What is Digg?259 Comments
- TheRazor5, on 07/14/2008, -2/+61Yes "Americans are screwed." but the rest of the world will suffer the consequences.
- wesdenton, on 07/14/2008, -3/+51Why is it so bad? That's what they get for driving the whole sub prime mess. Hopefully if anything this recession, depression, whatever teaches people to live within their means.
- IrvineKinneas50, on 07/14/2008, -17/+64RON PAUL
FIAT CURRENCY
HURRRRRRRRRR - Syujinkou, on 07/14/2008, -1/+42"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
- Thomas Jeffereson - StingingNettle, on 07/14/2008, -2/+42Because FDIC will have to insure all the depositors of the banks. How will they pay them back? The FED will have to create even more money, which will destroy the currency. So, even if you don't bank with any of these banks you will feel it in some form or another. OR, what the the FED itself goes under or can't get the money out into the system in time? Loans would stop, and the whole economy could just grind to a halt.
Our only way out of this is to take the Ron Paul approach. We need to throw these people responsible in jail, bring everyone home from over sea's, stop all subsides, back the currency with something tangible, and cancel most future obligations. - latrosicarius, on 07/14/2008, -4/+40Your comment is awesome, but it could be confusing if someone didn’t know what you were talking about.
Ron Paul hates fiat currency, which is money not based on any standard of value (gold, silver, etc), that can just be printed out of thin air by the government, decreasing the value of the currency and increasing inflation and debt.
so...
Ron Paul (yay)
Fiat currency (boo) - hamobu, on 07/14/2008, -5/+38ECONOMY HAS NEVER BEEN BETTER!!!! WE ARE A NATION OF WHINERS!!!!
- Xondar, on 07/14/2008, -10/+36Americans are screwed.
- inactive, on 07/14/2008, -0/+25If the list is published they will be sure to fail when everyone takes their money out.
- txsln, on 07/14/2008, -0/+23And if that doesn't work, well, we always have feudalism to fall back on.
- kemp34, on 07/14/2008, -2/+25Fractional reserve banking (3% reserves LMFAO!!) is inherently prone to massive destruction. Maybe with 25-50% reserves you could save the system, but 3% reserves?? That equals total credit collapse.
Sorry friends to be the bearer of bad news, but protect yourselves. - BoneheadFarker, on 07/14/2008, -1/+22Who wants a currency based on a small Italian car?
- seo2020, on 07/14/2008, -6/+27Many people will default on loans because of job losses that are just beginning to spike due to high oil prices. Fear, uncertainty and doubt are slowing the rate that people buy goods and services which will cause a further decline in jobs which leads to more loan defaults which leads to more bank collapse.
This is a vicious circle much like water flushing down the toilet. The toilet is flushing and this country goes down the tubes. It's time to look for global opportunity. - inactive, on 07/14/2008, -5/+26This can't be good.
- McShr3dd3r, on 07/14/2008, -0/+20What's your address?
- Cryptocracy, on 08/17/2008, -1/+21I have been investing in Lead, a very powerful metal.
- gvetterick, on 07/14/2008, -1/+20unless it's gold or some other valuable metal, your SOL too
- kalvinb, on 07/14/2008, -0/+19Who knew that loaning large sums of money to people that couldn't afford to pay it back would be a bad thing?
- geardosdotnet, on 07/14/2008, -0/+18Correction: poor and middle-class Americans are screwed. The rich ones will retire to Dubai!
- sockpuppets, on 07/14/2008, -1/+19First we're going to carpet bomb Belgium until they give us our beer back...
- FatBird19, on 07/14/2008, -2/+19Can it please be Chase Education? I owe them $60K...
- AnarkeIncarnate, on 07/14/2008, -0/+16I hear you can make a ton of money selling it to Chinese paint manufacturers and toy makers.
- inactive, on 07/14/2008, -4/+20wasn't it a panic like this that started the great depression? So lets not overreact
- ordig, on 07/14/2008, -0/+15I'd say were damn near there already.
- Dipster, on 07/14/2008, -0/+15Maybe China and India will start outsourcing to us..
- Dohko_Xar, on 07/14/2008, -5/+19You gotta love the media... throwing fear into the population. Fear is not what we need! Yes, the economy is bad, we realize that, let's work our way out, not get scared and hide!
- BlackJackJester, on 07/14/2008, -1/+15Most of these banks and their customers will end up being bought up by the banks that weren't morons about lending. This is the market fixing itself. Let it be. This is like wildfires - if you keep putting them out, eventually there will be so much brush that there will be one mega fire that is completely uncontrollable, that will cause more damage than any of the smaller fires ever would have. Heck, just look at California, HA.
- pstroll, on 07/14/2008, -5/+18My 401K = Gold, Canned Goods and Ammo
- LokitheComplex, on 07/14/2008, -0/+13The elite don't believe in national boundaries. Let the poor wave flags.
