What is Digg?476 Comments
- LemonDefragger, on 07/26/2008, -41/+839URGENT! BREAKING! EVERYBODY PANIC!
shut up, and get off caps lock - kylevonolbert, on 07/26/2008, -11/+251These banks failed earlier today, not this evening. Check Google News... the news broke around noon.
Anyway, quit panicking. Comments like "Go withdraw all your money!" are ridiculous.
Yes, 7 out of 8,494 banks have failed this year. For comparison, 12 banks failed in 2002. Right now, I don't see any catastrophic systemic risk to our banking system. A few more will probably fail, and writedowns will continue through this quarter, but as long as we don't do anything drastic, like go to war with Iran, these closures aren't a big deal in "the big picture."
If you're truly afraid, set this as your homepage:
http://www.fdic.gov/bank/individual/failed/banklis ...
Granted, everything is more or less inter-related, but bank failures aren't what I'm worried about... inflation is what has me nervous right now. - chaos7, on 07/26/2008, -7/+176obnoxious title
- King0007, on 07/26/2008, -10/+111Here is the second one
http://www.fdic.gov/bank/individual/failed/heritag ... - wannapiece, on 07/26/2008, -24/+122There has been 7 this year alone... http://www.fdic.gov/bank/individual/failed/banklis ...
If you're gonna digg the death of every one I demand to know why. - King0007, on 07/26/2008, -18/+111Please note....of course they did this on a FRIDAY!!! Hmmmm
- inactive, on 07/26/2008, -3/+91"We find it's always better to fire people on a Friday. Studies have statistically shown that there's less chance of an incident if you do it at the end of the week."
- darkchild82, on 07/26/2008, -2/+89"URGENT BREAKING" ? That's a first
- Idiggapony, on 07/26/2008, -1/+81Good thing "DIGG IT!!" was in the title. Otherwise I wouldn't have realized I was supposed to digg it.
It was the second exclamation point that successfully brought this to my attention. - je12u, on 07/26/2008, -4/+70CAPS LOCK IS CRUISE CONTROL FOR NOT GIVING A *****!!
- iChaz, on 07/26/2008, -13/+78URGENT! MAN WALKS ON SIDEWALK!
this ***** happens all the time. shut the ***** up. - thrive868, on 07/26/2008, -2/+65Just think what would happen if Bank of America fails.
- Typhoon2009, on 07/26/2008, -20/+82We're so ***** if one of the giants like Wachovia or Citibank go under...
- digjam, on 07/26/2008, -8/+54At this rate..I wonder who will take over FDIC?
- s4g4n, on 07/26/2008, -2/+43Titles with the words, Breaking, or digg it!! put me off more than a fat woman spreading her legs.
- KurtangleTN, on 07/26/2008, -2/+41Buried for title
- nontoxyc, on 07/26/2008, -7/+45What, me worry?
- locux, on 07/26/2008, -3/+39Actually it'll just be those who have over 100k that are truly screwed. For the rest of us, as the government prints more money to bail these banks out, it equally screws everybody.
- gregdogum, on 07/26/2008, -3/+38Dude, Citibank has assets of something near 5 trillion (someone correct me on the exact number) but if Citibank goes under the world's entire global economy would instantly crash.
- whorunbartertwn, on 07/26/2008, -1/+34>The FDIC said the takeover of the failed banks was the least costly resolution and all depositors -- including those with funds in excess of FDIC insurance limits -- will switch to Mutual of Omaha with "the full amount of their deposits."<
Sorry to interrupt your panic session. - Darkseit, on 07/26/2008, -2/+32Please note, I refuse to digg stuff that says "DIGG IT" in the headline.
- goldenratiophi, on 07/26/2008, -3/+31Maybe then Wachovia will stop showing those annoying commercials.
- Hangly, on 07/26/2008, -0/+26Nope, can't bail that out. There's not enough money in the universe.
- Junkey, on 07/26/2008, -14/+40***** I had money in both of those banks, and I also work in both those banks.
- norman619, on 07/26/2008, -7/+31But...But...But we aren't in a recession....
- Arwin101, on 07/26/2008, -15/+38Try this
http://globaleconomicanalysis.blogspot.com/2008/07 ...
