More banks shut down

NEW YORK (CNNMoney.com) -- Three regional banks were closed by regulators on Friday evening, bringing the 2009 tally to 98.

money.cnn.com...

WOOHOO! GO ECONOMY COLLAPSE!

Although so far this year, we haven't beat the all time high of 181 banks closing in 1992, it is still alarming nonetheless. Later in the article it says the FDIC is down from 45 billion in closure funds to around 10 billion already. Which means its annual budget for buying up failed assets is nearly depleted. And with 3 months still to go and the holidays upon us, More and more people will be pulling larger amounts of cash from the bank to make their purchases. I foresee a massive disaster this christmas holiday.

reply to post by ChineseSuperGenius


Im guessing you have no sense of humor?

It's just a form of sardonic humor, I use it all the time Ill say things like "Im flat broke AWESOME!" its meant to be sort of obvious but the tonal intonation is the important part of saying it so it doesnt translate into text that well

And on the OP Im surprised that the number is that low... I would have expected more around say 200 so far lol

reply to post by ChineseSuperGenius


It was somewhat sarcastic. But really, might as well be happy about it. Cause it is almost inevitable. Why dread the change and hate life when you can embrace it and accept the collapse as a new beginning?

reply to post by Awolscout


and yeah it surprised me too. But the fact that it is relatively low compared to what it COULD be, and the amount of funds that the FDIC has already spent on that low number could be an indication that not all of the foreclosed banks were just your neighborhood credit union.

reply to post by Mr. Toodles


It's true especially considering that often times several smaller banks will be owned by a larger group, so if the larger bank goes down there's really no telling how many smaller banks and loan companys go down with it...

reply to post by Awolscout


That is true. And that being said, raises another possibility IF by some means the economy does not end up dying altogether. What will happen when it comes back up? With the Governments bailouts and buying up so many bad assets, we will end up with a Government that owns pretty much everything we touch. And if not, then the few banks that are left standing have monopolized all local banks and unions. Meaning they have the right to skyrocket interest rates through the roof on loans when they start loaning again. Without competition...this could end up being far worse if the economy recovers. COULD be worse.

Originally posted by ChineseSuperGenius
reply to post by Mr. Toodles

 

I just hope you are being sarcastic when you say things like woohoo, go economy collapse, because if you arent that is really sad.

Some people here like fresh doom. Who are you to judge? I am sure you get excited about things, let us have this....

reply to post by Mr. Toodles


Oh it would definitely be worse, devaluation of a monetary system (In this case the american dollar) is normal, look at the fluctuation of the pound; certain instances have taken its value to far below that of the dollar and at the moment its far above, I think it really comes down to it not necessarily being a bad thing that so many banks close what worry's me is that as this is happening and the dollar is devalued (again completely normal for a monetary system) that the rate of inflation is continuing to increase instead of a drop in prices to compensate for a lowered value they rise and people take loans and create debt for themselves which IF the economy turns around and several options are gone for banking the essentially monopolized banking world will drastically increase loan rates, and come away with more money than if they just stayed closed

Nothing is going to change, Economics is really a science of managing the chaos of greed.

If things become better, reform wont need to come.

If things go for worse, what will be left to reform?

I am starting to believe that all the corporate governance laws that are passed are only used to protect the government and big business.

All of us regular folks just find a way to swim away from the big fish and stay out of the tow.