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  #1 (permalink)  
Old 08-15-2009, 06:01 AM
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Post Bad News For Banks

According to this and some other reports there may be even more bank closings coming soon. Not good news but there seems to be little of that lately.

http://www.bloomberg.com/apps/news?p...d=apZ_EpwYGU4E

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Old 08-15-2009, 06:29 AM
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Colonial is huge back east.They've spent the past twenty years gobbling up all the "mom & pop"banks.In the city i grew up in,there are no surviving banks from when i was a kid.Every last one has been taken over.
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Old 08-15-2009, 06:45 AM
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Bill,

That sounds like around here. Years ago they started a small bank with just offices in Shasta Lake and Redding. Then another one bought it and then it was sold again and on and on and all that remains of it is they kept the original name, but it is owned by some big corporation that has banks all over the West.

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Old 08-15-2009, 08:26 AM
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All of this consolidation was supposed to benefit the consumer. All it seemed to do was benefit the CEO's.
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Old 08-15-2009, 08:39 AM
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There were at least 11 different banks in New Britain while i was growing up.Not one single bank name is the same now.
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Old 08-15-2009, 10:55 AM
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I wish the term "best for the consumers" would require a notice form the Surgeon General warning that this product will cause ulcers for consumers.
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Old 08-15-2009, 12:33 PM
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More than 150 publicly traded U.S. lenders own nonperforming loans that equal 5% of their assets, a level that can wipe out a bank's equity and threaten its survival. Their deposits total $193 Billion.

Laws are not being followed by regulators, allowing banks to function when they should be closed.

We appear to have avoided a depression, but we have in fact done no such thing. We have instead played 'extend and pretend.'

We are no way near the end of this crisis.
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Old 08-16-2009, 06:21 AM
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I am not sure if this is all accurate, but Ray should be able to read it and tell us if it is close. It says that 5% of all banks are possibly in trouble.

http://www.bloomberg.com/apps/news?p...d=aTTT9jivRIWE

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Old 08-16-2009, 09:21 AM
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It's that bad. Don't put funds in any bank that exceed the FDIC limit.
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Old 08-16-2009, 09:49 AM
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Is what I read a few days back about the Govt.ordering Fannie Mae and Freddie Mac to ease up and let more people have home loans also true? If so, that sounds almost as if the govt. is going to drive things right back to where they were when the big housing market collapsed as people who can't make the big payments when they come due, and people that may not have jobs much longer would be buying houses and then losing them due to foreclosures.

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