- kefkastudio, on 07/14/2008, -2/+14Good think I've been burying my money in my back yard.
- Renian, on 07/14/2008, -1/+131. Observe ***** that helped to fuel the Great Depression, like these banks closing.
2. Read Benjamin Graham's "The Intelligent Investor."
3. When the business cycle bottoms out (or close to it), invest in undervalued stocks using Graham's methods.
4. Wait for the market to correct itself and the economy to be fixed if someone that isn't McCain gets elected.
5. ???
6. Profit!
That said, we are in for a hell of a recession due to #1. - hatgreeting, on 07/14/2008, -0/+12Trust me, you'll owe it to someone.
- NinjaBoy, on 07/14/2008, -1/+13I finally figured out that ??? is lots of cocaine and hookers
- Metalaco, on 07/14/2008, -5/+16So fearmongering articles like this one that provide only gloom and doom analysis aren't helping? Color me surprised.
- hinkbot, on 07/14/2008, -0/+11While I agree that this isn't good to a large scale. However, the government doesn't bail out companies if they aren't selling enough goods or isn't getting payment for selling it's goods. I don't see understand how banks expect the government to come in and save the day.
It's going to set some expectations that if the government continues to bail out these banks. What happens the first time they can't?
And plus, shouldn't some of these sub prime defaults be covered under PMI, which banks force you to get? - WanderingGuru, on 07/14/2008, -0/+11There is nothing Federal or public about the Federal Reserve.
- n3demonic, on 07/14/2008, -0/+10Wooosh
- McShr3dd3r, on 07/14/2008, -2/+12(from http://www.fdic.gov/bank/individual/failed/banklis ...
The FDIC is often appointed as receiver for failed banks.
This list includes banks which have failed since October 1, 2000.
Bank Name Closing Date Updated Date
IndyMac Bank, Pasadena, CA July 11, 2008 July 11, 2008
First Integrity Bank, NA, Staples, MN May 30, 2008 May 30, 2008
ANB Financial, NA, Bentonville, AR May 9, 2008 May 9, 2008
Hume Bank, Hume, MO March 7, 2008 July 1, 2008
Douglass National Bank, Kansas City, MO January 25, 2008 June 17, 2008
Miami Valley Bank, Lakeview, OH October 4, 2007 April 28, 2008
NetBank, Alpharetta, GA September 28, 2007 April 28, 2008
Metropolitan Savings Bank, Pittsburgh, PA February 2, 2007 April 28, 2008
Bank of Ephraim, Ephraim, UT June 25, 2004 April 9, 2008
Reliance Bank, White Plains, NY March 19, 2004 April 9, 2008
Guaranty National Bank of Tallahassee, Tallahassee, FL March 12, 2004 April 28, 2008
Dollar Savings Bank, Newark, New Jersey February 14, 2004 April 9, 2008
Pulaski Savings Bank, Philadelphia, PA November 14, 2003 July 22, 2005
The First National Bank of Blanchardville, Blanchardville, WI May 9, 2003 April 28, 2008
Southern Pacific Bank, Torrance, CA February 7, 2003 April 28, 2008
The Farmers Bank of Cheneyville, Cheneyville, LA December 17, 2002 October 20, 2004
The Bank of Alamo, Alamo, TN November 8, 2002 March 18, 2005
AmTrade International Bank of Georgia, Atlanta, GA September 30, 2002 September 11, 2006
AmTrade International Bank of Georgia, Atlanta, GA
Spanish Version September 30, 2002 September 11, 2006
Universal Federal Savings Bank, Chicago, IL June 27, 2002 April 9, 2008
Connecticut Bank of Commerce, Stamford, CT June 26, 2002 April 28, 2008
New Century Bank, Shelby Township, MI March 28, 2002 March 18, 2005
Net 1st National Bank, Boca Raton, FL March 1, 2002 April 9, 2008
NextBank, N.A., Phoenix, AZ February 7, 2002 April 28, 2008
Oakwood Deposit Bank Company, Oakwood, OH February 1, 2002 April 28, 2008
Bank of Sierra Blanca, Sierra Blanca, TX January 18, 2002 November 6, 2003
Hamilton Bank, N.A., Miami, FL
Spanish Version January 11, 2002 April 28, 2008
Sinclair National Bank, Gravette, AR September 7, 2001 February 10, 2004
Superior Bank, FSB, Hinsdale, IL July 27, 2001 April 28, 2008
The Malta National Bank, Malta, OH May 3, 2001 November 18, 2002
First Alliance Bank & Trust Company, Manchester, NH February 2, 2001 February 18, 2003
National State Bank of Metropolis, Metropolis, IL December 14, 2000 March 17, 2005
Bank of Honolulu, Honolulu, HI October 13, 2000 March 17, 2005 - Wargalas, on 07/14/2008, -1/+11Maybe I'm in the minority here, but I can easily afford a 4% loss in income. I think it's because I live WAY below my means. My wife and myself earn north of $100k and yet, one of us could afford to quit tomorrow. The reason? We don't drive a Lexus, we drive Honda's. We could have bought a 5 bedroom monster of a home, we chose a smaller, standard 2,000 home.
