U.S. bank failures total 108 after 5 shut on Friday

U.S. bank failures total 108 after 5 shut on Friday

www.reuters.com

"Bank failures are expected to peak this quarter, with the industry slowly recovering from large portfolios of bad loans, many tied to commercial real estate"

"Although failures are still occurring at a rapid pace, it is mostly smaller institutions that have been collapsing recently"

(visit the link for the full news article)

Oh boy, I just came back from work, and decided to check my stock options (I invest only on green companies such as solar panels, natural plastics and renewable energy researchs) the first thing I stumbled was my drunk president, Mr. Luis Inácio, the current brazilian president talking about a possible recession in north america, greater than the previous one after 1929. Anyway, went to reuters to see what was going on and found this, we cannot deny anymore, the U.S economy is going down the rabbit hole and they´re are not caoming back soon. This is a serious proof that the entire economy collapse is no longer a if problem, but a when. I think you all know when, I was a little bit skeptical in the beginning, but 2012 is really going to be it(Not he hollywood or biblical way). You see all the big corporations cashing out US and leaving with no mercy, all the loans they had with american banks are not being paid and with people afraid the numbers of daily accounts closing and number of people cashing out in order to buy reliable value on tradeable goods such as gold and silver(just like in old times) the available physical money is not supporting demand, so the money mechanics is not working anymore. the banks don´t have the money, the people don´t have it either, the federal reserve keeps printing new money everyday, creating way more debt anc causing the actual money value to drop, and in order to try to save themselves(the banks) they are trying to make money really fast by increasing interest rates and executing all mortgages(that´s way so many foreclosures) It´s a dead end. Ship is sinking and there is no rescue boat to pick you up guys. I wish I could have a more positive thinking about it, I have so many good friends in the US. Dark clouds approaching, a long period os blackness and starvation. Learn how to grown your own food, find a place where you can get your own water, if you have a place to go, leave now.

www.reuters.com
(visit the link for the full news article)

reply to post by nostringsonme


The saddest thing is that people in the United States have a problem working together and trusting each other from what I've seen recently. We are going to have to learn how to work together if we are going to survive this. And trust me, there are terrible times ahead. Terrible times. The economy is already near collapsed. Most of the people I know are working low hours for incredibly small wages, or multiple jobs. One is dying.

But NO ONE is going to survive if we can't learn how to work together.

[edit on 31-7-2010 by darkbake]

I know exactly what you´re talking about. I lived 2 years in the US and I noticed how hard is to make friends. I mad a lot of friends while i was living there, well.. as brazilian I thought I had, but didn´t. None of the people I use to live daily, or the friends at work ever tryed to visit me here in Brazil, but I came to visit them a couple times, by that I know how hard it is for you to say that, you guys don´t know how to live together, you bought a very sad way of life wich is the freaken pursuit for money, and that happiness is a beutiful home with a nice truck and all the good brands that you see on tv. My country is going towards that and I´m a observer.