The BIG Con is on, FDIC broke & Guaranteeing bonds to...?????

[Sourdough]

OK, FDIC is Broke (Yes, Rick they can borrow from Congress Which also is not only broke, but Trillions in Debt). FDIC Say's to the banks, prepay your fee's three years in advance. CITIGROUP (Bank) Say's, We will NEED to issue FIVE BILLION IN NEW Bonds to raise the money, These Bonds will be guaranteed by.......yep...FDIC. Smoke & Mirrors. This is exactly like Enron & World Com.

If you get-off fretting about Zombies......start fretting about zombie banks and corporations, States (Like California, and many others), Fake private Corporations like U.S. Postal Service, FDIC, Sally-May, Fannie-may, AIG. If you got any green shoots in your area, it is Harvest time, green shoots are better than dirt. (There are still hundreds of banks FDIC needs to close, they should breech 100 in 2009 this Friday).:tongue_smilie:

[Rick]

I was wondering when you were going to jump on this one. It started looking pretty funny last month when the rate of foreclosures began to drop for no apparent reason. It turns out they actually tanked in June. But the loss of Guaranty Bank and Corus sure didn't help their cause any. I think they are something like 3 billion in the hole at the moment.

You would think Geithner would transfer some of the TARP funds over to Blair for old time's sake. The banks are starting to return some of those funny funds they received earlier this year.

If I read the numbers correctly, there is about 1 trillion excess capital sitting in the banks so Blair's suggestion they pony up three years worth of funds doesn't seem all that ludicrous to me. They dang sure aren't loaning out, which is what the TARP funds was supposed to have promoted.

By the way, your 100 banks tanked doesn't impress me. I've reported before that 1988-89 saw over 1000 (one THOUSAND) fail. That's more than 2 banks every business day for 2 solid years!!!! I'll worry when we approach those kind of numbers.

[canid]

well, i have a cemetery near me and no bank account or credit. i think i'll worry about the zombies first, thank you.

:D

[Sourdough]

By the way, your 100 banks tanked doesn't impress me. I've reported before that 1988-89 saw over 1000 (one THOUSAND) fail. That's more than 2 banks every business day for 2 solid years!!!! I'll worry when we approach those kind of numbers.


NOW, Rick....Tell the members the spin, come on. Tell them how in 88' & 89' those were SMALL mom and pop savings banks, EACH one separate, with "NO" branches, so each one counted as a closure. FAST Forward: Now we have one hundred banks closed in 9 months, BUT here is the kicker, EACH bank has branches (Sometimes hundreds of Branches) that are larger than the Mom & Pop S&L's of the 80's.

Rick, I don't think you help the forum members by putting on the rose colored glasses, and adding a happy face spin. It is just starting to leak-out from Top World leader's, that we were with in one and maybe two hours of a TOTAL world wide melt-down of the financial systems one year ago. And little has changed.

[Rick]

I fail to understand why you consider it rose colored glasses. It is what it is. Nothing about it to color. How on earth did I put a happy face on it?

Two hours from a total world melt down, huh? Where were you on September 17, 2001 when we were literally two hours from being able to open the NYSE? We put the servers back on line two hours before the opening bell.

This is the big one. Everyone of them is the big one according to someone. I can point to a very long history of U.S. economy to show that we come through recessions and depressions just fine. What can you point to, to prove this is the end of all time? Please. If glasses are being colored it isn't me doing it.

[Rick]

Oh, I almost forgot. Monday should be interesting.

[Sourdough]

Two hours from a total world melt down, huh? Where were you on September 17, 2001 when we were literally two hours from being able to open the NYSE? .


Sept. 17, 2001 I was Guiding Moose hunters on the Alaska/Canada Border, when the pilot came on Sept. 19th was the first I heard of Twin-towers and 9-11

[doug1980]

What is FDIC and why are they becoming zombies. :) So who needs to be killed? :)

[Rick]

The FDIC is under the control of the bokor and has no will of its own. At least that's the definition of a Zombie. Now all we have to do is figure out who the bokor is. I don't think Madame Blair qualifies. She also seems to be a mindless, unfeeling monster so she surely has to be a Zombie of her own right.

Jeepers, Sourdough, I'm starting to sound like you.

[Sourdough]

Jeepers, Sourdough, I'm starting to sound like you.

:):):):):):):)

[COWBOYSURVIVAL]

I enjoy learnin' alot on this site! But I gotta tell you the rhetoric between 2 thick hided ole guys just makes me smile! YOU GUYS ARE GREAT!

[Rick]

Ah, shucks, mister. You'll make us blush.

[Rick]

What's the odds that your logon would reflect your feeling of money? Now that's good irony. Maybe I should change mine to sweetdough.:innocent:

[lumpy]

I'm with you sourdough.I've been following the FDIC situation too.Your absolutely right.100 failed banks today is a different animal from 100 banks in 89-90.The projections I've seen say we could lose a 1000 banks before the economy reaches bottom.We're at less than 200 banks now and the FDIC is already broke.Not good at all.Just another nail in the coffin.I wonder what the final nail will be?