What is Digg?65 Comments
- doogmeist1, on 11/09/2008, -0/+32I've lived in Houston for almost 20 years and never heard of, or seen a branch of, Franklin Bank.
- brstilson, on 11/10/2008, -3/+26Are you kidding? Obama is one of the biggest supporters of this *****. It didn't matter in the election because McCain supported it too. Of course, Ralph Nader was against it, and so was Chuck Baldwin and Bob Barr, but NOOOOO we can't vote for the candidates we agree with on the issues, we have to keep voting for the two parties that offer us no choice and keep getting worse election after election.
- KSUdesigner, on 11/10/2008, -2/+24Meanwhile AIG gets another bailout.
http://money.cnn.com/2008/11/10/news/companies/aig ...
Obama better put an end to this *****. - brstilson, on 11/10/2008, -1/+14This is how the government solves problems:
Me: Help! I've been stabbed! Oh god there's so much blood!
Government: Quick! Put more knives in the wound! If we get enough knives in there it'll stop the bleeding! - sodoh, on 11/10/2008, -1/+9I believe one of the reasons everyone fell in line to the banks in Washinton because the banks threatened that if any money was to be lost the 401Ks would the first to go.
- digjam, on 11/10/2008, -6/+14Go look up The Great Depression on wiki, you will be surprised to see how similar the circumstances are.
http://en.wikipedia.org/wiki/Great_Depression - inactive, on 11/10/2008, -1/+8Meanwhile the Fed refuses to identify who has received $2,000,000,000,000 in bailout loans (that's $700B the gov't asked for + $1,300B the Fed did on its own):
http://www.bloomberg.com/apps/news?pid=20601087&si ... - hansk, on 11/09/2008, -1/+7Let the good times roll...
- Twinked, on 11/10/2008, -1/+7That sure is a lot of branches in HOUSTON TEXAS! DoH!
- inactive, on 11/10/2008, -0/+5Lets all have a moment of silence while we all piss into the wind.
- brstilson, on 11/10/2008, -0/+5It was clear that the vast majority of the people didn't want the bailout. Obama voted for it anyway. Naturally, I'm a bit skeptical that Obama will support what the people want when he didn't do so while in congress when he had ample opportunity.
- bbtrev, on 11/10/2008, -1/+5WOW, how does the US have so many banks? I know you're all anti-establishment, but seriously, don't you think that they industry that is in charge of keeping your money safe should be a bit more regulated?
- nowhereelse, on 11/10/2008, -0/+4were
- whorunbartertwn, on 11/10/2008, -1/+5Yes it's spot on! We have thousands of banks failing every year, 25% unemployment, 30% contraction in GNP, 40% deflation of salaries and prices, and people standing in lines to get soup.
Very similar. - Stonekeeper, on 11/10/2008, -0/+3I heard the Bank of Origami folded too!
- gjvrieze, on 11/10/2008, -0/+3I am telling you, we just need another bailout, that is all that it is going to take to fix the economy!!! Clearly JUST KIDDING!
- inactive, on 11/10/2008, -5/+8Main Office (248)358-4710 [map]
Telephone Banking (248)358-5170
24725 W 12 Mile Road
Southfield, MI 48034
Mon – Fri 8:00 – 5:00
Main Office Branch [map]
24805 W 12 Mile Road
Southfield, MI 48034
Tel: 248-358-9540 Fax: 248-354-6353
Mon–Fri 8:00–8:00 Sat. 8:00-1:00
Battle Creek Loan Production Office [map]
291 East Columbia Avenue
Battle Creek, MI 49015
Tel: 269-963-0820. Fax: 269-963-0893
Birmingham Branch [map]
479 South Old Woodward
Birmingham MI 48009 - South of Maple
Tel: 248-647-1026 Fax: 248-647-1027
Mon.-Fri. 8:00-8:00
Davison [map]
727 South State Road
Davison, MI 48423
Tel: 810-653-5383
Mon - Fri 8:00-7:00 Lobby and Drive-Thru
Sat 9:00-12:00 Drive-Thru
Dort Highway [map]
3410 South Dort Highway
Flint, MI 48507
Tel: 810-743-1000
Mon-Th 9:00-5:00 Lobby and Drive-Thru
Fri 9:00-5:00 Lobby, 9:00-6:00 Drive-Thru
Sat 9:00-12:00 Drive-Thru
East Lansing Loan Production Office [map]
612 W. Lake Lansing Road
Suite 400
East Lansing, MI 48823
Tel: (517)-333-1924
Fenton [map]
6120 Fenton Road
Flint, MI 48507
Tel: 810-232-3810
Mon - Th 9:00-5:00 Lobby and Drive-Thru
Fri 9:00-5:00 Lobby, 9:00-6:00 Drive-Thru
Sat 9:00-12:00 Drive-Thru
Flushing Downtown Branch [map]
220 East Main Street
Flushing, MI 48433
Tel: 810-659-7712
Mon - Fri 9:00-5:00 Lobby and Drive-Thru
Sat 9:00-12:00 Lobby and Drive-Thru
Genesee Road [map]
3213 North Genesee Road
Flint, MI 48506
