Banks are a financial disaster

[imoldernu]

Banks Are A Financial Disaster For Both Shareholders And Depositors | Problem Bank List

Many really unlucky people have seen the value of their investments in bank stocks completely wiped out as in the case of Washington Mutual’s collapse in which shareholders collectively lost over $41 billion. Additional countless billions of dollars of America’s middle class wealth has been vaporized by the failure of 453 banks since 2008.

How many retirement plans of hard working Americans have been disrupted by bank failures and zero interest rates is a question given little consideration even as the Federal Reserve and the Government have bailed out the banking industry with trillions of tax payers dollars. Meanwhile, savers have been robbed of interest on their savings via the financial repression of the Federal Reserve.

Some you know... more you may not know... The interesting part, is the eyes to the future.

Don't read the links in the article... too depressing.

 

[kumquat]

Buy Canadian banks.

 

[Semiretired2008]

I would guess this article would go hand in hand with this news...

Former Citigroup chief Sandy Weill got the market’s attention this week when he told CNBC that he believes big banks should be broken up.


Weill’s comments Wednesday came as a major reversal from an executive who famously played a crucial role in shattering the Glass-Steagall as he combined Travelers and Citibank into a financial behemoth.

The about-face from Weill was met with criticism in many quarters, even from some who have advocated for bank breakups in the past.

Sandy Weill's Bank Breakup Call: Years Late And Billions Short - Forbes

 

[Purron]

Preachin' to the choir. Worked in banks, invested in them too. Been there done that. No more baby.

Luke Bryan Been There Done That with lyrics - YouTube

 

[KRobby]

Banks Are A Financial Disaster For Both Shareholders And Depositors | Problem Bank List



Some you know... more you may not know... The interesting part, is the eyes to the future.

Don't read the links in the article... too depressing.

I agree.

Nobody's ever lost a dime in a Fixed Index Annuity that didn't surrender early. AAA Munis are another very safe place, though the rates are too low for most interest levels.

 

[Chuckanut]

People often forget that the ecomomic mess we find ourselves in was in a good part a result of irresponsiblity on the part of some major financial instututions as well as many smaller ones. Many people lost money and their jobs. Governments have seen tax revenues go down due to decreased business activity. It's easy to blame others and forget who caused this mess in the first place.

 

[pb4uski]

News alert - some stock investments are losers!

While 453 banks mentioned in the OP sounds like a lot, there were 8,305 FDIC insured banks at the end of 2008 and 7,357 at the end of 2011, so the industry is clearly consolidating.

Perhaps the title should be banks were a financial disaster. Banks are much stronger today than in 2008. The total tier 1 risk-based capital of FDIC insured banks was $1.3 trillion at the end of 2011 versus $1.0 trillion at the end of 2008.

http://www2.fdic.gov/SDI/SOB/

 

[MichaelB]

I'm surprised people can sleep at night with so much to worry about.

Yawn.

 

[Midpack]

I'll research problembanklist.com right after

mortgagedfutures.com (same people),
Worldengines Ventures llc (same people & former Director at Morgan Stanley),
legislatorswhoforcedsubprimelending.com, wildlyoverleveragedhomeownerswhoshouldaknownbetter.com,
ratingsagencyasleepatthewheel.com,
tinfoilhat.com and the others.

Feel better now?