42 AMERICAN Oil Companies File for BANKRUPTCY 2016 Oil Crash Has Banks Running Scared

a reply to: twitchy

Uh no. Meanwhile...

Ok.
Meanwhile, I have more money to spend (or save). Because I'm not spending it on gas and my electric bill has gone down a bit.

a reply to: Phage

Unless we find a bunch of credit default swaps on bundled oil company loans that failed all at once that the big banks are exposed to then these losses would not be any direct comparison to the 2008 beating many of us took in the markets.

a reply to: machineintelligence

Unless we find a bunch of credit default swaps on bundled oil company loans that failed all at once that the big banks are exposed to then these losses would not be any direct comparison to the 2008 beating many of us took in the markets.

Subprime oil?
Is that a thing?

a reply to: Phage

Loans to subprime oil companies during the fracking boom is a thing I would guess from this report.

originally posted by: Phage
a reply to: machineintelligence

Subprime oil?
Is that a thing?

You've obviously never eaten at a Long John Silvers.

a reply to: Phage

If they loan, they subprime.

I'm in the middle of repoing cars from a subprime car lender as we speak.

He even named the company subprime.

Losses in the derivatives market is more of a concern. Some estimates suggest banks have gambled 4 trillion in the commodity derivatives market with a very large portion of them being oil derivatives. So someone's on the wrong end of a 2-3 trillion gamble that could set the entire 247 trillion derivatives market alight.

a reply to: machineintelligence
Still don't see it.
Subprime mortgage involved millions of individual bad risks with 100's of billions of dollars involved.

originally posted by: Phage
a reply to: twitchy

Uh no. Meanwhile...

Ok.
Meanwhile, I have more money to spend (or save). Because I'm not spending it on gas and my electric bill has gone down a bit.

Check that electric bill in about a year and then let us know how that's working out for you.
www.washingtonpost.com...

a reply to: onequestion

He even named the company subprime.

Sounds like a shrewd businessman. Or not.

I smell a bailout coming.

I hope this event helps Trump win the elections.

As Americans fall in ruins, they are not going to be supporting Hillary and the international corporations and the corrupt Banking Cartels.

a reply to: twitchy
My electricity supplier doesn't burn coal.

a reply to: Phage

2016 Oil Crash Has Banks Running Scared

The banks loaned a lot more to the oil companies than the per capita losses in real estate loans culminating in the 2008 crash. It is fewer loans but bigger loans that were considered low risk due to proven reserves backing them that were valued at a much higher level than today's prices will support.

originally posted by: Phage
a reply to: twitchy
My electricity supplier doesn't burn coal.

Well lucky you. 40% of the electricity in this country for the rest of us comes from coal.

a reply to: machineintelligence
Since you provided no link I searched your quote.
All I found was the usual predictors of economic doom and they all somehow, have the exact same words. Oh wait, they all have the exact same source. A blog.
www.talkmarkets.com...

a reply to: twitchy

Well lucky you.

Not really, I'm paying a lot more than more than 40% of the county.
But not as much as I was last month.

originally posted by: Phage
a reply to: twitchy

Well lucky you.

Not really, I'm paying a lot more than more than 40% of the county.
But not as much as I was last month.

I wouldn't get used to that.

a reply to: twitchy

Oh, I'm not.
I'm just enjoying it while I can. And trying to figure out how to afford a PV system before my county does what my electric company wants them to do and stops issuing permits.

The trouble is, the low rates now make it harder to amortize the cost of the PV system. Arrgh.

a reply to: Phage

You missed the source referenced by that blog it seems. CNN Money

a reply to: machineintelligence

Did you read it? It says that banks are keeping reserves. Like they are supposed to do.


Did you see what he posted today?