Tel: 810-736-0440
Mon - Th 9:00-5:00 Lobby and Drive-Thru
Fri 9:00-5:00 Lobby, 9:00-6:00 Drive-Thru
Sat 9:00-12:00 Drive-Thru
Grand Blanc Loan Production Office [map]
8195 South Saginaw St
Grand Blanc, MI 48439
Tel: 800-994-9929 Fax: 810-695-6539
Mon.-Fri. 8:00-5:00
Grosse Pointe Woods Branch [map]
20247 Mack Avenue
Grosse Pointe Woods MI 48236 - South of Eight Mile
Tel: 313-881-5519 Fax: 313-881-6018
Mon.-Thurs. 8:30-4:30
Fri. 8:30-7:00 Sat. 8:30-12:00
Hallwood (inside Kroger) [map]
2629 West Pierson Road
Flint, MI 48504
Tel: 810-785-0888
Mon - Fri 9:00-5:00 Lobby
No Drive Thru
Holland Loan Production Office [map]
320 N. 120th
Holland, MI 49424
Tel: 616-392-2373 Fax: 616-392-2798
Mon.-Fri. 8:00-5:00
Jackson Loan Production Office [map]
3305 Spring Arbor Road, Suite 500
Jackson, MI 49203
Tel: 517-783-1724 Fax: 517-783-1725
Mon.-Fri. 8:00-5:00
Livonia Branch [map]
17900 Haggerty Road
Livonia, Mi 48152
Tel: (734) 805-4600 Fax: (734) 805-4618
Mon.-Fri.8:00-7:00 Sat: 8:00-1:00
Miller Road [map]
4409 Miller Road
Flint, MI 48507
Tel: 810-732-6360
Mon - Fri 8:00-7:00 Lobby and Drive-Thru
Sat 9:00-12:00 Drive-Thru
Shelby Branch [map]
50787 Corporate Dr
Shelby Township, MI 48315
Tel: 586-739-4033 Fax: 586-726-5547
Mon-Fri 8:00-7:00 Sat 8:00-1:00
Troy Branch [map]
734 W. Long Lake Rd
Troy MI 48084 - East of Crooks
Tel: 248-816-6801 Fax: 248-816-6820
Mon.-Fri. 8:00-7:00
Sat. 8:00-1:00 - inactive, on 11/10/2008, -0/+3Who?
That'd be like Lampco or Forum closing in Indiana. No one would care. Come back when it's Bank of America or Wells Fargo. - falstaff, on 11/10/2008, -0/+3http://bp1.blogger.com/_pMscxxELHEg/R5u-JWQ3P6I/AA ...
Bank failures by year since the Great Depression.
If you think 500-1500 per year for 13 years (and well over that for 2 of them) is "similar" to 19 banks in 1 year, you're working with a pretty messed up definition of the word.
Filter out the GP to get a little better sense of scale:
http://bp2.blogger.com/_pMscxxELHEg/R5u85mQ3P5I/AA ...
and you see that there are bank failures basically every year.
19 is not even an anomaly.
To be sure, this doesn't account for the size of the institution, so I can't be 100% sure that it's nothing to worry about, but let's at least give lawmakers (and the market) a few months to work on things before we start declaring this the great Depression II. As of right now, it's not even close. - Myonosken, on 11/10/2008, -1/+4MAINSTREAM MORONS. I AM WAY TOO COOL 4 U
- Twinked, on 11/10/2008, -1/+3Same here... wonder where they are.
- heystoopid, on 11/11/2008, -0/+2Wrong the Franklin Bank in Michigan is still open and trading
http://www.franklinbank.com/3monthhistory.html
Nice red herrings you freely hand out .
I believe you have mistaken it for this crap Texan poor clone imitation copy
http://www.bankfranklin.com/
Fish often in Lake Lucille do we, catch many weeds too I see as well . - inajeep, on 11/10/2008, -2/+4Looking at your name and how off your post is I imagine it's an attempt at funny.
- nowhereelse, on 11/10/2008, -1/+3I bet you live in a cave and have a death ray thingummy.
- inactive, on 11/10/2008, -0/+2Only because you did it before a crisis hit. You got lucky.
- inactive, on 11/10/2008, -0/+2http://www.bankfranklin.com/
http://maps.google.com/maps?ie=UTF-8&oe=utf-8&rls= ... - Mujokan, on 11/10/2008, -1/+3HAHAHAHAHA
- toefinder, on 11/11/2008, -0/+2desotohawk you are right. Let's have a real good old fashioned depression....***** Wall Street what are we afraid of...I want to see Merrill, Lynch on its knees. It's time to clean these thievin bastards out of our lives.
- inactive, on 11/10/2008, -1/+3"of my own."
- brstilson, on 11/10/2008, -0/+2There are going to be negative consequences, bailout or not. If these bad banks are simply allowed to go out of business, we might have a bad recession or a year or two, but bailing them out does not solve the underlying problem, and that would stretch it out for a decade or more.
What needs to be done is 1) allow these banks to fail so the market can refine itself, and 2) put the FDR safeguards that Clinton and Bush removed back in place. Stop allowing consumer banks to merge with investment banks and gamble away their customers' assets on the stock exchange. - exboxer, on 11/10/2008, -0/+2Don't worry he will cause we elected change. . .
