techzone12

The U.S. Banking System's Terrifying Balance Sheet

I wonder what would happen if all these trillions were funneled to the taxpayer instead!!.

On Apr 08 08:54 AM Lilguy wrote:

> ...and, so, remind again: Why is this financial system worth saving
> if it is essentially bankrupt? Why are these banks "too big to fail"
> if, as it appears, they have already? Why are we putting America
> in such deep hock to save these frauds and fools?
>
> I would note that, just last week (3/31), Bloomberg had an article
> detailing all the measures of the US Government to stimulate the
> economy. The programs together total commitments of $12.8 trillion.
> Wall Street's share of that--as reflected in Mr. Durden's article
> & Mr. Salmon's commentary--is some $9.3 trillion. Main Street's
> share--money for the other 300 million of us--is a mere $1.3 trillion
> while the USG has set aside $2.5 trillion to cover the bad bets of
> the GSEs and likely funding needs of the FDIC. (Nothing like covering
> the bad debt of the USG with more debt guaranteed by the "full faith
> and credit" of the USG!)
>
> Does any of that seem as wrong-headed to the rest of you as it does
> to me? What about the 5 million newly unemployed since the recession
> began? What about the 48,000 business failures last year--up from
> 28,000 in 2007--and the projected 62,000 such failures this year?
> What about the projected 1.5 million personal bankruptcies this year?
> ...and that doesn't even touch the massive damage to household wealth
> from decimated house values, depleted 401Ks, and overwhelming debt.
>
>
> What the hell is the Administration (& its predecessor) and the
> US Congress doing??

Exclusive: Big Banks' Recent Profitability Due to AIG Scam?

As Rahm Emanuel put it down, "a crisis is a terrible thing to waste". Scammers are still out there looking for new "opportunities".
I got news for them. I think they have milked the cow too much. Now the cow is on the brink!

BofA's Merrill Purchase: Good for America, Bad for Them

You gota love this country. If you get caught shoplifting, you'll be thrown in jail, but if you steal billions then it's OK!. Meanwhile BOA is tanking and Lewis still gets to keep his job!

Lewis is an idiot. He should have known that he works for the stock-holders. He is not a federal employee. I mean these CEO's get paid millions to run a big enerprise, when someone with a half a brain (thats me) can run it better than them. When the risk is high, you need to take defensive measures, not gamble with more risk.

Credit Markets Take a Beating

We should call it TRAP not TARP!! The governemnt refuses to tackle the source of the problem, which is foreclosures. The bubble is about to burst, and the bandages won't work. I am glad that I have stayed in cash since end of 2007.