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When is the best guess when banks are shutting down...IF it happens?
09-24-2008, 12:57 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Mar 2007
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When is the best guess when banks are shutting down...IF it happens?
I heard on the tv last night that 1,000 banks should shut down--and many of the biggest ones are in there--but have not heard one peep myself as to when this event is to happen (of course, remember I have been out of it for 4 months). What is the best guess as to when this will happen if it does? What are the chances it will?
FDIC did hire something like 250 auditors or somesuch according to the Wall St. Journal a few months ago.
Anyone with an inside track here?
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09-24-2008, 01:05 PM
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#2
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Sounds like a scary news show! I haven't heard anything like that, myself.
Have you seen it anywhere online, where you can provide a link? It is pretty hard to believe, isn't it. I wonder if it was even true.
If 1000 banks went belly-up, that might really strain the FDIC (to put it mildly).
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
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09-24-2008, 01:41 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jun 2005
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i've heard over the course of the year. a lot of regional banks have CRE exposure that is going bust
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09-24-2008, 01:58 PM
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#4
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Its always amazing to me how much happier I am when I dont watch or read the news. And whether I do or not, there really isnt a dang thing I can do to change the processes or the outcome.
It seems that both Bernanke and Paulson yanked out the red phones in their offices that I used to call them on... 
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Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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09-24-2008, 02:04 PM
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#5
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I heard the FDIC was recently rehiring some retired folks but did not think the # was that large. Since 12 banks have gone down so far in 2009 I wonder what the time frame was; 1,000 banks in the next 100 years, or was it this year; in which case they better hurry up as that would be 10 a day - or about 70 on each of the Fridays left in the year (Friday is traditionally (whatever that is today) the "closing day").
BTW do you have a reference or link for the story? I like to read D&G stories on the economy.
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09-24-2008, 02:25 PM
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#6
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How dare they? It's not like they've been BUSY lately or anything!  We'll have to go chew them out.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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09-24-2008, 02:32 PM
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#7
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Well that was sure pennywise and pound foolish of them time wise.
I could have told them what we've been saying they ought to do, and streamlined the whole situation.
I think I've got Cheney on the line though. It might be Burgess Meredith. Hard to tell.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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09-24-2008, 02:36 PM
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#8
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Give me a museum and I'll fill it. (Picasso)
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Give 'em H-E-doubletoothpicks (as Radar O'Reilly used to put it)!!
Tell them that we want them to fix this situation and we don't want to pay a trillion dollars! 
If you get either of the candidates on the phone, tell them to calm down and go take a nice bubblebath, since neither of them is in a position to do much else about it.
Back on topic .... I have been searching for a link to the story that Orchidflower heard, and haven't found it yet. Doesn't mean it's not out there, though.
Apparently the FDIC has been adding staff since March or before, expecting more bank failures. And, their reserves are currently less than what is mandated by Congress. I didn't save the links for either of those fascinating tidbits.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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09-24-2008, 02:46 PM
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#9
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Ah-hah!!! I KNEW Orchidflower wasn't pulling this out of her hat:
Wilbur Ross: Possibly a Thousand Banks Will Close - Financials * US * News * Story - CNBC.com
Apparently kazillionaire Wilbur Ross said this on CNBC. He was just saying that is what he thought.
 Quote:
In an exclusive interview with CNBC.com, Wilbur Ross, chairman and CEO of WL Ross & Co., says he sees possibly as many as a thousand bank closures in the coming months. And this will create opportunities for investors.
"I do think a lot of the regional ones will (close), just as they did in the last savings and loan crisis in the 1990s," Ross said.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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09-24-2008, 02:48 PM
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#10
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09-24-2008, 02:50 PM
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#11
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Here is a link on problem banks: CARPE DIEM: We're Still A Long Way From a Real Banking Crisis
I did not see your post before putting this one up. I am leaving this one as there are some historical prospective contained in it. I think I did see Mr. Ross make his statement. He seems to be a frequent guest on CNBC.
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09-24-2008, 06:04 PM
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#12
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Last January the Wall St. Journal predicted this as the FDIC hired 25 retired auditors to check the banks with the eye to many banks failing soon. There was more than one news article on this, also, on tv and in the Journal, and, for some reason, this perked my ears up and I remembered.
OOPS, sorry..I see one of the board members already mentioned this. Sorry for the redundancy.
__________________
Please consider adopting a rescue animal. So very many need a furr-ever home and someone to love them! And if we all spay/neuter our pets there won't be an overpopulation to put to death.
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09-24-2008, 06:09 PM
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#13
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Each individual bank will go belly up according to its own schedule.
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09-24-2008, 06:11 PM
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#14
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WaMu might go belly up next week, Fitch just downgraded them to junk
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09-25-2008, 06:46 AM
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#15
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Quote:
Originally Posted by al_bundy
WaMu might go belly up next week, Fitch just downgraded them to junk
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Tomorrow is Friday - usual day of bank reckoning.
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09-25-2008, 09:05 AM
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#16
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This seems like hot air to me. Talking heads will say anything for airtime. I predict we will have a lot more commentators saying both how very bad and how not so bad the situation is over the next few months. That's my prediction.
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09-25-2008, 09:06 AM
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#17
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Quote:
Originally Posted by Want2retire
Sounds like a scary news show! I haven't heard anything like that, myself.
Have you seen it anywhere online, where you can provide a link? It is pretty hard to believe, isn't it. I wonder if it was even true.
If 1000 banks went belly-up, that might really strain the FDIC (to put it mildly).
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If 1000 banks go bellyup, the FDIC will be bust on bank number 67 or so............ 
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Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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09-25-2008, 09:07 AM
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#18
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i've been hearing the 1000 number for months now, it's nothing new
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09-25-2008, 09:08 AM
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#19
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Give me a museum and I'll fill it. (Picasso)
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I think McCain needs "Computers for Dummies" so he can figure out how to send an e-mail..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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09-25-2008, 09:08 AM
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#20
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Thinks s/he gets paid by the post
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good thing i've been collecting contact info from IT job recruiters. pretty sure RTC v2 will have an office in NYC.
the 1000 number was before the bailout plan. once it passes they will probably sell all the bad loans to the Treasury and there won't be any need to go belly up
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