/s - inactive, on 11/10/2008, -0/+2You almost trolled me just then.
-1 - brstilson, on 11/10/2008, -0/+2"Both candidates voted for it because the media outlash they would have received would have been huge."
The media doesn't vote for the candidates, the people do, and the people were overwhelmingly against the bailout. - dyreschlock, on 11/10/2008, -3/+5gee.. a business in Michigan fails.
- nextekcarl, on 11/10/2008, -0/+1You know, I think it may be a case of apples and oranges here. At the time of the great depression we had something like 50 different American automakers (I forget the exact number, but that should be close enough). So if you were to say 3 of them failed in one year, no big deal. But because of consolidation, if you were to say that same number this year... I know we are talking banks and not automakers, but banks have done the same thing (buying each other out).
I wonder how many different banks we really have now in this country? My wife and I banked for years at two different bank chains and it seemed like for a while there every few months one of them was bought out by someone else, or merging, etc. So 19 in one year might be closer to that 500-1500 than you think. Or maybe not. - Mujokan, on 11/10/2008, -0/+1Also see: http://digg.com/politics/Secret_is_out_Paulson_gav ...
- jnuneznj, on 11/10/2008, -1/+2@brstilson
Both candidates voted for it because the media outlash they would have received would have been huge.
I have no problem with this bailout but 2 things:
1 - Paulson and the White House were lobbying for 700B with not string. They couldn't be investigated. If it was such an emergency then why put in these provisions?
2 - The media (FOX and CNN) are calling us a bunch of moochers for needing an incentive to spend money to jumpstart the economy.
I think Paulson should be investigated because he let Morgan Stanley go down and saved AIG (who owes most of it's debt to Goldman Sachs).
I think the government should have controlling shares to the banks it injects equity into.
Monitor most of this at bailoutsleuth.com - inactive, on 11/10/2008, -1/+2I think the majority of the people who were against it didn't realize what exactly they were against, other than the principal of the matter. I was against it in the beginning, but then I realized it just wasn't feeding the fat cats, it was saving many people's life savings. If you let that go, you would have chaos everywhere, not just wall street. And to let credit companies freeze totally would create a 1920's effect of having no money circulating. Either way, what's done is done, now I just hope we can turn this mother ***** around. It's like it's been said, it's going to be hard to turn around failures that have been building up from the past 8-20 years.
- jbmcb, on 11/10/2008, -0/+1It's regulated up the wazoo. Why shouldn't there be so many banks? There's no single point of failure. Many small community banks who didn't get into the shady mortgage-backed securities business are doing just fine.
- heystoopid, on 11/11/2008, -0/+1Can't see much due to the heavy down town Houston smog caused by weekly oil refinery fires from BP Amoco and the other twenty eight equally badly maintained decrepit ones as well .
The bad air pollution in Houston at times actually makes LA look like it has clean air on at least 110 days of the year .
And as for those drunken Texas wankers pretending to be sailors , in their fancy expensive multi million dollar play toy motor yachts wandering all over the main in and outboud shipping lanes playing dodge the fully laden tanker by less then 100 yards , one can only wonder why they let foolish drunks play with the helm of these expensive vanity toys ? - inactive, on 11/10/2008, -7/+8Not even close
- pak314, on 11/11/2008, -0/+1I heard American Express also wants to become a bank so they can be bailed out.
- toefinder, on 11/11/2008, -0/+1right....you get robbed for 700 billion every week or so....ok
- desotohawk, on 11/12/2008, -0/+1right on!
- fishshogun, on 11/10/2008, -0/+1I used to bank at security pacific in cali until it closed back in the 90's.
- dbalaski, on 11/10/2008, -0/+1I think the article is a little inflammatory yellow journalism.
When I worked in banking support computer company in the early 1990s ,
Back then banks with $1Billion to $15Billion were considered small 2nd or 3rd tier local banks. (Not state or regional or national -- it's still considered the same today)
These two bank failures are small even by those 1990s standards:
>Franklin Bank (FBTX) had total assets of $5.1 billion and total deposits of $3.7 billion as of Sept. 30, 2008,
>Security Pacific Bank had total assets of $561.1 million and total deposits of $450.1 million as of October 17, 2008,
Granted any time a bank fails it is a bad thing -- but to advertise these 2 bank failures as they did is just irresponsible. - robbob, on 11/10/2008, -0/+1I thought Security Pacific Bank was bought by B of A like 20 years ago
- whorunbartertwn, on 11/10/2008, -0/+0Funny that, people who do well think they make their luck and people who don't do as well accuse others of being lucky, or try to rationalize it as "simple living" oh so counterculture of you.
I wasn't lucky to not use my house as an ATM when the value shot up so I had the equity to buy the other. I wasn't lucky to realize it was a good time to downsize the way the market looked.
I'm not lucky to live under my means now and when I'm retired early I'm sure you'll still be thinking others are lucky while you eat your rice gruel. - CedEx, on 11/10/2008, -0/+0Well, that isn't without its truths.
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