September 02, 2008

It should be clear: The FDIC is run by incompetent monkeys who are lying to the American people, and the FDIC itself will now need a taxpayer bailout


There.

I hope that about sums it up.

Get ready to bail out the FDIC HP'ers.

They're out of money, they're knowingly allowing insolvent banks to continue operating, and they're run by yet another incompetent Bush appointee who is in waaaaaaaaaaaaaaaaaaaay over her head.

We knew Indymac would fail, and yet it came out Indymac wasn't even on the FDIC's watch list. And now, right on schedule, we get word that the losses to the taxpayers due to Michael Perry and his gang of criminals at Indymac will be far, far, far worse than the FDIC told us. Gee, what a surprise.

Wait until they find out about WaMu. And First Fed. And oh, so many more.

Get some popcorn.


Cost of IndyMac bailout: Worse than the worst-case scenario

When the federal government seized IndyMac in July, it estimated the failure would cost the FDIC's insurance fund somewhere between $4 billion and $8 billion. Yesterday the FDIC said the cost will be even worse than its previous worst-case-scenario estimate: $8.9 billion.

24 comments:

Getting Worried said...

OK Keith.

So what is your recommendation?

Pull out enough to buy a house for cash?

What if FDIC renigs on their "promise"? Have you thought about that?

They government is leaving the homeowners out to dry. Who says they won't do the same for the savers?

What would you do?

Buy a house or buy gold?

I have enough to pay cash for a house and I certainly don't trust the government to "refund" my money.

And I don't trust that the taxpayers will have enough either.

Your input would be much appreciated.

Getting Worried said...

P.S.

It seems like HPers are the only ones that know how bad it could get.

And I don't mind lowballing.

I won't get 50% off but maybe 25%

We've trusted you this far.

Let us know your honest opinion.

I haven't been reading your blog for 2 years for no reason.

Anonymous said...

Blogging truly is the future. Sitting down with a cup of Java and looking for that Orange "B" to this blog on my bookmark list have been a ritual for me every morning since around Christmas 2005. Sure will suck to see that bookmark go limp soon.

We are headed for seriously difficult times financially.I do HVAC in Phoenix , Arizona and keep this town cool during the warm months. We are seeing a HUGE jump in bounced checks and failed payments. It's digging into our overtime and our company . A lot of people just can't pay.

Anonymous said...

Two Words....

Wall Safe...

Anonymous said...

Does anyone have a link to the FDIC bank failure watchlist?

michael said...

"...and they're run by yet another incompetent Bush appointee who is in waaaaaaaaaaaaaaaaaaaay over her head."

anyone appointed by anyone would be in way over their head keith.

bitterrenter said...

But the republicans are the better choice. Isn't that what the brainstems on here say? After all, the democrats are going to raise your taxes to give to lazy minorities on welfare.

You brainstems need to keep voting republican. It's your duty.

Anonymous said...

As Conservatives are very fond of saying "Government doesn't work". We have had a mostly conservative government since 1969. And you known what? They're right. Conservatives can't govern.

fictional reserve lending said...

"They're out of money, they're knowingly allowing insolvent banks to continue operating..."

They'll just keep changing the accounting rules/lower the capital reserve requirements/eliminate level 3 disclosures/change the rating standards to accomodate the crony banking network.

Otherwise, the sheep might get nervous...

Anonymous said...

This entire housing boondoggle has destroyed any residual patriotism I have had.

I have given up on this once great nation.

If losers, assholes, liars and theives are able to cheat lie steal and then get my tax dollars to bail them out, then I want nothing more to do with this corrupt nation.

If tolerating corruption is something we need to 'accept' in the USA, then the USA is no better than Mexico, Argentina or Brasil.

Just more expensive, with no healthcare or maternity leave.

I am leaving.

Lee.

Anonymous said...

I agree. Overall, the government, the private sector, and we, the people, are so indebted that, minus our assets, we are still flat broke.

The institutions are still running: life seems to be continuing, but one morning soon, we will wake up to a levered implosion, and everything, pretty much, will lock up, and signs will be put in collective windows, and we will be locked out of banks, unemployment offices, and the places we work.
I am speaking literally, not figuratively.

