(Sunday July 13, '08) Are banks going to fall like dominoes?What will it mean to the middle class? (Friday- Fed regulaters siezed Indy Mac, can the fed borrow from the U.S. Treasury to cover? Will the dollar collapse? bottom line- Is this the New Great Depression?? | |
Remember that months ago when the Treasury Department bailed-out Bear Stearns, regulations dating back to 1929 were invoked to bail out that one.
Now, we have the FDIC coming in to rescue the depositors & investors in Pasadena, CA's IndyMac, the second-largest move in history.
Apparently, there are 94 other banks "at risk" 7& for the life of me, I cannot find that list!
Here in our no-traffic-signal, remote town, the 120 year old local bank was cited by the Comptroller of the Currency, Department of the Treasury, last fall with "unsafe & unsound banking practices particularly in the area of credit-management." To date, none of the mutually agreed recommendations have been implemented!
So, I'm not very optimistic as I don't think we even know the scope of the national/international banking crisis.
I'd like to learn to speak Mandarin Chinese so that I might be able to beg more effectively!
My sister tried to cash a $25,000 check & the bank said they did not have the money, what does that tell you. This was a large bank in a major city! All this happened on Thursday.
I don't think it is going to be pretty!!!!
Blessings!
i hope not :( i got a while left to live. lol half of that i didnt even under stand i just read the 1st answer and commented on that
I think theyre trying to keep us all calm but everyone knows we are in a world of sh*t. Its about to get really bad.
7/14/08
Nope.