From the link
24. There is roughly $6.84 Trillion in bank deposits. $2.60 Trillion of that is uninsured. There is only $53 billion in FDIC insurance to cover $6.84 Trillion in bank deposits. Indymac will eat up roughly $8 billion of that.
25. Of the $6.84 Trillion in bank deposits, the total cash on hand at banks is a mere $273.7 Billion. Where is the rest of the loot? The answer is in off balance sheet SIVs, imploding commercial real estate deals, Alt-A liar loans, Fannie Mae and Freddie Mac bonds, toggle bonds where debt is amazingly paid back with more debt, and all sorts of other silly (and arguably fraudulent) financial wizardry schemes that have bank and brokerage firms leveraged at 30-1 or more. Those loans cannot be paid back.
What cannot be paid back will be defaulted on. If you did not know it before, you do now. The entire US banking system is insolvent.
__
The disaster is just beginning.. Welcome the world that Curious George built... - susiepitt, on 07/26/2008, -12/+34Getting hysterical about the problem is exactly what they want. have you noticed the amount of change and political legislation that is fast forwarded and made law when people are fearful .The powers that be, are looking to change the world we live in (and not for the better.)They always manipulate circumstances when people are fragmented and scattered...Dont play the game Its not as bad as they are making out ...be sensible and and follow the money trails and I dont mean your money trails I mean the people that wheel and deal in this sort of thing.....There are a lot of fat cats making millions off the backs of a lot of struggling families. Dont get fearful get mad because it only takes a few good people to change circumstances ....ground swell begins with an idea,how are you going to make the little corner of your world positive and put the focus on the real thieves your politicians. Wake up America your country is going to hell in a hand basket and its a shame to see ...you can do something about it just start....research the internet start tracking one world government activity ...Bilderbergers http://www.youtube.com/watch?v=UzQWpsDIpFo
- Typhoon2009, on 07/26/2008, -0/+19Eh, maybe so, but a major bank failing would be indicative of the dire state of things.
- inactive, on 07/26/2008, -5/+24Just remember that the $100,000.00 insured balance will be returned to you on their schedule. Ever hear of the phrase "good enough for government work"? They do nothing well, or efficiently. Plus, they don't mind making on the fly stipulations like, only being able to withdraw $700.00 a month, which has happened before. Even if you did get some sort of funds from the government, which bank are you going to bet on to deposit it in? If everyone attempts to cash... see a domino effect here?
- Setter, on 07/26/2008, -4/+22Do you think that spelling "lot" in capital letters obscures the fact that you provide no evidence?
Expect to see SANTA CLAUS fellating a UNICORN. - sodoh, on 07/26/2008, -2/+20I can burn this place down if you don't give me my stapler.
- mayra1201, on 07/26/2008, -3/+21EASY WITH THE CAPS!!!
- blackjack75, on 07/26/2008, -1/+19Be reasonable. On monday show up at work with a gun, and take what you can while there's still some.
- bdbr, on 07/26/2008, -0/+17That list is minuscule compared to the list of banks that failed in the late 1980's (about 3,000 banks & S&Ls). We survived that, we'll survive this.
- inactive, on 07/26/2008, -2/+19buried for title.
- gn0stik, on 07/26/2008, -3/+19This was to stem the massive run on oil futures the banks held, since the market will be closed over the weekend. After this news broke oil futures dropped massively. Many banks are hedging their dollars in oil. For every bank that fails oil prices drop as they liquidate assets. This causes others to sell as they watch the trend. With this news, as with the FMs and IndyMac oil dropped drastically. With the FMs and Indymac it dropped nearly $20 per barrel as the FDIC forced them to liquidate assets. This cheapened the dollars of other banks. For the ones that were already in trouble it was pretty close to the tipping point. These two are just the first of many. As banks fail oil prices will drop dramatically, lending paper will be handed over to buyers of said paper who will sit on it till the market rises. Typically the FDIC. So they are buying low and selling high, just like with anything else. It's a chain reaction straight to the bottom. But they are trying to slow the crash so it doesn't happen all at once.
