8,500 U.S. banks; many will die soon - Daily Kos

robertpaulsen

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Tue Jul-22-08 02:23 PM
Original message

8,500 U.S. banks; many will die soon - Daily Kos

8,500 U.S. banks; many will die soon(updated 3x)
by Stranded Wind
Sun Jul 20, 2008 at 03:49:28 AM PDT

I called the death of Indymac Bancorp on Monday, July 7th. The Federal Deposit Insurance Corporation seized Indymac on Friday, July 11th.

I called the implosion of the two Government Sponsored Entities in the mortgage business, Fannie Mae and Freddie Mac on Wednesday, July 9th. Sunday, July 13th the White House announced a bailout for them.

Want to know what happens next? It’s ape ass ugly and it’s going to happen to you, so don’t say I didn’t warn you.

http://www.dailykos.com/storyonly/2008/7/20/64928/7807/206/554077

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Speck Tater

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Tue Jul-22-08 02:27 PM
Response to Original message

1. The REALLY scary thing I read in another article...

the FDIC has a watch list of banks that are in trouble. INDYMAC was not on that list. It came out of left field.

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skooooo

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Tue Jul-22-08 02:31 PM
Response to Original message

2. Until things surpass S&L crisis of the 1980s....

...I find it pretty hard to be too alarmed at the current downtrend.

Flame away, if you like, but relatively speaking, the financial sector has not suffered as much as is being played up in some of these dire articles.

On the human level, however, I think people are suffering with lack of health insurance and eroding wages. Still, I think things can still be turned around or the worst case scenarios avoided.

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2Design

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Tue Jul-22-08 07:18 PM
Response to Reply #2

3. BFEE strikes again - and I am sure they will take more than they

did with the s&L and they learned then that the government bails out the rich

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