruction, - I think not. They said on TV the other day that Louisiana is the poorest part (and most forgotten) of the USA, even Bush couldn't be bothered with it after Katrina - yet when the big fires were in California, he was there like a shot.

Ah, that'll be because California is full of rich white people - silly me.

Col

Come on now Col, those good ol' boys are the only ones that keep Bush's approval rating from falling below the record low. He has to make sure they rebuild their homes in the exact same place so they can be the next landslide/mudslide victims too. Rinse, lather, and repeat...