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08-15-2009, 07:01 AM
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Senior Club Cobra Member
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Join Date: Dec 2001
Location: Shasta Lake,
CA
Cobra Make, Engine:
Posts: 26,591
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Not Ranked
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
Ron |
08-15-2009, 07:29 AM
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CC Member
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Join Date: Nov 2000
Location: Tucson,
Az
Cobra Make, Engine: Superformance 427 Side-Oiler
Posts: 2,156
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Not Ranked
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.
__________________
The rest of the world can have their opinion about the United States just as soon as WE give it to them.
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08-15-2009, 07:45 AM
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Senior Club Cobra Member
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Join Date: Dec 2001
Location: Shasta Lake,
CA
Cobra Make, Engine:
Posts: 26,591
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Not Ranked
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.
Ron
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08-15-2009, 09:26 AM
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Senior Club Cobra Member
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Join Date: Jun 2007
Location: Covington,
wa
Cobra Make, Engine: Superformance # 532, 466 BB, 560HP
Posts: 3,027
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Not Ranked
All of this consolidation was supposed to benefit the consumer. All it seemed to do was benefit the CEO's.
__________________
John Hall
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08-15-2009, 09:39 AM
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CC Member
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Join Date: Nov 2000
Location: Tucson,
Az
Cobra Make, Engine: Superformance 427 Side-Oiler
Posts: 2,156
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Not Ranked
There were at least 11 different banks in New Britain while i was growing up.Not one single bank name is the same now.
__________________
The rest of the world can have their opinion about the United States just as soon as WE give it to them.
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08-15-2009, 11:55 AM
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CC Member
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Join Date: Nov 2006
Cobra Make, Engine: Superformance MIII, Roush 427
Posts: 320
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Not Ranked
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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08-15-2009, 01:33 PM
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Banned
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Join Date: Nov 2003
Location: Middle Of Nowhere,
USA
Cobra Make, Engine: ERA 428 FE 4-speed CR "TL" heavy spline
Posts: 3,907
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Not Ranked
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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08-16-2009, 07:21 AM
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Senior Club Cobra Member
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Join Date: Dec 2001
Location: Shasta Lake,
CA
Cobra Make, Engine:
Posts: 26,591
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Not Ranked
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
Ron  |
08-16-2009, 10:21 AM
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Banned
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Join Date: Nov 2003
Location: Middle Of Nowhere,
USA
Cobra Make, Engine: ERA 428 FE 4-speed CR "TL" heavy spline
Posts: 3,907
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Not Ranked
It's that bad. Don't put funds in any bank that exceed the FDIC limit.
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08-16-2009, 10:49 AM
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Senior Club Cobra Member
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Join Date: Dec 2001
Location: Shasta Lake,
CA
Cobra Make, Engine:
Posts: 26,591
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Not Ranked
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.
Ron |
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