Quote:
Originally Posted by neil0311
Do you believe this or are you just saying it for impact? Name me a single bank that has failed where depositors have lost money. Not only have a fraction of the banks failed compared to the Depression, but because we now have FDIC (and other) backing of deposits, there have not been any runs on the banks or losses by depositors. In the early 1930's, many businesses and individuals had their savings and capital wiped out.
We are in tough times, but I can't figure out why some of you insist on this mantra of the sky is falling and the end of times is upon us. If you enjoy living in fear and building up the worst, then fine. You can't keep on the rose colored glasses but neither can you keep beating the drum of doom and gloom when the evidence is not there to support it.
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Every bank that failed blew savings and retirements of many people who had invested in them...and businesses that invested in them. And people who bought their mortgage backed securities.
And a few 300 billion us taxpayer bailouts, followed by a 700 billion dollar one, and a another 300 billion in the make....that is our money.
Plus, the people who did not 'lose money' were saved by...
ding
taxpayer money via the FDIC. Most of those banks that failed had to have their money covered by the FDIC. That is our money. Sure, you got it out of the bank, but now the debt is what, 11 trillion and counting?
The result may not be exactly the same, but those failures are part of a very long depression. The amount of money LOST by US is so much more than the great depression crash. AND the amount of jobs lost by all those branches adds up to a large number of people who have little or no money coming in.
AND...all those employess lost their benefits, pensions, and anything else that was part of their employment contract.
Painting a rosey face on it is what the people in the media and gov't have been doing for a long time.
'now is the time to buy stocks, now is the time to buy homes'
That is what they say. That is what they said (in about the same way) back in late 1929.
They called it a 'mental recession' and that the fundamentals of industry were strong'
any of this sound familiar?
Hoover 'would not comment on the daily stock market activity'
Hoover and his 'guys' said they were (and they did) make sure the 'banks had enough capitol' to cover ..margins...
Cramer is wrong. He has been wrong about this since 2004 (I watched him)
He was wrong about the homes and prices. Wrong about mortgages.
His 'blowup' was the only thing he was right about, but he never took it very far and never talked about it again.
He was wrong about credit, the market, the recession, etc.
He is good with stocks..but that is where his talent lies.
We are in a not-so-great depression. We need to work on getting out of it, not ignoring it.
That is the difference between drinking kool-aid and leadership.
Right now we need leadership, not another punch bowl.
at least, that is my opinion. I am just a lone soul out here. Take it with a grain of salt.
also, you do not hear much about it, but every single weekend quite a few county and local banks are failing...every weekend, all over the US and the world.
Georgia lost 5 or 6 this last weekend and 4 the weekend before.
California has lost a lot of local banks in the last month.
They are failing in droves, but small enough to be bought up or dismantiled by the FDIC.
just using google news and 'seized fdic' shows a lot.
FDIC has many on their publicly touted list that may fail too.
January is a new president, quarterly reports come out, the throne is passed from one party to another.
My advice is to hold on to your seats, 2009 is gonna be horrible..