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TGIF, but not for all Banks

KUCHKUCH Posts: 1,186
in Precious Metals
Well, tomorrow we can expect a few more bank closings. Last Friday it was 5 or 6? I'll venture a quess that 6 more get their doors locked. I understand that when a bank becomes insolvent another bank takes it's debt. How long can that Ponzi plan continue?

Comments

  • bestmrbestmr Posts: 1,780 ✭✭✭
    I'm going to guess 8.
    Positive dealing with oilstates2003, rkfish, Scrapman1077, Weather11am, Guitarwes, Twosides2acoin, Hendrixkat, Sevensteps, CarlWohlforth, DLBack, zug, wildjag, tetradrachm, tydye, NotSure, AgBlox, Seemyauction, Stopmotion, Zubie, Fivecents, Musky1011, Bstat1020, Gsa1fan several times, and Mkman123 LOTS of times
  • dino2008dino2008 Posts: 341 ✭✭
    I'll be an optimist and say 3.image
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    I think they close because no one wants their debt/assets. Thus the FDIC must take over and deal with it.

    The only reasons banks aren't closing by the handfuls is because FDIC is not following the rules they should.

    I read FDIC was broke pretty much.
    Avid collector of GSA's.
  • mrmojorisinmrmojorisin Posts: 272 ✭✭
    the FDIC was pretty much broke, but recently they made all banks "prepay" 3 years worth of dues. what are the odds that for the next 3 years, the banks won't need to pay anymore FDIC dues??? slim to none IMO. before the 3 years are up, the banks will be forced to pay more dues $$$ to the FDIC....
  • OnlyGoldIsMoneyOnlyGoldIsMoney Posts: 3,367 ✭✭✭✭✭
    I'm in for 5 banks this Friday.
    NO END IN SIGHT LIB $2.50'S CAC ONLY
    https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    "I understand that when a bank becomes insolvent another bank takes it's debt."

    And, its cash deposits and its performing loan portfolio and its customers...it's not all bad for the acquiring bankster and the failing banksters just go to another bank or maybe just stay at the one that got a new name. They stick the FDIC for whatever is bad on the books and the sun shines again and you can get your money on Monday.
  • CaptHenwayCaptHenway Posts: 32,250 ✭✭✭✭✭
    I posted this link to a story about the FDIC opening a regional office in a Chicago suburb the other day:

    link2

    and it may still be timely. See the third item in the article.

    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • KUCHKUCH Posts: 1,186
    Did I see 2 more bank closings yesterday?image
  • dino2008dino2008 Posts: 341 ✭✭
    You gotta love it! Dead pool thursdays and metal porn fridays !!!!!!image
  • moonshinemoonshine Posts: 1,039 ✭✭
    well it has been 5 per week, but I guess they may start increasing that -- they don't close them all at once because they don't want to alarm joe six-pack.

  • BearBear Posts: 18,953 ✭✭✭
    Can you just imagine what would happen if a really big national size bank
    were to close. Say like BofA , Chase or Wells Fargo. Then we would see a
    true free for all. Who in there right mind would buy these bloated, bankrupt
    horrors.
    There once was a place called
    Camelotimage
  • calleochocalleocho Posts: 1,569 ✭✭
    I thought Wachovia and Washington Mutual were fairly big ...
    "Women should be obscene and not heard. "
    Groucho Marx
  • dino2008dino2008 Posts: 341 ✭✭
    I think wa-mu was purchased by j.p. m chase??
  • CaptHenwayCaptHenway Posts: 32,250 ✭✭✭✭✭
    Yes, WaMu was taken over by Chase. We are one block from a huge Chase building (the old FNB of Chicago building) and there used to be a small WaMu branch on our side of the street. I walked by there the morning after the announcement, right after they opened at 8AM, and I remember looking in and seeing everybody with a "boy are we screwed" face. The branch quickly went away.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • dino2008dino2008 Posts: 341 ✭✭
    You gotta love the "boy are we screwed face"image Still feel bad for any displaced workers though.
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    Wachovia was bought by Wells Fargo a TBF memberimage
    Avid collector of GSA's.
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