If they were smart, the banks would get together and agree on a day to sell their oil futures. This would cause everyone to be able to afford to drive again, which in turn would get people spending again, and perhaps even afford those mortgages they cannot now afford. Or perhaps afford refinancing, it would also cause the dollar to rise, and the banks could actually make money in the process. However, market collusion, even for the betterment of the economy is illegal.
If they don't do something soon, the FDIC will continue with it's land grab, which is commonly misinterpreted as corporate welfare. The Federal banking organizations are buying devalued paper right now, under the guise of saving banks, and will sell that paper when people can afford it again. Watch the pattern. Banks begin to tip, oil drops, fed saves them, oil goes up a tiny smidge, gas prices fall, people spend, stocks increase, dollar increases, rinse, repeat.
The end result, is that the Fed invests in the stocks of these banks and buys their assets, or a large portion thereof, and extend loans to the private bansk. The more the cycle repeats, the more the fed owns, and the more the people owe the fed, resulting in a strong Federal bank, and weak private banks. - King0007, on 07/26/2008, -19/+35Isn't it kind of important to know if your Bank just closes without notice?????? 2 tonight...on a Friday!
- ShitStainedBall, on 07/26/2008, -1/+15Yeahhhhh, I'm gonna have to ask you to move your desk to storage room B. If you could also take care of the roach problem down there that would be greeeeaaat. Thanks.
- ukembe, on 07/26/2008, -1/+14Another safeguard to prevent a run on the bank. A common practice by the OCC.
- siszam, on 07/26/2008, -4/+17The people who pay their bills via automatic withdrawals every month would be screwed. Not only would things be paid late but some things like life insurance might be canceled if they aren't paid by a certain date. I have insurance on my mother who is near the end of her battle with Alzheimer's and no longer insurable. So yes, I would be screwed.
You might have to wait weeks or months to get your money. Then you have to go to another bank, open a new account, set up new automatic payments. Sadly, all that is more reliable than sending payments via U.S. mail.
I'm keeping cash on hand just in case but it's still very stressful. - Idiggapony, on 07/26/2008, -5/+18What you wanna do now is you wanna head down to your local paper money warehouse (i.e. so-called "bank") immediately, and withdraw everything you have. Spend half of it on gold, the other half on about five thousand cans of pork and beans. Then head down to the Ron Paul compound, pull up a chair, and say "I told you so" while you watch the Zionazis, Bilderfascists, Cryptomasons, and all the other neologism-based people abscond with everyone else's money and take it up to their opulent orbiting space palaces.
- BobScratchit, on 07/26/2008, -0/+12Bank of America is the card that all of the military uses for travel expenses.
- inactive, on 08/11/2008, -0/+12At first I wasn't going to digg this, but when I noticed that it was urgent, breaking, and they flat out *told* me to digg it, I just couldn't resist.
- dagoonmaster, on 07/26/2008, -1/+12i cant believe people are getting this worked up, i mean what 900 banks or so failed during the last crisis and were still here, running around and panicking is what leads governments to make mistakes like getting too involved with the market and starting to bail people out ...ooo wait ...*****
- BAFrayd, on 07/26/2008, -1/+11 Bush is not the answer to every negative question. Get over it. When Obama is president and things are still screwed up are you going to blame everything on him?
This mess lies squarely in the lap of the Federal Reserve, with its loose money policies, and with the greed of the mortgage bankers and speculators.
What we need to do is leave these poorly run, greedy institutions to fail. The situation will right itself. The worst thing to do is bail these folks out. Short term pain for the few, but long term benefit for the many. - n8o8, on 07/26/2008, -2/+11I'll digg it because I think the concept is important for people to be aware of, but King0007, know it wasn't wasn't your ridiculous heading that got my digg; in fact it almost cost it.
- thetron, on 07/26/2008, -0/+9Bring on Star Trek Commerce System
- Riffraffs, on 07/26/2008, -0/+9i got $50 in the bank, makes no difference to me.
- mecharabbit, on 07/26/2008, -1/+10THE PTA IS DISBANDING! AAAAAAAAHHH...
- Hangly, on 07/26/2008, -3/+12It's an unfolding crisis...?
I sure want to know. -
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