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Gayle in MD
08-27-2008, 11:51 AM
"There does not exist an engine so corruptive of the government and so demoralizing of the nation as a public debt. It will bring on us more ruin at home than all the enemies from abroad against whom this army and navy are to protect us." --Thomas Jefferson, 1821


I.O.U.S.A. opens in 10 cities on August 21 and will continue rolling out to additional markets thereafter. The film will also be playing during both the Democratic and Republican Conventions.



This is the single most important film you will see this year.

And on another note, evidence of our rob Peter to pay Paul, and de-regulation happy, Republican policies, which, btw, McCain has fully supported at every turn, particularly in the banking industry,....


FDIC May Borrow Money From Treasury:
(Reuters) - Federal Deposit Insurance Corp (FDIC) might have to borrow money from the Treasury Department to see it through an expected wave of bank failures, the Wall Street Journal reported.

The borrowing could be needed to cover short-term cash-flow pressures caused by reimbursing depositors immediately after the failure of a bank, the paper said.

The borrowed money would be repaid once the assets of that failed bank are sold.

"I would not rule out the possibility that at some point we may need to tap into (short-term) lines of credit with the Treasury for working capital, not to cover our losses," Chairman Sheila Bair said in an interview with the paper.

Bair said such a scenario was unlikely in the "near term." With a rise in the number of troubled banks, the FDIC's Deposit Insurance Fund used to repay insured deposits at failed banks has been drained.

In a bid to replenish the $45.2 billion fund, Bair had said on Tuesday that the FDIC will consider a plan in October to raise the premium rates banks pay into the fund, a move that will further squeeze the industry.

The agency also plans to charge banks that engage in risky lending practices significantly higher premiums than other U.S. banks, Bair said.

The last time the FDIC had borrowed funds from the Treasury was at nearly the tail end of the savings-and-loan crisis in the early 1990s after thousands of banks were shuttered.

The fact that the agency is considering the option again, after the collapse of just nine banks this year, illustrates the concern among Washington regulators about the weakness of the U.S. banking system in the wake of the credit crisis, the Journal said.

(Reporting by Sweta Singh in Bangalore; Editing by Erica Billingham)

<span style="color: #000066">Washington Regulators? BWA HA HA HA...that's a good one! Ah, the rewards of our quaisi fascist nation, and those brilliant, self-proclaimed right wing economists, who think that debt, has nothing to do with the economy! /forums/images/%%GRAEMLIN_URL%%/crazy.gif</span>

wolfdancer
08-27-2008, 12:39 PM
From Yahoo finance:
"US thrifts lost $5.4 billion in second quarter; set aside record $14 billion for problem loans
The $5.4 billion quarterly loss compared with net profits of $3.8 billion in the year-ago period, and a loss of $627 million in the first quarter."
BoFa used to be a great bank...until the **** from N.Carolina took it over....I have a running dispute with them, and think they have me "marked" at customer service (an oxymoron, by the way)
WaMu was another good bank caught up in this mort loan crisis...the stock is down from $45 to $3.51 ....I keep buying more, and soon will be the major stockholder /forums/images/%%GRAEMLIN_URL%%/eek.gif, and preside over them shutting the doors for good....

Deeman3
08-27-2008, 12:48 PM
From all of the above, I'd say that GWB has giving the Democrats a good start in dismantleing the corporate facist economy we keep hearinf about. Maybe they are in cahoots! /forums/images/%%GRAEMLIN_URL%%/smile.gif

Wolf, I am finally willing to take the pludge in the WaMu stock. I, like you, think it will jump back up and I don't want you to be the only fat cat, not knowing how many houses we have between us. /forums/images/%%GRAEMLIN_URL%%/smile.gif

wolfdancer
08-27-2008, 12:52 PM
As a major stockholder, I may appoint you to the board!!
We buy enough stock between us , and we still won't ever know how many houses we own, with more loans defaulting every day

sack316
08-27-2008, 08:28 PM
I'm in on the wamu thing. Can anyone spot me a few bucks?

Sack