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10-05-2008, 10:33 PM
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Registered Member
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Join Date: Sep 2008
Posts: 1,663
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CNN says More Bank Failures Coming
Click on the front page of www.cnn.com.
Economists are saying more bank failures are coming. European banks are failing. The global ecomomy is teetering.
We are moving past the potential for recession. I believe we are already in the beginnings of an economic depression. This is going to get much, much worse.
In my area of the country, car dealerships are closing left and right. Grocers are closing. Inflation is through the roof, particularly on groceries.
There is the potential that we may be entering an age of centralized global banking.
Scary stuff.
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I'm (sic) not cynical, I just haven't been around long enough to be Jedi mind-tricked by politics as usual. Alas, maybe in a few years I'll be beaten back into the herd. tstew
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10-05-2008, 10:53 PM
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Registered Member
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Join Date: Feb 2007
Location: North of I-10
Posts: 2,831
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Re: CNN says More Bank Failures Coming
I was reading an article on a financial forum, and this article predicted another big drop in the market next week. It also predicts some political upheaval as in attack before the upcoming election. This article recommended that everyone have at least 6 months of cash available for the year ahead. I agree we are in fearful times, but we know who hold tomorrow and our hope is not in this world.
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10-05-2008, 10:54 PM
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Registered Member
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Join Date: Apr 2007
Location: USA
Posts: 1,315
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Re: CNN says More Bank Failures Coming
http://www.cnn.com/2008/US/10/05/sha....ap/index.html
Here's a quote from the cnn.com article:
The darkening clouds already have some depositors pondering a question that always seems to crop up in financial panics despite deposit insurance: Could it possibly make more sense to stash cash in a mattress than in a bank account?
"It sounds like a joke," said business owner Mauricoa Quintero as he recently paused outside a Wachovia Bank branch in Miami. But it sounds safer than the turmoil out there right now."
Not as many banks are likely to fail as in the S&L crisis, largely because there are about 8,000 fewer today than there were in 1988.
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God is so good!
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10-05-2008, 11:15 PM
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Registered Member
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Join Date: Jul 2007
Location: AZ
Posts: 16,746
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Re: CNN says More Bank Failures Coming
Pestilence!
Famine!
Cats and dogs!
Strong gusts of wind!
As Charlie Brown often said.... ARRRGGGHHHHHHHHH!!!
(I swear. The end MAY be near, but one of the big reasons I have been barely posting is the sadistic glee that so many people have wallowing in this stuff.)
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10-05-2008, 11:18 PM
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Forever Loved Admin
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Join Date: Dec 2007
Location: Texas
Posts: 26,537
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Re: CNN says More Bank Failures Coming
Quote:
Originally Posted by RandyWayne
Pestilence!
Famine!
Cats and dogs!
Strong gusts of wind!
As Charlie Brown often said.... ARRRGGGHHHHHHHHH!!!
(I swear. The end MAY be near, but one of the big reasons I have been barely posting is the sadistic glee that so many people have wallowing in this stuff.)
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__________________
If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.
2 Chronicles 7:14 KJV
He hath shewed thee, O man, what is good; and what doth the LORD require of thee, but to do justly, and to love mercy, and to walk humbly with thy God? Micah 6:8 KJV
Beloved, now are we the sons of God, and it doth not yet appear what we shall be: but we know that, when he shall appear, we shall be like him; for we shall see him as he is. 1 John 3:2 KJV
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10-06-2008, 12:57 AM
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Go Dodgers!
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Join Date: Feb 2007
Posts: 45,787
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Re: CNN says More Bank Failures Coming
Quote:
Originally Posted by Charnock
Click on the front page of www.cnn.com.
Economists are saying more bank failures are coming. European banks are failing. The global ecomomy is teetering.
We are moving past the potential for recession. I believe we are already in the beginnings of an economic depression. This is going to get much, much worse.
In my area of the country, car dealerships are closing left and right. Grocers are closing. Inflation is through the roof, particularly on groceries.
There is the potential that we may be entering an age of centralized global banking.
Scary stuff. |
Hmmm...where I am I have yet to see a dealership close, bank or grocery store.
__________________
Let it be understood that Apostolic Friends Forum is an Apostolic Forum.
Apostolic is defined on AFF as:
- There is One God. This one God reveals Himself distinctly as Father, Son and Holy Ghost.