What are we going to do when there is no money available except the change in our pockets, and worldwide, our governments, as long as they last, have to admit, they ruined things, and there is no fixing anything. Alastair Darling, Chancellor of Exchequer in UK, and his counterparts here, are very close to admitting they can't think of a thing to do, and this thing will play out in unforeseen ways.

We will have to invent something new, because within the remainder of my lifetime (maybe 2+ decades)
there will be only vestiges of what
establishment exists now. Put those thinking caps on folks...If you are a community organizer, start making lists of skills from every one you meet, some by observation, some by direct request (you can ask some people, and some you would freak out). Just say you're going to write a book..what are the things people still know how to do.

2009 will be the beginning of the very hard times.

Grandma PKK

k.w. - Southern Ca. said...

You are correct.

The tax payers (mainly private industry workers) do not have enough money, and the government has *already* left house debters out to dry.

No amount of money thrown at this problem will fix it. The only real solution is a drastic cut in house prices, as well as salarie cuts across the board for city, county, state and federal employees.

After all, private industry is what really makes this country work, and it's private industry which provided the pig trough for public service employees to slurp from - that's now going bone dry.

Grab your bag of popcorn and enjoy the show - it's now moving into overdrive.


OK Keith.

So what is your recommendation?

Pull out enough to buy a house for cash?

What if FDIC renigs on their "promise"? Have you thought about that?

They government is leaving the homeowners out to dry. Who says they won't do the same for the savers?

What would you do?

Buy a house or buy gold?

I have enough to pay cash for a house and I certainly don't trust the government to "refund" my money.

And I don't trust that the taxpayers will have enough either.

Your input would be much appreciated.

k.w. - Southern Ca. said...

Just keep in mind who some of the "losers, a*holes, liars and thieves" are ... many are white-collar workers as well - lawyers, doctors, ect... - those who really suffer through this are the ones who tried to play by the rules.

People are wising up now since it's hitting them deeper and deeper in the pocket.


This entire housing boondoggle has destroyed any residual patriotism I have had.

I have given up on this once great nation.

If losers, assholes, liars and theives are able to cheat lie steal and then get my tax dollars to bail them out, then I want nothing more to do with this corrupt nation.

If tolerating corruption is something we need to 'accept' in the USA, then the USA is no better than Mexico, Argentina or Brasil.

Just more expensive, with no healthcare or maternity leave.

I am leaving.

Lee.

k.w. - Southern Ca. said...

Right on Grandpa!

Most folks here, especially in sunny Southern Ca., still seem oblivous - despite the growing number of bank-owned properties
dotting the coast - the really
bad losses are just starting to surface.

For starters though, we could start by throwing the bankers, their lawyers and wallstreet cronies in the slammer.

How will the next president go about handling this problem? Is he truely worthy of our vote?


I agree. Overall, the government, the private sector, and we, the people, are so indebted that, minus our assets, we are still flat broke.

The institutions are still running: life seems to be continuing, but one morning soon, we will wake up to a levered implosion, and everything, pretty much, will lock up, and signs will be put in collective windows, and we will be locked out of banks, unemployment offices, and the places we work.
I am speaking literally, not figuratively.

What are we going to do when there is no money available except the change in our pockets, and worldwide, our governments, as long as they last, have to admit, they ruined things, and there is no fixing anything. Alastair Darling, Chancellor of Exchequer in UK, and his counterparts here, are very close to admitting they can't think of a thing to do, and this thing will play out in unforeseen ways.

We will have to invent something new, because within the remainder of my lifetime (maybe 2+ decades)
there will be only vestiges of what
establishment exists now. Put those thinking caps on folks...If you are a community organizer, start making lists of skills from every one you meet, some by observation, some by direct request (you can ask some people, and some you would freak out). Just say you're going to write a book..what are the things people still know how to do.

2009 will be the beginning of the very hard times.

Grandma PKK

michael said...

at what point will it be realized that the banks need to raise rates?

Anonymous said...

