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Paulson braces public for months of tough times

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posted on Jul, 20 2008 @ 10:02 PM
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Paulson braces public for months of tough times


money.cnn.com

Paulson said the number of troubled banks will increase as they struggle to cope with big losses on bad mortgages. The government this month took over IndyMac (IDMC) after a run led it to become the largest regulated thrift to fail.

"Of course the list is going to grow longer given the stresses we have in the marketplace, given the housing correction."
(visit the link for the full news article)




posted on Jul, 20 2008 @ 10:02 PM
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If they have to brace us for it, then it must be pretty bleak. Can the U.S. handle months of this? Seems that when a bank has "run" on it, then they have to close up shop. Wll any news link out causing a run on more banks?
The next few months should be interesting.

money.cnn.com
(visit the link for the full news article)



posted on Jul, 20 2008 @ 10:14 PM
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Well i bank at Arvest who is basically owned by Wal Mart. I dont see them going belly up but who knows. If Wal-Mart goes out of business, then it is really BAD.



posted on Jul, 20 2008 @ 10:24 PM
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Unfortunately, when it comes to runs on banks, the losers tend to be those who hold out and hope they won't have to pull everything out.

Essentially, the banks are failing whether we like it or not.
... it's a hard pill to swallow, but you may have to start thinking along the lines of "Better get my money out before they do."

Dog eat dog world... but, nobody ever said capitalism was safe.



posted on Jul, 20 2008 @ 10:33 PM
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I think there are something like 9600 banks in the US. They (Paulson/Bernanke) estimate 150 will fail. Even if you double that estimation, that is still only 3% of banks.

HOWEVER - if there are major runs on the banks then it could get much worse.



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