- The Son is God himself in a human form or "God manifested in the flesh" (1Tim 3:16)
- Every sinner must repent of their sins.
- That Jesus name baptism is the only biblical mode of water baptism.
- That the Holy Ghost is for today and is received by faith with the initial evidence of speaking in tongues.
- The saint will go on to strive to live a holy life, pleasing to God.
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10-06-2008, 12:58 AM
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Go Dodgers!
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Join Date: Feb 2007
Posts: 45,787
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Re: CNN says More Bank Failures Coming
Quote:
Originally Posted by RandyWayne
Pestilence!
Famine!
Cats and dogs!
Strong gusts of wind!
As Charlie Brown often said.... ARRRGGGHHHHHHHHH!!!
(I swear. The end MAY be near, but one of the big reasons I have been barely posting is the sadistic glee that so many people have wallowing in this stuff.)
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The fear mongering just makes it worse. The more people fear the more they sell off stocks and take money out of banks....then guess what happens?
__________________
Let it be understood that Apostolic Friends Forum is an Apostolic Forum.
Apostolic is defined on AFF as:
- There is One God. This one God reveals Himself distinctly as Father, Son and Holy Ghost.
- The Son is God himself in a human form or "God manifested in the flesh" (1Tim 3:16)
- Every sinner must repent of their sins.
- That Jesus name baptism is the only biblical mode of water baptism.
- That the Holy Ghost is for today and is received by faith with the initial evidence of speaking in tongues.
- The saint will go on to strive to live a holy life, pleasing to God.
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10-06-2008, 08:38 AM
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Administrator
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Join Date: Feb 2007
Posts: 13,829
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Re: CNN says More Bank Failures Coming
Quote:
Originally Posted by Praxeas
The fear mongering just makes it worse. The more people fear the more they sell off stocks and take money out of banks....they guess what happens?
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 There was a farmer had a dog and BINGO!!!! ...was his name-o...
__________________
"God, send me anywhere, only go with me. Lay any burden on me, only sustain me. And sever any tie in my heart except the tie that binds my heart to Yours."
--David Livingstone
"To see no being, not God’s or any, but you also go thither,
To see no possession but you may possess it—enjoying all without labor or purchase—
abstracting the feast, yet not abstracting one particle of it;…."
--Walt Whitman, Leaves of Grass, Song of the Open Road
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10-06-2008, 09:20 AM
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but made himself of no reputation
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Join Date: Mar 2007
Location: middle Atlantic region
Posts: 2,091
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Re: CNN says More Bank Failures Coming
Quote:
Originally Posted by Praxeas
The fear mongering just makes it worse. The more people fear the more they sell off stocks and take money out of banks....then guess what happens?
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We will probably never know what the big players are doing, but I do find it interesting that Wachovia's newly found silver lining is the extent of private depositors. Apparently commerical paper as a source of capital is considered a non-option for the immeidate future (24 months?).
Does Jim Crammer hold any credibility in your mind? If so, he indicated this morning that any money you may need in the next FIVE years should NOT be in the stock market (commerical paper equities). For a guy who makes his living based on the signficance of stock trading, I find his comments to be
noteworthy.
Fear is very limited in its production of thoughtful actions, but it does serve to alert us to the possibility of dramatic change. If we think we can go from 6 Trillion in national debt in '03 to 10.3 trillion in national debt in 08, and not be witnessing a new financial paridigm that will replace the dollar in every international exchange, we are powerfully niaive. All this while we enter into a decade long Japan-esk inflationary hangover where our purchasing ability is reduced to life's staples (hopefully!).
If the US taxpayer is now nothing more than a backstop to supply extra time needed by the stakeholders in the Federal Reserve to move and jetison, welcome to the new day where we all can be in debtor's prison together in support of the profit-takers who benefitted during the run-up.
Hey, good things will come from this, but they will not come wrapped in creature comfort and convenience. In addition, each of us will be able to see what we have been trusting in...while we still have breath in our bodies.
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Wherefore, my beloved brethren, let every man be swift to hear, slow to speak, slow to wrath [James 1:19]
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10-06-2008, 09:23 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: CNN says More Bank Failures Coming
What makes me mad, is I think many of us little guys have seen this coming down the pike for years and said "It's not a matter of if, it is a matter of when." And have been powerless to do anything about it. I have sometimes wondered if it isn't intentional. I mean, 10 TRILLION dollars?? I was worried when it was three. And it's been business as usual for so long.
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Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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