My credit union pays 6.15% APY on Interest Checking Acccount.

Not sure why some people can't find good rates or returns these days. Return on my portfolio has been 18% during the so-called meltdown. And I'm playing conservative.

Perhaps they want Obama to get them by the hand while he waves his magic wand to create a decent return on investments. After all, this is a new America in which is always someone else's fault or they cry for gimme gimme gimme nanny state.

Go take a Finance class in college, bunch of lazy a$$. wahhh wahhhh wahhh

Anonymous said...

What a great idea, pick Biden, the Delaware Banker puppet to be a VP. Talk about a wolf taking care of the hen. And all the brainless cultists said Amen to the anointed One pick.

Anonymous said...

Just the tip of the iceberg.

A considerable slice of the pooled mortgage debt is collateral fraud; the same property represented multiple times.

This is apart from the difficulties of even proving standing to foreclose; it is why we see only a trickle so far compared to what's coming.

It's a fraud on the most immense scale we could possibly imagine. One that, apart from handing us the entire bill, will never be properly reconciled.

You can be sure that transparency is the absolute last thing the government or the stockholders desire.

Reality said...

Isn't every single government project supposed to over-run its original budget? That's why we can't afford to have another set of big government programs from the likes of Biden and his teleprompt reader Obama.

Anonymous said...

Anonymous said...
I agree. Overall, the government, the private sector, and we, the people, are so indebted that, minus our assets, we are still flat broke.

The institutions are still running: life seems to be continuing, but one morning soon, we will wake up to a levered implosion, and everything, pretty much, will lock up, and signs will be put in collective windows, and we will be locked out of banks, unemployment offices, and the places we work.
I am speaking literally, not figuratively.

What are we going to do when there is no money available except the change in our pockets, and worldwide, our governments, as long as they last, have to admit, they ruined things, and there is no fixing anything. Alastair Darling, Chancellor of Exchequer in UK, and his counterparts here, are very close to admitting they can't think of a thing to do, and this thing will play out in unforeseen ways.

We will have to invent something new, because within the remainder of my lifetime (maybe 2+ decades)
there will be only vestiges of what
establishment exists now. Put those thinking caps on folks...If you are a community organizer, start making lists of skills from every one you meet, some by observation, some by direct request (you can ask some people, and some you would freak out). Just say you're going to write a book..what are the things people still know how to do.

2009 will be the beginning of the very hard times.

Grandma PKK

September 02, 2008 4:40 PM

----------------------------------------------------------------------

You are very right. If you look this whole thing was written in the bible check Revelation. These are the last days. I have been holding back saying this but I feel now is the time. Enjoy whatever you have now because tommorow is not promised.

RayNLA

houston, we have a problem said...

NEWS FLASH * * * * *

SEPT 3rd, 2008 -SEOUL -(Dow Jones)- South Korea's state-owned Woori Finance Holdings ( 053000.SE) said Wednesday that it isn't looking at investing in Lehman Brothers Holdings Inc. (LEH).
********************************

KA-BOOOOOM!!!!

YOU WERE RIGHT KEITH!!!!

THANKS AGAIN!!!!!!!!

LEH is now worthless! Zip. Notta.

PS: Thanks again bush supporters (and criminal chicken hawk democrats)for keeping your head up your a*s for all these many years under the bush regime. I love watching our country burn in flames from you tragic idiots.

Just hillarious. What a hoot. And the band played on...

Anonymous said...

Anon said:"My credit union pays 6.15% APY on Interest Checking Acccount."


Are you sure it's safe? Credit Unions too have been giving out loans like crazy...if I were you, I would really try to find out why their rate is higher than WAMu who is just about to go under.

Anonymous said...

Keith, I think it is all part of the agenda. The Libertarians want to put in their New World Order. But first they had to have Alan Greenspan bankrupt and destroy the middle class.

Anonymous said...

The Libertarians want to put in their New World Order. But first they had to have Alan Greenspan bankrupt and destroy the middle class.

Yes, those powerful Libertarians, they've completely destroyed the Democrats and Republicans and roared to an indomitable majority!

*cue cuckoo clock*