"There might be a thousand (banks that will fail). And I'm talking about mostly regional banks... just as they did in the last S&L crisis... We will need Federal assistance."
- Wilbur Ross, LBO investor, reinforcing his prediction that up to 1000 banks will fail in the next few months, September 2008
(full inverview and quote here)
(FDIC limit information here)
September 15, 2008
PEOPLE OF AMERICA - GET YOUR MONEY OUT OF THE REGIONAL BANKS AND GET IT OUT NOW. ASK QUESTIONS LATER. KNOW YOUR FDIC LIMITS. YOU WERE WARNED.
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27 comments:
Why do fools get in line at banks? No internet access?
If you leave your money in the back your F*'d, take it out and buy food / ammo / gas / ect and you will be making 20% return.
Jersey Girl
Is money safe in Merrill Lynch now?
Need to know. . .
Any reports of lines outside WaMu branches yet this morning?
RE: "Any reports of lines outside WaMu branches yet this morning?"
That's the bigger question that will tell us if we're in free fall
How hard is it to withdraw 75k out of a bank? Do you have to give them a warning that you are coming in, so they can have that extra cash on hand. Anyone out there done this? Any advice would help.
Every time a go to a sporting goods store the gun area is supper busy and prices are heading up. Why are all these people buying guns and ammo?
But jim cramer said all is well.housing will bottom next year and then we are off to the races again.I don't have any real money to worry about losing.Let them all fail.WAMU is certianly feeling some pain.I bet all the insiders already sold their stock long time ago to peons like you guys.
Tee hee.
http://www.bloomberg.com/apps/news?pid=20601087&sid=anGY.jg8ok_0&refer=home
"There's a very good chance that they are the next one to fail,'' said Charles Lemonides, chief investment officer at Valueworks LLC in New York, said of WaMu on Bloomberg TV."
Blogger keith said...
Any reports of lines outside WaMu branches yet this morning?
If IndyMac was any indicator, America prefers to wait until the bank fails to get in line. I think the bank serves courtesy coffee then.
JaneZ
AFter the banks failed they were nothing. They built a house of straw. The thundering machines sputtered and stopped. Their leaders talked and talked and talked. But nothing could stem the avalanche. Their world crumbled. The cities exploded. A whirlwind of looting, a firestorm of fear. Men began to feed on men.
On the roads it was a white line nightmare. Only those mobile enough to scavenge, brutal enough to pillage would survive. The gangs took over the highways, ready to wage war for a tank of juice. And in this maelstrom of decay, ordinary men were battered and smashed.
Except for one man armed with an AK-47, and a Honda full of silver.
WAMU will be bought by JP Morgan . WAMU balance sheets are OK ,in spite of losses .I don't think Downey will survive for to much longer however .
gotta agree with supper busy ....with good reason.............hungry?
over the past 9 months i've been transfering money from Citi to a regional bank that's now part of TD. I feel pretty secure with this one since I went through it's 10k and didn't see tons of bad loans. Of course, they could be hiding stuff too!
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IS EVERYBODY HAPPY?
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Let your money in banks, under the FDIC limits, of course. Have some money on hand for small emergencies. The FDIC guarantee is explicite, and we will get our money, but maybe with delays.
The Greater Depression is among us. I have my garage stocked up with Rice and water! Those who haven't have less than 2 weeks to do so before the Depression hits! You've been warned!
WaMu down 23 percent on the day- so far. It looks like long lines ahead for WaMu, even with internet access.
What is the total value of insured deposits vs. what the FDIC has? Why was Hank saying the banking system was "safe and sound"? At what rate are banks willing to lend to each other overnight?
In any event, you should have a reasonable supply of banknotes available, if things only go moderately bad.
Keith,
That graphic on this post, with the bloodshot eyeballs popping out of that man's head is great!
Did you contract to have this graphic made or did you just find it on the net?
Is is copyrighted? If so, who can I contact to obtain permission to use it? Thanks.
Has the govt said it will bail out FDIC when WAMU goes under? Is it up to the Treasury or Congress? Anyways, I would get my money out now
We had a perfect reminder of how stupid people are this week with Hurricane Ike. Thousands ignored evacuation orders and then called 911 once Ike hit expecting rescue workers to endanger their own lives to save them. I can only hope the Coast Guard and/or state of Texas presents them with a nice fat bill for their rescue.
Keith,
That graphic on this post, with the bloodshot eyeballs popping out of that man's head is great!
Did you contract to have this graphic made or did you just find it on the net?
Is is copyrighted? If so, who can I contact to obtain permission to use it? Thanks.
********************************
http://www.deesillustration.com/Pics1.htm
http://rense.com/1.mpicons/dees1.htm
Have money in regional credit union, joint account, but over $100K.
WTF, I'm supposed to take out $50K and put it in a f'ing mattress? The stock market? I don't trust Wallstreet anymore. I've lost my ass on mutual funds this year.
And I'm tired of the oil and gold hype. Christ, who has time to watch the tickers all day?
"The FDIC guarantee is explicite, and we will get our money, but maybe with delays."
sure would be a shame if your money arrived the day after you starved to death.
IS EVERYBODY HAPPY?
Are you were implying that we brought down the economy just by talking about it? I doubt it, but if that's how it went down then it was sort of a disaster waiting to happen then wasn't it?
HP: "Hey, house prices don't seem to make sense anymore. Who can afford this stuff?"
AMERICA: "Oh noes you killed the economy you jerks!"
See? Isn't that absolutely ridiculous?
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