Our lifestyle also allows us to be able to weather a fiscal storm like this.
So when you are all out buying the latest iPhone, xbox games, and such, I put my money in an interest bearing account. While you all are out flashing wads of cash at the strippers, I'm earning more money.
The key is to make sure that you can afford to be unemployed.
I'll say it again: NEVER LIVE ABOVE WHAT UNEMPLOYMENT PAYS.
Live by that statement, and you'll never have a sleepless night about money again.
Those people who are 2 paychecks away from being homeless need to reorganize their priorities and make changes.
I worked my way up from a 1 bedroom, 450 square foot home to where I am today. If I can, you can. There's simply NO EXCUSE for it.
I don't care that your college is too expensive, mine was too.
I don't care that the latest i-whatever came out from Apple, don't buy it. You don't need it.
I don't care that CEO's pissed away solid business tactics to earn a few extra bucks.
And I don't care if these companies go out of business, regardless of if it will make getting a mortgage harder.
If the government wants to make homeownership easier, they should get into the lending business. Run it with ruthless efficiency (ilke a business, not like the government), and earn interest from it's own citizens.
Otherwise, tough *****, I pay too much in taxes as it is, and I'm not paying any more. - Kenzan, on 07/14/2008, -2/+11The information that this country is headed for an economic disaster the likes of which are unprecedented has been out there for quite some time. Ask yourself why you chose to ignore it.
It's ant and grasshopper time folks. - leerayIG88, on 07/14/2008, -0/+9unforeseen consequences....
- inactive, on 07/14/2008, -0/+9he's talking about BULLETS.
- StopTheLie, on 07/14/2008, -0/+9"It is this, the Fed's policy of artificially cheap credit, that caused the housing bubble that has caused so many Americans so much grief. Banks, awash in reserves created out of thin air by the Fed, began making mortgage loans to just about anyone. With credit freely available, people bought larger and more expensive homes than would otherwise have made sense. They were set up for disaster, when reality would inevitably reassert itself amid the fantasy world the Fed had created. Using Money Zero Maturity figures, we find that the increase in mortgage debt since the 2001 recession is equal to the Fed's increase in the money supply. That is where the new money went, and it is where the housing bubble came from." --Ron Paul, pg 152 "The Revolution - A Manifesto"
- bjornski, on 07/14/2008, -0/+9Know who makes up the Federal Reserve?
Private banks. - geardosdotnet, on 07/14/2008, -0/+9right on, basically this means money isn't worth the paper it is printed on.
After WW1, Germany owed huge debts to the rest of the world, and they ended up simply printing more money to pay their debts. This lead to outrageous inflation, and the destruction of the middle class (who had savings in currency and not large land plots and other tangible products like the upper classes). If you are rich in currency only, and the system collapses, you are suddenly completely and utterly poor.
Basically, the guy who hordes gold coins is going to have somewhat of an advantage when the USD becomes monopoly money. - Aadain, on 07/14/2008, -0/+8Yup, who do you think the US keeps borrowing money from? The rest of the world! So what happens if the US economy completely collapses? All those debts that countries like China are holding become worthless, leading to more economies collapsing. The whole world wide economy was build on eroding sand, and its time they pay for the choosing short term gains over long term stability. It'll hurt, but much like a massive forest fire, its needed every now and then. See you in the soup line.
- inactive, on 07/14/2008, -0/+8you don't say?
- StGhurka, on 07/14/2008, -0/+8You'd probably be late to the party. By the time the list is published, the smart money has already seen it.
- AnarkeIncarnate, on 07/14/2008, -0/+8It is a cycle, but if people lived well within their means, then sure. However, most people are 2 paychecks away from being homeless. They cannot afford to absorb a 4% loss in income.
- rearlgrant, on 07/14/2008, -1/+8simple psychology - individuals past behavior is the best indication of future behavior. How much US debt has been accumulated since 1980. Google RTC.
Since the 80s, Wall Street interests have claimed that US financial problems are created by everyone else but them. The Republican party (the party of personal responsibility dontcha' know) along with complacent Democrats, on the promise of decreasing taxes and less regulation rallies our libertarian tradition and claims government is the problem and not the solution, enabling Wall Street to continue on. Taxpayers (or at least those making under $100,000), have to pay. Reagan, Bush, Clinton, Bush... see the pattern.
When Wall Street companies return the six and seven figure bonuses they've signed off on for the past two decades, I'll believe a fix is in the works. Until then, this cycle of taxing our children to support an inflated economy based on consumer spending will repeat. If this current cycle isn't a reckoning of Depression era proportions, there will be one in the future. There is no amount of consumer spending growth based on financial inventions that can pay off the debt we've accumulated. -
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